Year: 1876

The only reason that can be assigned
for the legislation of 1873 as
1t is plainly seen, is that an abundance Of sfl-


yer would tend to cheaper It. This is q


risk that all men take who agree to receive
payment in a commodity likely to change
Its value Ike sold or silver. The only way


that the bondholder could evade receiv-
ing IL in payment was to have it demonetized
so that there would be only a gold
coin in existence, since their debt was paw
able in coin and silver was as much coin


As gold. Is it not strange that a congress OF


the United States could be induced to destroy


the value OF this great mining interest, fur
nishing labor to so many thousands of men


and producing wealth to the amount of


hfty or sixty millions OF dollars; that the


country could be induced to adopt legissa-


ton that benefits single class alone small in


number, and non-prOducing class at that2


Ii IS said by gentlemen on this floor that are


IN favor OF contraction of either hard or soft


money that our productive industries can


not prosper unless the cost Of producing


commodities for expectation corresponds


with the cost of like articles produced in


other countries, and which ere likely 10


come IN competition. In order to reduce


their cost they propose TO reduce the


quantity OF money in the country be-


cause the quantity of money in any coun-


try or its representatives. used In


performing exchanges of commodities regu-


lates the value of all commodities As the


quantity of money is reduced the value Of


commodities is reduced, and consequently


the price of labor. If the quantity of money


Is redueed here to correspond with the guam


tity of money in monarchical countries, the


price of commodities would be the
same as there, and the price of la


Dor that produces them must also be


the same. You gentlemen have now pur-


sued this policy until you have reduced


many OF our laboring men to beggary and


want. More than two thousand families In


the city where 1 hyG, it is said are de-


pending upon the charities OF the


city for sustenance. The New York


Herald, few days ago, informed Us that


nearly fifty thousand mechanics and labor


ers out of employment in that city,


and large portion of that number border


ing on starvation. You pursue this policy


of contraction as you have done and pro


pose 10 continue to do to reduce the


cost OF commodities in order 10 compete


with foreign nations, and you will bring our


laboring men. down to the condition


of the laboring men of Great Britain and


other countries. IL is this that have been


sighting ever since l have been upon this
floor. IL is that we may have more money


and cheaper money that am now contend


ing for the remonetizatiOn Of silver prefer


cheap money aid well paid labor to


dear money and poorly paid labor


No government coin is countenanced


by any other nation. Our coin


is a commodity whenever il leaves our


shores. The coins of other nations are


commodities when they come here. and


there is nothing the argument so often
adduced to which l have referred. When


ever a commodity of this country passes 70


another it is subject to the laws OF trsde
there. When their commodities come here
tboRy fn hn afah


trade here. Our coin or currency have


nothing whatever 70 do with their value in


foreign countries. Their value is regulated
by the supply and demand in their own


country, and the amount of money in circu-
lation 30 perform the exchanges of the ma
tion. A favorite remark of contractionists
and demOnetizers OF silver is '1et us have
honest money! thaye come here to make
honest money. The constitution Of the
United States has conferred power upon con-
gress TO coin money and TO regulate its value
as well as the value of foreign coins. How
do we regulate the value OF money? That
| is Just what we are now trying to do-regD-
| late the value of silver money. We are try
| ing TO make it legal teuder for all debts
public and private; that is just the way that
| congress regulates the value of money.
Whenever they make money whether coin
or paper only a partial legal


tender it is dishonest legislation,
and dishonest money Is the re-
| suit We have deprecated money. | have
never cast a vote here and never expect TO


cast one to make anything meney for one
| purpose that is not money for all. ii that
] policy prevails we will never have money
| that can be called dishonest, because il viii
always be a. par. Money is valuable just az
| it is useful, and whenever man gets into
| field with hfs money, whether metallic or
paper, that he can not use, he must
submit TO q shave to get sone-
| thing that he can use If gold


had been legislatad against as silver has


been. and silver been favored with legisls-
ton as gold has been, gold would be dishon-
| est money because it would be deprecated,


as treasury notes and silver now are. No
| man cares what his money is made OF. The
question is what can be do with il? hope,
Mr. Speaker, to see the day, and that very
soon, when there will be no deprecated
money; when this congress wiz exercise its
power under the constitution to make
money, and shall make ali money
| full legal tender Let this bill


pass, the gold broker will be panic
stricken, as silver will perform the same


exchanges that gold does Let this govern
| ment honor its own paper and receive It's
own notes in payment of debts due TO il,


the gold brokers viii leave their gold board
like rats deserting sinking ship. That is
| just what want to see. i want TO see legis-


vor of gold gamblers and bond holders, and


no speculation in money except for legiH-


mate business purposes Money is not some


and it's offices are to perform exchanges