The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1882-08-03

WISH europe, HHu tO seek I'D Ilakc our
silver dollar uniform with the per cent.
less valuable silver coin of France and
other European countries. lie stopped
the refunding into long bonds and made
them payable on call. He refused t.
appoint the minion Of Wall street and
sought to save the business Of the coun-
try. He had begun to read the other
side, and would have become National
had he survived.
REPUBLICANlSM THEN AND NOW.
The Famous speech ~ Tllad stevens.
~ Pennsylvania, On the Question 81
Finance I'm Csngrcss in 1872.
Republicans call Nationals fools, filled
with new and visionary ideas and aims,
and are constantly appealing to the peo-
pie to stand by the good old Republican
party, the party Of sense and honesty,
and in favor Of the masses, rs against the
few. Here we reproduce the speech Of
the then great leader Of the Republicans.
on this money subject.
Read and say who are fools, who lu-
natics, who honest, who has changed.
Remember this is now good National
doctrine.
Here is the speech:
Mr.. Speaker, have but very few
words to say. | approach the subject
with more depression Of spirit than |
ever before approached any question.
No personal motive or feeling influences
me- l hope not, Mt least. have Il
melancholy foreboding that We are about
to consummate a cnnningly devised
scheme which will carry great injury and
great loss to nil classes OF people
throughout this Union, except ore.
With my colleague, believe that no act
Of legislation Of this Government was
ever hailed with MS much delight through.
ont the length and breadth Of this Union,
by every class Of people, without any
exception, as the bill which We passed
and sent to Senate. Congratulations
from all classes --mnrchants, traders,
manufacturers, mechanics aud iaborers
poured in upon us from all quarters.
The Boards Of Trade from Boston, New
York, Philadelphia, Cincinnati, Louis
vile, st. Louis, Chicago and Milwaukee
approved its provisions, and urged il ],
passage as it was.
have dispatch from the Chamber
Of Commerce Of Cincinnati, sent to the
Secretary Of the Treasury, and by him
to me, urging the speedy passage OF the
true there was doleful sound came up
from the caverns of bullion brokers and
from the saloons Of the associated banks.
Their cashiers and agents were soon Oh
the ground, and persuaded the Senate,
| with little deliberation. to manglc an
destroy what it had cost the H,u u
months to digest, consider and pass.
They fell upon the bill in hot haste, aud
so disfigured anu deformed it that its
very father would not know it. Instead
| of being beneficent and invigorating
measure, it is now positively mischia-
vous. It has all the bad qualities th,t
its enemies charged on the original bill,
and none Of its benefits. 1t now creates
money and by its very terms declares it
q depreciated currency. 1t makes two
classes Of money-one for the banks and
brokers and another for the people. It
discriminates between the rights OF dir
ferent classes Of creditors, allowing the
rich capitalist 10 demand gold md com.
pelling the original lender Of money on
individual security to receive notes that
the Government has purposely discred-
tied.
Let us examine the principal amend.
ments separately and see their effect.
The first important one (being the
fifth makes the notes issued under the
law Of July II a legal tender, equally
| with those authorized by this bill.
There can be but little wisdom in put
ting these two classes on an equality
The notes of July bear seven and three
tenths per cent. interest, AMI are paya.
BILE in three years. This gives snili
cient advantage over notes bearing no
interest and payable virtually in twenty
year bonds, with 6 per cent. interest.
Why give them this adiit onal advant-
age? Simply because the 800, 600, OO)
issued are all held by the associated
banks, and this is their amended BIZ.
They would displace 800, OOO, O00 of this
money in circulation, and render it i'm
possible to use any considerable amount
Of these United States notes as currency.
These have served their purpose. Why
allow them to block up the market
against further relief 10 the Govern
ment?
The banks took $50, 900, 600 percent
bonds, and shaved the Government s.
sou, 900 on them, and now ask the Gov
eminent Is to 20 per cent. half yearly,
to pay themselves the interest on thes !,
very bonds. They paid for the S5O :
600, 900 III demand notes, not specie, aud
now demand the specie for them. Yet
gentlemen talk about making other loans
in these times. They arc crazy or sleep
ing, one or the other, | do not know
which.
When this question was discussed be-
fore, the distinguished gentleman from
Kentucky (Mr. Crittenden) asked me
whether it was the intention or expecta-
ton Of the House to go on and issue
more tnan $3.50, 900, 900 Of legal-tenuer
| notes--a pertinent question, which Islw
the whole force Of at the time. | told
him that it was my expectation that no
more would be issued by the Govern
ment; that they would be received and
funded in the twenty year bonds.
Notwithstanding this warning AMI
these objections this bill was passed. and
then excused as war measure. Now,
almost twenty years after the war, the
same evil is continued, the same rob
berry carried on, aud boldly justified and
called honest. Ye Gods, what next n
Mr.. Loveloy Il ask the gentleman
from Pennsylvania whether $50, fOD, 900
Of gold could be pnt in circulation
as well as $3.50, 900, 900 in Treasury
notes?
Mr.. Stevens" II this S15), 900. go
| would come out of the bankers and
misers' hoarls; but they have suspended
specie payment and would not give ont
a cent. They ray pay Us discount and
then when these notes are M ,ae n legal
tender we will be again in the clutches
Of these harples. 10 not want to nse
hard names. Ii were now to answer
the question Of the gentleman from Ken
tucky would not give that answer. l
do not expect one dollar of the 2l5J,-
0ll 0lQ of LEGAL. tender notes ever To "a