Ill It
"CLEARFIELD REPIBLICAV
Third, thoy demand that tb
tioiial baoklng system be removed I
a circulating medium provided by tb
JSXX Kovornmont for tl,o popl
govern moni lor tlio people, without
taxing them lor tbo privilege ol oo-
that tb
Tub lanfcal ClrrulitiHt mt any fcwapapr
im V.rih Ontral Prim at, Ivanla.
Venus oi Subaonption.
fr t.niVf. . t irbn a.ti.....t tHi
If MMI1 All' 41 .1 'tlT- m.taiii ,. 4 AO
If .aid Hr- (,.- .:pirlWB Ml MUBIB... 4 N
ttatea ol Advertising.
t T linfixn' ftffrtrttaManftt, pr qiiftrnf UMnpur
' lil.f lr. ,,. ... 4
m. ilt-)innt mwrtlftn. ..... Mj
A iiinlatrslur' n-l Kiroolnr inttiwc. f t 1
At-litofV miti .. t ft
0 tatin nl K-lravi. I S6
)alaliia nnllwi t ftn
P-nfertiinnat Car. & lint r Uin.1 ir..,. ft OA
La' ntti. unr lin- 1
V K4HI.V 1VKHTISRMRNT
I iur w t nolamn f
1 1 iiir I (Ml 1 enluian.. TR M
lliimrMH.,...H.M (Mi I anlaran. . .. ISAM
1. n. (.OOPLANPRR,
Nl'KL B. 1.KK,
PitMiitif'f,
(Tardt.
.1
OH PRINTING OF RVBRY DKOMP
TIC KM' ek CIIHBTAIUKrl' KXKW
hate printed lerg liabw af tb ee
TV? Hil l.. end will ee h receipt ( tweaty
-va -to, tall -wt a J .1-ltt.e a
H. W. SMITH,
.ATTORNRY-.AT-I.AW,
t:l:7 t'leattteltf. Pa.
J. J. LINGLE,
tTTOHNEY-AT-LAW,
his Philip burl. Centra lit.. Ps. p,l
G. Pt. & W. BARRETT,
ATrilKN' 1 AND CoUNHKuOHa AT IjAW,
CLEARFIK1.D, PA.
Jtnaary SO IS.
ISRAEL TEST,
I'TUR N IV T H
ClearDeld. Pa.
00-otter II tbt Crl Hwh jll It
W. C. ARNOLD,
LAW & fOLl.Et'TIUJS OKF1CK
cuhwenhviLuk,
.1(1
Cl.trfltlH CoaDi, Prna'i.
Ti.
BROCK BANK,
ATTOKNKY AT LAW,
OLKAKIIIil.il, PA.
Olbe la Court IIoum.
V 2i.T7 I)
! S.
V WILSON.
ATTOKNKY AT AW,
nfflm- i f il.. r iH fl W.frb liolvl l-Dilling
0H oita i'orl II' in.
r.i..'T7 CLKHr'lKI.D. PA.
FRANK FIELDING,
A T T O nSKY-AT-LA W ,
I lea rlli-Id. Pa.
Wilt af'ftiil to nit duKiDi' nuaiii.l t b
prtnu.ti 4ii tailhrullt. Jnl7
fltkNV r 4i.t-ra JUHH W. aiLBT.
WALLACE Sc KREBS,
A T TOR N K YH-AT-LAW,
j .r;7 t ivurOt-ld. Ha.
a. bhai. tTHna a.Biha
MURRAY k GOUDON,
t I'T O It X K Y S AT LA W,
L'l.KAHFIKLb, PA
JKtt OBoa la Pit a 0rt-ra Huum. Meuo4 luor
t:Ml'N
OdARLES 0. LEIDY,
AlTuh.Vfcl-AT LAW,
Oteiula Mill-. ClMrAfU C4 Pa.
Lt gai butlncM nf all kinli attanM to Par
ticular MiU'DtiuD i4 tl io ttiv iruauriuj( cf buualitu,
urn -turn, Ac.
N-.r Jl, Id77 ty.
lOhBPH t. t'B4Lkr. OAKIBt W. a'Cl ltM.
McENALLY & McCDRDY,
A rTOUNBYS-A'l-LA W,
lardla. Pa.
4rLKal ba.iaa.. altandad lu ruaiptly witaj
ijelitjp. Odiaa ua B'aavad atraet, abura ;ba PirM
National bank. Ja:l:?
wh a. Hcci-LLi.i an, rhrb. o l area
Mcl l LLI lGH & III I K.
ATTORN EY8-AT-LAW,
t le.rOcld. I'a.
All l.aal buriara, (irouiui iy aiualcd tv. (..
va Mveuail la tba Ma.ua.e nuildiaf.
Jaalu.'JT
A. G. KRAMER,
ATTORN KY-AT-LAW
H.al B.taU and Cullar!.,a Af.al,
CI.KARI'IIVI.II, PA.,
Will nrumntl. atiaod to all l.aal bufina.a aa
tnt.t.d to hi. eara.
JUrvmcr la Pi.'. 0.ra II ibm. Jaal'7.
. JOHN L. CUTTLE,
ATTORNEY AT LAW
4 Haal Katata Affeut, Clearfield Pa,
Offlflt om Third ilraal, hat.Chtrr A Walnat.
tfRaapaetfally offtr bit tiarvlaa (a aalllan
aad bujtajt Btla ,B OUarlald aad adjilata
oaatua f aad vmb bb aiparitnea arr twanit
jrari aa nrrajror, flattar hinitll that he an
raaaar lattiraattoB.
