The Somerset press. [volume] (Somerset, Ohio) 1873-1977, 1880-02-05
SHAKING THEM UP.
SPEECH OF GEN. WEAVER,
On the Bank Reserve Bill.

Mr.. Speaker, desire for n few moments
TO notice the real purpose and effect OF ihI'
bill. It requires very ,erseiy every bank
ing association TO keep in gold or siiVei
coins Of the United States one half of ih'
reserve fund now required by law. Wha
are silver coins Of the United Sister? The
4l2} grain dollar, subsidiary coins, and tbs
trade dollar are all silver coins of the Uni.
| ted States. The first ia full legal tender
| the second only to the extent of five dol
lars, and the trade dollar. although q coir
Of the United States, is not . legal tender
in any amount whatever. And yet is this
bill becones law, the national banks % y
keep their entire coin reserve in aubsidis
ry coin or trade dollars. or in both; 40 thai
by this bill these drbssed silver coins are
exalted above the Rreenback which is lie
gal sender for all amounts. Again. 90 the
-x,ent that thia bill requires The banks to
keep gold and silver coin as n lawful mon
ey re-erve is prohibits the keeping OF
,reenbacks for such purpose, and is dis
crimination against the green back and in
,mical to the interests of the people. No
ne IL 40 blind as not tn s+e this.
We heard something from the gentleman
rom New York, Mr.. Chi,,endenl ahpu'
our standard silve. coin-, which he style-
"clipped" dollars. He sneered also at shs-
xrernback. saying il was "a popular snar.
and an evil device" The dollar Of 4l23
grains is 8 "cIipped" dollar; in the sslims
zion of the gentleman Of New York, when
you want to pay the bondhoider who had
-olemnly contracted to take il for hi-
bond. But when the same bondholder and
banker wishes to pay of his national bank
notes held BY ,be common people, then a
clipped" dollar, a subsidiary dollar IL
good enough for tina. purpose, and he &C
cordinsly supported this bill. [App!ause ]
Sir, this il Q most iniquitous discrimi
nations against the people end in favor OF
the bondholder. II is the came old OBJ
noxious cIsss legislation over and over
again.
that the greenback is corrup,ing AID de
.tro, ing individual honesty and public
virtue. Nothing could be possibly farther
from the truth than such q declaration
The g-eenbsck is she only reliable dollar
in America to day. II stays at home, and
is always as good as gold. There ia abso
iutely neither sincerity nor truth in thar
plea; none whatever.
We owe, saya the gentleman. three hun.
ired ana forty ak millions OF legal tender
war debt. beg TO remind him of the fact
that on the Both nf May, 1878. conRres-
passed law that the three hundred and
forty six millions of ereenhacks shonld be
kept in circulation, and thus the Rre-n-
back became the perpetual legal tender
money of this country. This may be a
deb, in their present form but they hsv.
been made BY law perpetual legal tender
money. The gentleman says Mr. Lincoln
approved the act Feb. 25. 1862. becans.
rheir was no other resource; that "it was
the fat Of the government to save the ma.
tions life." Mr.. Lincoln did approve il
for the very reason stated. Gold, silver
and the Shylocks OF the country failed the
government in the hour of its trial. and
we were compelled to resort to legal ten
der paper. II was the fat of the govern
mens 20 save The nations life; and the same
6at il donbIy necessary to day to save the
liberties Of the people But he saws the
government cannot create legal tender pa
per.
A lawyer once said to an Irishman who
had been placed in the stocks for some mi
nor offence, "They can't put yor in tn.
siocks for such an offense." They can't?"
said the man. "bLt you ace am here al
ready" daughter The governmen,
has made lesgl tender money. and !, ha,
reen sustained on the broadest constiIu
tional principles by she Supreme Courr
Bui the gentleman suatains this doctrin.
that you can make legal tender money h,
the story Of the defendant Of Roge,
sherman; boy who bought dog anc
lost him. snd then piled up an enormous
.Iebt TO recover him again. The boy DE-
-ired to convert hi. Indebtedness in,o legal
tender money. Let me tell you If ther.
vas any Sherman blood In that boy's vein,
he would never have wanted anything OF
the kind. He would have gone to his
COUSIN, the hesd Of the treasury depart
meni, where he would have received this
advice: deposit your dog with me, Re,
him exemp,ed from sax, then draw 90 per
cent, Of this value and 60 into the bank
ing business, and will keep vour dog free
from expense to you. and will stamp a goid
bearing coupon, payable quarterly, on thai
dogs esrs and on every inch of his tail"
Lauahtsr.1 aa ~ .r'l -~----s
But, says the gentleman, Tell me wha,
j. r;gh, and will ahow you the law f,r
it, That ia a very fine maxim. Let nIe
Z u the gentleman that II l. right TO pre-
serve the liberties Of the people. and we
viii show you law for il. The issue fair
ly before the people i. this: Shall we have
in this country legal tender paper issued
by the government, or shall the people de
pend upon banking corporations for their
circulating medium? Shall she govern
ment or the banEine corporations control
,he volume of currency' Let gentlemen
meet that issue fairly and .squarely. The
Issue is between the corporations and the
people. Shall we depend on banking cor.
poraiions for the volume of our currency,
and In that way give the banks the control
Of all vslues in shis republic?
The house will Feccollrct how furious
the gentleman from New York Mr.. Chit
sendsn1 appeared when he spoke Of .fF
soldier bill. You remember he stopped
over and shook his little 6si in my limo
cent facel His speech. fury. and clenched