The herald and mail. [volume] (Columbia, Tenn.) 1873-188?, 1878-05-31
22l,26 35S


, interest-bearing debt of S5O,-
O Coin resources in the bangs. S2,9U7,7
: 22I,265 >
y 1t is estimated that there is on dc
= post i'm the savings and State bank
about nine hundred millions liable I
, instant demand.
, In view of this state of things, an
: recognizing the fact that a demand fo
: coin i'm foreign countries, or even a
: alarm among the depOsitOrs of thes
various banking institutions, will {,
once create a ''run" upon the Treas
ury, who does not see that the attemp
to maintain resumption of specie pay
ments must result in a failure? An,
that failure will be the loss of billion
to our agricultural, manufacturing
and mining industries, with itsattend
ants of distress and poverty to the grea
mass of the people, while the gain viii
he to the capitalists of this and foreign
countries.
SO believing of this policy, I have
consistently and uniformly opposed it.
and in SO doing have l, as 1 believe,
faithfully reflected the-views and SEN
timents of the people whom | have the
honor to represent on this floor.
But ! am asked, "What, i'm lieu oi
the policy you so oppose, do you pro-
pose and advocate rs measures of re-
licf?'
have no hesitation in replying, and
wish that time andOppOrtunity favor
ed me so that | could elaborate the
reasons which induce me to support
| them, but inasmuch as time is not al
| lowed me, | simply state
First. | advocate modification of
| our present banking laws, with view
that the Government should issue the
paper used or to bc used as currency;
! and in 50 doing that measures should
| be adopted to reduce not only the
| amount Of our bonded Indebtedness,
| but the rate of interest; and further, in
so doing cease to pay 6 per cent. to in
dividuals to furnish a currency based
upon Government currency.
Second. An immediate and uncOn-
| ditiOnal repeal of the resumption act,
TO the end that the day of resumption
may be determined by the business
prosperity of the country rather than
| by legislation.
Third. ] would give TO silver coin
and bullion the advantages and privi-
leges now secured by law to gold coin
and bullion. With this done most
important step will be taken i'm sccur-
ing for our agricultural and manufac-
| turing labor the trade Of the silver
producing countries, especially that of
Mexico and South America, and in
my judgment would open a stream
| of wealth to our people unequaled i'm
the history of the commerce of the
world. Ii is the law of all nature that
matter seeks that association in which
| il has most value. And while Ger
q, Ill
advantages and power it has enjoyed
from the birth of commerce, it would
| seem wisdom il us, in view of all the
| facts which surround the trade of the
countries to which ] have referred, to
| give to it the powers, privileges, and
advantages OF gold, its legal associate
| under our Constitution.
Fourth. | would favor the cOnver-
sion of our present bonded indebted
ness mot converted into currency in
| bonds of long date with low rate of
| interest, said bonds to be of small de-
nomination, convertible into cur
rency upon demand, which currency
should be recoverable into this bond.
These bonds would afford a good Sc
| curity to the poor, whose accumula-
| tiOns and savings are small; they would
retain the interest upon them in this
country, and at the same time, as did
| the interest bearing notes i'm 1865 and
1866, form part of the currency of
| the country, and thus increase its vol
Ume.
Fifth. The next relief measure would
be, first, Il suspension of the sinking
fund for a period of six or eight years
until, in the opinion Ofthe most fastid-
iOus, the obligation of the Government
i'll this regard is met, and that then,
or whenever purchases shall be made
on account of said "sinking fund.- the
same shall be done in such amounts
and III such manner as will only pro-
vide tor the payment of the bonded
Indebtedness Of the Government at
maturity thereof; and in this way,
without prejudice to the good faith of
the Government, saving of annual
taxation of several millions of dollars
per annum can be made, thus lessei-
ing the burdens resting upon the labor
of the people.
Sixth. The next in the order in
which | mention them, but first in
importance, is the modification and
change of the tariff and internal rev.
enue laws. This tariff, framed osten-
sibly TO meet the expenses of the war,
but really with the view of affording
protection to certain classes and inter
ests i'll this country, has eXtorted per
annum i'll indirect taxes more than
the surplus production of the labor of
the people, and has tended im a very
large degree to increase the burdens Of
the people az well as their indebted |
ness. 1t is estimated by able and care
full statisticians that under our present
tariff system we pay from three ia five
times as much into the pockets of the |
protected classes 9& goes by way of |
revenue into the Treasury; that is to !
say. that when the consumer, who is |
the tax payer, pays into the Treasury
under the tariff the sum of $3.50, 956,- |
493.07, (the amount of customs dues |
paid in the last tiagal year, he pays in !
the enhanCed price of commodities OBJ |
taihed from the protected manufacture !
erS from three to five times this |
amount to the favored classes. Add
to this the OnerOus and uuiustlN dis
eliminating internal revenue tax upon !
whisky and tOhQI4o, tax that dis |
courage@ the agricultural producer and |
l. anMoAing and offensive in its meth !
ods Of collection, and that is exceed !
ingly oppressive to the producers Of
tobacco in the limitation and control
of its sale so as to benefit manufactIr-
ers, in view of WHOM a change in our
tariff and .nternal revenue laws is de-
LANDED as an essential and necessary
relief measure.
Seventh. The corporations, vast I'm
their power and alqOst iimitless in
their control, plust he subjected to the
spprFIae law of the life of the Govern
mGnt, Their powers and privileges
must be held amenable to the purposes
for which the Government was created
and not superior TO il.
The rapid growth - corporations,
that admittedly control the legislation
of the cGl.ntry and increase the bur-
Gems Of labor, fills the minds of all
patriotic citizens, friends of c0nGtitu-
tional liberty, with appTeAeAaions as
to the permaneUcY Gf frGe institutions,
and the Nepes,,itY Of strong and effective
Iepedies 90 arrest the growth and en-
Croachment of their corrupting and
dangerous influences is deemed an alb
solute and essential measure Of relivf
1t is not a stretch Of conatitatfonal
power to provide by pIOper punitive
legislation q ql,esk against their COM
biDatiun 10 impede interstate com
meTce or their combinations to thw25t
labor of its lust compensation. I9n the
contrary, such legislgt,pl + hut re-
sponsive to the lentandsa of the people
for relief
Eighth. 1 do not forget other meas