, 1879-04-30
POLITICAL.
GEN. Nf'CLEHNAED.

GEN. M'CLERNAED.
spettal Hspateh fo 7ns Tribune.
SPRINGFIELD, ILL.,, April M.-Th[s evening
Gen. John \. McClcrnand delivered = financial
address hcforp Tho Legislature. The subject Ut
Ills discourse, hc stated, woall be "Cnrtal and
Interest,"" a,tl hfs object to show hr ca,nlla nn1
fearless exposition tint nllcll uf the discussion
now ycxl1sg the public mind 1tpon this subject
wns prompted iw mtsconcep,tuI. The working
classes particularly appeared to bc Affected lY
dcluson con(ouut1ing money With capitnl and
interest, while they we're disposed to rcEafsl the
lutter rs ,Elc ca,,se OF their lark Of employment
n,tl wages. In other words, money accHtn.i-
lated Is Injurious to the workingnanfs Interest.
Muucy, however, was
= Is NO srH1cT sEXsE CAPITAL,
but only conventional Or legal typo Of capftal.
Capital consisted alone Of thu products Of skill
and lahor entering into the necessities. COLI
forte, mil lnxul3es of human lfe The popular
tlca Of interest was III Iess ERRONEOUS 1t na.
sutneu that Interest NILS Il surEeptitluus attend
nut of capital; ovcr working to lnnkr tllu r!cli
richer H''l tle pour pooFer, whereas Interest fas
yauS Of ths products u sisill n.nl labor crystal
lIzetl tnto money. or sfe cxr!anpc of ono scrslce
for nnothrr. After stating what reslltlary cap|.
tai had done for tic world, llc went On to sny
i'' 1s nevops tG ecct "ns wa spe b. a To-
increase tilu ratio Of interest. the
nvernge ratio OF money being, rs Il rule, segu-
iatel by tho average profits realized up"n pro-
duetion. asna not, as was popuInrly Bnpposrd, a'y
tic abundance OF money. American experience
upon TINT subject Gaye
AN IMPRESSIVE EXAMPLE.
The tloyrrnment Issued during tic War an
enormous nsn,,1lnE OF Treasury nntl National
bank mites Witch were irrsdceniabe in ct'l,l.
and berau,c ticprccintel, md tho yuspcnslDu p[
crn II fnf1ntsnfi flhtt,k fYa ii H11.
WIS scarcely cyor higher. Every
branch Of business was disturbed, tls
balance Of trade was tHrEcd ncatnst this eDtln-
try, speculation bccntte nlantn, followed by .
| crash 0| business, decrease 0f wages, to tc~
mani for labur, ntil general social distress.
| Many clnimcu for Congress- power to issue Mltch
| Or little ulohey, at its discretion. II was
Almost DANGEROUS CLAIM.
The proper otllcu Of Congress was 10 enact laws
| general III character nlNl operation, directed
rltlcr to ihc reciprocal rclatlnls OF The Statcs
antl their cnllcrtiTg forcIg, relations, leaylng
thc: rest To State authority. natural laws,
and PERSONA di..rcltoI'. The framcra OF the
1nnuay, unit Congress haa no authority over the
subject OF 1npnuY other than as to coin. Con.
Ctehs llatl also power tt nlalc gold md silver
rnfn legal-tcnder nna :tIx the sthnlard OF
weight Of coin. The radical vice Of our sys.
ten, Of paparnonc crcn IN Its 1nodi'!f1 &c.
yulupmc,st lay In its .liycrs!ty mil cpnaplexity,
Mnd lts resultant irrs'lecmao!ttty. Wo still bad
Treasury noses atMl NATIONAL bank uotGs, smnplc'
,ry nutes were not necessarily redeem.
ae' ,e u suSfrensury S' i?st It S New ori, IT,
National bank notes onlS NJ thu Offices, Of the
bank issuing thetu, R!l tho legal nMl real vaiut
OF silver coin was materially different.
| a nEarEcrABsE rARTy,
however. stl insietcd M the principle of m cx
e[ilslvu paEgr circulation, abbtisf!ng thr NutlOn
ii hunks. alt increasing tic supply OF Treasury
nutcs. Thfs would simplify the Issues Of papc
essentially vicious. aiua would, Il carried our
| luaa lu l!ic worst oT results. Tie remedy wa
tn rctnrn 10 this hcaten track Ut llaltl money
with paper money ~ IN accessory, but not
neutrality-suspicious. but not exclusive.
CONVERSATION.
Its understood In Druaocratc circles that til,
inspiration 1t tlu a'ldrcss wus II aes!r0 M tn
,mrt VI ten. MrClerHanu nns hls friends to E,l
l!'n upon shs record ~ az op!3nent q Gov
paInlyr for tls suppurt Of tl!c iilnnsa Democ
further confirmed ty tho welt-known. fact thu
tttn. McClBFI.una anl Goy. ralner. ar
neither persoual nor warm polItlca
t,|saa.; soF1fsn0sst e., ,,. tnttsvswsa n; III
u t!,. trllth Ut thrsa rcports, atHl WIS tnformc
| thlt tllry hut 10 foundation whatever. i1u sAt
tAt he WaS I1rrlurrat, a,nl desired tlla auccca
ot the Democracy, In lbsg,, tut there was y
surue llNndcrs they Ind for the pAst twuiy
years. Ito, Ut all cycniH wnntHl lie iH.tl
liadc att!l4ru,y oil the 4uestl"ns presented
his address,, LET tha successful Aa.,dsdato lto VII
Au might, nntl for tint reaspn lie llhl ao trecl
. | cxpresscd hts sctlt1aen!s. lia was aware tllt
,, we're not In hnrnln1ly with thn party policy ~
present dictated, hut hu wnA willing TO atNud b
Ills convictions un1 tako tina conhut,lencrs
TUE uALf Or TJtE uOUA.
WAS filled al IL, curly huuT ami tltts nlGetinY III
| t1.ul a,gI9Tr Au{ipr tr1