The Somerset press. [volume] (Somerset, Ohio) 1873-1977, 1882-03-09
THE NaTI0N's FgANcEs.


ouc.tion-The Greenback Defended, and
the National Banks Rebuksd-conyinc-
Ing Arguments.
In the United States Senate, before the
bolidavs, Senator voorhees,, Of Indiana,
called up his resolution to refer to the Com
mittee on Finance the recommendations Of
the p. esident concerning the acts authoriz-
lzing the coinage Of silver and the issuing Of
silver certificates, and after its reading spoke
as follows:
Mn. PRESIDENT, Il is now nearly nine years
try by the rupcnl Of the law OF l,9S authoriz-
ing its coinage. This famous act OF fraud
upon q long and wen settled nnancia, policy,
and labor OF the American people, was CON
summated on the l2th day OF February. 1873.
And then for se Ave years and sixteen s days days. II the ne
land. II took the people that length OF time
20 discover, overtnke and wipe out this act OF
unwarranted and clanaesune iegisisuso,n. But
pretended throughout the country. the popu-
lar voice wns neither slow nor tmid In making
itself heard. Il did not salute the ears OF
zephyr dallying with summer flowers; it cerne
here rnfher with the fierce aid commanding
majesty OF the hurricane IN It's wrath; II came
from every seat of honest enterprise and in
dustry; from the farmer, the manufacturer.
the mechanic, the merchant, the trader, the
wage laborer. from every class OF business
nation Of a constituency who found them
selves betrayed and juggled in n matter of
domestic policy vital 10 their prosperity and
On the 18th day OF February. 1878, the voice
of the American people was obeyed in these
halls, and silver money, the money OF wash
the money OF great minds in every age OF civil
lied man. the money Of the Constitution, the
money Of every period and OF every Polucai
RESTORED by law 10 coinage and to circulation.
Let that day be remembered forever in the
American calendar as on one on w when M% sa great
by the Industrious. productive masses over the
usury gathering, idle, unproductive few. This
triumph Of popular justice was not the less
precious 10 honest and generous minds because
Of the scenes and circumstances which at
tended It. The act for the restoration of silver
was Rsssed through both az ay d
The country more dismal, more narrowing,
more loudly lnehrymose than any that have
keen heard In history since Jeremiah's head
vaste-ways Of tears while foretelling the de
gsxucton Of Jerusalem and the downfall of Is
now be INDICTED on Certain honorable gentle
men than to be compelled To listen TO the read
ing Of their own gloomy orations, full of woful
warnings and predictions Of ruin II silver
should ever be used again by the people as
money. According 10 the inspiration of their
prophetic and troubled souls, four year, ago,
o %ss 81 bus srs P
the disasters which were TO tau on the Aleri-
can people because Of their amiaating
OF silver Which dow incessantly from their fvn
native mines.
To these dark forebodings of eminent and
gifted men in the halls Of Congress were ADDED
the hoarsc and hollow croakings of the ray ems
of the press, those sable birds of ll-omen n no
appear TO know everything about the warts;
wishes and ways Of the National Banks and
nothing at all about those OF the people. IN se
organs Of public opinion, as they d,lusi v'iv
style themselves, with frantic curses una .II-
merce, tho paralysis Of trade and tho general
bankruptcy Of the country, as Few OF the
evils To flow from the coinage Of . lver. The
passage of the Silver bill was al5b accompa-
MED by the groans and lam ntatious of the
associated National Banks, expressed in many
q somber memorial, petition, r, monstrance
and expostulatiOn laid before Congress. W b u
their pretended concern for the welfare OF the
country and their real concern for their Owl
enormous profits were expos d and Disregard
ed here they bent their faces confidently to
ward the Executive Department of the Gov
ernmcnt that last refuge, rs It seems, for spe
cial privileges 70 favored classes. They were
not mistaken; they did not make their appea
to that Department in vain. In definace OF
the public will, In contempt of the policy OF
the Government for more than four scort
trade and business, the Administration of Mr.
