Year: 1878

In my opinion, Mr.. Chairman, the essence
The gentleman from Pennsylvania is not con-
tent with the legislation we have had. He
denounced silver when iew first proposed
as subsidiary coinage in lace of paper scrip,
and sought to laugh it out of the House. But
it SO happens that the wind now sits in an
other quarter. He and some other finan.ier
of the new school accept the silver bill only
asa step to the next stage of controversy. 1t
is not the silver dollar, but the unlimited, ir-
redeemable paper dollar to which they cry
''All hail, paper that shall be King hereaf-
ter" The programme of these advocates of
''fat money is beginning to appear. We
had it in powerful speech made by the gen.
tleman from Massachusetts, Mr.. Butler1 o
few days since, in which he said


l want that dollar stamped upon some con-
venient and cheap material of the least posi-
bic intrinsic value, so that neither its wear
nor destruction will be any loss to the Gov
eminent issuing it.


| also desire the dollar to he made of such
material for the purpose that it shall never be





country. Framing an American system of
finance, do not propose to adapt it to the
wants Of any other nation and especially the
Chinese, who are naarly one-quarter of the
world.


l desire that the dollar so issued shall never
be redeemed.


This is the new battle-line on which these
champions of the new system of American
finance challenge all men of both parties who
believe in gold and silver and paper exchange.
able for them to join issue. They wish to
strike from our law the Nations promise and
pledge to redeem its notes. They wish to
supersede the barbarism of gold and silver by
coinage of paper, and in the kingdom to be,
when paper, wild, shoreless, bottomless, and
worthless, has become the currency of this
country, then will the time arrive, welcomed
by the apostles of the new finance, when our
bonds shall not only come back to this coun-
try but shall deprecate to so cents on the
dollar. This is the very essence of commun-
ism.


For years the gentleman from Pennsylva-
mia has advocated a nonexportable currency.
''Non-exportable? p Every damaged manu-
facture is non-exportable. They want our
currency to be 80 bad that no nation under
heaven will touch it. This doctrine of the
non-exportability of paper money was born in
the brain of John Law and announced by
him 10 years ago as clearly as it has ever
been announced by the gentleman from Penn
sylvania MIR. Kelley, or the distinguished
gentleman from Massachusetts, Mr.. Butler.


If read the signs in the political horizon
Alright, the time is just at hand when men
who love their country, its honor and its
plighted faith, men of both political parties,
will stand together against this new heresy
known as American finance 1t was in the
spirit OF this same doctrine tnat the gentle
man from Pennsylvania two years ago went
to Ohio, to the borders of my district, to the
leading town in the district of my colleague
here Mr.. Mckinley and at time of strikes
in the centre OF that great iron region, when
the question between capital and labor. be-
tween employers and employed, had been
pushed to the verge of violence, and address.
ed an excited throng; and, if the papers did
not report him incorrectly, he warned the
mill-owners, the capitalists, that the time wa:
not far distant when labor might take capita
by the throat. We came near having scenes
of riot awakened by the wild fish of his com
munistic torch


He sought not only to destroy his party In
Ohio, but to elect man to our GovernorshiI
who denounced gold and sill, er coin as a bar
ren ideality. The people of his district wer'