The Carbon advocate. [volume] (Lehighton, Pa.) 1872-1924, 1878-10-05
HONEST MONEY against REPUTATION
SPEECH OF
General ChaS. Albright,
Delivered at ALLENTOWN, Pa, Friday
Evening, September 9th, 1878.


FELLOW CITIZENS: 1t is not exaggera-
tion to say that the issues involved in the
financial bearings of this political campaign
are freighted with the greatest significance
to the nation and welfare of the masses.
The country is full of political economists
who are prolific in assertions, but after all
they nurture untried theories and propose
that what is settled shall give way to that
which, to say the least about, is untried and
doubtful.
The chief essentials in good government
are certainty and stability in the laws The
title to property, the security of life and lib
erty, and the enjoyment of happiness large
ly depend upon these. Vacillation and vio-
lent and sudden changes produce the opposite
and carry destruction into business circles
and retard enterprise and the development
of the natural resources of the country.
The country is in trouble, and the people
are suffering in many particulars. The en-
ployed and the employer, the laborer and
capitalist, the landlord and tenant, the
manufacturer and mechanic, the producer
and consumer. Look where you will and
stNgnation and business depression prevail.
There is a want of harmony in the different
relations of society. Labor in the various
fields of industry needs re-adjustment.
This is a sad statement, but it truthlully
represents the actual condition of the case.
For this state of things there are many
causes, and are perhaps forcing a new phase
in the civilization of the world. The i'm
mensely destructive wars ofthc last half CEN
tury and wonderfully productive develop
ments of the material resources of the earth
in excess of the needs ofman are some ofthe
causes which have disturbed the equilibrium
of society. l shall, however, mainly confne
myself to discussion of the money ques-
ton.
In 1860 the country had no greenbacks
and no National bank notes, and only about
$64 ,000, 900 of government bonds, and the en-
tire banking capital on the 30th of June of
that year was $207 ,l02 All, scattered over the
different states and territories of the Union.
How inconvenient and vexatious and full of
loss this system was, many of you remember
and know. The notes of the State banks
were supposed to be based upon coin, and
the banks were required by law to redeem
their notes in gold and silver, but which
they could and did not do in times of panic
or stringency in the money market, besides
nearly all country bank notes were at dis
count in the commercial centres of the count
ry. This loss had to be borne by the work
ingmen and poorer people.
The populotion in 1860 was 81 ,443 1921 and
fraction over So per capita of the inhabi-
tants of the United States represented the
banking circulation, will not now discuss
whether that was enough money or not fol
the country. You had only the State bank
system to depend upon for money and the
| U. S. mint.
But for the war of the rebellion, it is alto.
4. l.,
the old system ofState banks and State bank
notes, and perhaps "shin plasters," The
war created great necessities and stimulated
the activities of the nation to their utmost
tension and made demands which had to bC
supplied outside of the ordinary channels o
business and trade. There was not gold ant
silver enoughin the country TO meet the grea
expenses occasioned by the war, and eXtraor
dinary means had to be employed to provid,
the money to pay the expenses of the nation
al struggle and save the Republic, and ou
national debt in part represents what it COS
us TO perpetuate the Union of our fathers anC
to give posterity free government. Tn,
U. S. bonds, greenbacks and National banl
notes are the promises of the governmen
made TO the world as the price we owe anC
ought yet to be willing to pay for nationa
existence,
To have simply issued the ordinary green
back during the war to the eXtenttha bond
were issued would have made them worth
less and paralyzed the strong arm of tn
government, because all along and now tn
value of the greenback note was and is meas
ured by the gold dollar, and in proportion a
the nation demonstrated its capacity to pa,
gold for its obligations the greenback dola
has advanced in value until now it is almOs
.as.Nt t.lf n. 4 -. Il. Al. y 1
and both of them would have been redeemed
IN coin but for the uniriendly agitation an,
adverse legislation.
and is the promise of the government to pa,
at some future time, with Interest for the us
OF the money. This promise the people be
lieved in and gave their money for it, an,
thereby helped the government and assiste
in saving and putting the U, S. upon firm
and permanent basis. The bond represent
an honest debt, and it ought TO be paid hon
estly and TO do otherwise will be disgracefu
and dishonorable.
The issue of the greenbacks were resorte
to as war measure, and only sanctioned q
such by the Supreme Court of the Unite
States. Had there been greenbacks issued t
the full extent of the war necessities, ther
would have been failure in the struggle.
The National banking system was IL
doubt authorized to meet this constitutions
objection and give the country at the sam
time safe, convenient and uniform syster
of currency, based upon national credit, w
the bonds of the government, held by th
government as collateral security, not for tn
banks, but for the note holder, and in tn
end be great solvent and agent in return
ing to specie payment, because it would di
vide this responsibility with the general gov
eminent until there were more bank note
than greenbacks, and then in all probabilit
the greenbaek would appreciate above tn
value Of gold, and thereby aid the govern
ment materially in placing its bonds in tn
hands of its citizens as well as place them q
a low rate of interest.
1t is charged however, that the Nationi
banking system is monopoly unjust an
oppressive alike to the people and govern
ment. If this charge be correct, the systeI
ought to be abrogated and destroyed.
claim your earnest consideration TO this sui
ject.
lst, No sDecial charter is re0uired TO ol