The advocate., 1891-09-16

mate a eunDingly devised scheme which will
carry great Injury and great loss t. all classes Of
people throughout the union except one. With
my colleague, believe that no act OF legislation
Of this government was ever hailed with as much
delight throughout the length and breadth Of
this union, by every class Of people, without ex-
ceptlOn, as the bill which we passed and sent 10
the Senate. Congratulations from all classes
merchants, traders, manufacturers, mechanics,
and lSbOrerS-pOured In upon US from all quar-
ters. The boards Of trade from Boston, New
York, st. LOuiP, Philadelphia, Cincinnati, Louis
Vile, Chicago and Milwaukee approved its pro-
visions and urged its passage as 1t was.
IL was true there was doleful sound came up
from the cavernS Of the bullion brokers and the
saloons OF the associated banks Their cashiers
and agents were soon on the ground, and per-
Suaded the Senate, with but little delberatiOn,
to mangle and destroy what IL had cost the
House months to digest, consider and pass. They
fell upon the bin In hot haste, and so dishgured
and defOrmed It that its very father would not
know 1t. Instead Of being benefcent measure
It Is now positively mischievouS. 1t has all the
bad qualities which It's enemies charged on the
original bill, and none of It's benefits. It now
creates money, and bv ito Uery terms declares Il
q deprecated currency. 1t makes tlCO classes of
mOTley-OlC for the banks and brokers and one
for the people. It disCrimindtes betlCeen the
rights of the different ClGascs of creditors, alOIC-
inO the rich capitalist % demand gold and CON-
pelItng the ordinary lender of money on indt-
diUtdWGI security to rCceiUe notes IOhtch the OOU
ernment had PURPOSELY deprecated.
It is perfectly clear to us what was
the motive that actuated these bank
ers and bullion brokers in seeking
this discrimination. The banks had
suspended specie payments. All the
gold and silver was locked safely in
their vaults. The exception against
the paper currency in payment of
duties on imports created a market
for coin to the importer and enabled
them to demand immense premiums
on it's purchase, and the exception
against it in payment Of the interest
on the public debt brought the gold
all back into the hands Of the bankers
after it had been paid to the govern
ment for duties. It will be remem-
bered that the same act which pro-
vided for the issue of this national
currency also provided for the crea-
tion Of interest bearing bonds into
which the currency was convertible,
and in order to facilitate and hasten
this conversion it was provided by
special act of March 3, 1863, that on
and after July 1, 1868, legal tender
notes should not be receivable for
bonds. The purpose of this was to
hasten the paper currency back into
the treasury and to replace it with
interest bearing bonds, or to still fur
ther depreciate it and render specu-
lation in it more profitable. 1t failed
Of the former purpose, but succeeded
in the latter. Gold rose rapidly and
speculation was rife. Mr.. Sherman,
speaking Of this subject December II,
1867, said:
But It was found that with such a restriction
on the notes the bonds could not be negotiated,
and Il became necessGTy to depTecidtc the notes IN
order 10 make a market for the bonds.
Now, Mr.. Kelly, please tell us at
this point the necessity Of this trans