DR. W. A. MEANS,
PHYSICIAN A SUIKiKON
LI THKHHIU Kil. PA
Will attend prota..loaal eall. b.vaibtlj. aMaltt'7n
DR. T. J. BOYER,
f H YNII.'IA.N A Nil UK('i)N
nana oi, Marin Klraat, Claarlald. Pa
Vt-Ulbsa h.iara I I tw It a. . aad I to I ,.
JR K M SlIUEl'RER.
UtlMiKOPATIIIC I'HYMCIAN
ofllr. la n.id.ai. oa t iiM rt.
April U, l7J. Claarirld, Pa
DR. H.B.VAN VALZAH,
I'l.KAMPIKLIt. PI- l A.
OKKICK IN MASONIC Hl lLIlN(i
PW Ottoa k..r- Praai II ta I P. M.
Ma; II, lT5.
DR. J. P. BURCH FIELD,
Uuar(.oaol IbaMd a.jlai.al. p.aaa;l.aata
Valaauara, barlag ratbraaa rrvai Iba liat
.ff.r. hi. arafaaatoaal aaralaa. la Uaailiaaaa
af Olaartaldaoaata.
aariroia.alaaaloall aroaiptlv atuadad la.
Oflaa a aaaaad itraat, faraiafljraaaapiad b
tr mdi. (apr, M U
WILLIAM
vt raa Pi.k
U UKNKY, JuiTict
in aanncaiTamia, LtlMHIH
61Ty. Collaatloaa nadt aad Bmaty praaipil)
paid aar. Antela. ut aKraaaiaat aad data, at
aoara.aaaa aaatl; taiwiitad ant warrant aar
raat at Bo abarira. 1)TT
REED A HAGEIITY, '
BALBU R
HARDWARE, FARM IMPLEMENTS,
. . Ilanar. IkallB, akc,
aajlJ! ' .'. . htta, (mat. i1t.il.kl, P.
J A M E 8 H. LYTLE,
la tratarr'a nulldlar. laaibWId, Pa.
Daalar la Uroeatlaa, PrnffUloB., Vtatablaa,
Fraiu, Rl-ur, Paad, au., rta. .
aprll I. If
HARRY SNYDER.
VAMBEH AND HAIMlKKSJRR
b"p aa Marhal 11.. afpo.ll. Oaurt Hoaal.
A eWaa lawal far avar ta.toa.ar,
Alio aaabafartaiar af
All kliida af Artlclaa la lluaiaa Hair.
Uttailala, Pa. aj; II, '7a.
JOHN A. RTADLKR,
IIAKkH, M.rbat t. ClaaittU, Pa.
fraak a Mad, lta.1, (alia, Piaa aad Oaba.
aa aaad af Iriad. I atdar . A Raaaral aaaatlaiaat
f ranfaotloaarlaa, Praia) aad Mala la ataab.
iaa Caaaaf bad Oy.lara la ataaoa. Malaria aaarlj
opsaaiia lb Paauaiaa. ptiaaa Bad. rait.
ilarab la-TI.
GEO. B. GOODLANDER, Proprietor. PRINCIPLES, NOT MEN. TEEMS-$2 par annur. a Advance.
-'.- .d . at. .. , , ,-. - , '-, ... i
VOL. 52-WHOLE NO. 2,558 ( CLEARFIELD, PA., WEDNESDAY, FEBRUARY 13, 1878. - - NEW SERIES-YOL. 10, NO. fj
CREDIT OF THE GOVERNMENT.
IXIJ30IX OP
..HON. D. W. VOORHESS,
! OF INDIANA.
IN Till
Uriitoil Stntes Somite,
Jamart 15, 18.8.
Concluded rum last iceek 1
from the silver resources if nil oilier
countries. In our own country 1 li
development ol thin great agency of
national prosperity has nil taken place
in Ibu lost eighteen years, nil Iml un I itil
fy in the laat tun.
Till) billowing estimate, made hy the
Commissioner lor Mining Nintii-tics,
shows the annual production ni silver
and ita increase in (he United States:
U.'.t
I Hfla
I an I
lillj
IKn.1....;
nui.-imm )
mj
T I
IHt
f,3
IJ4
II
lon.imo
I Mi tiru
.... s.i in, lion
.., 4 ftflu ,10,.
.... 8 lull. (ion
.... Il.ltti.omi
.... M "lib. null
.... 28 1100,11 II
.... In, nun. unii
.... .Ho.Taii.ai o
.... .ijt.oiiu mill
.... I J. O.O.I. O'l
Eniininiiiiir the pruduition nl 187U
and 177 ihu ruuiu ua 1875, ami o
nnd that Ihu unuru anmunl of adver
ieldcd lv thu iiitiurt ol' tbu Uniluil
Mutea Bineu lliey Uet;uii to ,uv lnr
wiiikini; them ha reailivd hut a trill,
over thu coniiiaralivelv rmall Mini ol
J50,0UO,Ulin. This ia um limn one
ball the anioiint ol our irt m nt vt'liinie
ol curntney j yet when ihib-e who are
inlurtnlcd in tnukili and kveiin a
marcity of money ineirciilulion, noticed
an inervaiw of only J 12,O0U,O(0 linin
1870 to 1872, they took the alarm
whiib reunited in tho act of 1873, m
aerihiii and outlawing it Iroiti the
coitiiaiiiotit.hijt of iild an money. It
H ill not do to Huy that thu detnund Cir
atlver bad lulled, lur aidu Itinn wbut
our own ienilu needed at borne, the
demand liotii abroad wua an irreat that
in Ihu very act of demoiii'liziii it here
tinivihi.iii wua tnadu liir the eoinaire ol
a dollar that we found neeeHnary fur
our loivii;i! trutle. ll vraa a dnllur ol
Ihu weii'lil ol 420 grains trov, und the
Secretary id' the Treanuiy, in bin recent
reiioii, aa a :
Thi. i.rovi.ion tntila at a liin whaa fu-h
a do'l.r w. wurib Id tb. pjarh.i I0J 12 b to d,
and a. dt.i.ncd lor tba u.t of tradt ia i'biii.,
Bb.ra .ilrar a. ibt only tiaiidard.
