The Weston Democrat. [volume] (Weston, W. Va.) 1875-current, 1879-09-20
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tnOuSullu uOl!lfS VI l!lCIE plIlS lOI
redemption, they would not do so.
They would pay YOU in the much
dcridcd grecnback. Then what
would you do with the grccnbacks,
if 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 re-
deem grccnbacks 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 NJ
ford TO incur that trouble, expense
and loss, and so you conclude to
keep your grccnbncks. Why, what
docs the Secretary of the Treasury
tell us in tho speeches that he is
delivering through the country; i'll
order 10 illustrate, l suppose, the
honesty Of tho Presidents civil
service rules? Does he tell us
that the Government is redccming
greenbacks in specie? Far from it.
He tells us that comparatively few
grccnbacks are presented for re-
demption. Our so.called specie
payments, therefore, are no specie
payments Mt all. Neither individ-
uals, banks, nor the Government,
make payments in specie. Paper
money, when undoubtedly good,
Is so much more convenient than
specie that it keeps specie out Of cir
culation. In no country that uses
small paper money can there be spc-
Gle circulation except small change.
In England and France there is
veritablc specie payment. Debts
oflarge rs well as small amount
arc often paid in specie. But in
those countries there are no small
notes, and hence large proper
ton Of the money in circulation is
specie. In our country we have
small notes Of both the Govern
ment and the banks, and hence we
haveho specie in circulation worth
mentioning, except our subsidiary
coins Of half dollars and less.
But, while We have no specie
payments, accurately speaking, |
admit that our paper money has
boon brought TO 4 par with specie.
Of the sacrifices suffered by the
people in order to bring this result
about, of the shrinEage of all
values, tho paralysis of all indus
tries, the thousands Of luborors
thrown out Of employment, the
bankruptcies, amounting to hun
dreds of millions of dollars, | shall
not speak tonight. Ifthcrc is any
one here who thinks That we have
not paved very dearly for the
whistle l will not, tonight, attempt
TO disturb his belief. But when
the Secretary of the Treasury per-
ambulating the country, Boosting of
the achievement of bringing grecn-
backs to par with coin, it is not
improper to point out TO him the
gravcyards through which VIC have
passed in our weary march To this
result. And when he claims that
this contamination was brought
about by the Resumption Act, and
his execution Of it, it is omincntly
proper to show him how baScless
is his claim, how hollow is his pre-.
tension.
There arc various causes that
have operated to bring our paper
moneyto y par with specie, and
among them the resumption act is
tho least. Had that act never been
passed, and had Congress author
lied what the Secretary Of the
Treasury, without authority Of law,
now permits, tho receipt Of grcen-
backs in payment of custom duties,
they would have hecn at par with
specie u year ut least before the
time fixed for resumption by the
resumption act. Wien that net
was before the Senate, | moved an
amendment providing for the re-.
ccipt Of grcenbacks in payment Of
custom duties. The Republicans
voted it down. said it was worth
more than Ill the provisions in the
act. My opinion was treated with
silent contempt; Cor the bill ln'l