Hayes sent TO us his puny protest against the
dreadful consequences of silver money. His
gress OF the tinted States as people brush
cobwebs out Of their way. The bill restoring
the silver dollar To its place In the coinage
laws OF the Government was enacted into
law, over all combined opposition, by the tire
mendous vote of 1876 to u In the House and n
TO 10 IN the Senate.
Of the country during nearly four years pas
made to the evil and vehement prognostica
tons against the use OF silver money? Has Il
brought ruin, has II brought calamity, has i
NfptfRhf hfQfraaa n raOplay Who
hardihood 70 say so? On the contrary, behold
a contrast in the condition Of the country. Tn,
nve years during which silver did not exist a.
legal currency were years Of the most appall
ing financial disaster ever known in AmcricaI
history. am speaking now of what all me,
deny; From is.s 70 lsss there was period O
mourning over lost property, lost homes an'
lost labor, In every active business community
In the United States. IL was literally strewn
IKE some bleak and dangerous coast with tn,
wrecks and fragments Of human toll and en-
terprse. Honest debts to the amount of NOR
by enforced bankruptcv' md the scc,,mnlatiT
VI lifelong, honest industry disappeared fron
day To day before the devastating curse of
raise and oppressive financial system. Me-
aud women, once in ease and independence
died OF broken hearts, and children grew up Il
idleness and want. The burning sands of tn
African desert without q tree or flower o
spring In sight are not more cheerless or re
pulsive TO the view OF the traveller than thes
ave years are, and will ever remain, to the ey
OF course. IL Is not pretended that this wide
spread scene of dcsolation was due altogethe
% the act demonetizing silver. but beyond a
dispute or question that measure was an in
portant and potent factor in general schem
for the contraction and destruction of none
md the consequent overthrow Of bushes
prosperity. II was one of several kindre
measures looking to the same end, all designe
for the benefit of money-lending usurers, a
Withdrawing lawful currency from the hand
of the people, making money scarce and dea
and hard 10 get, the rate of interest high, tn
price OF labor and its products low; times har
and anxious for everybody except the holder
invested In the untaxed bonds of the Cover
ment, or In the mortgages Of their neighbol
~ shsTng m shylook % rates OF speculation, a, Th
lOred was o prominent feature In q most vi
righteous and criminal eudeavor to so col
tract, cut down and diminish the amount {
money in use among the people thatthe hoar'
ed millions Of the banker and the capitals
would have more power In the affairs of me
combined.-The dream Of certain minds in To-
country has been for many years past 10 CT
ato In fact, u not in name, an order OF aTisto
racy, privileged class, with their rank an
importance founded not upon intellect, cul
ure, refinement or goodness, but upon the
success In the practice of avarice, the meane
and most sordid passion Of the human hea
ever spoken of in the heavens above or II
earth below. In furt5orance CT this purpo.
the possession of money, especially in cons
cradle sums. being badge Of the new nobl
~, the common people were to have as Ltt
Of ns possible, snd for that little to be 4
pendent entirely ON the lords of capital.
In this way money, in the est nation of
certain school OF okhnanciers, would have at In
us proper power; its power over the lands, Il
homes, the labor of the people; its power ov,
the pinchfng wants and pdralyzing fears
men and women I'm debt; its power to app
tho lash and exact the pound of flesh;
power to bend the human soul "a well as Il
human body to Its merciless service; Its pow
10 tempt men 10 sell their biTthright of hber
On voting day; its power 70 corrupt election
eebauch public virtue and sap and mine th
Republic to its downfall. To enhance Il
power OF money and TO enlarge its control
human affairs Of every sort and decriptio
have been tho steady aud fixed purposes of Il
leaders OF the party In power ever since Il
creation of the present system of Nation
banking ON National bonds. The coinage
silver stood In the way of these purposes;
made money more plentiful, cheaper in G
change for n days work, and more easy to {
tnin st living prices; IL filled the money mi
kets with good currency, so that the farm,
the mechanic, the manufacturer and the da
iaborcr could yet full and fair returns for Z
various commodities they had to sell. Su
nuppiness ard Independence, however, on &
part OF the wcalth-producing classes was
sight ms upwclcome and hateful to tho mon
N the 0ppeararce of first Darpf