The Portland daily press., 1881-01-28
HORR.
THE MICHIGAN MEMBER ON THE RE
FUNDING BILL.
He Makes 1T Pleasant for the Democrats
and Greenbackers.

Mr.. CHAIRMAN.-If If we were endeavoring to
pass bill here for the purpose of preventing
the funding of the national debt can think
OF only one or two alterations which could be
made to make it perfect and one is the amend
ment offered by the gentleman from Kentucky,
which, I say to him in all candor, strikes down,
if adopted, every country national bank in the
United States and drives them into liquida-
ton. AT least think that will be the newt
able result of his amendment The country
banks cannot possibly live and do business
proftably with circulation based on per
cent. bonds, especially if you remove none Of
their burdens of taxation. You gentlemen
upon the Democratic side of this house have
method of opposing and finding fault with
everything that is existing to-day. 1 have
made little list of the things have listened
to and heard you oppose on this floor. You
are opposed to national banks. You are op-
posed to private banks. You are down on the
railroads. You are down ON all corporations.
You are no friend of the bondholders. You
are opposed to the tariff. You want to repeal
the tax on whisky, and you would like to take
the revenus tax off of tobacco. You are op-
posed to the improvement Of our harbors
You are opposed to the defense of our cities
and harbors. You want to reduce the army
You want to cripple the navy. You are op-
posed to home defenses. You are opposed to
all laws and subsidies which would lead to
ship-building, and which would benefit our
shipping on the high seas. You are dissatis-
fed with the management of the Indian ai-
fairs; unhappy over our postal system; you
find fault with our supreme court; abuse our
public officials generally, and you are opposed
to fair election and an honest count. Laugh
ter on the Republican side.1
Now what institutions are you in f,yor OF?
nave tried to look up and see, but have found
favor except forgery, fraud. and free whisky
lGreat laughter on the Republican side.] I
may be mistaken, but it is certainly an unfor.
tunate habit you have all fallen into of plac-
ing yourselves in opposition to everything in
existence which contributes to the welfare of
the country.
The combined action of men of means and
the institutions built up by organized labor
are the distinguishing marks of our modem
civilization. The prosperity of the country
depends largely upon the success of all such
undertakings.
Now my young friend from Iowa (Mr. Gil
lette) says that the reason why he joins in
these complaints is because there is wall con-
tinually coming up from the people all over
this land, a wall of opposition to banks, bond
holders, and corporations. He says the people
are opposed to all interest, opposed to those
institutions which develop the industries and
resources OF our great country. Now, my
friend will excuse me If say to him that 1
think he is mistaken. The wall in Iowa is not
on that account The wailing party in that
State went from 5000 down to 80, 900 in the
last election. Laughter on the Republican
side.] Right after the Maine election my
friend will not claim that there was any wall
among the Democrats in Iowa, for all over the
country they were the happiest fellows in the
whole land. Laughter.
Some OF us who knew that that election in
Maine was simple Greenback victory, won
dered at their making so much fuss about it.
But they became so anxious for something to
shout about, got into such queer habit, that
every time Greenback pullet laid an egg dur
ing the entire campaign, they did all the cack-
ling. Laughter
In addition to this complaint of the people,
we hear another thing. They tell us the rea-
son we should oppose this funding business is
because the interest in 100 years or 1000 years
figures up fearfully. So it does. Aggregates
are appalling things to shape ones conduct
by. Every man who eats ordinarily takes up
in eating % whole days in year. In an Or
binary lifetime that would consume four and
half years. Think of mans eating four
and half years! [Great laughter Still 1
always sit down and take my lunch three
times day notwithstanding the appalling ma
ture OF that aggregate. And again, every man
who lives out the period allotted to many men
sleeps twenty-three years. If you should let
that thought take possession of you, you would
never take another nap. Interest accumu-
lates; still the manly way for this nation to do
is to pay its interest promptly until it can dis
charge the principal.
the present institutions. We submitted some
of these questions to the people last Novem-
ber The bank question, the currency ques-
tlon. the tariff, resumption, were all in direct
issue in that campaign. The people rendered
their verdict. There was not then, nor has
there since been, any such complaint from the
people as these men would have us believe.
After Maine came Indiana. Then there was,
undoubtedly, wall on the part of our Demo-
cratic friends, but it was not on account of the
public debt. Whether the bonds should bear
3, 4, or 6 per cent. did not enter into their
grief. 1t was because they saw the "hand-
writing on the wall.' The $4,000 Republi-
cans in Ohio did not wall. The gentleman
will hardly claim that. After November the
situation became still more serious to the DEM
ocrats but it was not the funding of the pub
lie debt that worried them then What both
cred them after November was peculiar dis
ease that seemed to have taken possession of
some OF their leading men, just before the
election, sort of color-blindness, so that they
dio not know the handwriting of their own
neighbors, longtime comrades. Laughter. I
know how to sympathize with them. 1 have
always been troubled with that color blindness
myself. could never tell certain shades of
blue from green, especially after dark; and
God knows it was dark enough for fhe De-
mocracy after Indiana to excuse some blind
ness Great laughterl. What desire to say,
Mr.. Chairman, is this: We submitted these
financial questions to the American people.
By an overwhelming majority they decided
that our banking system is a good one that
the currency of the country is satisfactory.
They decided that these institutions which
you would break down are beneficial; that the
tariff is best for the people, that it is good
thing to build up our home industries.
Then why should we have these continued
attempts to break down these national banks?
Why, sir, there is no class of institutions in the
United States to-day freer from political med
ding than the national banks of this country
Their directors and members are usually
among our most enterDrising citizens. Inever
in my life knew national bank, as such, to
give dollar for any political purpose. Laugh
ter on the Democratic side. AS a rue they
keep entirely aloof from all politics. There are
some Democrats who are national bankers,
perhaps not SO many as there are Republicans,
but that grows out of the fact that large ma
lority Of the business men of the country are
Republicans. The banks are not to blame for
this. l say there are no institutions farther
even from meddling in politics than
are the national banks of this country,
and do not own dollar in one of them.
Then why all this prejudice and continued
legislation against them? 1t is plain that we
ought to pass bill here whereby we can fund
our maturing bonds at a lower rate of interest.
would give the secretary of the treasury
little discretion in the matter, so that if the
loan cannot be placed at per cent. he shall be
permitted to place it at 81 Let us go at this
work like business men, if we would accom-
plish anything. The suspicion is strong that
most of you do not desire to fund the debt al
ALL I believe we ought to fund it and that we
can do it with long time bond at per cent
Such bond might be sold. But the momen
you add short time to low rate of interest yor
destroy the possibility of selling these bonds.