The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1878-01-16

| no tomnltnltu NJ hOuln lenHln pl
the act Of 1869, 10 pay the bonds ~
coin, aud saldl sin some countries
the habit prevailed of building pile
OF stones to mark the spot where the
tragic event had happened, 80 lot the
American taxpayers, whenever the
act OF 1860 IL cited, each cast u stone
upon II 10 mark the place In
American history where repudia-
ton began aud where the rights oi
the American people were mercllessy
and treacher0usly slaughtered lie
next commented on the roiunding act
Of July IA, 1870, and SAID II was passed
to back the false assertion oi the net OF
1860, that our whole bonded debt was
payable IN coin, lilo argued that both
of these acts were framed IN tho In
Ierosts OF the bOndhulders and under
their GlctaIiopi but even under these
acts the bonds were payable with
either gold or silver coin, aud not pay
able " ith gold alone.
Mr.. Voorhees, then spoke ut some
length Ia regard TO the advantages Of
silver coin, and said the silver dollar
came to us with tho faith OF our gov
ernment. at was devised IA u Unit
oi value by Thomas Jefferson, ami
adopted by congress In the days OF
Washington, Hamilton aud Morris
II stood Us honored as gold through
every storm that beat upon this gov
eminent; II il associated with Nil our
development, our strength, our growth
and our glory.
He then spoke OF the act OF 1873 de
monetialng IL, and said II was passed
without note Of warning to the Amer
lean people that their iavorite coin
was about to be destroyed AZ money
its enactment WAS az completely UNI
known to the people, aud indeed TO
four.iifths OF congress itself, as the
presence Of burglar In house at
night Is to its sleeping inmates. He
argued that the silver dollar was elm
inated from our money system under
cover OF false pretenses, and that silver
had not failed in its functions AS "a
specie basis any more than gold. "Of
the entire trading and commercial
population OF the earth, 696, 250, 900
more have silver alone as their stand
ard OF value and transact all their bus.
mess upon it as u specie basis than
those who have gold alone for similar
purposes, aud 5i2, 200 900 more people
use silver alone than use gold and sill
yer both as their metallic currency.
Referring TO the specie resumption
act of January II, 1875, he said an at
tempt to force the resumption ofspecie
payments with gold and silver both, as
u metallic basis, would be n cruel fail
ure at this time. He speaks OF the
great shrinkage in values arising
from the shrinkage in money in
and said 1t was the imme.
diate cause of the general bankruptcy
and ruin which now fills the land. "lf
the policy of this government has been
to inflict the greatest misery upon the
greatekt number Its success has been
complete"
He WAS not an inilationist in any
sense that would disturb the true in
terests of trade and commerce. "Dur.
ing the whole four years of lS63-'64-
~ and '66, when the volume of our
currency averaged over "A thousand
the business failures Of the
entire country reached only twenty
one hundred and sixty-seven, less In
number than occurred in any three
months OF the year just closed. Dur
ing the period which Is now stigma
tzed as one OF initiation, the windows
Of business houses were not darkeneG,
and business men did not go ~ mourn
era about the streets; the laborer did
not 20 home without bread to his wife
aud children; helpless millions did not
cover and tremble ut the approach Of
winter for the lack Of food and shelter;
the public peace was not broken by
riots in resistance to starvation wages;
the courts were not principally occu-
pied in enforcing collections, fore
mortgages, ordering sheriff %
sales or in furnishing the destitute and
the outcast-these are some OF the
things that did not take place. Others
that did are equally striking. Good
wages, and good wages stimulated
every working mans muscle, every
business mans brains aud every power
of machinery ON to the highest and
most productive activity; hope and en-
couragemen. were in every heart; new
farms were bought and cul
tiyated new manufactures were
new workshops were
opened, new mines Of iron, gold and
silver were sunk into the earth, whose
contents in return assisted in the glad
work OF a universal, individual and
national prosperity"
He argued that there Is not dollar
to-day in the hands Of the people, on
which they have not paid tax for
the privilege of having it put in circu-
latlon by the government. The ma.
tional bank Is the middleman between
the government and the people and Is