Tbu ureal demand for thin coin.
uaeetally in our trade wilb China, in
hhow n by " rviort made by the two
leading I'.reli'll bunks ol Clnnu. ibe
Oriental Bunk and the lloiiu Knnjr
ana Mjuujrhal iiankin tjiirpoi-uiiiiii,
dated reapeelively Julnmrv 31 and 30.
1877, and fiiriiinhed hy the I'nitcil
Mate Cutiatilute at liunir Konr to the
rSccrclary ol (be lrcui.ury. 1 find
lhee resirta quoted hy the Director
I the Mint, and 1 extruel Iroiu Ihem
the tnlloWltitf atHlettlelitri :
Tba I aifrd Statta trada-dollar baa ban writ
aaira.1 la Cbtna, aart i. taaari aair.-ai.dli,
Iboaa paru ol lha eoanlra when lha tnia ralu
of tba afe la kaowa. It 1. a Iraal taodor at ilia
port, of r..rb' aad t'aetoa, 111 Cbina. and alro
at Halcoa and r'i0)fa.ora t and, althoujcli no
Itaall eurrrat In thi. aola-. it I. anaiU'l
ooabr at'iar bt tb" Oluntw, and in t'.a iai iar H
ia aridoai ta ba , ar. haad. lo proo' of .bt trioia
l.,a la whlah Ibt Irada dallar la b.t in iba a.uib
bin., wa B,ad '..,lv atata ihtl tna "ata oi tbt
dlrai-l ai.baaaa ba.ia.'.. bttwaan (..i,g K -na
aad Han Pranel.eo, wbiab I. vara aoMlilrralilo. I.
doaa ta lai. a..tn, lha a.llra. prat.rrlna it to Iba
Mrliaaa dollar La a artier. IrouiHaB Kraiifllatt"
rport tkai aa artal a d- la. ad torira.lt dollar. lr
hipaitat lo t bira that tbt Caltioraia Mint i.
oaeaaal la Ibt ta.k af laraiaa oar lha run la.t
aauuitb to tali.lj fquiraiurBia a a a p),
opiaioa la tbal ulliiualait It Bill ba earraui al
var tbiaa ll ia tba bail aoia tbai tvar ba. btta
laHortad, aail, ln.t.,f pr-Niuoad a' lha loa.itain
btad ol .tl.ar, taa ba tai l d.,wa mra abt tpl.
tbau ant titnar dolUr. a a a t'kioa ra
quiraa u.an5 aillliona of dollar, annuallr, ao.1
abila ttiarl.an Mtaie.a dollar Bill l.a ini.oittd
.or tha norlb ,ot L'iiii.B, iba ir.dt.d..llar ill ha
iar,.on.d lar tha aouth. I oaol r,.ai(hl. rtiim.ta
that Ibt rtan PraneitiM, altaiutr. Bill nnna trooj
loor to .11 la-. o irada dolla. (Iroia four lo i
buad, d lb aa.idira.b lorti.i.bilj trip al iha
Jtarr and.
The Secretary of the Treuniiry alao
iniorina ua tnal ninee the trude tlnllar
wua authorized it ban been coined to
ibclare amount nl 130,710.00(1, maiiil
to meet thin and other loreiirtt demanda
for ailrer money. It ia truu, however,
that be further niuua that the export
Ueinand tor the trade dollar baa now
almost if not quite ceased. It ia not
Htruiiire that this should he no, when
ibis Uuverumeiit has done all in ua
mwer to dishonor it at home ; first
liiiiilinir it as a lcial tender to the in
suiiitii aul sunt ol t5, and husiciiiiij(
msjti atlurward to sirii it ol even this
small bailee of reHrecluhility . Distant
renplc, naturally auspicious ot our in
solutions, would necesHunly reject a
eoinoit m hicb wenurselves have plucvd
such a stigma ot tlisrace, however
ureal, as we have seen, may be their
demand lor silver money, lu fact, im
nitilW, no cunning tluvicu has been
siared tn lri lij the silver dnllur into
contempt and to drive it out of exist
ence, although the American people
and the people ol ull lands and ol every
liirtn of civihiuiioii plead lor its icinru
tiou lo fuvnr and to an ample circtilu
tion. If there are some, however, who si ill
think that these assaults on silver were
inspired h) any other motive than the
tear of list much money, allow me to
recall an incident in Ktiaucial history
full of teaching tin Una point. When
thu mvclalinn of irnld tnok place in
Calilinnia, and mi the other side of the
win Id in Aurtruba ahi.tit the same time,
an impulse was irivi-n lo the plotless
of mankind greater than has been pm
(juced hy any other olio event since
Columbus discovered America, ll
quickened every eneruy of labor,
aroused all the (rnal industries every
where into new and startling activity,
revived the drtsipin sails of couitueree
in every sea anil sent tba loaded eara
vans ol railroad transportation fltinir
in every direction over the fuca ol tho
earth. The wb.ilc world n juiced with
one clceplioii. The creditor class in
every chine beneath the aim Itsiketl
on in sullen distrust and dread. And in
1866, when the production of Hold bad
reached its highest point, and when it
waa supposed I list it would cnn'.lniiu lo
increase, this f lans broke forth in the
different countries nl Euniie In lavor
of dcnmncliiinii (old, because the sup.
ply was making money Iiki plenlilul.
