The true northerner., 1878-02-22
EprroR True NoRruERrKR: /:

Last Saturday evening the meeting to hear
the "hsrd money" side OF the financial ques-
ton was held at Covey Hill. So intense was
the desire to hear all that could be said on Ell
ther side that it was known several days pre-
vious that Grange Hall would be too small to
accommodate the audience, and the church was
] therefore secured which was filed to its ut
most capacity. Mr.. Valeau nominated I. K.
Harrison as Chairman for the evening. Geo.
Breck had the floor for the first speech and
was voted what time he wanted.
He opened by saying people are awake to
know the facts about the financial question:
They care less about theories than they do
about just how 1t is going to affect each mans
pocket book. They want to know how they are
to get out Of this financial dificulty-how they
are going to be helped to pay of their mortgs-
ges, resumption or no resumption, hard, soft
or any other kind OF money. Parties, individ-
uals, theories, precedents and partisans are all
worthy OF consideration only in as much as
they serve to further the ends We desire to
reach. Morals, public honor and dollars and
cents are all to be taken into consideration IN
discussion OF this question. He thought men
labor should be and is the foundation OF all
value. Your farms and property have increas-
ed in value for the most part IN proportion to
the amount of labor performed upon them. 1t
is automatic that credits must exist. In every
honest trade there is supposed to be an even
exchange OF value in property. II men trade
horses for cows or horse for a COW they get
| a 0f nth ind Of 10 max "a
up the difference in value, either at that time
or, as promised in a note or by their word, to
pay property at some future time. Gold has
been chosen by all nations and declared by all
political economists and statesmen in all ages
as the property with which to pay these differ
ences. 1t ls just as essential to have stand
ard Of value as Of weights aud measures.
! Nathaniel Macon, a United States Senator
for forty years during the terms of our first six
Presidents, expressed the sentiment of the
! times when he said "Our Is hard money
government, founded by hard money men, who
had themselves felt the evil results of paper
currency" But what kind OF money have we
to-day? Gold, greenbacks, bank notes aud
silver the last the poorest and cheapest Of
all. How did We come to use greenbacks? We
had a big war on our hands. 1t cost the gov
ernment billions of dollars. It cost as high as
two and quarter millions OF dollars per day.
We we're lily prepared for such a war. All the
currency we had practically, was the irredeem-
able paper notes OF about one thousand State
banks. Those banks issued as high as thirty
three dollars in paper notes tor every dollar in
gold which they held in reserve. You all know
how that was. The banks suspended, the gov
ernment got out OF money. there we're SOC, 900
unpaid men in the field, our natural revenues
had nearly all fallen off, we couldn't depend
/ for money on the plunder OF warfare, neither
could we levy internal taxes. Secretary Chase
was in hard place about that time. lie ad
vised with our best men and studied the ques-
ton thorough and finally concluded to rec
ommend that Congress authorize the issue Of
$3.50, 100000 Of government notes known as
greenbacks. They were issued and made legal
tender for everything except the duties on i'm
ports and interest on the national debt. They
issued more from time to time until their value
so far deprecated that they found there must
be limit, and Si00, 100000 was fixed as that
limit.
In order to do away with State banks and in
duce capitalists to buy bonds. National banks
were instituted as part OF our financial sys-
teub Here the speaker explained tho banking
laws. SAID the National bank notes were paya-
ble in greonbacks and hence always equal to
them in value. lie spoke OF how the very m en-
VINO are now clamorIng for all greenbacks op
posed the bill that authorized their issue. They
don't act honest.
What does resumption mean It means Elm
ply to make the greenback dollar good for
dollar in gold, fulfill the promise made in time
OF need ard return to q solid basis. Congress
issued bonds and notes during the war. In
1868 they said they should be paid ae we agreed
to do just as soon as we are able, and IN 1875
they said we will offer one dollar in gold for
one in paper after January 1st, 1879. Just like
an indlvidual-it borrowed money and it must
be paid. To be sure it was easier to borrow
than to pay. "But we can't resume !" Cali
fornla has always maintained paper at par with
gold. Canada is able to, and all other civilized
nations are doing it. He thought we would
need but little gold if people knew 1t was there
and they could get it. Like the Irishman at
the bank window " II my money is here
don't want it, but il it is not here must have
IT." All the products OF our mines, our forests
and our cultivated fields, our manufactures
and our commerce will buy gold at anytime
All we want or need to do Is to give gold some-
thing to do and it will stay here. Our pro ducts
give us control OF the great gold mines of the
world. 4" But 1t viii make hard times" We
must pay what we honestly owe. Uncertainty
makes hard times. Assure capitalists that they
shall lose nothing by being Obliged to take IN
payment for money loaned paper tokens, and
they will Let the gold hy. They won't hold il il
they can't make anything by it. Make gold
currency, too, and then we will have our $780,
900, 900 OF greenbacks, our $3.50, 600 900 OK bank
notes aud all the gold we have now, all we can
buy from other countries for our produce and
all we can dig from the ground. There will be
s2O OF currency per capita, it will circulate
lively, investments Will be sure, interest will
come down to gold standard. which means
from to per cent. Everything Is cheap