Middletown transcript., 1878-09-21
Senator Bayard's Address.
Tariff Revision, Civil Service Reform
and Honest Money the Remedy!
FRANK TALK ABOUT FINANCE.

Tariff Revision, Civil Service Reform
and Honest Money the Remedy!
FRANK TALK ABOUT FINANCE.
The U. S. Treasury notes, national
bank notes, coin, and coin certificates
amounted, on January 1st, 1875, to
S8O5, ,465,OS4, and on May 1st, 1878,
amounted to $685., ,849, ,931, an increase
of over $4,000, 900. Therefore, am
amazed when hear the cry that the
contraction in the volume Of the cur
rency is the cause Of our business de-
preston, because there has been no
such contraction. I cannot under
stand how men can so mislead them
selves well as. others. The only
contraction took place under Secretary
McCulloch's policy, SO warmly en-
dorsed by Congress, between 1866 and
1868; then it was arrested by specu-
lators and men who had embarked
wildly in the purchase Of property on
speculation fixed at war prices, buying
at rates which were unreasonably high
and fixed in paper money not redeem
able Can they be maintained Per-
manently-no; the writ Of man can
not doit. Temporarily-perhaps in
fuse into the American people the
sanguine spirit of speculation, the
wild excitement that has been wit
messed by many of you; give them to
believe that prosperity is coming in
some shape or form, and that their
lands viii be worth double their pres
ent prices, and their crops three times
as much as they are now, and they
will trade in accordance with their
hopes--their dreams. You and |
have lived lyng enough to remember
eras of wild speculation.
can remember when a piece of
mulberry tree that a man would cut
of his pasture field and throw on his
manure heap would have brought him
several dollars. That was the norus
multicauIis mania. 1t was one of the
periodical manias which the human
mind is always subject to, which the
thirst and hunger for gain will occa-
sionaIly give rise to, and | remember
many OF my old friends, in Whining
ton, filling their ground with these
plants which were presently to be cut
down and used as pea sticks, and vet
they were considered valuable for the
time. And yet you see that even in
the midst of their strange imaginings
the nsOrus m.ulticaulis tree was simply
a mulberry plant. Instead Of bear
ing the gold they look for in its
branches itwass simply the tree which
nature had designed it., I. 1t might ,,be
made a tree Of hopes but the end ap
pointed came just as certainly as any
case in which man sets out in opposi
ti0n to the laws of nature.
/ say l am amazed to hear the cry
of contraction, because the Treasury
has in circulation more money BY
S20,000,O00 than there was before the
Resumption bill became q law, anG
the circulation is increasing every
day, because the Government is buy
ing bullion and rapidly converting i
into silver money at the rate Of So,
100000 or $4,00O,000 per month, s,
that there must have been a very con
siderable addition since the passage 0
the silver RECOMMENDATION act.
But there was another cause for ou,
present distress. It was the incredi
bic policy pursued from 1869 to 1871
in relation to our bonded debt b,
those in charge of the Treasury.
There are men of business arounC
me who necessarily have obligation
and have studied wise and sensibl
methods Of meeting those obligations
Now, when a man has a number o
debts not due and a number that ar
due, which does he pay first? In com
mon sense, whether as dealing 70
others or for himself, what would b
sound management and wise finance
! Why, credit is the soul of bushes:
Credit is the poor and honest man
best shield. 1t gives to him some
/ thing that enables him to Compel
: with mere capital, and every man VIII
} wishes to prosper will know that h
f must always guard his credit. Nov
f what is credit? It is to pay when 20
+ have promised to pay; to pay the not
: that is due to-day and not the one du
! next year; to meet your demands 6
g you are called upon, according to you
t contract. This is common sense, con
: mon honesty; it so plain and manifei
e a piece of duty that | don't see no
] any one can be found to deny it, an
vet was wholly, utterly disregarde,
/ and the Incredible fact stands man
: fest that, with this enormous del
standing out, in a loan, with 20 yea
0 to pay it at the shortest, it please
4 those III charge of the finances Of I'll
: country to force these bonds to Il
ell highest possible price in the mark
if and then buy them in. at the highe
= premium they could get 1t mac
). vast profits, for somebody You kno
!. that to-day there is great distress.
r distress men will look for anything
y find fault with. There are men t
h day who only seek pretext, howev.
if shallow, to get rid of just obligatio