lie (juincey, Chevulicr, and other
writers, made earnest and eluhurute
arguments In show lliut the iucreuse
in the flow of gold wua so greut that
soon it would be wilhin the easy reuch
ut all classes, and then ita Mivrer to
purclis" labor and properly In large
quantities lor very small sums would
he lorever gone, liertnany, and Aus
tria, and some other European (roveni
nienls, heeded these arguments, and in
D&7 actually Jemnneliied gold ill
order tn maintain thesrarcity ol money
The reason why this question did not
seriously agitata the financial circles ol
lbs United Hiatus la to be found in the
fact that at that time we had nn great
creditor class in this oountrjr ; wa had
no stupendous Manorial debt bald as an
investment for fixed incomes ; so such
Huts, manWpal, and corporation debts
as bar sines t Ustl all the stock markets
with ititert'Sl-bcuring bonds, and which
are now a draining tax on all theluhor
und production of I he country. Ilud
our situation been then us it is now we
would have sueit the holders of fiov
eminent securities and all oilier bonus
wherein Ihu ptiyiiictil ol money Iroiu
the miifiy to thu tew wus iiiiminuted.
us badly ufl'iighted in this country ul
whiil WHscullnl an overproduction of
gold as the holin-rstil siiiiilursecurtlies
und bonds were in Europe. The luws
which govern Ihu human hnurt ill its
love of gain are ibu same everywhere.
Tin creditor clu-s is nut so much con
cerned wbut coiir or other muieriul
sbull eonsiitulo money as it is thul
there Hlmll be no redundancy- utter its
deinunds nro paid.
Tho Ivporl of I lie Mnheiury Com
tnissioiisii limit led lot bis hm! in Mun-h
hist hy the distiue;ui,.hfd Seliuter from
Nevada Mr. Junes i-onimetits on this
tuci as loilows :
to .11 Ihr Ki,np an rll.eo.rli.a, afttr 1816 and
prior io it,.' tttra.., ,l in .naiii.ii a of rlivar and
n. snDiruurni',... Iht .,.liit In. do Ba. B'it that
tilb.r iim'Ihi had rl,.ira,.iai,l ra'alivtl, to tha
o'hrr, hot ibrt I'T ra,ai,ii ot txir.or.in.r,r .up
pli,.. ot ao'd lr,-in I a'lt.irnia .ii't Ao.tra la. .up
i.i.mi.nitl, ahi.ur I sf,4. h, n.'tr auiii.lioa ..f ailrar
from N....ta, '.oih mala, had daprroiattd rata-
nvil, 10 li or and rooim .liiiR., and tnal tb.a
havii.K Hxt l liii'oint. wcra htin nijurtd by a ru
in prit,.. So Inna- ..ibt d'.uiilt Rt.iMlard a.i.it'l,
a i.tw rup.l ot .tihtriu.t.l Ba. only aa addi
tion lo mii.i nl .IT' tlrd ibn talua ot tho aanrrwl
m.u i,ruioiia and noi iba rti.ore taiua ot tb.
uirl.l..
Th Ml In gold,'' Bbioh rhavatlar lamtniad
tn Ir.a7, a., it. tall in rtlatlob to propartj. lit
pciniad out bow Ibt dnulilt aian.lard bad pra
vanltd anjr ohatiira rotn incurring in it. ralaiion
'o allirr an l bi.w it Woolil ouiitiouo lo do .0 an
II iha iii.tr ot douhla-.t.n lar.l aountrit. a.a
txb.,uta,l. In ordi-r, lbr.-f,ra, in proitot tba
lnt.rt.lt ol Iba li mt t'B..ar ll wta cUnaol lo
b, htft-..nrt 10 dtlnnnailit ,.naol tnawatal., and
aolu bring lha tonal whiob tbtn proantud tba
Bloat al.ovd.ot yild n.a a-'ltct. d lor lb. purpow.
It wa. tha il'p'trinliin ia iba v.lua ol tbt
pr.lou. uirl.l. anil ,'f uioaty, .uppoatd lo bava
alitail. rr.ultt.1 trout tha u w .oppllaa of gold,
wlii.b uiadr bno tbt 0.ii.'pi.-i,.na .d.oeata oi Ibt
dootai.d Ih.l out ol iha tut al. thoulil ba ,taaioi,a
tii.il ib ordir to "tadn t. tba .ituatioe."
ll uppeuis. iberehire, I but gold, even
gold, thu vcty gotl ot a tierce Itlolatry
lu our tntdst ul this tune, has commu
ted the moitul ain ol influi ton, ami baa
been cursed und ostiacist-d on that uc
cuiuil hy tliu iisiiiurs und money
chungers us well us lis more tnnilesl
eompuiiions, silver und pujr. And il
now both the precious metuls Uncut
etied lo iucreuse beyriiiti the wishes und
interests of this class lliey would bu
euiiiustly intpiiriiig and scheming into
some pluii b) which lliey could domoue
litu gold uud silver ulike, and Hubstiuitu
diuiiioiids or some oilier seurcer und
nioiti (lillli-ult cominodily toohtuin
the busts ol spi cie pn menls and the
nniney in uli ch ull duhts due to them
should lie paid.
ah.ru remains, however, one oilier
argument in connection with the
ullegeti ovcrpiodiiciiiiii ami ihHution nl
silver w hich r. quir. suttentiou. In the
nuiiie i f gissl lull ti it bus been urged
here lu this nodi uliil elsewheru Ihul,
ullliouuli silver Is siiucilied us pluinly
as gold in all i ii r tinuticiul Icgisluiion,
yul il was produced in such meagre
tpiuiililiea ul Ihu lime our xsulionul
debt was creulud that the pun hasers
ol our Ininiis could lint have reasonably
supposed they were ever lo receive it
in pit) mi ni ol tlie sume, m.twitliMund
ing the luw expressly suid Ihei should.
lu other words, il Is an argument to
releuse the iioudlioliler Iroui the abso
lute, definitely written words of the
luw on the ground thul he could mil
loreseutbut Ibetiovernmeiil wiuilil ever
buve silver cuoiigb to tullill the luw.
