Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-08-22

10 issue al least three hundred millions
more bonds. This additional Indebtedness
increasing the burdens OF American labor
would be hailed with the keenest delight
and swept with avidity into unpatriotic
vaults by the very parties who most loudly
declaimed against the government credit
There were many reasons why our credit
should be stronger now than ever before.
1t rested on the absolute unity of purpose
of the American people that it should be
upheld. No one but a political madman
could deem political contest in this coun-
try ever again possible on lines OF sectional
animosity The public credit of every
European government was increasingly
threatened by shadows of coming wars;
financial resources there were constantly
weakened by vast standing armies and per-
manent navies, but throughout the wide
earth there were none to molest us or make
US afraid of war or rumorS of war.
The Colossus of the Western Hemi-
sphere.
Alone. as 1t Were, the colossus of the
western hemisphere, and towering up in
isolated power and glory, our limtless ma
teral resources are sometimes overlooked
in summarizing the elements OF our finan-
cial strength The interstate commerce OF
the United States alone exceeded in value
the entire foreign commerce and carrying
trade of Great Britain, Germany, France
Austria. Holland. Russia and Belgium put
together. Development of internal resourc-
es, OF wealth in farm. in factory, on the
rivers on the ocean borders. in the noun
tains and on the inland seas dwarfed into
insignifcance the achievements of any other
age. race or nation. Legislatio had checked
our foreign trade and we had not today a
commercial friend in the world For every
law that we enacted denying to foreign pro-
auctions place in our markets and declin-
ing commercial friendship, We might be Ger
tain of an injurious blow in return from
every trading people I'm the world Ee had
faith that the giant evil which crippled this
commerce would be removed with other
evils which challenged attention and action
and II the true greatness Of the country was
studied it would be seen that financial pam
les and alarms could have no foundation
here.
But there was another and exceedingly
sensitive and powerful test of our govern
to the trust and admiration Of the American
people, but also to the business confidence
and respect Of every civilized nation beneath
the sun.
Government and Money.
Money was simply medium for the ex-
change Of values; money was a creature
and Congress its creator. Gold and its al
legged intrinsic value went for naught as a
circulating medium unless the coin bore
the stamp Of the governmental stamp
more powerful than the grasp of the lions
paw or the eagles claw in bestowing life
ana activity on a dead and otherwise use
less material The same official stamp on
silver, or on paper at once nobled them to
an equality with gold In purchasing power
no matter how debased or yalueIess the
ties by sinister or unwise legisla tion. 1t
would doubtless sound strange to some ears
that there were nine different currencies
transacting the business Of this country
and to large extent the business of the
world. So uniform in purchasing and debt
paying power were they; so In harmony
with each other and interchangeable that
hardly one-half Of them were gen
orally known to exist. National
credit had been tested by the
smooth and harmonious circulation Of
those nine currencies and had met the or
deal In manner to awaken the pride of
every patriotic American heart Never
was part Of 1t discounted or discredited
except by the government itself. That hap
pened once and will never happen again.
He referred to the greenback currency
OF 1862 issued for the purchase of bonds
for the benefit Of capitalists seeking in,
vestments who could be induced in no
other way to support their government in
the hour OF its deadliest peril The bar
sinister was written on its escutcheon
when It was made non-receivable for Gus
toms dues and interest on the public debt
and disgraced before the world. Mr.. voor-
hees contrAated with this unjust and dis
honorable arrangement" the statesmanship
Of France In issuing asstgnata after the
(Continued on Fifth Pags.)