Year: 1877

Senator Beck Oh the Currency


The Cincinnati Enquirer reports a


length speech delivered by Senator Becl


at mass meeting of the democrats of Ma


son county, Ky. We quote the followin.


in which he is speaking of the democrati


party:


Owe are pledged as party to the un


conditional repeal of the gold resumption


act which the radicals have fastened upoi


the country in the interest of the foreign
and domestic bondholders. We regarl
the contraction of the currency necessar,
to such resumption as the prime cause o


the bankruptcy and ruin which threaten
all the debtor classes, and of the paraly
SIS which has fallen upon our industries


making beggars of thousands who are
willing to work, and causing outbreaks
which endanger the peace of the country
and the security of property everywhere


We will restore for all purposes the old
standard silver dollar as a unit of value
equal to gold it was demonetized hy
fraud, fa,sehood and suppression of the
truth by the radical leaders and their for
eiSn allies SO secretly that even the press,
which learns everything, did not know
for months that it had been done Ihope
and believe that we will succeed in reGuir-
| ing the government TO receive It's own le-
gal tender notes for its customs dues, and
stop its Reputation of the paper it forced
all but the bond holders to receive for all
the debts it owes. We will surely main
tain our position to so adjust tariff taxa
ton that its main object, at least, will be
to obtain revenue, and not to keep it as
now, arranged to destroy revenue and
quadruple the cost of necessary articles
to the consumers by prohibiting imports,
so as to enrich few pampered monopo-
lists. With these reforms effected, and
with decent economy and reasonable hon
eSty IN administration OF public affairs,
with states and people allowed to manage
their private concerns, free from ofiicious
meddlers, We will at once become a free,
prosperous and happy people l know
how little value is attached to general
charges of mismanagement and malad-
mnlStration made by the men Of one
party against the other, therefore pro
pose to state briefly an outline of the facts
relative to currency and taxation, as these
ere pressing questions now, SO that each
of the audience can examine for himself
and see whether or not the radical policy
is bad as | claim it to be.


"They have brought the country by
law to the point where all debts of the
general government, of the states, of the
municipalities, Of the railroad and other
corporations, rs well as of private individ-
uals, have TO he paid in gold alone, or its
equivalent, on and after the Ist day of
January, 1879, about seventeen months
from this date. The aggregate of these
debts Is computed to exceed $1,000, ,0na,
600, more than three times the amount of
all the gold coin the world We have not
got, and cannot possibly obtain before
that date, over $500 ,00O,0 In gold, or
say per cent. of the amount We owe,
less than one years interest, half OF that
in the hands of foreigners. Forced re-
sumption now fastened upon us is, under
such circumstances, universal bankruptcy;
the number and magnitude Of the failures
of our business men are fearful to con
template, and We are daily going from bGi
to worse The federal and state govern
ments, the banks and other great cOrpn-
rations, are all compelled to contract their
loans and their circulation In order to
meet what they have outstanding III gold,
which they must, OF course, make the
smallest amount possible. No prudent
man dare borrow money now to invest in
any business, as it is obvious that he can
not hope to realize enough from the sale
of any product of industry hereafter to
repay the money he borrows and its in
terest in gold A lender may be willing
to lend $4,000, taking a mortgage on a
farm worth $4,000, in the hope of buy
ing it for the $4,000 loaned; but the
owner Of such farm, no matter how
much he wants the money, dare not bor
row it. Yet We are told money IS abund
mt? Certainly, because safe borrowers
cannot be found. manufacturing eStab-
hshments, rolling mills, industries all
over the land which demand vast sums
of money, are closed, and their hands are
tramps or strikers, because there is not
only no prospect of profit, but a certainty
of absolute ruin, by continuance of the
business. Yet the bondholders and other
leeches who are demanding gold, and gold
only, SO that they can buy property at
their own prices, are continuing the cry
that money is cheap and abundant Does
any gentleman here unless he is banker
or bondholder) know how, where, or from
whom he can obtain gold to pay his debts
or meet his liabilitiesl The government
pays gold only to the bondholders; from
him only can it be obtained, at his OWN
rates, by those who are compelled to
have it.