This is the highest, boldest nolo id re
pitdiutilin ever beard in this country ;
an open udmissisu of Ihu law and nn
open, stpiure detnund tor 1 1 b viohitiou.
No lucls or siirioiiiiiling ciniiiii
sluiiees ul Ibe lime- the cotitract was
mude cuii tor u niomenl jusiily such u
H.igruiil ul. ro ul ion ol its mutt explicit
terms, hut even il outside Voinliiions.
not expressed in lis luce, could be set
up now to deleiit it. I n-.sc.rl thul the
conililiona ullegeti hy thu iiiIcih iilim of
this urguineiit never exisied ut all I
assert Ihul wbeti the luw lor the pay
ment ol the public debt w us const rued
by the luminis act of March, 180, to
ineilli pu) luunt in gold uud silver both,
the prisjucliiiu of our silver mines lor
thul year was 11 025000, and burl
annually nveruged thul amount since
1804. ll is cotileiided thai the pur
chasers of our bonds overlisiked, when
lliey were firr-t issued, Ihu feeble sup
pi) ol silver. Did uti uiinuul average
production of nearly twelve millions
lor Ibe space of Hve years preceding
I he act ol Alurcii. 180!). bkew ise cnpe
their attention, when lliey wore tram
ni'( I Inn at t in their own interest and
lo suit Ihumsflvot? But ftL'niti, by the
refunding act ol July 14, 1870,aulhoria
nig the issue ot new coin bonds lo be
suhsiiiuiud lor Ibu fivulwctitv bonds.
muking Ibereliy a new conliu' tof thai
dale, it wus agreed (but the bonds
honied hy virtue of that act should be
pay u I ile in silver us well as gold.
During 1 1 1 it I very teur, the yeur of
the conl in, t which is lo be enloii cd in
ull its ileniumls ugitiusi ihu flesh und
bloinl nt luhor. - tint generous silver
mines of ibe United Slules Yielded.
S1UOO0.00II. Was not this sum sufll
clem In put the U'Hliiirs of that enacl-
menl, the lioiiilhoiders lu huropo and
Amerii u, on their guard anainsl muk
ing a solemn stipulation in receive stl
ver money III puy nn nl ol their bonds
unless they inleiided at that lime to tin
so? During I lie years 1871 and 1872
many hundred millions nt bonds w ere
issued under Ibe ai-l of July 17, 1870
und received in cxi-bunue liir flve-lwen
lies. They went ull putublu by ibe
express terma of the law eilhur in silver
or gold, at lite option ot tbel.overn
iiienl ; nnd thu prisluction ol silver,
when lliey were thus voliiiiturily re
.-rived, umoiihled, accordiiig lo our
miiiiiig stulistics. in 171 to 12.1 0 ifl.
000. und in 1872 I" 128 000 000. D is
no doubt true that the product ot these
two hitter tears ex. lied the fear of a
silver in flail. which hussiueedeepeued
into tne ansnrn panic now prevailing,
but how can it with any fairness be
prt icmled that tbu bnmlboldcr is re
leased from receiving silver according
to his agreement on the ground that
wu were, not producing ilmt metal
when thu laws governing the contract
wcru enacted f 'And. it it was not
coined ill amounts as large as il has
been since, yet il was well known that
the law made its coinage free and un
limited, and no one ha a right to com
plain ol the cnlnri ement of a law ot
which he had full knowledge a the
time his rights nnd liuinlith a accrued. I
I hu argument is unsound ill law and
uiisuatuincd hy the fuels, lu lact, the
entire movement dcmnncliging silver
is to he cxpluimil solely and alone on
Ihe principle ol contraction ) and this
brings me, in this connection, to con
sider more fully that destructive prill-
i pie, ami cstruciuliy to examine the
policy and tba effects of the law of
January 14, 1875, lor thu resumption
of specie payments by an i nton ed con
traction of the lion interest bearing
legal tender current y ul the roontry.
Ihe law ol pchruary, 1B7J, taking
away silver money trom the people,
and ike taw of January, 1R75, fixing
tba day, now lem than a year tn ad
vance, wben the grecubick KbaU also
perish, are twin monsters of evil, bom
of the samu parentage and linked to
gether for the destruction of all money
save gold. In their discussion, tberu-
fore, they are entitled lo a joint reccig.
union.
Sir, in the entire cutaloguo ofcritn
against human society not one cuii bu
toiiud so awful in all its consequences,
bulb immediate und remote, as a gov
eminent ooinmits when il dcliherulely
destroys the money ot Us own citiien
Wherever in all tho regions ol time
such measures have been accomplish
I lie horrors ol history Have taken place.
Ao shrinkage in thoumnuulot money
nn contraction of the currency in the
fluids oi tne people was ever eiilurceil
ny luw tn any consideruiilu extent, ex.
cept amidst broken lives, ruined hopes,
despuir, lost honor, and ull the vices
springing from the lowest tlcoths nl
human misery, The worst, liorre.ll.
cuts of war, pesti.ence, and famine all
flow trout thu act ul a government vui-
leuily tearing from the hands of tbu
laboring musses thu moiny they so
much need. Murder, then, robbery,
prostitution, forgery, emb. tisliiineni,
uud Ira ud of every hue and mien curse
lite land Ihul Is deprived nl a lull and
Hiirfioiuhl circulating medium on which
to give employment to Its toiling mull
and women. The aoeiul sluliniics of
mankind will show ihul wherever the
supply of money has been scant and
labor p orly paid, or lull entirely idle,
there the gallows-tree bus borne most
frequently its horrid burden; there
the Juila and the pcniteiiliurtca and all
the haunts of Infamy have been most
crowded, ihu well clothed and well
fetl I'burisue mar ostentatiously thank
Uud that ho ia butter than such as
these, but he is not. When the strong
hand id the government ia engaged in
abolishing money, anil thus interpos
ing between the laboring-man ami the
laboring womun and their last chance
lor bread by honest work, their sins
lor sell-proservation uro less odious to
their merciful Ktithcr ihun the prayers
oi tne usurers who have driven them
lo ruin.
