Year: 1877

II
mechanic and others.


Third, make all legal tender whether gold,
silver or paper convertible at the Will of
the holder Into government bonds bearing
such rate of interest that such bonds will
be equal to par In gold at home and in all
the great commercial countries of the
world, and then let such bonds be again
alike recoverable at par into these legal
tenders.


Fourth. These changes Will afrsrd to the
trade and business of the country, among
others, the following advantages


First. Practically pay off the greater
portion of the public debt without further


Second. Afford sufficient supply of per.
fectly sound, honest, reliable money, all of
II equal to and convertible into gold.


Third. Prevent infiations and contrac-
tiOns, and the paper portion of the money
be always redeemable in the same sense
that gold and silver coins are redeemable,
and be always the equivalent of like
amounts thereof


Fourth. The steadiness and reliability
of this money will restore confidence and
start anew business and legitimate enter
prises, give employment to all the produce
tive forces, and thus. by making every
halfft d and half-clothed man ready to work
ful-ted and well clad. as we'll as in a
myriad of other ways promoting cousump
tion, afford market for the increased pro-
duct s., and give to every laborer a just and
adequate reward according to his Industry


Firm. IL viii afford to the people of this
country, emancipation from thearistocracy
of the few, that now, by the means before
stated. are absorbing the fruits of labor ard
practically controlling the Government.


Sixth. It will afford a national money
that we can always maintain against the
combinations of foreign capitalists, who,
by reason of our immense foreign indebted
ness, might, underline National Bank sys-
tenn, compel suspensions and therby de-
prive us of all money whatever.


Seventh. 1t will. by practically paying
Off the most of the Federal Indebtedness
and giving to our people the means of sus-
tanning the public burdens, prevent that
reputation and public dishonor that the
present condition of things is fast Fastening
upon the country.


Resolved, Therefore. that to promote the
interests of the country generally. werecom-
mend government aid be afforded by the
issue oflegal tender paper ito be secured on
the respective improvements, and with
abundant guarantees against fraud) in the
construction of the Texas Pacific and North
ern Pacific Roads, as well as in the con-
struction of water communication be-
tween the waters east ond west of the AL
legheney range, and that whatever consti-
tutional BARI iers may exist to the necessary
action by Congress shall be removed by
amendments


Resolved, That we hold it to be the most
solemn duty and truest patriotism of every
citizen of this country to do his utmost to
provide the remedies above proposed for
existing evils, and to that end we recon-
mend the formation OF clubs throughout
the land devoted to the accom- plishment of
these purposes by the most efficient means
practicable.


Resolved, That we recommend the hold
ing of a State Convention to present and
enforce the views above stated to the peo-
pie of this State in such manner as shall
be deemed by said convention most effect
i've.


Resolved, That the officers of this meet
ing shall appoint a County Executive Com
ftaat tHr1f IN al IN aI tn p lna
people, and in the formation of clubs, dis
tribution of information, correspond with
friends throughout the State, take meas
ures to determine and fix a date for the
State convention and to generally super
wise the interests of this movement in the
county of Schuylkill and by conferen ce
and correspondence and other available
means cooperate with our friends else
where.


have read the points l intend to ad-
vocate tonight, and ask you if
THE CONDITION OF THE COUNTRY.
does not need the redress speak of. At
the close of the war we had a currency of
almost 81 900, 900, 900 which in 1873 was
contracted to $3.50, 100000 This con-
traction was brought about by Hugh
Mccullough, the Secretary of the Treas
ury, whom have denounced before, as
instead of discbarging the duties of an
American Secretary of the Treasury he
allowed himself to be the tool of British
and American bond-holders. Without
det iling the manner in which the cur
rency was contracted, let me say that
they sought to make this result perma-
! nent through the corruption of the
press, and the bribery of the ballot box,
which resulted in the passage of the
Specie Resumption act That act pro-
vided that the greenback currency, which
we then had, and that in 1879 the balance
was to be called in and not reissued. An
interest bearing debt was to be made for
the purpose of buying silver for the pur-
chase of postal currency, which. when
bought, as | said before, were then to
have no further existance. In 1873 we
had S76O, 900 of currency. The


SPECIE RESUMPTION ACT


cuts this down $3.50, 100000, and while
this was being done the people were be-
ing gulled with the glittering news that
National Banks were to redeem their
paper, and that specie resumption was
at last to happen.