Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1878-09-19

Senator Bayard and the Money Cues
ton.

Senator Bayard, of Delaware is The
most respectable gentleman of the
Democratic party. If there is man
of learning and ability and withou.
demagoguery in the party it is Sena.
tor Bayard. BY the better elements
he has been much talked of for the
Presidency. And the following is
Mr.. Bayard's talk on finance:
The money of the country, as Cal
houn once observed, is the life blood
of the political body. The currency
of the war was created for a special
purpose and was not money. 1t had
no intrinsic value and represented
nothing that had pecuniary value. 1t
had back of it simply the honor and
credit Of the nation. The time re-
curing its existence has passed. The
emergency for which it was created
exists no more. The premium on
gold has dwindled to almost nothing,
leaving scarcely breakage between
it and the demand notes Of the Gov
eminent. Silver is Of even less value
than Treasury notes, that is to say,
4121 grains of the former 0 10 fine
can be purchased for 90 cents of the
latter, and in that ratio for larger
sums. Of course the 4l2a coin can
not be thus purchased, because the
Government has yet wisely reserved
to itself the power to turn 80
cents worth of silver into 100
cents of money; but that does not
in any manner change the real value
of that which composes the silver
coin. There is legal value and a
market value, aud no Government on
earth can, of its own notion, establish
the latter. For that the unanimous
consent of the world is necessary.
Mr.. Bayard then proceeded al
length to show that the cry that mon
ey is scarce is unfounded. He de.
clared that money was plenty and
cited as proof of the fact that it can
be had in abundance at any of our
money centers for 3,4 and per cent.
The only explanation of such a low
rate is that there ia more money in
the country than is demanded by the
needs of business. Credit is the soul
of business. 1t is the poor and hon.
est mans best shield, and gives to
to him something which enables him
to compete with mere capital. =
There is very large number OF
men, and especially in the Western
States who are demanding that the
volume of greenback currency shall
be enlarged. The extent of the en-
largement they do not agree about.
Some insist that it shall be unlimited,
large enough in fact to liquidate the
entire national debt in greenbacks.
There are others who see that such
rank dishonesty must result in final
reputation and national discredit.
They, however, ask that the green.
back volume be SO enlarged as to alb.
sorb the entire amount Of national
banking currency, and thus take lite
place. The complaint made by these
men is that there is now too much
untaxed property in this country, and
they cannot see that the success oil
their scheme TO substitute untaxable
greenbacks for taxable bank notes
would augment the cause which is
the basis Of their complaint in regard
to untaxed property. 1t seems rcs-
sonable that all property should bear
its proportionate share of the expens.
es ofthe government.
Mr.. Bsyard spoke for nearly two
hours and in summing up declared
that the remedies for the business
troubles and financial depression to
be, first, tariff reform; second, re.
formed civil service !; third, a sound
currency based on and redeemable in
coin Of unvarying value. Patience
and courage for but little longer he
believed, would bring about the latter
the most important OF all, and no at
tempt to reach healthy condition OF
business by any other means could
afford permanet relief, or end other
wise than in failure and more wide
spread and complete disaster and
rfin