Year: 1878

Extracts from a Speech Of


GOV. WOODFORD.
AT CLEVELAND.


All through this country, from the Atlantic
| to the slopes of the Rocky Mountains, mel
are to day discussing the questions Of wages
| of labor, and of money. 1hest
| questions are here, and these questions mus
| be answered. Parties did not make thest
questions; we cannot get rid of them. They
| face tine poor man, who works for wages that
| he may get his daily bread; they face the
/ farmer, who has land to till and crops to sell;
they face every man who has saved anything,
and to-day holds anything that he has saved.
They concern the poor and rich alike; and
the poor and the rich-if the poor are indus
trious and the rich are honest-have the same
interest in their proper settlement; for labor
aud capital are not, as demagogues would
teach US, necessarily natural enemies. Both
are and must be partners in business Nc
man, unless he finds man with capital, can
find employment; and without capital to pay
labor it cannot be had. Labor and capital





therefore labor and capital ought to be
friends. And to-day every honest capitalist
and willing laborer are friends; and the dis
honest capitalist and the idle poor man belong
together, so that come here tonight to say
DO word that may be construed to array the
capitalist against the laborer or the laborel
against the capitalist. But believing that the
best and truest interests of both are one and
the same, would plead with all for an honest
money for all, good alike for both. Great
applause The people of this Republic stand
to day where the roads part. These roads are
two and only two. One or the other we must
take, and one or the other we shall take. We
are destined either to go forward to perma>
nent specie resumption or else we must go
forward to an irredeemable paper currency,
Specie resumption may be permanent don't
say it toiH be; because no legislation of to-day,
however wise and honest, can guard against
to-morrow's dishonesty or folly. But it is
impossible for an irredeemable paper curren-
cy to be permanent in this land, or in any
land Whyp Because it does not lie in the
wit of man to make something out of Moth
ing and keep it so forever. An irredeemable
paper currency cannot be permanent because
some men will distrust its power to purchase.
We may print it and clothe it with power to
pay debt, but you cannot print it and force
me to work for it in the future; no power in
the land can force me to do that. Therefore
say you can't make something out of moth
ing, and keep it so forever. We must go for
ward toward specie resumption, or we must
go forward to an irredeemable paper curren-
cy. Let me say here that / believe an ire
deemable paper currency must first cause in
fiation, that initiation must produce unwise
speculation, that such speculation must result
in discredit and bankruptcy, and that bank
ruptcy must result in Reputation. Now,
these are plain Words so plain that must
give you good reasons for the faith that is in
me. And propose to talk to you on these
two propositions: First, that specie resump-
tion means economy, industry, and honesty,
and that these mean universal prosperity; and
the converse of this is, an irredeemable paper
currency will compel initiation and lead to a
method of gambling in the business affairs of
life which will finally and certainly result in
National bankruptcy. These propositions
are the converse one of the other. You can
not argue the one without considering the
other. Let us consider them together, and
first, right here, let me say that for one do
not believe there is any power in the Consti-
tuition of the United States authorizing the
issue or the reissue OF dollar of greenbacks
in time of peace. Money means coin; it re-
fers 10 gold and silver; to metal not to paper
reference is made in using the term. Every
one has a right TO demand coin for the green
back; the workingman has right to demand
coin at any bank, and if the bank cannot pay
in coin it should shut its doors. Every holder
of greenback has right to go to Washing
ton and present it at the window of the Treas
ury and demand coin. You have right not
only to ask the Government to be faithful, but
to absolutely perform its provisions. find
two important provisions in the Constitution
touching money:


First-Congress has the authority to coin
money ami regulate the value thereof.


Second-Congress has the power to emit or
issue bills of credit.


Let me take the first proposition. will re-
peat it. Congress has the authority to coin
money and to regulate the value thereof. In
the process of preparing or creating you coin
metal but do not coin paper. By no practica.
BILE method can greenbacks be coined.


And with reference to the second PROPOSE
tion that Congress may emit or issue bills of
credit, the very word credit implies the idea
of loaning or borrowing. There is no idea of
absolute or fiat money in that. When the
Government emits bills of credit it meaus
that the Government promises to pay. You
borrow money and there is promise in con-
nection with. --. ....


Suppose a National addresses me: "Mr.
Woodford, have my private greenback all
ready for the payment of my debt" There
are other notes given, and in the end the mat
ter stands precisely the same as at the begin>
ming. Nothing settles debt but payment.
A promise is not paid, it cannot be paid, un-
til it is kept.


Let me suppose another similar case l am
engaged to be married to a girl on certain
II al knNe.1 kl.,k
the contract will be fulfilled. She tells me
that she belongs to the National party, and a
promise to pay is just as good as the fulfill
ment of the contract. She says: 81 promise
to marry you tomorrow" Laughter.


"But." the National may say to me, ''Mr.
Woodford, you assert that greenbacks are not
constitutional money. Now, did you not is
sue greenbacks, did not your party issue
greenbacks during the war Have not green
backs been upheld by the Republicans in
times past ?' | reply, "Yes." "How ?"
"Why?" The answer is plain. We were a
nation and we had nations right to live.
There was rebellion, and it was necessary to
use every means in our power to put the
usurpers Of our country's peace down. We
asked for volunteers. At first they pour
ed forth, but by and by we were obliged to
pay bounties. We asked loans to pay the
UOuuIiCS anu "uo SOlhpSiiONA w PoJ ih1ShSoS
for them. Finally, when men would not en-
list even through the giving of bOunties, we
obliged them to go without; the draft was
ordered, and men were forced to leave their
homes and go into the army. They were
compelled to go whether they would do so or
not, for it was the right of the Nation to live,
whatever the result. In that hour of the
country's peril the very Democrats who are
to-day clamoring for the greenback, for more
greenbacks, said it was not constitutional to
issue dollar of them. The greenbacks were
Nation, but they were good enough to be en-
ployed in stirring up labor and monetary
agitation in the country, dsarranging work
and wages, in time of peace. We are con-
fronted right here by this fact The Gov
ernment of the United States, by Congress
assembled and a duly elected and inaugu-
rated President, has solemnly pledged its