The Ouachita telegraph. [volume] (Monroe, La.) 1865-1889, 1878-01-25

~nV.,pa., saeso "
!, 1878. -naaa ,..a aara~.,5
system under cover OF false prese0ce,
and that silver has not failed in It's
functions as u specie basis any more
than gold. Of the entire trading and
commercial population of the whole
earth, 62S, ,2s5O, 600 more people have
silver alone As their standard III value,
and transact all their business upon 1t
rs a specie basis than those who have
goid alone for sfmitar purposes. 1884,
1OO, ,OOO more people use silver alone
metallic currency. RoferrinE to the
Specie Resumption Act of january, Ia,
1875, he said AN attempt to force the
resumption Of specie payments With
gold and silver both as our metallic
bAsis would be quite y failure at this
time. ~ co.. s...... ..t ..r,,,.-4 ..,,l5,fs..t Z
He spoke Of the great shrinkaxe In
values arising from the shrinkage Of
money i'll circulation and said 1t was
the immediate cause Ut that general
bankruptcy und ruin which now Hills
the land. II the policy of this Govern
ment has been to infiict the greatest
misery on the greatest number its sue
cess has been complete; he was not AN
intiationist in any sense that would
disturb the true interests Of trade aud
cotlmerce. During the whole four
years OF ls63.'64 and '66, when the vol
une of our currency averaged over n
Thousand million Ot dollars, the bust
nesss failures ot the entire country
reached only 2, 167, less In number than
occurred in any three months Of the
year just closed. During the period
which Is now stigmatixed as one vi
imitation, the windows Of business
houses were not dnrkened aud business
men did not go As lnOurners about the
streets. The laborer did not Ko home
without bread TO hts Wits and children /;
helpless millions. did not cover and
tremble at the approach Of the winter
for the lack of food and shelter. The
public peace was not broken by riots
IN resistance to starvation wages. The
courts were not principally occupied
In enforcing collections, foreclosing
mortgages, ordering sherifs' sales, or
In punishing the destitute and the
outcast. These are some things which
aid not take place; others that did are
prices stimulated every laboriuK mans
muscle, every business mans brain,
and every power Of machinery into
the highest and most productive uctiv-
ity-hope and encouragement were in
every heart-new farms were bought
and cultivated new manufactories
were established new workshops were
opened new mines of iron, coal and
silver were sunk into the the earth,
! whose contents, In return, assisted In
the glad work Of an universal, tndi-
viduaI and national prosperity. He ar
gued that there Is not dollar to-day
in the hands OF the people on which
they have not paid u tax for the pri.
vilege of having it put in circulation
by the Government. The National
Bank is the middle man between tbs
Government and the people, and l.
enormously paid for doing what tn,
Government ought directly to do it
self. He spoke of the evils OF tn,
national banking system, and said
the national banks were a blessing
then our public debt was blessing
for the one supported the other. II
concluding, he said those for whom hi
spoke demanded the restoration OF the
silver dollar and its unlimited coinage
not fearing that it would become toe
plentiful, and that 1t be II full legal
tender.
| Sccond-They deinanded the repeal
unconditionally Of tho specie Resulnp-
ton act of January Ia, 1876.
Third-They demanded that the na-
tional banking system be removed and
Il circulating medium provided by the
Government for the people without
| taxing them for tho privilege Of OBJ
tanning it, and they asked the amount
thus placed in circulation should bear
Il reasonable and just proportion to the
business transactions anu the popula-
tion OF the United States.
Fourth-They demanded tho cur
rency authorized and circulated on the
authority Of the Government shall be
made a legal tender in payment of all
debts, public and private, including
| .,tf dues to the Government.
Fifth--They demanded that hereafter
the financial policy of the Government
be framed permanently in their inter-
est, and that they shall not be discrim-
mated against in future legislation as
in the past, and that their prosperity,
and not the mere growth of income to
| retired capitalists shall be tho principal
duty of the Government.