New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1878-10-12

An argument proceeds on the basis that
you must have q certain definition of
teims. A dollar is well-known thing
as absolute thing as pitcher. or glass,
or table. The Statutes of the United
States of 1871, drafted by Alexander Ham
ilton and signed by George Washington,
define what dollar is in silver and in /
gold. But the Greenbackers have trick
worth two of that, and they say this piece
of paper is twenty dollars. Why not hold
it up and say, this is horse, and mount
it? Laughter. No greater stretch Of
the imagination; just as easy to say one as
the other. When you hear that you have |
got inside the realms-I want to speak with |
respect of all men-but was going to say, |
inside the realms of lunatics. Those who |
think to get this paper into circulation |
reckon entirely without their host. They |
can not force it on the people beyond the |
existing volume of debt at the time it is
issued, and subsequent transactions will /
be in coin. We are to-day doing business
on coin basis largely. Obligations are
given and taken in coin, and the business
of the country will be driven to il, because
no people in the world can stand cur
rency which is liable to be shifted and
changed with the annual meeting of any
body, whether it is the Congress of the
United States or any other body. You
can not do business on that basis. No
man in Boston will engage to sell or de-
liver or accept or receive any commodity
a year hence, at any price, with an i'm
pending session Of Congress that may
contract or expand the currency. The
balance of foreign trade within the past
few years has been steadily growing in
favor Of this country, and gold will con-
tinue to flow here in exchange for our ex-
ports Hemlock bark goes to tannery.
Every commodity goes to the place where
it is most useful Gold piled up in this
country, earning nothing, will inevitably
flow out where it is used. There is moth
| ing in the world SO sure or proved more
| frequently than that the moment country
is on the point of specie payment gold
| flows in where it is in demand. 1t would
flow here, even against the balance of
trade. But with the balance of trade in
| our favor we are in better position to
maintain specie payments in our business
than any other country in the world, not
excepting England. Applause I
l don't know exactly what you find in
the shade of arguments in Massachusetts,
but in Maine we have the example of
J France held up to us in all shapes. You
I would have supposed that If there was a
/ paradise in this world it was in France.
| Yet there the laborer receives only thirty
one cents day for his toll. These gem
tlemen tell US that we are in the condition
that France was, and that the financial
management of the country has been
against the interest of the people. have
alwas said to these gentlemen that there
was a great difference between the con-
clifton of France and of this country. In
the first place France paid for licking
and we paid for victory. Applause.
All the statements about the finances of
France are based on Misrepresentation.
France has managed her finances with ex-
traordinary ability, but in directly the
| opposite course to that indicated by the
Greenbackers. During all her troubles
she never issued dollar in public money.
AS soon as her thousand million of dol
lars were paid she forced her great banl
back into specie payments, ana they have
been on a specie basis for four years, anG
the flow of gold into France from En-.
gland even in the last year has been almost
marvellous. The gold and silver currency
in France, per capita, is almost marvel
GUS. But in France they have not beer
able to approach our record on the nation
al debt. In the last ten years we have re-
duced our debt from twenty-eight hundred
millions to little over twenty hundred mil
lions. Frances debt is forty-six hundred
millions-doubleo ours and six hundred mil
lions more; nearly three times our bonded
debt And now the peasantry Of France ar
working at that great indemnity whicl
they are compelled to pay. Commend u
to France, if you please, but at a long dis
lance. [Applause.] 3D..
/
There is another fact which retards tn
prosperity of this country, and it is thi
agitation about the currency. There
, rot man here tonight who thinks b
knows definitely what is going to happen
You have general feeling that somethin
is impending, that session of Congress
will be much like visitation of yello'
fever or pestilence, that it will carry de
, suction in its way, and that all bushes
, must wait upon its deliberations. Their
is in the country feeling of anxiety pre-
: duced wholly by the uncertainty about tn
currency. There never was a stronge
) basis Of currency in the United States tina
/ now. We have three hundred and forty
/ six millions of greenbacks which may b
| reduced to three hundred millions. tn
: last Congress stopped the reduction 8
A three hundred and forty-six. They did
: on the theory that it would be muc
4 less sum than we need of paper money
a In addition to that is the national ban
) currency which regulates the amour
' necessary for trade. It is said that "
must have q currency in this country tina
is abundant. ] agree to that. We wan
{ Just as abundant currency in this countr
as can be kept at the redeemable point i
coin. The currency is not too much
r we can redeem it. Applause. Nov
y those gentlemen who protest against Ii
+ national bonds having great advantage
+ are the same who are demanding libert
! supply of paper money. But do 20
r suppose bank is going to be run purel
for the accommodation of the public
/ without any profit2 You must base you
8 currency on some law that will adapt it I
the necessities Of trade.
. Now we are Just at this critical poin
q We are Just at the point where we woul
q begin to do solid business. Gentleme
q talk about the hard times as if legislatio
q could have prevented them. What did th
e war do? Nine thousand million dollars, .
y both sides the line, were destroyed PROF
: erty. Just think of that And cur 81
ergy has been so amazing that for near
}, ten years after the war we pursued OF
f work without any great loss coming upe
Z. us and making US reflect upon what vi
u gone Now we are wondering wheth
y anything is retarding us.
Z You cannot strike out 1900, 900, 0C
/ eo-,s,.rt = r--ock LII - kord finn