Year: 1868

had the right to use existing legal tender
notes in the payment of the 20s, but
what discussed. or what denounced,
was the Democratic proposition to issue
a thousand or two thousand millions Of
greenbacks for the the purpose of pay
ing the National debt. denounced that
as reputation. repeat it tonight. I
denounce it as robbery and plunder, not
only of the bondholder, but of the whole
people, and l say now, if the Democrat
ic party has any position upon this ques
ton at all, it is that the Government has
the right to go and issue new green
backs to the amount of hundreds and
thousands of millions. When the green
backs are issued to that amount they
will never be redeemed. They will be-
come worthless, so tn at you cannot buy
hat with ha:full of them and this is
the Democratic position that / denoun
ced on that occasion; but, while this is
the Democratic doctrine, its position, fit
has any on that question, notwithstand-
ing what Seymour may have said, Or
small body of Democratic bondholders
may have said, l must, in justice to my
colleague, Mr.. Hendricks, say that upon
that question he las rot any status or
position at all. He made q speech on
the Sth OF January, in this city, which he
repeated last night in part. l will ask
my frie and tn 1f hot h.


"Then we may commence the payment of
our debt by the issue of treasury notes and thus
stay the payment Of gold interest and also in
crease currency, and thus stimulate com
merce, enterprise and labor; and in connection
with wise policy toward the Southern States
and the development of their resources restore
prosperity to the whole country"


After Mr.. Hendricks had proceeded to
argue the right of the Government to
pay the debt in greenbacks, he then sta
ted it is time now to commence the issue
of those 2reenbaoks for the purpose Of
paying the debt and to stop the gold in
terest He would issue enough to pay
the debt and stop the gold interest!
Why, my friends, this is all Mr. Sey





now dares to demand. It would meet
views OF the extreme men Of his party.
But there is something else I would ask
my friend to read:


THE reader then continued as fol-
lows


II would not be understood as being
in favor of an increase of the currency
without limit. The dangers and evils Of
an unrestricted issue Of paper money can
not be too carefully avoided. Temptations
in that direction are great, and must be resisted
by wisdom and prudence. No than
myself regrets the necessity of q resort to pa
per currency, but it results from the necessi-
ties of our condition The issues must be lin
tied to the demands Of business and the wants
of the people in meeting the enormous levies
for National, State, county and city purposes


After having first said it is now pro-
posed to begin the issue of treasury
notes to pay the debt and stop the gold
interest, he then says we must not car
ry the issue of paper money too far.
He inveighed against paper money as
bitterly as would, and then he says the
Issue Of paper money should be limited,
not by the quantity necessary to pay the
debt, or to stop the payment of the in
terest, but by the demands Of business,
and the wants Of the people. Why, l
agree with him perfectly an that propo-
siiion, but that completely overturns
and overwhelms the other. Now, can
any man tell me upon which side of that
great question the distinguished Senator
stands2 He will have to make another
speech in order to define his position up
on that question. Laughter. 1 will
ask my friend to read on about the
banks.


'Ihe system of National Banks was a stu>
pendous folly. The security of the bill holder
is in the b nds on deposit in the Treasury, up>
on which the United States paws interest. If
:he Government furnishes the security in its
credit why not issue the Treasury notes di-
recily ard thus save the interest in suppanting
the system But one evil is to be guarded
against. 1t is said the loans of the banks to
the business men of the country amount to
about S6OnO0O, 900 and in this State to S12,>
600, 900. To compel bans 81 once to withdraw
their loans would be ruinous. The substitu>
ton must be so made as to avoid financial
and business crisis"


Now, the distinguished Senator begins
by saying that the national banking sys-
tenn was fraud on the people. He goes
as far on the question as the most ultra
anti bank man could ask him to so, but
he does not stop there. On tle other
hand, he says that it must be borne in
mind that these banks have got out $500.
0OO,O 900 Of discounts, that they have
loaned to the people of Iadisna not less
than $4,000, 900, and be goes on to say
that it would be ruino,Is now to disturb
the banks, through they were a mon
strosity in the beginning, fraud and q