The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-01-31

good while ago. l hold in my hand
the speech of Daniel Webster, de-
livered in the senate Of the United
States which bears upon two of these
points. He don't believe that it is
constitutional to demonetize silver.
He believes that congress has no right
to demonetize silver, as it was a con-
stitutional currency. He says: ''But
what is meant by the constitutional
currency about which so much is said!
What species or forms of currency
does the constitution allow, and what
does it forbid!'' 1t is plain enough
that this depends upon what we
understand by currency. Currency
in a large and perhaps just sense
includes not only gold and silver and
bank notes. but bills of exchange also.
It may include all that adjusts eX-
changes, and settles balances in the
operation of trade and business. But
if we understand by currency the
legal money of the country, and which
constitutes a lawful tender of debts,
and III the statute measure of value
then, undoubtedly, nothing is included
but gold and silver. Most unquestiona-
bly, there is no legal tender, and there
can be no legal tender in this country
under the authority Of this country,
or any other, but gold and silver.
Either the coinage of our own minis
or foreign coins at rates regulated by
congress. This is constitutional
principle. perfectly plain and of the
highest Importance. The states are
expressly prohibited from making
anything but gold and silver a tender
in payment Of debts, ard although no
such express prohibition is applied to
congress has no power granted to it in
this respect, but to coin money and to
regulate the value of foreign coins, it
clearly has no power to substitute
paper or anything else for coin as a
tender in payment of debts and in
discharge of contracts. The con-
stitutional tender is the thing to be
preserved sacredly under all circum-
stances. Now, gentlemen, what Mr..
Webster calls an absurdity too absurd
20 argue. is now gravely argued as
dishonesty in this country to use it to
pay its debts, public or private, in
gold or silver, both being the currency
VI JllC tOullll L a law Cl
| can have no doubt, and I never can
have any doubt abOutits being legal
tender. remember the time when
we had greenback currency. not by
the virtue of the constitutions, but
because the law of the land and the
very nation itself was trembling in
the balance ut a time when this cur
runcy was good enough to pay the
debts of those who bled for the
country and for the widows and
children of those who died that the
country might live. That currency is
good enough for me here and else
where.
This currency saved the nation s
life. and | am not going to strike it
down. No, | want to say to you what
was forgotten to be reported the last
time, that do not believe any con-
siderable amount of silver, if it is
monetiZedis to be recoined. | don t
believe that any great quantity is to
come into circulation. | would not
vote for its RECOMMENDATION if |
thought there was, but / believe that
you people here in Boston would feel
it as quickly as the people in any
city in the United States if it should
come. But it will be noticed to all
mankind that this country has got
down to hard pan. and that hereafter
the tendency of property is to be
upward, until it reaches its proper
level. When that time comes business
will begin to rise again. Let me say
to You this state of affairs is caused.
not by over-production. but by under
consumption. / said this to gentle
man who had been speaker of the
house; not my friend here (meaning
Gen. Banks.) applause. He said
He did not see any difference
between the two l said. There
was Il great difference" Over-pro-
duction would be to produce great
deal more than this country wanted
to use if they had to pay for it.
That is over production. Under-con-
sumption is for men not to be able to
pay for that which they want.
Let me illustrate: To produce more
boots than the people of this country
can wear out is over-production. but
to produce more than the starving
million can get the money to pay for
IS under-consumption. That is what
| mean. | mean TO make it quite
distinct. Now. the difficulty with Us
! IS. the granaries of the west are
| bursting with corn. and everything
that goes to make life comfortable
The railroads are getting into the
hands of mortgages. then a second
mortgage. until finally they 90 out OF
existence almost wholly Is a paving
corporation. These railroads are
aching 10 carry stuff from the west to
the east. and bring from the east to
the west the means of protecting them
from the cold winter. Why is this /
Is il for want of money! No. The
banks are aching 70 lend money. and
they are sending part of their circula-
ton back into the treasury because
they cannot lend it. That is not the
reason. What is the reason. then
Because If the goods were brought
from the west TO the east the people
could not buy and pay for them. and
when clothes We're from the east to
the west to shield the shiyering
women ard children from the cold
winds of winter. they cannot buy them.
That is the trouble. That is the diff
iiculty. Somethingi is wanted to start
that. and money will not be any