Year: 1878

| o. 1O6 os


MIR. PRESIDENT, FELLOW DEMO


Gratis, AND FELLOW CITIzENs OI


THE GOOD OLD TOWN OF WASHING


TON: Nothing could have been NOR,


unexpected to me than my appearance,
before You tonight. I had an engage


ment to he in Cleveland this evening


but when called upon by some of my


old Ownsmen, whom I hold in high


esteem, and invited by them to meet


you in consultation upon the grave


condition of our country, i did not fee


at liberty to decline. I came not as q


public speaker. but as an old time


friend. 1 came to see my relatives


to look once more upon the grand old


hills amid which i was born, and


whose memory has been ever green


and will always be dear to my heart.


And now that am about to enter


upon the discussion of grave questions,


1 crave your Kind attention, and beg


to assure you, if such assurance be nec-


essary, that I am actuated by the sim
gle motive to aid in promoting the gen.


eral good of our common country.


Hence, while may speak with earn


estness, shall not utter one word
! which can be construed into unkind-
ness toward any citizen who has hon
ored me by his presence on this sultry


night.


that the condition of the country is of


q remarkable character. What he so
well said is but too true. With TEEN.
Ing harvests, such as our country never


knew before, we have starvation amid


plenty, and million of idle men in a


land with infinite resources undevel-


Oped. Go where you will, look where


you may, and the wrecks of industry


and the evidences of general ruin are
everywhere to be seen. With an en-
ergetic, honest and Industrious popula-


ton located in land whose CONNER
featuring advantages are superior to
those of any other country, this death
where there should be life, this stagna-
ton where there should be activity,
this paralysis where there should be
vitality, suggest cause equal to the
production of all these stupendous
evils. When the civil war closed the
whole land echoed with the hum of
industry. and plenty and prosperity
received good prices for all the pro-
ducts of their farms; every manufac-
turing establishment was worked to
its utmost capacity, and their surplus
manufactures were sent abroad to COM
pete with other nations in the great


marts of the world while our mer-
chants, wholesale and retail, were
driving flOurishing trade, for labor
ing men and women were receiving
good wages, and were able to live well
and be happy. Then every man who
wished to work was employed, and
good wages for the laborer means pros
,nsf oil h. k<~ \
DesOlatiOn and dread and misery ev-
erywhere. And what the cause? The
contraction OF the currency from s55,
90 for every man, woman and child in
the land, to less than $15.OO a head
What the remedy? Make the volume
of currency equal to the necessi-
ties of the country. Money is
to the body polite what blood
Is to the human body. Reduce the
quantity of your blood two thirds and
you die. Reduce the volume of mon
below the necessities of a country in
given conditiOn-and trade perishes,
and the country dies.


Why is it that Pittsburgh, in its nor
NAL condition the Birmingham of
America, city which achieved
worldwide fame through the business
capacity and energy of its citizens,
stands paralyzed to-day? Why is it
that her streets are filled with idle
men during the day and her merchants
and manufacturers dream of bankrupt
cy while they sleep at night? Go to
the East. Pass along Broadway, once
the grand thoroughfare of commerce,
and behold, within single mile, 100
on every wall. Again, citizens, ask
what has caused this dread change
What ails our country? During the
great civil war the men in power issu-
ed twenty-five hundred millions of
what bought and sold all the property
which was In the market. This
was composed of United States
notes, or greenbacks, National bank
notes, compound interest notes, seven |
and three-tenth notes, and other pa
per which performed the function of
I have named. And upon this vast |
the entire business of the |
country, the value of all property was
regulated. All values were held at a |
high estimate, but all were alike sus-
tanned by the same volume of currency. |
The merchant, the manufacturer and |
the common trader, all received high |
prices tor all they sold; but SO did the |
farmer receive high prices for the pro-
ducts of his farm, and the labOrer re-
ceived high wages for his skill and his |
toll. Taxes were high and debts were |
many, but 100 bushels of wheat paid |
ume of money was undisturbed, the |
affairs Of men were not only easy but |
A farmer who bought q |
farm for $5OOO.OO ON credit could pay
for it with 1000 bushel of wheat, pro-
vided the volume of currency, the le-
gal measure of value, was not reduced.
But the men in power did reduce the
volume of currency from twenty-five
hundred millions to about seven hun
1red. And by that process alone the
value of all other property, except
So that when the
farmer came to pay the 5000. 100 due on
he farm, the price of wheat had been
by law, and it required 5000
instead of 1000 bushels to make the
payment. And in this single transac-
ion the creditor made u clear gain and
he debtor sustained dead loss of 5000
bushels of wheat.


But to make matters worse, the men
1t the head of the Federal Government
who were but the agents of Wall and
State streets, and not of the people
he men in power reduced the volume
- hlOiiCy oy SuNuOu JCAho tsuu &o uh-
certain intervals, rs If their object
vas to destroy confidence and render
inevitable. Every man
who bought did SD on fallen market;
'agacious merchants were forced to
veil their stocks far below their cash
value; and instead of being able to
meet their notes from the income Of
heir sales, they were forced to borrow,
md at high rates Of usury, until utter
'uin overlook them, and credit and
property were alike gone.


FellOW-citizens, this persistent poll
y Of reducing the volume of money
lpOn which the government paid no
interest, by the issue of bonds which
lraw gold interest, was something
worse than a blunder; it was a pre-
crime, All act of wholesale
Obbery under the sanction of the law.
And what has been the result? Our