It ia said in highly intelligent quar
ters tbut at this hour there are three
millions ol our own neoplu unemnloy
ed, who have no other dependence for
tiHid and sbeher than the labor f their
hands, and one-half of whom are now
trumping Irom place to place torcrumbs
of charily. Pitiable and dangerous
spectacle! 1 1 never happened before
If, Hits land ot bounteous nature, nor
would it now hut for the fact thai in
these later days a class has arisen in
our midst which is benefited by the
scarcity of monoy, and the consequent
destruction ol all those great industries
which afford employment to labor.
Nor docs this Irightful spectacle appeal
alone to our sympathy with human
misery, deep and indescribable as that
must be. The loss to tho country in
actual wealth arising trom the absolute
iillcnosanf three million persons Is very
great. It has been estimated that at
one dollar wr day as wages it would
amnnnt to enough in two years to li
quidate our public debt. The United
States monetary commission make the
lollowmg valuable observations in their
recent report:
Tha wortt tffttt, bowtrar afioanraliwalla tton.id
trtd, of falling Brtsaa ia not upoB all.ling prop.
art, sor npB dtbtnra, avtl a. II la. hut npna
a'tinn-a. "."B n otprirti ni tmpiosmanl and
ma.lrB. ta rstttrtt, and BD'iB aotiaiv. Bbtah it
dtpri.t. of that ..at aura of waaltb whiob ra.ldaa
poltntlal'v In tba vignron. arra.at tha Idlt work
Biaa. A thrinking toloma of bobsv Iran. fan
tsl.tiaf property ba slirainatint froia It thtt ha
pottanl tit Bitnt of aaloa annfarrad upon It hy tha
.kill, tntrgy. and ear of iha dthlora frnra whom
It I. wraalad. Bol II dot. ant dt.tr.,y aav sal,t.
ing pmptrty, bMI ll riot ahMlutalr annihilate
ail IB vela I pndatabla hy lha labor wbtab Ir
rsiB'lema. ta idlane... Tha artlaiala ia not aa
turaragant naatkat iber are a..w ia iht llaittd
sra't. a.noa.ana prraoa. BlUine lo m ,rk, he, wh .
are idle bte , eta tbty naaaot aht.la tnp.t taenl
Thi. te-l Boterla-etriobea aretv I. iattta.ma
and will onntlnno ta Inerteat e. tnnt ot falling
,.r,rtt ,ni ton.iaa asperate a).ny eapl.l,
'ht fund not of whlab were, art n.i I, Irom l.nor
.. . nooooraga tia in.e.ioaenl la ntbtr form
af prnptrlv.
I.t
!,not. oe-op.ratlag Bhb tba fortta f Natnta.
i. tn et are ni all aealtn, sad 10 rvath tha h h
eat degree of trTeolittntst It meat b- el.a.il.d
ibrongb tba aid f aapitai and .apparusl hv eapl
11 during th proaaaa of prodoellos and ht aia..
ared and paid ia aaot. a.eb anil of whiob ia a
.ignt-qrat. na all 4r lorraa or proptrtt, hear
ing a telne in proportion lo the number of auch
rirent In order Ibet eny aoaatrt Biay seath the
matlmam of atattrial Bro-ntn'v otrt.ln aondi.
tl..B. are ladiratnaabla. All lu labor, aatltttd b
ibt a.s epprattd .bisrt sad pp-laee.
a,a.l "e tBpl.,yH, and ibt frnlla or ln.la-'rr'
"H he Ja.tl. dl.lrlha'td. Tht enndlilan.
..Bit p....lhl wbn tapltal I. ahaolalelt pnttttt'l
ar.inat vinlanta and free frnra ttgi.ia.a.t Itat-.
lativa Interf-reaoo, and whta lha lehorer la pre.
leo'sd In hi enteral right ta dlon of hi, l.bnr
ia euth atanntr a. he at. prefer. Thee are
uitrlr iotpiiMihle when the scntv st.stk I. .brink
log and iht Bin,t f.lne of r-mprrte end aartitte
ia .tttlini'ig ..waotetroraorf. ttsrarwmoatta.
nf a enaatry wi, ba. eowtret wtafsl fr. riM..ra.
trit'e it mil, iMutet'ooa. ear.rprt'.aa an! fadarltf
..a.n. tstnbif..ar., t r ,f. fe,i,Va't'.. if tin
er nwaart '..Arieaiao nao art'tt. or. -.IK.a
it ot tenet, milt a op.rt.ac'ie.B' r' a.iareprra
It. terfatfrf.. wi" Bo,a'a..if,aatf r..Urafioa o.d
ritrrrt mill ar.ne.1
Tht iB.tlnOl of tttf Inltrt.t la lha raaln.arla
of in.lu.tri. I and tommtrtiial aclltltr It it tht
aniin.tlni m lire alike of iha eapltalltt and of
ilia lahortr. Without it. an labor woiM be ptr
formrd. aor wnoM a.pltal have ea oxl.tmoo. If
aiontt eapltel I. with Irawn fnia productive tn-
erprtRaa, it I. Irom tar apptthrnrioa of to., and
Irnm tba .am lntt.net of Ihrln throua-h whiflh it
wa. atqairtd It it ntloral tbel th loonee n.pl
aii.i .una d tiaet from InNtr all h ean In rt
hange for hi. taoa-r. and that tba laborer ahonl.l
tiam all Ihe aviate ha o.n In tithing lor hi.
