Year: 1878

voorhees,, Delivered at South Bend, q,


Ind, Saturday, July 81.


The contraction of the currency


being the fundamental cause of our


general business depression, the


Democratic House of Representa-


tives, during the last session, origi-


mated and passed bill prohibiting


the Secretary of the Treasury from


canceling or retiring another dollar


of the greenback currency, from


whatever source received into the


Treasury, and compelling him to


reissue the same for circulation.


This Wholesome and just measure


finally became law. Itpassed the


Senate under the management and


control of Democratic Senators.


This law, 1t Is true, has been slow


In coming, but it is equally true


that it would not have come at all


but for the ascendency of the DEM


ocratic party in one branch of Con-
greSs, and its power and approach
ing ascendency in the other.


Another measure of almost equal
importance originated in the House
and passed that body. Nothing
could be more just on the part of the
government than for it to receive
It's own money for its own dues.


A bill was, therefore, introduced
into the House, and passed that
body, making legal tender notes re-
ceiVable the same as coin in pay
ment of duties on imports. Such
measure is not only an act of justice
to itself, but it is also a Well-deserved
mark of honor to the greenback
currency, aiding it to stand on an
equality with the precious metals.
The Senate did not act on this
test, passed a similar measure, cOu-
pling it with a proposition to au-
thOrize the Secretary of the Treasury
to receive legal tender currency in
exchange for 4 per cent. government
bonds. The House rejected this lat
ter proposition, fearing that it might
enable the present Secretary, even
in spite of the law to the contrary,
to retire and hoard the currency re-
ceiYed in exchange for bonds. The
other provision making duties pay
able in greenbacks was again passed
by the House, and reached the Sen
ate on the last day of the session.
1t was defeated simply by that rule
of the Senate which enables a single
to prevent the second read
ing of bill on the same day it is
called UP. AS your representative,
/ pressed it until the last moment,
and saw it expire with the close OF
of the session under the parliament
ary objection.


In summing up, therefore, the
work of the present Congress, the
great fact plainly appears that the
Democratic House has originated
and led in every measure which the
people have demanded for their re-
lief. 1t is also true that the Demo-
cratic party, aided by few Repub-
licans, and still more by an aroused
and concentrated public opinion,
has given the hitherto arrogant and
insolent money power its first stag
gering blow In the legislation of the
country. Some progress has been
some good has been done;
some steps have been taken in the
right direction, and they will not
be retracted. The people are at last
aroused to their danger and their
rights. They intend to reform our
financial system and place it in har-
mOny with their own interests.
They are alive to the fact that an
active and determined conspiracy
is at work to bring our government,
through the power of capital, into
tho fnofffUIfinT1G of
Great Britain. They behold the
dangers which threaten their own
erships OF the soil, the title to their
homes. Thescarcity of money, pro-
duced by the policy of the govern
ment, has compelled a large portion
of the farmers, especially of the
West, to mortgage their farms to
Eastern loan associations in order to
obtain currency on which to do
business. 1t is the plain, constitu
tional duty of the government to
furnish to its people a circulating
medium equal to their business
wants, Rut instead of doing this a
policy has prevailed which has
driven the land owners of the cOun-
try to the counters of usurers and
changers to raise money on
their title deeds to their homes. 1t
has been estimated that the loan as
of the East hold mort
cages on Western farmers to the
of over $500, 900, 900, / be-
lieve this to be an under instead of
an over estimate, and on this vast
sum of borrowed money, the rate of
interest is not less than ten per
cent, making an annual drain on
four or five States In the Mississippi
Valley of over $30,000,000 per an
mum. The mind recoils from the
terrible results which must follow
this condition of affairs. Ten per
cent. interest will as certainly bank
rupt a farmer, a mechanic, or bu-
siness man of any description, who
is engaged in legitimate business,
as fire will burn the dry stubble of
the fields. The grasshoppers Of the
Mains are NOT n1nra Distinctive to