Year: 1877

convertible into gold, let them read


the story of the times after the Rev


olution and after the war of 1912 and


after the revulsion of 1887, all of


which were yeriods of transition from


deprecated to a convertible paper
currency. 1t is not possible to take


this voyage without the sorest dis


tress. 10 every person except
capitalist out of debt, or to the sala-
rled officer. or annuitants,it isa period
OF loss, danger, lassitude Of trade. fall


OF wages. suspension of enterprise.


bankruptcy and danger! To every
railroad it is an addition Of at least
one-thlrd Of the burden Of it's debt:
and more than that deduction from
the value Of its stock. It means the


ruin OF all dealers whose debts are


twice the value of their capital, though


one third less than their property. It
means the fall of all agricultural pro-
ductlons without any great reduction


OF taxes. 10 attempt this task by a
surprise upon our people, by arresting


them IN the midst of their lawful


business, and applying new standard
of value to their property. without
any reduction of their debts. or giving


them an opportunity to compound


with their creditors, or to distribute
their losses would be an act of folly


without example for evil in modern
tunes. Ii merchants, dealers


and traders owe more than they can


promptly collect on debts due to
them, they must lose to the full ex-
tent OF the appreciation (of the depre-
ciated currency,) and they must make
this loss by sale of part of their


property atreduced prices, or by con-
tracing new debts, to be paid in an
appreciated currency. AS general
rule, any appreciation of the currency
is Injurious to all classes.


What does specie payments mean to a
debtor! 1t means thu payment of
Sl25 where he has agreed to pay $lOO.


Where he has purchased property and
paid one-fourth. of tilt means the loss
OF property; it means the addition of
one-fourth to all the currency debts
in the United States. A measure to
require debtor not to pay his debt
in gold or currency equivalent to gold
requires him to pay one hundred and
thlrty-fve bushels of wheat where he
agreed to pay one hundred, and if the
appreciation is extended through
period of three years it requires him
to pay an interest of twelve per cent.
IN addition to the rate he has agreed
to pay. When we consider the enor-
nous Indebtedness of a new country
like ours, where capital is scarce and
Where credit has been substituted in
the place Of capital, it presents diff
Guilty that may well cause us to pause.


All the historical precedents
show that fixing the day for resump-
ton inevitably let to contraction of
the currency by the banks, so that
when the day came the actual scarcity
of currency prevented a demand for
coin, and the process Of contraction,
both in England and the United
States, produced the sorest distress:
and was relieved in England by par
lament authorizing loan of excheq-
uer bills and new issues by the Bank |
OF England. So, after the war of 1912, !
the sore distress caused by the failure |
OF the State banks was only relieved |
by new paper currency issued by |
the Second United States.''


Why then did he so soon after this
speech cease his opposition to resump-
ton, and help plunge his native land |
into all the miseries which he SO |
described Was. he |
bought! And if not why did he do |
it!