The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-01-14

OF Brooklyn. xho moved 10 amend that the
meeting be thrown open for a general dis
cussion in speeches of five minutes each.
until such time as the committee on resolu-
uors should be ready to report.
Mr.. CHADWICK RESPONDS.
Mr.. motion prevailed. and on
motion Of Mr.. Thurber. Of New York. Mr..
Chadwick was called upon, and responded
as follows:
4 did not intend. when I spoke. to put
myself In a predicament in which / find
myseiI al this moment. What I had TO say
grew out OF u firm conviction that. while
IL was a matter OF great pleasure and inter-
est 10 US 10 SIT at the feet Of past masters
OF nnance, yet, at the same time. I felt
mat We should have a few words from the
hearts OF the common people. as represent
cd here IN this delegation. Uaughter.)
~ manufacturers Association of
Brooklyn some time ago took up the oues-
ton OF finance. We appointed a Commit
tee TO discuss II. and OF course the gentle
sion .endeavored to learn as much as they
could about the subject matter in hand.
and the outcome OF that discussion / will
endeavor to give you in as few words as
possible The question of the legal tender
was one that was considered, and its bear
ing upon what was then the present and
Is now the past political contention. In
lop Massachusetts having to pay for her
soldiers who had returned from Canada.
and being at that time unwilling to tax
herself. through her Legislature emitted
bills of credit. which were given TO the
soldiers When they undertook to pass
them In payment for their pork and mo-
lasses they found they We're not received
at par. "A genius in the Legislature OF
Massachusetts offered the resolution. which
became "A law. that these bills OF credit
should be made legal tender, and that was
the beginning of our trouble. for no sooner
was IL ascertained that debt could be dis
charged so easily. the other States.
Maryland. Virginia and the Carolinas
adopted the same plan. From 1850 until
ABOUT l!SI there was a running fight be-
tween the royal Governors sent out from
England and the colonial legislatures. The
better element of the community perceived
that the honest man; the man who worked
Tor his living with his hands. the widow
and the orphan, should have to foot the
bill. while the man who lived by his wits.
and who was in the Legislature at that
time. was able to get his money by a
trick OF brain. They went so far in Mary
land. IL my memory serves me right. as
TO give these bills OF credit to a class of
people known as 'taxables'-that is. peo-
pie who were owing money. II was a
serious trouble. Finally the problem was
solved, and they returned to an honest
Then came the war OF the revolution.
Bills amounting TO about $4,000. 600 We're first
issued: eventually. i'm l779. they ran up to
1912. 900. 900. and in I7s1 the whole mass be-
came worthless. L spent my boyhood in
the good old State OF Connecticut, where
j was born. and l remember the express
sion Of my grandfather and other old men.
Not worth a continental i did not know
then what IL meant. but the expression
stuck in my memory. anG to-day / do
know, as i think we all know. what that
expression. Not worth a continental
means The trouble growing out of this
was well expressed by Thomas Paine In
1855. In a letter addressed to a friend. in
which he said: The whole matter of the
issue of bills of credit may be summed up
in this language: Parties who live by their
wits get control of the Legislature. and
by means of their power they have a bill
passed to issue these bills. have them made
legal tender. and then they Immediately go
TO the press and have a cry sent out
through the land that there isn't sufficient
currency"
At this point the gavel fell. under the
ive-minutC rule. and the speaker left the
platform.