The daily gazette., 1878-11-02
SECOND EDITION
From the Philadelphia Times.
SENATOR BAYARD.
HIS TALK AT THE ACADEMY "
OF MUSIC.
THE GREAT STATESMAN FROM della
WARE DELIVERS SOUND, D,uARD- MONEY
FINANCIAL DOCTRINES TO AN AUDI
ENCE OF FULLY $500 PEOPLE
AND PAYS HIS RESPECTS TO
SENATOR CAMERON.


Senator Thomas f. Bayard, of Della
ware, spoke last night iiom the stage
of the Academy Of Music to an audience
that did not fall far shOt of 5000 people.
The address was made at the invitation
of tho Americus Club, whose arrange
meDts fell so short Of beng complete
that 1t was twenty minutes past eight
O'Clock before they presented Mr.. Bay
ard to the audience. This was perhaps
atrifling a matter, but the audience in the
galleries didn't seem to thiuk so aud
made quite noise previous to the ar
rival OF the club, that had reserved to
itself the lower part of the house, aud
when it had got inside had about two
seats per mau, while a great many peo-
pie who sought admission were turned
away. All these errors did not detract
from the excellence Of the Senator's
speech, nor from the imposing display
made by club when it paraded in the
street, following the carriage that con-
tained the speaker of the evening
and Senator Wallace and two
members of the club, who served
MS the active committee on recep-
ton. The stage was filled with gentle
men, most, of whom were vice presidents
and secretaries.
Lewis G. Cassidy arose when the
Americus Club had seated itself and
presented ex-Mayor Vaux as chairman.
Mr., Vaux spoke briefly, referring to the
issues of the day, the false political
doctrines, heresies and schims that have
sprung up, and speaking a prophetic
word for the future OF the Democratic
party introduced Senator Bayard.
AN EXPOSITION ON FINANCE.
On rising to speak the applause lasted
for five minutes, and then Mr.. Bayard
spoke substantially as follows
We have never been called upon more
than now to show the stuff out of which
were made. Providence has ever been
good to us and has been bountiful be-
yond our deserts. Production has been
great and our crops have been great, yet
we witness in our land an amount of dis
tress and absence of confidence in all en-
terprise such as has never been in our
country's history. II seems to me that
we take our good fortune too much for
granted. What strange position we
stand in to-day as compared with tn
condition of the country in 1885. We
were not in debt and had surplus in
the Treasury, which was distributed to
the States of the Union. Thirty years
wrought change. There was debt on
every State in the Union, debt on each
county, each city, each municipality that
falls short of being city, and on each
corporation of quasi public character
stands debt piled mountain high by
quarter Of century Of extravaganza
and wild expenditure. Much of it was
the result of war, much of extravaganza.
War that gives such exhibitions of self
sacrifices gives also exhibition of greed.
Great fires always produce examples of
heroism, also of theft. Fathers saw SONS
pass to the battlefield to die, or return
crippled to be charge to those heretofore
they supported. Armies were raised and
treasure expended. Did we act as
though bleeding at every pore? Were
economies pracliced? No. What could
it have been that so blinded our people?
Had we not eaten the insane root which
taks reason prisoner?
1t was the abandonment oftrue and the
adoption of false measures of values, the
introduction of false money that more
blttu hodbiCo hhc CoSt VI wal
f1ous money that was mistaken as sub
stantial wealth. The Senator then pro-
ceeded to define money and its uses, and
made plea for gold and silver, based
upon the arguments frs greater useful
ness over all other metals And speak
ingof the legal-tender issue, he continued
| know in 1870 the Supreme Court, over
ruling well considered decision, did
decide that, at seasons of extreme peril
IL
try, an issue of paper money was justi-
fed and constitutional. Now hold that
the chief cause of our continued distress
is the uncertainty ofthe measure ofvalue
and our present duty is to recover sta
pile standard for our people and to set
forever at rest the power of Congress to
create arbitrary values.
DO NOT BOTHER ABOUT NATIONAL
BANKS.
And now the Cry is raised, too, against
national banks. Do you not think that
in our present troubles one difficulty is
enough to contend against? Hasten slow
ly is wise saying in reforms. | was
alarmed at the passage.of the act creating
national banks because | thoughtit tend
ed to the Capitalization of power, which
as Democrat, l had been taught to re-
gard as dangerous. 1t was an act that
proved successful. The banks were ar
rayeu on Ine siue Oi UHe government anu
carried its bonds during the war. l hold
that the national bank act of 1868 may be
fairly classed as an act of doubtful con-
stitutionality, ,butlI go no further. Around
it the business interests of the country
have clustered, and L do not think the
country is in any condition to sustain any
further shocks or can afford to consider
measures that will provoke distrust.--
These banks were chartered for twenty
years. We can at least wait until the
time they ask renewal before we con-
slider their abolition, 1 believe that t 90
much legislation is dangerous. Fostering
legislation, as IT is called, creates jealous
ness and sectional strife Tor equal bene-
fits, until in the rivalry the aim becomes
the public Golfers, and continue until
those Golfers are empty. Now | have dis
cussed this subject of money in nom
partisan aspect, and wish it could be
discussed in no other way. But the gov
ernment is run by parties and they will
always absorb in their vortex questions
of this kind that had better be left aside.
What is the relation of parties to the
questions of finance withing the last few
months?
WHICH ONE IS THE HONEST MONEY
PARTY?
have rubbed my eyes in wonder when