The Morning herald., 1878-08-30

the consumption, loss must follow, as our
manufacturers cannot sell their ware at
home, and cannot as have said 90 to for
eign markets. We are living IN an era
where machinery has taken the place of
manuel labor more or less. At the Expo
sitton at Vienna In 1874, American
Machinery were far ahead of any
others. Taking the machinery.
generally 3 men can 90 the work which 12
did before It was introduced, and the cost
of employing It has been brought so low
that oil may possess It.
Our home production is greater than our
home demand. We have q manufacturing
capacity for 100, 900 900 persons, and have
40, ,00O, 900 Inhabitants. The evil Is at once sp-
parent, and we must find other markets or
reduce our manufacturing power. No one
will be willing to have the latter plan
adopted, and some means must be devised
to accomplish the former. In my opinion a
reduction on all tariff duties would bring
immediate relief. But, friends and neigh
bors, do not forget that we may harm the
other countries. If we sell to foreign coun-
tries We must help them to sell and buy
from them what they produce and we do
not.
Now there is another matter that has
more than any other single cauee to do with
the present depression in enterprise in the
employment of labor, and in the employ
ment of capital. mean an uncertain and
disordered money. The speaker after CIV
ing the words of John G. Calhoun on the
subject, went on to speak Of the treasury
notes which were first issued In March,
1862, and the total amount issued was four
hundred millions. On the 4th of December,
1865, Mr.. Mccullough, the Secretary of the
Treasury, stated that the issue of these
notes were simply war measure, should
only be regarded as temporary, and should
be repealed as soon as possible. Two weeks
after this the House Of Representatives
passed resolution eoncurring with Mr..
Mccullough, with only six dissenting votes.
Accordingly Mr.. Mccullough cancelled
81, ,000, 900 of these notes, but 10 1872 Mr.
Boutwell, had many of these notes re-issued
which was without the warrant of law.
This act was 80 unwarranted that they
were recalled. In 1878 tue crash came, and
ia the same year, $2S, ,000, 900 more were
suffered to go into circulation, which in
creased the total amount in circulation
from 1856, 10000 to 1884, 900, 900. By a
pernissive act of Congress in 1874 $50, ,O00,-
900 were recalled, and $40, 100000 Of ans
other character we're issued. Thus the
amount of those Treasury promissory notes
in circulation varied and Is now about $347,-
100000. By recent act of Congress it
promises to pay off these notes In gold In
January 1, 1879, and in view of this fact the
premium on gold has fallen to almost moth
ing, while silver is almost less valuable than
the notes themselves. Now we can see that
resumption is almost practically accom-
plished, and will be reached in the specified
time, and this will all be paid off and these
notes recalled from circulation.
There Is great cry of the contraction of
the currency, and people say that is great
scarcity of money. If any man here has in
his'pocket paper containing the quotations
of the money market he will find that the
market is stagnant and that the rates of in
terest 3, and per cent. Do not let us be
deluded into the idea that men can be made
rich by the issue OF greenbacks. II man
must have money be must have property
or labor to exchange for It. (Applause.)
In 1875 the amount of money was $S75 900, :
600, and In 1878 1t is 1926, $40 ,931 .S8, an in
crease of nearly $2l ,0OO, 900 in three years.
These figures show that there is no con-
traction. The only contraction was that
done by Mr.. Mccullough which was en-
dorsed by Congress. The policy of Con-
gress in relation to our bonded debt, and
paying It before it was due in 1869 was not
right. Credit Is the poor mans shield he
must always guard bis credit, and to do so
aims, not to pay at the present the debt due
was wholly disregarded, and it pleased
those who had charge to force the bonds to
the highest figure and then buy them in.
This was unwise and was said to be done
to strengthen the public credit. Nothing
that can conceive made such an act neces-
sary, and to me 1t is one of the widest of
errors.
There are many persons who want the is
sue of greenbacks enlarged, some say 1t shall
be unlimited, while others are satisfied to
make it large enoug to absorb all the other
currency and have no other money. The
speaker then advocated the taxing of bonds
which were exempted from taxation in 1870
and then went on to scy that the proposed
doubling Of the issue Of greenbacks was only
to postpone indefinitely specie resumption
and give the financial legislation again to
Congress. 1t Is said that the world Is gov>
erned too much and the great strength of
this government lies in the right it gives
men to act In accord with theiI wishes. 1t
is proposed to Danish money and you will
have no money at all; yet this is to be- abso-
lutte money after all ana In fovor of the la
boring man. Oh how base 1t seems to me!
Labor makes capital and capital makes Ia
Dor and both combined make enterprise; If
they 90 apart the cause must languish and
suffer, and both be damaged. It Is the duty
of every man among us to stand up against
those unmeaning cries. ..,s a-ia
Senator Bayard now read selection by
Daniel Webster, In which were giveE the
relations of the poor to the rich and after
speaking at some length upon some Of the
manufacturing industries Of Wilmington
read an extract from McCaulley describing
the prosperity of England just before great
financial crisis 200 years ago, and then con-
tinued The historian goes on to state that
after long era Of darkness and suffering