The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1880-01-29
SPEECH OF
SENATOR BECK

SENATOR BECK
On Bayard's Resolution,
Delivered in Senate, Jan. 21st
The following is the telegraphi'
summary of Senator Beck, of Kentuc
ky, on Bayard's resolution for the
withdrawal of the legsl-tender quality
of United States notes.
Mr.. Beck showed that during the
financial legislation of 1878 Mr.. Bay.
ard offered as an amendment to bill
then pending the identical resolution
now pending, and it was voted down
by large majority in both Houses, in
the Senate by AZ to Is. 6 of the AZ be.
ing members of the Finance Commit
tee. At that time none of the capilal-
lists of New York and elsewhere, who
now send gilt-edged petitions to Con-
gress favoring the measure, saw danger
in the reissue of greenbacks. On the
contrary, their reissue met with uni
versal approval. IT any objection was
ever to be made to the power of Con-
gress to issue notes in time of peace
that was the time to make it. Notes
could then with reason be denounced.
They were not redeemable. Since then
the Secretary of the Treasury has ac-
cumulated 1925. .00O,O 900 in gold and
silver coin, $16O.OO0,OOO of which is
available for all purposes.
In his reports the Secretary shows
that we have reduced the public debt
since 1866 $761. 100000. We have on
hand more than can possibly be neces.
sary for the purposes of sinking fund.
If one-half the money collected from
the people by taxation had been re-
turned into the Treasury, and if legal
tender notes had been allowed to per-
form the functions of money at the
Custom House, if silver had not been
stricken down, resumption would
have come Of itself years ago without
any one suffering from it. Nobody
was demanding the principal of the
debt. It was diminishing every day,
and we were growing in prosperity
and numbers.
The Secretary says he is holding the
money thus acquired for An assurance
that the notes shall be paid. It cost
the people, by double interest and per
thirteen millions of dollars
to get the money into the Treasury,
and we holding it at an annual cost of
eight millions, and in addition to that
the Secretary claims the right to sell
five per cent. bonds in any amount to
get the money to redeem notes on de-
mand. Nothing but the exhaustion of
the credit of the country can make
their payment doubtful. The people
do not ask gold for greenbacks, yet
the New York petitioners claimed that
greater confidence in business would
follow the passage of this resolution.
He denied it. What greater conf
dence was needed? Our bonds were
at a premium. Greenbacks were at
par. No man was cheated by receiv-
ing them. They are amply secured.
Can there be greater security than that
implied in our declarations that they
shall be reissued and stand at their
full value? Prior to the introduction
Of this resolution what petitions
against United States notes had eyer
been presented? He had seen none.
1t is always safe and generally wise,
said Mr.. Beck, to let we'll enough alone.
1t is not wise to disturb the currency
except in extraordinary exigencies.
The people were just rallying from
blows. He hoped the pros
oerity now being entered upon would
9roye> permanent but it might be
for we have no ships, no
commerce; we are paying enormous
sums to foreign ship owners, we are
ISOLATED by our tariff from the mar
zets of the world; we are prosperous
because God, in His providence, has
'een fit to bless US, and to visit other
nations with calamity. A reverse may
come, and our prosperity vanish as
quickly as it has come.
He was one of those who believed
hat the greatest evils we labored un-
ler was officious meddling. If the
people were fit to be free, if this was
government by and in the people,
hey had right to use their energies
10 best suited them, free from the in
of any interested body of
nen who sought to crush them, as he
lad no doubt the great money power
If the country sought to do. The cur
.ency of the country was not redund-
mt. 1t was arrogance for any body of
men to say they knew better than the
of the people how
much money was needed. II all the
money issued were now in existence
t would only amount to seven hum
lred and fifty millions or nine hun
lred millions of dollars, including the
yold in the Treasury. That was only
fifteen or eighteen dollars per head of
he population. France had one bill
ion six hundred millions in gold and
silver, and four hundred and fifty
millions of bank notes in circulation,
making sixty dollars per head; yet
France was a remarkably prosperous
There was no complaint of