New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1878-10-19
HARD MONEY,
4 sena,ar RIaine at FaneaiI Han

a n that should never have been
ri them; the settlement, in polit-
ed nnhipa, of their currency; for
"a TO say that if there be any one
~ Aat the people of the United States
M stand, if there be any one thing
ut smite and blight the prosperity
q; eople past recall and past recovery,
hsvea political currency. Tap
La And the tendency of the present
Id n. the tendency of the issue
Ee are met this night to confront,
"a ich is upon the people to settle, is
", Ms that worst of all curses, q
currency. Bear with me while
: J 81 review / trace the facts and the
that have brought us face to face
EN- Il issue that we now confront.
Il YOU here can well remember
a. be war broke out We were called
ca confront great trial, and we had
I'll treasury; and the first Congress
10 enbled in 1861 upon the call of
''0v Ia Lincoln had for its first and
duty to provide the means of
EN- on the war. Their first ? assure
IN and was loan bill, authorizing
Rotary of the Treasury to borrow
tat dred and City millions of dollars,
tat gave him the right to issue, for
his irposes of circulation, treasury
Ryable, on demand, in coin, to the
ne pf fifty millions of dollars. In the
Q Z 1861, the military situation having
80, out unfavorably, and the country
hreatened with complications with
racJ britain, and business being embar-
;u u The banks suspended, the govern
:, Bllowed suit and suspended also,
snA demand notes went to protest.
I'D ", when it next assembled, found
,,t bnfronted with an empty treasury
: :, scredited currency. The situation
al serions, and on the twenty-fifth
uary, after considering the matter,
= s. took that step which had never
D TRken in this country before, or,
by any country, to issue paper
exc lon the faith of the government,
the lare it to be legal tender. This
then an absolute necessity.
was no time TO consider whether
Dep the constitutional power to issue
of honey or not. OF course it would
DO mere squeamishness ct that su-
MlVHAbht Va PCAIA 1OA buC kOVGIA~
abof have hesitated upon the use of
snse er, however extreme. When q
mi, rrested on the highway by a rob
~ Is not going to call for the Revised
be or the reading of the habeas cor
az a but be takes the first club and
rest weapon he can get hold Of
no is what the United States gov
eco did at that time, and issued one
~, and fifty millions Of dollars.
nt out, and in few months were
d mons, and the government was COM
.ssocH issue one hundred and fifty mil
-, ie. When Congress met in De-
Ine 1868, the government was again
re, means derived from the revenue,
a IA. yer to borrow money was being
d tested to the utmost, and it
llu scisely in this complicated and
8 and ssing attitude-that if we issued
I IL ney in the shape of greenbacks
pyed our power for borrowing.
ke U he demand for ready cash was SO
inist a compromise was effected, and
,oo sD and there agreed that the Sec
sec the Treasury should be empow-
men 30 forward and borrow as much
monI was necessary on the faith of
Eminent; and that for ready means
'eueu have the right to issue another
have millions of greenbacks, with fifty
mon millions to take up the tempo
Then comes the great loan
lux Vpy of which hold in my hand
grow u connects itself as intimately
Ople , Seeoaa anugpTnas f i27 o. anlS
Ostlei self with the original independ-
,pect Is country. Applause. When
bill was under consideration,
g fro, 10 account this embarrassment,
=, cen the imminent and terrible
dlcatqady cash and the non-ability of
ned itmment to issue notes without
>, ovok power TO borrow, there came
the compromise which is en-
otis. that act; and that compromise
ice in he Secretary should go forward
~ w what was needed on the faith
of the government; and there
opulat isd proylso, standing in your
,astinI O-day, inserted by the unanimous
tth the Senate aud the House oil
mas htives, proviso not voted in by
less d sns over Democrats, but inserted
rrsdsI Democrat and every Republican
md Representatives proviso
elect O-day as binding on the honor
six ne nth and the consciences of the
an kill eOp,e PLEA 40 .S ne si iaSs %otS %
3" applause That proviso was,
med b this government appealed to
. for its means to carry on the
Iour' the world stood ready, waiting
!. deaf It's money saying only, "We
nc n he guarantee that if we loan
shah get money back; if we put
uld D don't want to take the risk of
: even in rags" [applause], the gov
iepped forward and said, "If
iueu ban money to this people, we
1ged in this great hour of our ma
a DOL we pledge you with the unan-
~ u of q great people, we pledge
aSaiiJ he solemn vote of every Senator
Sc thek Representative in Congress, we
hus nj that this proviso shall be in
= ~ Divided '-oHd eyely child should
OL NoIit-provided, that the amount
ant al States notes'-that is green
max Ovlaeo that the amount OF
AtSb uOJSs, lbbuou anu 10 Dc
al never exceed four hundred
= dollars" Now, gentlemen may
aus o. bubble and cavll and dispute
Ell rel 10 the end of time, but l say,
They IMAM and man, that the loan
md million dollars, which was
suit " he basis of that proviso carried
the campaigns under Sherman and
hord campaigns that ended with the
ID de Those campaigns were fought
" int ausand millions that were Dor
IOrS Ation on which the loan was
lks. I'd here, speaking to an audi
are erican people, jealous of their