The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1878-03-08
Synopsis of Ingalls, Sprech ON
the silver bill.

Were the proposition to discontinue
the coinage OF the silver dollar and de-
pTive it OF its legal-Lender power sub
United now for the first time TO the
people OF the United States, it would
be rejected overwhelmingly in every
State in the Union. l doubt if sin
gle county ever could be found, outside
Il few in the northern Atlantic States,
where such a proposition would re-
ceive majority of the votes OF either
political party.
No enduring fabric of national pros
perity can be builded on gold Gold
Is the money of mouarchs; kings covet
it; the exchanges of nations are effect
ed by it. Its tendency is to accumu-
late in vast masses in commercial CEN
tiers, and to move from kingdom to
kingdom in such volumes as TO unset
tie values and disturb the finances of
the world. 1t is the instrument of
gamblers and spectators, and the idol
of the miser and the thief. Being the
object of Sd much alteration, it becomes
and sensitive and shrinks at
the approach of danger, and whenever
it is most needed 1t always disappears
At the slightest alarm 1t begins to look
for refuge. It flies from the nation
at war to the nation at peace. War
makes it a fugitive. No people in q
great emergency ever found a faithful
ally in gold. It is the most cowardly
and treacherous of all metals. 1t makes
no treaty thatit does not break. 1t
has no friend whom it does not sooner
or later betray. Armies and navies
are not maintained by gold. In times
of panic and calamity, shipwTeck and
disaster, it becomes the chief agent
and minister of ruin. No nation ever
fought great war by the aid of gold.
On the contrary, in the crisis of great
est peril it becomes an enemy more
potent than the foe in the field; but
vi rn tho battle is won and peace h. d
been secured, gold reappears and
claims the fruits of victory. In our
own civil war it is doubtful If the
gold of New York and London did not
work us greater injury than the pow
der and lead and iron of the rebels. 1t
was the most invincible enemy OF the
public credit. Gold paid no soldier
nor sailor. 1t refused the national OBJ
legations 1t was worth most when
our fortunes were lowest Every de-
feat gave it increased value. It was
in open alliance with our enemies the
world over, and all It's energies were
usual, when danger had been averted
and the victory secured, gold swaggers
to the front and assert the supremacy.
But silver is the money of the peO-
pie. It is the money OF wages and re-
tail. Its tendency is toward diffusion
and dissemination. 1t enters into the
minute affairs of traffic, and is ex-
changed day by day for daily bread
1t penetrates the remotest channels OF
commerce, and its abundance, bulk
and small subdivision prevent its de-
portation in sufficient amounts to dis
Lurb or unsettle values. If it retires at
the approach of danger, or from the
presence OF an interior currency, il
still remains at home ready to respond
to the first summons for its return.
The truth is, Mr.. President, labor is
antecedent to capital and independent
of it. Capital is the result of labor,
and not the cause. Society could sur
vive without capital, but not without
labor. Both have rights and are en-
Titled to protection, but labor is su
perior to capital and should have the
first consideration.
There is scarcely any commodity
which has not at some time or other
been used as money but with the de-
yelopment of civilization and the in
PRODUCTION of credit as an element OF
commerce the idea of intrinsic value
so the article employed as money has
been abandoned, and nearly all exten-
siye business transactions are conduct
ed by means of paper in the form OF
bank notes, checks, drafts, and bills OF
exchange. Bank notes were original
~ issued in amounts precisely equal &c
W al OrniH
silver in the vaults, and they were in
tended merely to preserve the matter
from loss by abrasion from use and
from the depredations of thieves. But
gradually they were Issued largely in
excess of this in order to release fol
more remunerative purposes greater
amount of productive capital. If by
any process all business were COMPEL
ed to be transacted on a coin basis
and actual specie payments should be
enforced, the whole civilized world
would be bankrupt before sunset
There is not coin enough in existence
to meet in specie one-thousandth par
of the commercial obligations of man
kind. Specie payment as an actua
fact, will never be resumed, neither IL
gold nor silver, in January, 1879, moi
at any other date, here nor elsewhere
The pretense that it will be is either
dishonest or delusive.
The value of any commodity, Mr.
President. is an expression of the rela
ton which it sustains to the needs, thu
appetites, or the tastes of man. Their
is no such quality as absolute value
All value ia relative and comparative
A thing may be Yaluble at one tim
and valueless at another; to one per
son it may be priceless, and TO anothe
worthless.
The theory that there is any univer
sal money, a money of the world a
the antithesis of money that is local o
| circumscribed in its purchasing power
is totally baseless. A Congress of ma
tions, duly empowered, might ESTABLISH
a universal currency, but until this
done the money of every country
whether gold or silver, copper or pa
per, beyond the territorial limits O
| the jurisdiction that creates it, Is q
| purely an article of merchandise q
cotton, beef OF hay. British gold
not money here, nor is American gol
money In England. IF any one doub
it let him try the experiment of pun
chasing pair of gloves or paying
hack fare with q guinea or sovereign
on the avenue.
| Ii we cOnSracCeG 70 pay In gold W
must do so though il leaves US beggars
But did we so agree?
The act of February %, 1862, auth
orizing the issue of $50 bonds, pro
vides that the interest shall be PAL
not in gold but coin, That ACT sis
provides that duties on imports shal
be paid not in gold, but In coin. Th
same act created the sinking fund pay
able not in gold, but coin.
The act OF February II, 1862, make
its obligations payable not In gold, bu
coin.
The act of July IL, 1862, makes II
obligations payable not in gold, bu
coin.
The act of March 8, 1858, providin
for the issue OF $9OO, O0O, 900 make
them payable not ia gold, but coin.
The act of March 3, 1854, for a loa
of 500, GOO, 900, makes it payable nc
in gold, but coin.
The act of June 80, 1864, to borro'
500, 000. 900, makes it payable not i
gold, but coin.
The act of March 8, 1865, for 5000
go 900, make them payable in 'tcoin O
other lawful money; )" not gold, bE
coin or greenbacks.
The act of March Is, 1869, San o.
70 strengthen the public credit" sst
remove any doubt as to the purpose {
the government TO discharge all jui
obligations TO the public creditors, an