Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1878-10-23
WALLACES PLAN.
NATIONAL CURRENCY AND THE BANKS.
AN ABSTRACT OF TUE SENATOR'S SPEECH
AT PoTTsyILLE, IN WHICH HE EX-
POUNDS MS IDEAS OF oFAFINANcIAL
SYSTEM COMBINING THE AD-
a vANTAoEs OF oFGREENBAcKs
AND NATIONAL BANK
NoTpa

Wallace speech at Pottsville on Satur-
day night, in which he expounds more
fully than heretofore his financial plan
In a government Of the people there
must be continuous advance. The re.
sponsibilities of those who rule are
measured by the wants OF the masses
and the pressure of their burdens. As
we grow in knowledge OF the material
world, as we progress in scientific at
tainments, as the adoption OF new means
to the end sought because greater,
the written power given by the Consti-
tuition enlarges and embraces all of the
new conditions fitted to promote the
attainment of tho great object sought.
The power to regulate commerce,
when vested in Congress, contempla
ted the exercise and employment oi
the means then in existenee--the turn.
pike road, the stage coach and the sail
ing vessel-but il has expanded and
includes now the regulation OF com.
merce by all of these and the railway,
the telegraph and the steamer. SO the
power to lay taxes, to pay the debts,
to borrow money, to regulate its value,
which originally contemplated ordina.
ry processes, in the usual course Of ad.
ministration cxpends and embraces a
state of war, with the power and the
right TO raise money to pay the debt
created thereby. The burdens of the
people in supporting the taxation ne
cessary TO pay the interest and reduce
the principal upon huge national
debt are new factors in the problem Of
construction of the express power gran
ted We are dealing now, Tor the first
time in our history, with an enormous
debt, and oil of our express power and
all OF the means necessarily implied
therefrom are at our command to re-
duce its pressure and lessen its amount
by prompt and honest payment. To
reduce as rapidly as we can the rate OF
interest it bears, TO lessen the sum to-
tai of the interest payable, 10 utilize
every agency VIC can control to make
its demands upon the people less, seem
TO be clear and plain duties.
LEGAL TENDER PAPER.
Legaltender paper comes from the
war, legacy that bore with it a heavy
burden by adding to the volume Of the
bonded debt. II is our plain duty to
make this paper to the amount author
lied during the war means of saving
that amount of interest. II IL be made
the equal of coin, why shall ii be re.
tired? ? The policy that the Treasury
has pursued by its contraction is vi
cious and destructive. 1t is a settled
conclusion now, fixed by law, that this
paper is to be part OF the circulating
medium of the country and the receipt
of it for customs duties ought to be at
once ordered. With this s347 100000
OF paper convertible into coin at will,
what shall be added 7 Shall we keep
tie national bank note and continue to
pay interest upon the bonds they rep
resent or shall we supply their place
with national paper, issued by us upon
our own credit, excbangeablc for coin
available for payment OF every debt,
except private ones ? | have no
Thought Of State banks or of driving out
of existence national banks. Our policy
lies in the opposite direction. We can
and wc should utilize the national
bank agency as we do leeal.tcnder pa.
per; to lessen the burdens Of the peo-
II 4 Al /.
pie. We must amend tho laws regu-
lating them, so that they shall not be
the masters OF the people, but the vehi-
Gle to serve them. IL TINS cannot be they
should exist no longer, Can there be
any reason why we esnali continue 70 ,ys act