Year: 1873




specie payments. The people should be
relieved Of the anxiety Of the Auctuation
Of paper currency. What broker would
have yentured at the close Of the war in
1865 to have predicted that nine long years
would elapse and not bring our paper to
specie basis2 How could il be demanded
Of the Secretary Of the Treasury to enun.
ciatc any financial policy while Congress re-
mained sient2 lie would not attempt to
place gravel in the shoes Of the admins
iration hut would endoavor 10 stir up the
ambition Of all, and especially that Of
Congress. to lit the country out Of the
present slough Of deprecated currency.
On this financial subject the people expect
Congress to lead the way. 1t is the duty
Of the government to provide sound cur
rency, not only for itself but for the people,
Our commerce is to be regulated through
the instrumentality Of a sound currency
Could Congress shirk the duty Of states
men and indefinitely postpone the day Of
deliyerance from deprecated paper cur
rency p He did not dare hope to be able
to remove the objections lingering in the
minds Of many, but would try to show the
evil arising from our present condition
1t was easy enough to plunge into paper
mouoy but the return was difficult. Paper
money, so called, not redeemablo at the
will Of the owner, is not money. 1t had
been claimed that our paper had not de-
preciuted but gold had risen in the value
The same thing had been said before with
us Il could not reasonably be claimed
that gold had risen iu value when its influx
iuto the Pacific coast and from Australia
bad decreased its value. Some had gone
so FAR as TO claim that the government
might transfer the whole Of its Indebtedness
from the sembauce Of money, but they for
got the manly uttorance Of General Grants
Inaugural.


Again the champions OF paper currency
appeared with their argument Of the con-
6deucc the people have in the government.
I It is not q question Of doubt Of the ability,
but the intention Of the government to
Ipay. There was plenty Of confidence in
the intention Of the government, but un-
fortunately Congress would not let it pay
/ The perpetual flow Of gold abroad has been
perpetual advertisement Of the deprecia.
ton Of currency. All of cur bonds find
their high appreciation in specie payments
10 the markets abroad, ond he must ask
how long this state Of things would last
Should no move be made to cure it, our de
prcciated currency would be handed dowr
from generation to generation as an incura
bic malady Let the growing suspicion
that no steps are 10 be taken toward q re
sumption OF specie payment 20 on, and vi
shall surely recede from such payment. IL


referred to the banking rates now being il
excess Of those Of years ago, and said tn
poorest money is always the dearest. Th
expansion Of paper currency shipwreck
many undertakings which might have beel
successful with sound currency. After re


ierring to the banks locking up large sum
as part Of their reserve thus reducing
the amount Of money in the hands of in
diyiduals, be spoke Of the inconvenience Il


which the commercial community was con


stauuy subjected by the large operators il
Wall street. He did not approve Of tn


proposed issue of government bonds inter
ohaugable with United States notes, an
thought the promoters Of that schem
! sought an indefinite expansion Of the cur


rency. The seductive influences of au ex
cessiye paper currency we're terrible. Som
J seemed to be willing to trust to time an
. nature to cure our financial evils. Wit


all due respect TO time and nature, he wa
> unwilling to hand the matter over to b


cured. Congress must be equal to its cor


stitutional duty. Thepeople, who are def


eien; in neither strength nor courage, Ion
: to say that American money is second
none in the world. They long to handl
, once more the sound cash. 1t is vain to a


tempt to compete with paper against tn


hard money Of the world.


What other degradation awaited US n
e one could tell. Where, outside our ow
4 country, does our money pass at par? Nj
i. turo has bestowed on our land with LAWS
abundance the precious metal, but it SCENE


as if we had failed to convert it into a ci


culating medium. Our deprecated currenC
: or money not being genuine or as good (
( it ought to be, was held by the people witt
e out being frugal, and was working evil
At the whole community. Labor cheated


every contract, was disgusting, and woi


seemed to be going out Of fashion. Loun
r ing was the autocrat Of the times. Ho
is could we expect to train up conscientiol
:, people when the government itself gave {
y example by the issue and reissue Of pap


currency above its value. With a retu


to specie all obstacles to free bankiI
- would be restored TO all parts Of the cou
" try. But these reforms could not be broug
Il, about without the aid of Congress. He W
y not welded to any plan, but favored tn


proposed by prominent inancier of Ne
- York, that the Secretary Of the Treasu
u shall issue certificates payable in io
d. years, with interest at 65-lO0 at par
n, m the United States notes or gold, at the o


ton Of the holder requiring the banks
oT keep a moiety Of their reserves in these &C
o9 tifcates, and for the government to 81


notice that on January /, 1875, it will pi
,cI oI its notes in cash in New York; authorizi


the government to negotiate loan of $50
ss 000, 900, at 6 per cent. per annum. I
certificates as fast as received may be pa
II out by the Secretary Of the Treasury


satisfy claims against the government. I
ed return to specie payment would of course
ny attended by some inconvenience, but re
~ aS' sonabe time and notice being given,
az az notes would gradually approach par.
tor tor sound banks would bo glad to resume 81
.G Of Gle payment. A few mushroomy bar
err might not be able to stand, but no G


would regret their loss. He thought


Republican party had done much towu
advancing national prosperity and the VIC
of specie payment was the only one not


tempted. 1t would be an honor when 4


dark cloud Of grecnbacks was swept awi
'"' He hoped soon to present bill providi


for the return to specie payment.


No year in the present century