Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-02-28
PRESIDENT INGALLS,.
- clld u "tAs Big Pour" Talks
ilest To Gold and Silver Basis.
= aaD OF rEBRvAnr SPEECH.
Delivered AZ the Banaset Of the
raisH I.eas.e ci.s Of the City of
chseaxs On sAe Night Of Washing
sea's sirsAaay.
(ch.cago Intcr.ocean.)

Chicago 1ntcr-Ocean)
~ was from the three-fold nature OF
washinston's life that the speakers al
The Union League Clubs banquet las,
night tthc I'd instanO drew their les
sons for the Americans Of the prescn,
DAY. As . soldier they praised him. az
. statesman they honored him. and ss q
private citizen they revered him. The
Church in the afternoon had a goodiy
word to say for him. and at night the
same spokesman voiced the churches
feeling toward the country. which the
virtue and wisdom OF Washington had
rcde possible. A Catholic bishop and q
Unitarian preacher were together in their
sentiments Of admiration for its founder,
and Of love for the government itself.
From Indiana came a voice OF praise 70,
George Washington. the Patriot" II
was the effort OF Albert j. Beveridge. a
young son OF that State. whose eloquence
vas enthusiastically received. Judge
Grcsscup. OF Illinois. had for his theme
The Two American Leaders Provi-
dentially Chosen''--Washingto and Lin
coin--exhaustive subject for the eloquence
Ohio. spoke OF IAN Honest Dollar" and
Rev. Minot J. Savage. Of Massachusetts.
voiced in verse the praises OF Our
Country"
Upon being introduced SIR. ingalls, was
given hearty welcome. and he spoke as
fellows:
Mr.. President and Gentlemen OF the
UE:on League Club OF Chicagp.-On this
anniversary Of the birth OF 1ne OF the
greatest and purest men that ever lived.
It seems especially appropriate TO con-
s!der the subject assigned me and en-
deavor to determine. at least In our own
minds what is an honest dollar. We
have with us a large class OF citizens
who argue that a piece OF paper stamped
by the government is an honest dollar.
Clearly this Is not true. for II Is good
for q dollar only so long as the govern
ment has the ability and the incnnauon
TO pay. There is still another class who
would have us believe that 81 grains OF
silver coined by the government ana
stamped as a dollar is an honest one
but the real fact Is, that II COSTS less
than 20 cents to produce these grains
Of silver; and, therefore. one half OF It's
value depends upon the government
stamp
An honest dollar Is that which costs 100
cents TO produce. and which. melted In
the refining pot. will bring dollar IN
any Of the commercial markets OF the
world. Anything else is sham ana
cheat.
IL has been a favorIte pastime with
kings and governments. especially wheh
In financial distress. to issue frora uihe
70 time printed bits OF paper. which tney
stamped as worth e. dollar, and compeiled
their subjects TO receive. so far as the
n a n
Yuent Of debts and for sale OF property,
and thereby fancied they were either
creating wealth or else cheating their
subjects. But there never has been
such a case where the government or It's
people did not get into trouble unless
srch paper was speedily redeemed:
This country in its early days had
disastrous experience with paper money.
In the six years from l1I5 10 l1Sl the Con-
tinentai Congress issued $vo"O'po OF
paper money. This issue Of paper was
bolstered up by every device thai the
human mind could invent. Imprison-
ment. forfeiture Of property. banishment,
awaited the unlucky citizen that did
not receive II in payment OF debts or
for the sale OF goods. Appeals were
made to his fears and his patriotism.
but in spite of all this. IL kept falling
steadily In value. and led TO an immense
amount Of wrong and dishonesty. Scoun-
drels and knaves seized upon the OPP
TO pay their debts and liabili-
ties with 1t. especially those to widows.
orphans, and estates that could not eS-
cape ,
MONEY THAT WAS WORTHLESS
The soldiers of the Revolution were
paid off In 1t. when months pay would
not purchase a breakfast for one OF those
L lntrT
that by common consent 1t was entirely
In Philadelphia, then the
seat Of government, its end was cele-
brated by a public procession in the
streets, led by a dog covered with coat
OF tar, and instead Of the usual coat
OF feathers they used continental money.
Public credit and public honor were de-
ba uched, and the moral standard OF the
ma ton probably never was so low as at
that time. Among the letters written
by the distinguished man whose birthday
we meet to celebrate was one In 1lsl
10 his overseer. complaining or how he
had been wronged and cheated by people
paying him In continental money that
was worthless. and which nobody would
receive II he could avoid II.
With the wrongs Of this paper-money
fresh In their minds the men who made
he Constitution OF 1857 did not intend to
allow any such condition of affairs 10
happen In the future. The debates OF tnat
period clearly show this. The financial
condition OF the country and of the cur
-cncy was deplorable until Alexander
Hamilton was made Treasurer. md, as
Webster says in his Grafton. he smote
he rock of credit and its waters grshed
ORTIZ" and Immediately the cause of good
and morals improved.
Ia, lax, ~
sS7 that came to this country. when the
,anks suspended specie payments and
he government was in distress, Treasury
,otes were issued, but were not legal
ender. and bore interest, and were al
WAYS taken up as soon as possible. Inc
experiment. of issuing nat money. after
Isl. was not made until 1852, at the COM
of the civil war. when the
was so hard pressed LOT
funds Its credit was so low, ana con-
zress was so doubtful about the temper
II the people as to paying taxes, that
they decided to experiment Win egai-
lender notes. This was not done without
great hesitation and much opposition. one
prominent northern senator even went
% far as TO intimate that fiat money
was a worse evil than slavery. Its consti-
,ut,cnality was doubted, and II was the
OF every one that the notes
would sOOn be retireu. WIN Nontinutu
new issues they fell to 40 cents on the dol
lar or as II was popularity said. gold rose
10 go per cent. Prices OF everything wer~
based on gold. and TWO Tor
,ne were paid In greenbacks. Capitalists
md SPECTATORS bought our government
bonds at half rates. and we were le1neh-
ID on a Wild career OF speculation ana
ina nclaI debauch, which lasted urtn inc
manic came, In 1873. The maximum
AMOUNT OF iegal-tenders was reached In
January, 1854. when the amount outstapd-
ing was s4fsS5s.co2. These were reduced
Until In December. 1851. the amount out
|tanding was 1856 10000. Then the green
back element. or fiat-money party, began
10 show their strength. and further rsGuc-
ion was prohibited in lsH. An attempt
was also made to increase the issue. nut
Grant punctured II with iiis veto.
In June. 1875 the Secretary was au-
[hortzed under certain conditions 10 re-
luce the amount TO SSco.oocop, In May.
1875 this authority was repealed. end the
amount outstanding fixed at s5i6.vo.Voo
he present amount.
TIME TO LET THE GIEENBAcKs GO.
Such is the history Of this paper money.
which every ole supposed and expected
would be retired Immediately after the
lose OF the war. or as soon as the
bnances OF the country would JUSTIFY
and which Is outstanding now-thirty
years after. We have redeemed our BONDS