Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1878-08-14
AN ADDRESS
On the Financial Question, by
Col. j. w. Hammond.
Delivered before the Republican
Club at Prairie City, Iowa. July
27th, 1879.

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Delivered before the Republican
Club at Prairie City, Iowa. July
27th, 1878.
GENTLEMEN IL am fully persuaded
that, very much Of the misconception
on the question of our finances, grows
out of lack of Information. There
is a greatdeal said professedly to
inform voters, but which, in reality,
is calculated and too often intended
to mislead. 1t is as much out of
place to indulge in rant on this ques-
ton as in studying the science of
mathematics. 1t is largely question
of facts and figures and may be set
tied by reference to these and with
out indulging in any defamation
calculated to SOW dissension and hat
red.
If our coming together here to-
night ie to benefit us, in any way, it
will be because we examine the ques-
tion without heat and in the light of
sound experience and candid reason
ing. While in the greenback party,
as in all others, there are demagogues
who are willing to deceive, it is
equally true that the majority wish
to know the truth and would follow
it when made plain to them.
The chief corner stone in the faith
of the greenback party is undeniably
imitation. 1t fav0rs an imitation of the
paper currency, in the form of green
ho cGc <o ha n oc1 a rod NJ, ,,v,lsv, s1ol II
gal tender. On the question of re-
demption greenbackers hold every
shade Of opinion from absolute ire
deemability, down to having them
redeemablc, in some shape, in the
distant future.
Collateral to this chief plank in
their platform they hold, that the
National Banking System is vast
and an unjust monopoly and should be
destroyed that certain classes of the
bonds (some say alD should be paid
in legal tenders that the legislation
looking toward resumption has not
been in the direction OF honest pay
ment, but has been in the interest of
what they call the "money power;;"
that there has been an iniquitous con-
traction of the currency, ruinous to
the laboring classes and the prosper
ity of the country; that it is the legal
tender quality which gives value to
money outside the question Of intrin-
sic worth or convertibility into spe-
Gle; that the practice of the world in
making gold and silver the basis of
circulation, is delusion and should
be discarded, and that the republican
party is responsible for our present
financial distress, &c &c.
INITIATION.
Let us give our attention first to
the great question of all, namely, an.
Hdtion, and notice the minor points
either incidentally or specially if time
will permit.
Let me urge patience in the exam
nation of this question. 1t cannot be
mastered in an hour, day or q week.
Those who cannot devote the time
necessary to understand it, will do
well to adhere to the lessons of uni
verssl experience, until more excel
lent way as demonstrated. The ques-
tion of finance is at once the most in
tricate and profound Of all the many
difficult questions of political econo-
my. Whoever would understand the
question must study it Fundamentally,
by reading the best authors, just as
men do who wish to be we'll learned
in any of the professions. Such men
always first study fundamental facts
that is those that are certainly
kuown--for upon these science
stands. Having this foundation, the
physician, for example, may safely
and profitably read the controversies
of the various schools. But should
he, like our greenback friends. con-
fine his reading to the controversial
and speculative presentation of the
science without proper knowledge
of rhat IS really kno'en, he would
have very imperfect idea Of the
science of medicine.
Now there are certain facts, in re-
gard to imitation, demonstrated by ex-
perience and the invariable verdict of
history, which, when known and full
ly understood, conclusively answer
the greenback theory in regard to in
flation. That party can only avoid
the damaging force of this verdict by
claiming that its plan is new and
hence that all former experience must
go for naught. Passing by the tact
that this same claim has been put for
ward, in every instance in the past, l
will make this proposition to any
greenbacker in America, that 1 will
produce from history the counterpart
of every feature of this plan and
show that it failed. So uniform have
been results that the record on the
page Of history reads like a campaign
document against imitation in every
case. The plans proposed are the
same, the arguments are the same and
it only needs another experiment to
prove the results to be the same
Why will men shut their eyes to these
facts? Certainly because they are
unaware of them. cannot take the
time torehearse the history of these va
rious attempts and their calamitous
failure, but l will tell you where
some of them can be found. When l
have cited these instances you have
no right to dispute what I say, no
right to claim to be we'll informed on
this question, until you have read
carefully the history of the events to
which reference is made and UNDER
stand the lesson they teach.
Rome tried imitation by debasing
coin, leaving the nominal or face val
nc the same, 1900 years since. France
tried the same thing no less than
three times under different form
each time. But strange to say, in the
experience of the French, as in all
other cases, no matter what the form
of initiation the results have been uni
form, namely, disaster and distress.
James III inflated the currency by
debasing the coin in Ireland. The
English inflated the paper money is-
sues time and again between 1897
and 1880. Austria has tried initiation
over and over again, since 1862 down
to 1873. Russia has tried the same
plan to get rich. Our colonies before,
during and after the revolution tried
imitation, using every legislative and
even police power to make the bills
.sas good as gold" The Continental
Congress also tried it. Now in all
these cases and every other case in
the history of the world imitation has
proved disaster and not a blessing.
Our own experience in 1887, lS47,
1857, and 1865 to 1873, is the same,
first producing unhealthy activity,
causing people to be deluded with
the notion that capital was abundant
because money was plenty, thereby
inducing unwise extravaganza, pro-