Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1878-01-31
WHOLE NO. 1916.
Thomas M Nichol before Madison
Legislators

oH JdHuhTy l4lDs ln0fn63 M
Nichol. who gave 20 Wisconsin voter.
so much light on the finance question
last fall, spoke on the same subject, in
the capitol. He was listened to at
tentively by Greenbackers and Dem
ocrats. Some he convinced and 9th
ers he greatly bothered.
The speech was simply review Of
the financial history of our Govern.
nent from its organization to the pres
ent time--a synopsis Of national Iegis-
la.ion regarding both coin and paper
money. The speaker held that of all
subjects this was the one in which
dogmatism should be entirely discard.
ed. 1t is question of facts--oi sci.
ence. Theories and policies Of finance
should be carefully founded on facts.
When such questions become the sab
ject of political dispute there is much
danger ofthis order Icing reversed,
and facts being made secondary TO
theory-or what is still worse facts
distorted and prostituted to the SER
vice OF party, regardless OF the vast
and vital interests affected BY the leg
islative result.
AT the close Of the Revolutionary
war the colonists suffered more from
the want of currency than from all
other canses put together, and the de-
sire TO secure a uniform and safe sys.
tenn Of currency was one of the lead
ing motives in the framing and adopt
ing OF our present constitution. That
sour fathers gave no countcnaDce to
an irredeemaole torn of government
paper is not strange, tor they had
tasted Of its evils ani bitterness. Not.
outstanding the success of their arms
the devoted patriotism of the people
and all the arbitrary support that
government could give, they had seen
that form of currency become utterly
worthless. bringing stagnation TO com
merce and ruin and suffering to thou
sands of worthy and industrious citi-
zens.
THE QUESTION OF PAPER MONEY
was amply discussed in the federal
convention that framed, and the state
conventions that adopted the consti-
Triton and on no point was there such
harmony Of thought aud action as
that paper money, unless based npon
coin, and promptly redeemable in
coin. was delusion and a snare, the
effects Of which are only 'evil and
that continually No careful student
of our early history can for moment
doubt that 'our fathers intended to
establish coin as the basis of all cur
rency.
Our coinage laws from the estab.
lishment Of the mint in 1892 to the
present time were briefly reviewed
concluding this part Of the subject
with the history of the act of 1873.
The speaker showed beyond all ques-
ton that there could have been no
motive for the
TRAUDULEaT DECENTRALIZATION OF Sill.
YER
at the time the law was introduced
and that the history of its passage
shows that there was no desire to
conceal any of its provisions. The
evidence produced on this point
was overwhelming. Az to the re-
monetlzation of silver, be had no
objections, and he knew Of no one
who had, provided the value Of the
coins were 80 regulated as not to
practically demonetize gold and de-
preclaie cur paper currency now
nearly equal to gold. Our paper
money, our bonds and all our COM
mercial transactions are really on
gold basis. Let ne make a silver
dollar the equivalent of a gold dollar,
and cur currency will be increased
by just the amonnt of silver coined,
and prices will not be disturbed, nei-
Their public nor private credit will
be injured, and we may reasonably
expect a return of confidence, har.
mony and prosperity. But on the
basis of s to 10 per cent. less value
than the present one, we Danish
Sl75 DOC. 900 of gold, depreciato the
value of our paper currency from
60,O00,00O TO $4,000 900; deraDge
prices destroy confidence and cred
it in large degree, and bring upon
ourselves the untold evil for which
these are the procuring cause. All
this can be avoided by listening to
the voice of reason and truth instead
of yielding to sectional prejudice and
party passion
THE DUTY oE THE GOVERNMENT
is to formulate and apply the eternal
principles Of truth and justice, and
not attempt to override or violate
them 1t is no more in the power
of the government to make money
wealth by acts of legislation than il
is to make landed wealth. Congress
can no more add to the wealth of the
country by declaring 80 cents dol
lar than it can add TO the size of i.
by declaring square rod an acre.
But we want it distinctly understood
that we do not oppose the remoneti.
cation of silver on the just and scien.
tific basis of equivalence in value.
The historical RI view Of our paper
ccrrsncy history was equally in-
teresting and candid, and brought
out many facts about our present
mixed paper system not generally
known. This part of the speech,
provided beyond question that legal
tender Government notes were re.
sorted 10 during the war as stem.
porary expedient," and that the pol
icy Of Government issuing money,
was universally at the time admitted
to be dangerous to all interests.
The speaker concluded by briefly
abiding to the dap.abii,y of gold
and silver for use as currency; the
universal estimation they are held in
by mankind their comparative uni
formity of cost and perfect uniform
ity Of substance in all parts of the
world; their indestructability az
compared with other substances
their success tested by civilized man.
kind for thousands of centuries, and
concluded that God ard nature in.
tended them for this purpose, and
warned his Greenback friends in ths
10 ppuoua NJ tho prudact Ca-ol;.l Sal