Year: 1878

speech in the Senate--a speech made in
defense of the people agsinst the de.
mands of their insolent oppressors-in
the following well considered words OF
wisdom ald warning:


"The national banks Of the United
States have solid organization to pro
tect what they have and to get as much
more as possible. They are asking now
to be relieved from paying taxes on theil
circulation and deposits, in order that
they may enjoy their enormous profitsl
free from all burdens for the support OF
the government Associations of capi |
talists, engaged in obtaining mortgages
at II per cent.interest on western farms,
on account of the scarcity Of money in
that section, are not only striving to
make all such mortgages payable in gold
a year hence, but they are threatening
those in pecuniary distress that they
shall have no further favors at the same
rates unless they agree in advance to pay
gold in return for greenback loans The
power of money 10 the midst OF times
like these is very great, but am deceiv
ed in the people if they have not turned
at last in defiance and bold warning upon
their oppressors. They are not in favor
of repudiating single dollar of their
public or private debts. They intend to
pay everything they owe, but they intend
to submit to no more changes of con-
tracts, violations Of obligations, and
breaches of public faith, in order to in
crease their Indebtedness or to take away
their means to pay it, They demand,
too, that certain specific wrongs shall be
redressed


First, those for whom speak demand
the restoration of the silver dollar, ex
actly as it stood before it was touched by
the act of February, 1873 They desire
that it shall have unlimited coinage, not
fearing that it will become too plenty
for their wants; and that it be made q
full legal tender, believing that it is as
good now with which to pay all debts,
public and private, as it was during 81
years of American history.


Second, they demand the repeal, un.
conditionally, Of the act of January IA,
1875. compelling resumption of specie
payments in January, 1879, holding that
the question of return to specie basis
for our currency should he controlled
entirely by the business interests of the
country. They do not believe that the
country should be dragged through the
depths of ruin, wretchedness and degre-
dation in order to reach gold standsrd
for the benefit alone of the income class


Third, they demand that the national
banking system be removed, and circu-
lating medium provided by the govern
ment for the people, without taxing them
for the privilege of obtaining it. And
they ask that the amount thus placed in
lcirculation shall bear a reasonable and
Ijudicious proportion to the business
transactions and the populations of the
United States.


| Fourth, they demand that the currency
circulated on authority of the govern


ment shall be made legal tender in pay


ment of all debts, public and private, in


cluding all dues to the government, vel


knowing that it will then be at par will
gold, or more likely at a premium owe
! And fifth, they demand that hefeafte


the financial policy of the country b.
framed permanently in their interest, tina


they shall not be Disseminated agains
in future legislation as in the past, ant


that their prosperity, and rot the mer


growth of incomes to retired capitalists
shall be the primary duty Of the govern


ment.


In my Judgment these demands ar
just and moderate. ! implore Senator


not to suppose that they can be disre


garded with safety. II they are rejecte
now they will be renewed hereafter wit


still greater determination and perhap
: with others added. plead for the finan


cial credit of the government, 1t rest


on the popular will alone, and that wi
can no longer be defied or menaced wit


impunity The people are sovereign


and they can bind and they can l0oser


If the money power is advised with wi:


dom it will stop and retrace its steps
confronts power now mightier than il


self; free people at the ballot box, ir
: fuenced by sense of injustice and or
. preston. If, however, it is joined t


its golden idol; if its heart is hardene


and its neck stiffened by its vast posses
|. siuns; If the burning lust of avarice ha


made it dead 10 the voice of reason an
blind to all human experience, it wi
push on its career until it works its ow


destruction for, sooner or later,the pee


pie, irrespective of party names. wi


unite in their own defense and establis
Justice.


They have been slow to believe tha


there was deliberate purpose to degrad