The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-04-18

was not at flrSt a republican measure.
It was bitterly opposed by the lead
ing Republicans of the time and for
years afterward. They condemned
it in the severest terms. Senator
Sherman said sit would be an act of
folly without example for evil in
modern times" Senator Wade said
it would be ''as bad as a fire." And
in 1874, when the country was strug-
Cling with bankruptcy and general
Distress, Senator Logan said: ut is
money famine and nothing else"
1 do not speak at random. Mr..
Rutherford B. Hayes, afterward Re-
publican President of the United
States, has told us all about how con-
traction was enacted while he and
the best Republicans voted against
it.
In his speech at Sydney, Ohio, Sep
TENDER 4, 1867, Mr.. Hayes said:
The very measure which was in
tended to carry out this policy of
Secretary McCullough's, to enable
him to take up the greenbabk cur
rency with interest-bearins bonds,
was introduced into Congress in
March, 1866. l have here the votes
upon that question, and l say that
the Democratic party in both Houses
all the members of the Democratic
party in both Houses-voted for
Secretary McCulloughs plan, and
that Mr.. Julian, Judge Schofleld,
Mr.. Lawrance-all of whom 1 see
here-and myself, a majority of the
Republican members, voted against
the scheme, and it became law be-
cause minority of the Union Party,
with a unanimous vote of the Demo-
cratic Party, supported it: and be-
cause, when it was submitted to
Andrew Johnson, instead of vetoing
it, as he did all Union Party measures,
he wrote his name on the 18th of
April at the bottom: "Approved,
Andrew Johnson" l think, then, l
am authorized in saying that these
gentlemen are mistaken when they
accuse the Union Party of being in
favor of taking up the greenkack
currency and putting in the place of
it ntereSt-bearing, nOn-taxable
bonds Howard's Life of Hayes, p.
2O6.
And that scheme, opposed by all
true Union men at the time, includ
ing Senator Sherman, the same Sen
ator now says, is one of the "great
pillars of out financial credit"
Senator Logan continues the dis
cussion of contraction as follows:
ut was the contraction and in
creased want of currency and not
superabundance, which produced the
necessity for running in debt, OF
which there is so much said on this
floor Why, sir, the people were never
freer from debt, in proportion to the
business done, than in 1865, at the
close of the war, when Mr.. McCul-
Tough began his system OF cOntrac-
ton, and at the very time eleven mil
lion more people were to be supplied.
Was it to be supposed that the activ-
ity and energy which the adequate
supply of money had put into opera
tion, and which was giving prosperity
and happiness to the country, would
suddenly dwarf itself to suit financial
notions without d severe struggle?
The inevita BILE result was an eXpedi-
ent to meet the consequent want,
and credit was expanded. At the
very moment, above all others, when
adequate supply was needed, the op-
posite course was adopted; and right
here lies the true cause of the la tie
panic, which resulted from a money
famine, and not from an excessive
supply.
Senator Logan discusses the sub
ject still further, as follows:
Sir. turn this matter as we will,
and look at it from any side what
ever, and it does present the appear
ance of being stupendOus scheme
Mrs. Emery calls it conspiracy OF
the moneyholders to seize this oppor-
tunity of placing under their control
the vast Industries of the nation.
Therefore l warn Senators against
pushing too far the great conflict now
going on between capital and labor
It is not our duty to legislate exclu-
sively for either but, as far as pos
sible, to try and harmonlze the inter
ests of the two. Capital rests upon
labor: but when it attempts to press
too heavily upon that which supports
it in free Reptblic, the slumbering
volcano. whose mutteringS are begin
ming already to be herd, will burst
forth with fury that no legislation
can quell."
The Senator quotes and approves
the following from the Berrien County
Mich Record
''It is lamentable fact that the fl
nancial question is leading to con.
flict between capital and labor, money
and production. The capitalists, the
possessors of money, who stand isola.
ted from the laboring and producing
classes, are getting themselves in
hostile array to oppose with might
and main every effort to increase the
currency of this country, to something
like an equal ratio with other com.
mercial nations. The East, especially
the Wall Streeters and banks, want
no more money. They prefer to have
the volume of currency limited sc
that combinations may be entered
into and the money cornered. Every
time few millions of the currency
are locked up in the East, the West
suffers, the products of the West de-
hn Nncfnrp