Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-01-25

81 $4,000, 900 Of taxation? Financial ruin
lature has memorialized Congress to destroy
the greenback? Not one. What offence
has t. the ggreenback committed7 It is
national bank note rag money" too; and
very expensive kind of rag money! Why is
there no clamor to wipe that out? Why does
Congress seek to increase the volume of that
paper, while it obliterates the greenbacks2 ut
is a. dishonest promise to pay, says one 1T
redeemable? Yes; in greenback. Then one
is an mredeemable paper; and the other is
paper redeemable in an irredeemable paper,
ubtle distinction!
But suppose it conceded that it would be
ply their place with $500, O0O, 600 of gold can
we get the gold? Here Mr.. d. read an extract
from speech of Gov. Boutwell,, o. s. s., from
Massachusetts, and ex-Secretary Of the Treas
ury under Grant, made in the Senate in 1874,
in which he stated that there were but $500, OOO,
600 of specie in the nine great banks of Europe,
and that it was impossible to draw even e20,-
OOO, 900 of gold from Europe to this country
without producing panic there. The Bank
of England, Gov. B. stated, had refused to let
United States bonds be sold in England unless
the governments agreed to reinvest the gold it
received in England and take securities in
place Of it. When the Geneva award was made
giving this country $15,500, 600 for damages
incurred through Confederate ships, the Bank
of England interposed and prevented our gov
eminent from drawing the award in gold. We
were compelled to take our pay In United
States bonds.
Mr.. D. said that it was preposterous to think
that anything less than an invading army could
take from the nine great banks of Europe one
half their total fund of gold and remove it to
this country. And if we got it here how long
| would it be before it all went back in payment
Of interest on state, national and railroad
bonds?
But, say the newspapers, paper money Is now
| worth nearly as much gold-there is but a
per cent. difference between them. When we
| say gold and paper are worth nearly the same
that the gold-gamblers do not dare to bet on a
higher price. Why? Because the government
stands behind them with twenty or thirty mill
ions of dollars in gold ready to let it loose at
any moment and smash their plots. This is the
| club that keeps Wall street in order. Here MIR.
Donnelly gave the history of the famous
'sBlack Friday" 1t was the result of an I'M
derstanding between Gould, Fisk and Grant
| that the government would not interfere by
selling gold, but would let Gould and Fisk
put up the price of gold. The result was, that
they rushed it up in few hours from 100 to
l6O per cent. until the government was forced
to come into the market and sell gold, and
thus break the back of the conspiracy. But
suppose Gould and Fisk had had the power to
gather together thirty, fifty, or hundred mil
| lions of greenbacks and demand gold for
them, and thus empty the treasury of every
gone to? This right specie payments will,
thereafter, give the spectators. AS fast as
| the government accumulates gold it will be
drawn out for greenbacks.
! But says some one, all we need is $780, 600, :
600 of specie to float $780, 900 900 of paper; and
1 tn fha of tha hank h
which, with one dollar of specie keep three of
paper af1oat. But there is this difference Every
bank has an interest in upholding every other
bank; danger to one means danger to all.
Hence they do not present each others notes
and demand specie. With the government, it
would be different. Wall street has neither
conscience nor patriotism. For margin Of
profit equal to q of one per cent. they would
overthrow the nation. To say the least, we
would be completely at their mercy. If the
government owed $300,000,0 600 of greenbacks,
and had 800, DOC, 900 to pay them with, would
not such cattle as Gould form combinations tc
get that gold and put up its price? 1t is asking
too much Of human credulity to believe any.
thing else.
Turn to France. The French people have
20O,0OO.O0O Of specie, and yet, with
$500 of specie, to $500 of paper, France does
not dare attempt to resume; and that, too, not
withstanding the fact that for years their paper
has been at par with gold. Can we, will
$3.50, 900, 600 of paper money, and about $100,
600, 600 of specie, maintain specie payments
The proposition answers itself.
If the scheme fails if gold rises and the ma
tional bank notes are withdrawn, as they would
be in the hour of peril, in what condition viii
this nation find itself? It would have no cur
rency save a few dollars Of gold and silver. 1
is not wise to drive great people, who hav'
just learned the art of war in the greatest con
fict of modern times, to desperate extremities
: 1t will be difficult in a country where the ma
. jority rule, to enforce law and order agains
the majority. Edmund Burke said she knew
not how to draw an Indictment against Who'll
people," How will you suppress a whole ma
ton in revolt? And we have to fear that il
the dreadful struggle that might follow, la,
and society and civilization would disappear
!, And for what? To enforce barren theory. T
add a few dollars to the income o
the income classes. 1t is time to paus
: if we would save republican institutions.
g You ask what is the remedy?
n Call halt!
Gold fell from 265 per cent. to per cent. b
natural causes. Left alone it would soon hav
q for the population, stand still awhile, and tn
). population will soon grow to it. Greenback
: have been deprecated because they were no
legal tender for duties imports. Make the1
q such. Or if it is urged that we must collec
e $780, 600 of gold to pay the interest on the pull
q lie debt, receive one half the duties in greer
r backs.
| Let it be understood that the war on greer
backs is to cease. That they are to continu
in existence until every dollar of the nation
/ Understanding Indebtedness is extinguishet
= When greenback dollar is worth as muc
IS as gold dollar why would you destroy til
K greenback.
Having concluded his remarks Mr.. Donnen
t. moved that the further consideration. be pos
lie poned to Wednesday next at IL a. M, unle
re Senators desired to discuss the resolution
d this time; which motion prevailed.
n The President appointed special commit,
is on rules, as follows, on motion of Senat,
4, Edgerton: Senators Edgerton, Nelson ar
,. Donnelly.
~ BILLS PASSED.
IN Authorizing the county superintendent
~ schools to hold Institutes.
- Amending the charter Of Rochester.
a Authorizing the board of education of D
M luth to use the building fund for current e
of penses.
81 81 Appropriating money to reimburse Go
a. Pillsbury for moneys advanced by him for Il
- current expenses of the State prison for 1877.
~ Repeating the charter of the village of Plat
. view and attaching the territory to the town
- Plainview.
10 Adjourned.
~ Mr.. Anderson from the special commit