tah'.r. What i. known a. tht n.nfllot roewtrp
tapital end l.bor ia not to touch a annflltl he.
twten other formt nf capital end latovr aa ll it he-
warn mnarr and l.ber Indeed the collet ha
twttn moaty and o'btr torott of eapilal I. a.
oi.,,Diiv m.rke. and qoltt a. latere at the eon.
feet htw.n mnntr nd lahnt. and la Ih.l
tmnfl.et other final nf aapitai .offer felly e. ma-b
a. leiott. ihe nlv difference b-log thai tbte are
baner .hie to endure lo.e. 0 ha- formt of e.pi
tel mu.t be eoBnantly converted tntn monta
IB or.ltr la p iy Ware. BB.I lo meet oth-r itmn.l.
in,.tdeot to iBiloitriel anlernrilat. When the
lock nf taonr) t. .hrinklng end p-let. art felling,
thi. eoat.r.lea e.a naly at aiada at rate. e.,n
llaoally groaiog mora Baiavraslt, while el the
eiee Ilmt Iba .riHlaea nf tha labor for whole
.gtt tacrlfiot hate bran Blade ar e'fo andrr
go.ag a tbrinkagt of money value. Tnu. lo.
and reariflre are eno iantertd at attrv tarn, and
ht nwoer. t,r nlher eapilal thaw montt .brink
rota Ibt frlnlea of ttcnanae. viih lrew f.eia
prodaotive at.ttrprlae., anl anly eteboafft at
mu,-b of -heir ps,prtv for maaey at will .ul!io lo
mtal tht ntet..ary elptn'lilaret of II, ing, which
are rdu.d l lb Bc.it acoaewleal laeel. at II il
priarlpelaad not isoeuM which it being ena.uujad.
Mile mart l.bor will ba empl y4 aadr Ibtat
elream.teaoea ttaa la luSeieat ta lapport tb
ownora f eapilal aa ibll paratmnBinaa be.i., aad
at a e-aitaueneo tba labor atarktt will heaver
itooaed. ana Ibe e.inipaliliaa Stl w raa laborer!
rill tedeo wagaa I a etartatiea level. Bui
daring Ihit period, wbea praperly It oting laeri.
lead ta m-rt arral atataailiaa, aad labaran are
being rtmiuad ta ldleaet aad de.lilatius, mnBey
falltnt ua Ibe geserel di.aaiar.
When, thereliire. on the 14lh of Jan-
nary, IKiS, this Uovernmetit, having
alri-ady destroyed silver money, deter-
ininesi to destroy wunin tha next lour
years its outstanding legal-tender pa
per currency until lliero should be no
more of it lull than could ha redeem
ed in gold coin alone on tha 1st day
ot January, 1879, it became responsi
hie tor all the appalling consequences
that bava followed. An attempt to
liirve the resumption of specie pay
menls with gold and silver both as our
metallic basis would bo cruel failure at
this time; but the pnirosiiinn lo con
tract, rcduco, and burn our present
amount ol currency until it barroom
aes wilb the meager margin ot gold
which wo can command bus stricken
tht aria or labor with paralysis, dried
up th fountains tit basinets) pruesrily,
and placed bolfow eyed want in fnnre
than a million bitberto b tppy bomes,
Tb demonetiislion of silvsr waa par.
posely accomplished before th nollcv
of specie rcsunitlon waa declared in
order to maku money as scarce as pos-
simo in reaching oy lorced oontrauilnn
the single slumlord of gold. We could
reach the double standard easier than
tbe ainglo one, hut tha purpose of the
money power was the diminution of
money in circulation, and it belter ac
complished that object by first outlaw
ing silver and then socking the specie
basis cotnposod of but one mutul. It
cannot he denied that greut progress
nas nuun made in tins work ol destroy.
ing moneys, und all Values, except the
value of money, which is made greater
hy being made scarcer and harder to
oiuuin.
At the duto of the act of January,
1875, our Volume of currency was al
ready reduced in pronoitioti to ponuli
tion fur hulow Kurtipeun tiHtions. where
lubor rnminaiifla' .siurely eMiMiiet".ni.w
wages. We had nearly one-half less
jirr capita than (iermany, England, or
I'runre. rinunciul distress was even
then upon us. liiisiness .-recks were
ufloul on every bund. M'e had the
warnings of nine prccediiir years dur
ing which the money ol the country
bad been diminished nearly 1100,000.-
000 by contraction, and ikiring w hich
time Ibe liubllilics lor coiimercial lail-
ii res and bankruptcies bill risen from
an average of about 111,000.000 pur
annum lo nearly three bun I red million
A pumu bud just swept over tbe coun
try with sutlleiutit buvou and ruin to
extort the adinission from General
Grant in Ilia message of December,
loi.i. that our volume ul ctrrency waa
loo small for our business, even ut iis
lullestsiages. We bad lessthan 17115,
000,000, not counting Iractiotiul cur
rency, uud yul against the uuupliculioua
of every active business und industry
a slill limber reduction wait dictated,
and boa been effected to thu extent ol
nearly one hundred million. Ill bow-
ever, the law liir the enlorccd rusump-
Uon ni specie payments is lo stand un
repealed nn our statu le-books, then
there still remains a work of destruc
tion to he done in this country far mora
cllcliBive, dangerous und lull of wretch
edness than we have yet witnessed.
