Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1879-09-09
SENATOR THURMAN.


hepuDllCdn ueSpSIduOts W SOubIOi TIC
elections OF the people and to pay them
out of the Treasury OF the United States.
When the bill was under consideration
in Congress, il was said that such law
was necessary for the protection OF the
freed men Of the South; but the truth is
that the law originated in the Union
League club OF the city OF New Iork, and
was made especially for that city.
Resumption.
But it is time for me to pass to anoth-
er theme.
The Republican speakers and Repub-
lican press are Growing Justify about
what they call the resumption Of specie
payments. Behold, say they, We are on
the eve Of prosperity; resumption
brought this about, and We brought
about resumption; ergo, you should all
support the Republican party. My
friends, it requires no great powers OF
analysis 10 explode this sOphistrv.
In the first place, have We specie pay
ments? Do any OF your debtors pay
YOU any in specie unless the debt be
five dollars or less? Do the banks pay
their creditors in specie? Try and see
if they do. Collect as many bank bills
as YOU can and assert them. Out OF
$4,000, YOU will have probably not
over 5000 on the National banks OF
Columbus. The remaining -, 800 are
of banks scattered all over the Repub-
lie. To present them at the banks that
issued them, would require you to
travel thousands ofmiles and issue hun
dreds OF dollars Of expense. To present
them at the Treasury Department in
Washington would cost less, but yet
would be oncrous and expensive. So
YOU abandon the idea OF doing either.
But YOU have 500 of Columbus bills.
You present them at the banks and de-
mand specie. Do you get it? Not un-
less the banks see fit TO give 1t TO
YOU. Our Columbus banks are
very accommodating, and | have
no doubt that, IN ease OF ne
cessity, they would ablige YOU by giving
YOU specie Tor your 500 OF other notes.
But they are not obliged to do so, and
were YOU TO present five or ten thousand
dollars of their bills for redemption, they
would not do so. They would pay you
in the much dcridcd grecnback. Then
what would You do with the greenbacks,
! ii YOU wanted specie for them? Present
them to any federal officer in Columbus
for redemption? If you did, he would
| smile at your ignorance, and politely
tell YOU that the Government does not
redeem grrCnbacks in Columbus; that
! if YOU want specie for them, you must
carry or send them to the city OF New
| York and Present them to the Assistant
! Treasurer OF the United States. Well,
YOU can't afford to incur that trouble,
! expense and loss, and so YOU conclude
| to keep your greenbaCkS. Why, what
! does the Secretary OF the Treasury tell
Us in the speeches that he is delivering
! through the country; in order to illus
trate, | suppose, the honesty Of the Pre-
sident's civil service rules? Does he tell
us that the Government is redeeming
grcenbaCks in specie" Far from il. lie
tells us that comparatively few green
backs are presented for redemption.
Our so-called specie payments, there
fore, are no specie payments ut all.
! Neither individuals, banks, nor the
Government, make payments in specie.
| PAPER money, when undoubtedly good,
! is 50 much more convenient than specie
| that it keeps specie ont OF circulation.
! In no country that uses small paper
money can there be a specie circulation,
except small change. In England and
! France there j. vCrtab,e specie pay
ment. Debts OF large rs well as small
amount are often paid in specie. Bat
i'm those counties there are no small
notes, and hence large proportion OF
the money in circulation is specie. In
our country we have small notes OF both
| the Government and the banks, and
/ hence We have no specie in circulation
worth mentioning, except our subsidiary
! coins of half dollars and less.
But. while we have no specie pay
| ments. accurately speaking, | admit that
| our paper money has been brought TO a
/ par with specie. OF the sacrifices suf-
| fercl bv the people in order to bring
| this result about, OF the shrinkage of all
| values. the paralysis OF all industries,
! the thousands of labOrerS thrown out of
employment, the bankruptcies, amount
! ing To hundred of millions of dollars,
| shall not speak tonight. II there is
any one here who thinks that We have
not paid very dearly for the whistle,
will not, tonight, attcmpttO disturb his
| belief. But when the Secretary of the
| Treasury perambuIates the country,
| boasting of the achievement OF bringing
! grccnbaCkS 10 par with coin, it is not
| improper 10 point out to him the grave
| wards through which we have passed in
! our drcary march to this result. And
when he claims that this COnsummatiOn
was brought about by the Resumption
Act and his execution OF it, it is emf
nentlv proper to show him how baseess
is his clam, how hollow is his preten-
sion.
There are various causes that have
operated to bring our paper money to
par with specie and among them the
resumption act Is the least. Had that
act never been passed, and had Congress
authorized what the Secretary of the
Treasury, without authority Of law, now
permits, the receipt Of greenbacks in
payment of customs duties, they would
have been at par with specie a year at
least before the time fixed for resump-
ton by the resumption act. When that
act was before the Senate, | moved an
amendment providing Tor the receipt of
greenbacks in payment OF customs du-
ties. The Republicans voted it down.
said that it was worth more than all
the provisions in the act. My opinion
was treated with silent contempt; for
the bill had been concocted in caucus
and the Republican Senators would not
debate it, Time has proved that my
Judgment was correct. With all the
machinery OF the resumption act, and its
cost to the people, the Secretary OF the
Treasury found himself compelled to re-
ceive, in plain violation OF law, the
greenback in payment OF the dnties
have said that had the resumption
act never been passed, greenbacks
would have reached a par with coin. 1t
would have been through great suffer
inc. a. it has been through great suffer
ing. aggravated by that act, but il would
certainly have come.
About every twenty years we have
commercial revulsion which, for brevi-
TVS sake we call a panic; when the
country wakes up othe fact that, owing
10 an imprudent extension OF credit or
had legislation, or both, il is not able to
nav lis debts on demand. A long pc
Rod of suffering, generally five or six
vaor. cnsueS, and then, having reached