New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-08-12
THE SPEECH.

THE SPEECH
TuRAfEs WHICH woRKINGMEN AND BUSINESS MEN
ARE THINKING OF ExPLAINED-HARD FACTS AND
GOOD LOGIC.
OIL CITY Penn, Aug. 1.-THE Republican cam
paign was begun here yesterday by speech by MT.
Gslusha A. Grow at the Opera House A large and
enthusiastic audience was present, the hall being
hacked with both men and ladies. Mr.. H. L. Foster
was chosen chairman of the meeting. Great salts
faction was expressed with the address Of the even
ing. Mr. Grow spoke as follows:
FELLOW CITIZENS: Political opinions become
effective in the administration OF PUBLIC ahaIs only
through the instrumentallty OF some pOtcal organ
izafion successful at the ballot-box. Hence It IS
important for the voter to consider the prevailing
ideas which form the nuCleus of party OrganlZa-
tions and carefully to scrutinize their proposed
legislation. The two questions in governmental
administration which more than all others a1iect
the industrial interests are those OF currency ana
revenue, each reaching, In ITS influence, an tne
business relations of life at home and abroad
Whence comes the necessity, and what are the real
uses for money Without il trade and commerce
could not be carried on. except by the actual sX-
change of the commodities themselves produced Dy
one person for those produced by another. Inc
difficulty of carrying on trade IN that way induced
the adoption of some medium OF exchange thaG
should be recognized by all as OF certain value az
which it should be received IN exchange Tor all
kinds of property. Hence came circulating medium
called money. 1t may be paper or IL may Oe CON-
VI OO'"' LEGALTENDERs
Here is n niece of ongrOssed paper which reads on
its. face :" The United States promise to pay the
bearer twenty dollars" No time Is fixed for the
payment In legal phrase, therefore, 1t IS payable
the day after issue. When 1t was issued the law
making power declared It q legaItender IQr al ue
mands except for duties ON imports and interest on
the public debt. Why were they eXcludedI AT
the time the Government was In life and death
struggle for existence. Hall million OF. men,
schooled in the traditions Of heroic ancestry,
stood with arms IN their hands for its destruction.
Its treasury empty. and ITS credit shaken. At
such time It appealed for loan o. money win
which TO cOthe, feed and arm ITS defenders on the
battlefield. Without these munitions OF war no
matter how brave their hearts, their arms would be
as pOwerless as if paTalyzed III death In response
TO this appeal the capitalists said: We VIII loan
our money and trust to the future for It's payment
and if need be- will stake our all on the life Of the
Repubic-but during the struggle for its existence,
if we part with our money, we must be sure OF an
income for the support OF our families IN something
that Will not depend for its market value upon the
contingencies of the battlefield" 10 meet this
BILE demand the Senate amended the House
bill which provided for unlimited legaltenders by
excepting the interest on the bonds ana notes OF the
United States When the amended bill came up for
action in the House, Thaddeus Stevens, who had
charge Of the bill as Chairman of the Committee of
Ways aud Means-l remember well his words :
- The Senate having provided Tor the payment of
interest in coin, think we ought to make one hand
wash the other; so i move To amend by requiring
the duties on imports TO be paid in CON- and il was
agreed 10 without dissenting voice. The disagree
ments between the two houses were finally adjusted
and took shape in legal form IN the Act authorizing
the issue or legal TENDERS passed. eDfuaIy 20 lSOE
Section is in these words that all duties on i'm
ported goods shall be paid in coin and the coin
paid shall be set apart as special fund, and shall be
applied as follows. First To the payment in coin Of
the interest on the bonds and notes of the United
States. Second, TO the purchase payment of one
per eentum Of the entire debt OF the United States
TO be made within each bscai year after the first
day of July, A. ID. 1862"
THE NATIONS PLEDGE.
This is the pledge OF the Nation to pay ITS debt,
interest and principal IN com at the rate OF one per
oentum Annually till paid. lt was made IN the
darkest hour Of the cOuntTys history, and is com
pOnent part of its act making paper legal tender
Will the Nation redeem IT'S plighted faith and paw
in the day Of its safety aud power. II promised IN
the nighttime of its disaster and peril
Does the promise to paw ON the face OF this note
simply mean that when presented Tor that purpose
another piece Of paper, exactly like II, Is 10 be
given in exchange. and IN that way the promise is
to be cancelled If nations or individuals owe a
debt, wi n no time fixed for IFS payment common
honesty requires that % he paid Just as soon as they
are able. Since the close OF the war the Nation has
paid over seven hundred millions of its unmatured
Indebtedness. and has left these overdue notes un-
paid Should an individual refuse to nay his cur
rent expenses or overdue notes, while using his
money TO cancel unmatUred mortgages, because he
could interest thereby, lac would be called dis
honest, As well as niggardly ia business know OF
bat one rule OF honesty, and that applies alike TO
nations aud TO individuals.
NATIONAL BANK NOTES.
Here is another piece Of engraved paper of the
same size and general appearance OF the legal
tender note and il reads on its face American Ma
tiOnal Bank of Providence viii pay $50 to bearer
on demand" 1t is not legal-tender, but Is payable
on demand. II was issued under law Of Congress-,
which permits any five persons TO establish bank
and issue bills to the amount OF 80 per
deposited with its Treasurer as security for
the redemption Of the bills thus issued.
The deposit OF bonds is not for the benefit of The
bank but solely for the security OF the bl-holder.
Whoever may be the owner of the bonds makes no
difference TO the Government either IN the pay ment
of interest OF in their final redemption They sim
nlv he Inv Treasurer
security for the bll-hOdeT, and whenever the bank
redeens all of it's bills and desires the return OF ITS
bonds thus held, they arc delivered and the bank,
like any other owner, dspOses of them as II peases
But IS thought by some TO be great hardship
upon the people thai the banks should receive
interest on both their bonds and the bills issued.
In comparison with the old State law system, how
does the now work Under the old, If the bank had
300 600 Ia cash it could issue 100000 IN paper,
and should there be asuiclent business call to put II
all IN circulation the bank would be receiving IN
terest $780, 600 when u had an actual cash capt.
tai of only 800 600 and in many cases even that
was fictitious There was no security for the bill,
holder under any circumstances, except the personal
honesty and business capacity OF the managers OF
the bauk. There was no uniformity IN the market
value OF the bills issued by the banks OF different
States. Aud when there a panic or business
crash, most If not all OF what was called money De-
came worthless. Under the present system OF
National banks il is impossible for them to issue
more than ninety per cent OF their cash capital ana
in all eases their capital is actual not fictitious. II
the bank has 100000 cash, instead Oh keeping II
TO loan as under the old system, Il - put into Gov
eTnment bonds and deposited with the Treasurer as
guarantee for the ultimate redemption Of the bills
il issues The National bank note v therefore per
fectly safe under any and all circumstances, unless
the Nation repudiates its bonded debt
This National bank bill therefore rests upon identl
cally the same security-the faith of the nation
Is the legal-tender note In addition, It has
A. a pledge for its payment tho assets OF
the bank itself an tho personal liability
OF It's individual stockholders. each to an
amount double that Of his stock; all Of which
would be subject 90 sale for It's ultimate payment
TINS bank bill should IL now be presented for pay
ment, though it reads on It's lace payable on de.
lnand the teller of the bank would probably give
this legal-tender note in payment Thus payment II
claimed be made, by exchanging one piece OF paper
for another Of the same general appearance anu OF
the same intrinsic value aud that will continue 70