Year: 1875

only living contemporary and compeer In this state, OF
Clay, Calhoun, Webster and the rest % that grand
galaxy Of American statesmen who illustrated gen
GRAFTON which may we'll be characterized the golden
age Of the Republic General Cngman entered public
life at an unusually early age aud rapidly He
excclcntly well preserved wonderfully active an In
dusrious and aboous student and retains much OF the
alertness fire and vigor which In his youth won for
him a national name for DASH promplness and lntre-
pdity called him last ght ni his holo 10 ascor-
tain, for the readers OF the NKw YORK HERALD, his
views upon matters OF public interest and with
the following result


coRREsroNDES---I represent the NEw York HERALD,
and would like 10 obtain your views on the currency
question and the Ohio Pennsylvania aud New York
democratic platforms and your impressions as to the
probable action Of parties in the coming Presidential
contest


General CLiSGMAS-My present engagements as a
member OF the Convention do not allow me time
give you an elaborate statement but have OBJ
lection to giving concsely my views on these points.
The real questions involved not fairly presented to
tho popular mind The people are mlsed and their
minds confused by the tactics Of the contraction
lists or hard money men, they call themselves,
whose strategy prevents the people from seeing the rea
issue. Thcy know that everybody prefers specie TO
inconvertble paper, and are continually crying out
against rag money. Their tactics remind me Of doctor
who, on being called to patient with a fractured
leg PROSTATE with disease should instead OF ad
ministering restorat7es discourse eloqucnty tho
advantages OF outdoor exercise, walking running,
riding trotting horse Every person is ready TO admit
the wisdom of such prescriptions for people In health
The condition Of the United States resembles that OF
gradually recovering from serious injury, and
who must suffer a relapse II prcmaturely
put on hard labor The great pecuniary loss
w bv
late civil is not generally taken into the account
II you consider that, including advances made by
States towns and individuals and what tho govern
men paid out during the war, with its acknowledged
debt it makes 81 600 600 ooo The debt of the Coned
States probably half much, 81 600 600
Then 100000 men, perhaps were either killed
disabled to become producers. II these men
were estimated being individually worth only as
much ableboded slave sold for in ls60-s1 600
there must be added further loss to the country OF
$500 000 600 Then there employed both sides
for four years, nearly 100000 men, who received
for their labor not probably than one-third OF
what they would have earned at home. Besides this
there immense destruction of property in the
South during the war; while the North sustained heavy
losses the in several modes fair summing up Of
all these items will show that the country, WHOLE
must have sustained loss OF not less than 600 00
and perhaps much as $40 OO0 900, 0OO


This immense loss was not 30 apparent because OF
the very large issues Of paper credit in different forms
which took the place OF the property destroyed, and
thus created the impression that there had been little
no loss Of wealth The country overnowed with
paper representatives OF money, the whole amount OF
circulation being less than thousand millions
or course, people made contracts this basis and as
the volume OF currency diminished, the debtor
class found themselves under burden which was





years ago. borrowed what equivalent to $40 $50
IN gold is now in addition to the interest compelled
TO pay double that amount OF course the debtors
the weaker class and have the stronger claims aid
but in fact the action Of the government against
them and tended to increase their burdens Had the
volume of the currency been kept steadily at the
amount that it was at the close Of the this condi
ton would have been perfectly fair to both parties
and neither debtor nor creditor could have
justly complained. But in truth the govern
ment rapidly contracted the currency and
thus virtually increased the debts OF the
people, making II harder for them to pay off their obi-
cations. was surprised to see how long the country
held up under this rapid OF the burdens of the
people. Had the currency been reduced only one-haf
sa 81 900 600 0O0 believe the country would have
been able to stand up under it. But when the
volume was reduced to only third OF what
Il had been, its back was broken and the
crash AS overstraih a chain will
its weakest link 10 give way so such spectators
as Jay Cooke first went under. Had the government
then added 800 900 to the legal tenders the panic
would probably have been arrested but the strain has
been kept up and link after link has given away The
wound inflicted the credit and business OF the
try is now so deep that IL will not be easily healed.
Even strong establishments have collected their
sources and standing still from apprehension.
Money cannot be obtained now for useful business en-
terprises Banks seeing that debtor after debtor is fall
ing under the PRESSURE are alarmed and stand STILL not
knowing at what moment the force of the storm may
strike them Business Is thus rendered stagnant,
and aborers cannot be prohtably employed.
Many living their past earnings, while others
sinking into poverty and want and this condition must
continue and become worse unless an efficient remedv
be applied. Though the evil FIRST fell on the Interior it
has reached the centres OF trade People feel that they
poor to buy much Of the country merchant and
hence the country merchants do not purchase largely
of the wholesale dealers and the great centres Of trade
suffering Moneyed men, apprchending Justly that
the bottom has yet been touched holding to
their funds The man who sees that he can buy
lot in New York for half what It would have him
five years ago waiting in the hope that next year he
may be able to buy 1t for only fourth Of It's former
value Capitalists stand STILL hoping that better oppor
tunities will present themselves for investment and
laborers thus kept idle and in want Applications
the part Of the people for relief are met with de-
nunciation. A leading advocate OF hard money says
that the man who calls for more circulation IS
dlshones-that he wishes to pay hundred
dollar debt with only $50 But he insists that it not
only right to make man who only owed $50 pay
$O0 but that 1t is dishonest for the government not TO
compel him to pay the larger sum. The organs Of the
money interest that debtors wish TO pay their debts
with rags They forget that they, and the government
acting in with them scattered these rags
the country and induced the people to debts
q rag basis and unwilling to receive them back
again If year ago had borrowed 100 pounds ofrags
with promise to pay LOG pounds, could my creditor





Or would IL be fair for HIM combine with ohor cap
aists TO destroy all the rags the country that he
might compel TO pay him gold instead9 This figure
presents the real merits Of the The people
encouraged to make debts in rags and they to
be required pay them OF in godY The greediness Of
the money power has thus parayzed the industry of the
country.


CoRREsPoNDENT-Have you any further expression TO
make on this point--the banks, for nstanceY


General CLISGMAN-There is another great question
20 be considered; one which vitality affects the exist
ence of our whole system OF free government General
Iuck
its capital of $35 900 000 was power dangerous to
popular liberty; but present national banks have
capital OF $3.50 OO0 000-tcn times much as the old
Institution had Messrs. Clay, Webster and Calhoun
dreaded government bank, and said that was most
fortunate for the country that there was an anagonism
between the then government and the United States
Bank Now have the immense capital OF the national
banks, closely allied with government teniod more
powerful than then existed, with nearly twenty times
the expenditure and official patronage IL has too, at
its back the power Of 81 600 900 in the hands of
bondholders and other creditors who are making
common light FOR II. This noWerfn combination has,