I hut law declur.-s Dial
0 aad after tbt lit dot af l.nuarr. A.D. ID70.
tha P, ereiary nf tha Treo.ury aball redeem In eo B
the I ailed Hiatal ttgal-ttader aotei Ibeo owtlaod -
lag OB Ibelr preaeoutpia for redemptioa at tba
.not of Iba eMi.lool Treatorer uf tbe baited
Stale, ia 'ba ally si Mew iort, ia tamiaf sot kai
th.a i
1 ne term coin hero used means only
gold now, and ihe law, in order lo en
able ihe Secretary uf the Treasury lo
carry out tins plan lor retiring tbe
greenback money from circulation, su
honaes bun to Bel, inlerust besring
noiuis to obtain gold and to use such
surplus revenues as ba may have on
II U Mil.
riio Government has undertaken
two things: first, the shrinkage ol tbe
amount of currency, and, second, the
sssession ot gold in such quantity that
Ihe one can be convened into the other.
Tbe smaller, therefore, the quantity ot
gold Ihul can be obluined thu greater
must be tbe reduction ot ptlier money
in order lo rest dollar for dollar on sucb
a narrow metallic basis, ll becomes
mporiBiil in this view to know wbut
has been done under the law of Jatiua-
1875, in accumulating gold oa a
lasts lor specie payments a year hence.
Mailt' efforts have been made lo ascer
tain the exact amount of actual gold
which thia Government now owns,
none of which baa been entirely sue
eessl'ul, tiir the reason thai the sum is
so small, but it ta wrleolly sale to state,
alter deducting tbu amount due as in
lerust on bonds, that thereat not ibis
day filly mill ot gold in the Uuiled
States Treasury and in all the national
haiike besides. Jf resumptiou is to
Uke place on Ihul basis, the gigantic
task of this poor piliunce will he to
stand ifissi lor the redemption ol 1350,
007 308 50 of legal-tender notes, coin,
uioiily culled greenbacks, and 1291,.
874.230 ol nulloiiul-bulik bole circula
lion, making In all the sum of tl41,
881.544.50. Il ia vury plain, even lo
those who believe thai 11 ill gold is
BulHcieul tor ike circulation and re
demption of 13 in paper, that our pre
sent condition of 11 in gold to aboul
tonrtueii in paper tniisl bu radically re
volutionized against tho day fixed for
specie rcsiimpiion. hat probability
is there of any larger increase of gold
in tbe vaulia ol the Treasury t Will
spvsriw rtMinplien taw rvnth-tc mltulll
the present yuar by leveling up the
amount ol the gold in our possession
or hy leveling down the amount of cur
rency in cin iilution ? No one claims
thai loreign bullous will supply our
want oi gold.
On thu contrary, nearly all the pro
duce of our mines goes lo them to pay
inlorealnn publicst-cunties held abroad.
Buteven ll this Government could turn
the entire gold yield nf every Ami r
can mine into the Treasury between
this and the lsl day of January,
1879, the supply would full far short id'
a specie basis tiir one-tenth part ol our
present circulation. Ihmiig tho year
that has just closed, 1877, the gold
coinutfo ot our mints reached only the
sum of 144,078.199. The bulk ol this
sum went ahroud. a portion of it is
hourded by private partios, and a small
traction, perhaps, found its way into
the coffers of the Government An ex
amination of tbe rupart ol the Director
if thu Mint lor 1877 shows that tho
entire coinage of gold in tha United
Slates Irom the establishment of the
Mint in 1793 to the present time
amounts to but 1983.159 C95. This is
ihu slow and comparatively small pro
duction ut gold money in tho long space
ot eighty four years, nearly tho whole
lifetime of the American Republic;
leas than 11.000,000.000 ; leas than
enough tn nay tor one single crop of
agricultural products in the westurn
Siuies ol Ohio, Kentucky, Indiana, Illi
nois, Michigan, Wisconsin, Missouri,
Minnesota. Iowa, Kansas, and Ne
braska; anil less than one-half enough
tn pay the national debt as it exists to
day. Is there nn lesson ol wisdom In
these figures lor tho statesman of those
times? They ar lha experience of
almost a century. Do they encourage
any reasonable being to hell va that
gold enough ran he obtained hy this
Government in tho next twelve months
to redeem ill currency and lo enable
its citiicns lo do business nn a specie
basis? Is there anywhere in America
or in the whole universe a new fount
ain of gold, pouring Inn h increased vol
times, trom which our parched ami
scanty resources may be replenished T
Thu very reverse ia th lact. Old
fountains are drying up ; their streams
are diminishing ; no wiiard'a rod can
smile the earth and indicate where
new supplies will break forth. But the
requirements of the Government Air
gold constitute hut a small portion of
the demand. Tb American people at
this lime ar enormously tn debt ; mora
than any other people beneath tb sun.
Their Slate and munii ijisl debt of all
kinds, and their private debla lo each
other, have been Variously estimate!
at from six to ten thousand million dol
lar. Every dollar ot this vast tndeht
dnM wUl call for guld ooin attr th
1st day of January, 1879. Wbcreare
the people In obtain sufficient gold wilb
which to pay their debts and transact
their business ? The question is one
that may well terrify every man who
owes his neighbor anything, for there
is not now, and never bos been at any
one time, enough gold in circulation aa
money on the lace, of th whole earlh
to meet this demand. If, therefore,
specie payment ar in reality to be re
sumed in Januury, 1879, th Govern
ment has yet to destroy at least two
thirds of its present paper circulation.
ana toe people on this reuucod basis,
and under thu gold standard alone, will
be compelled to meet their debts and
their tuxes which have undergone no
uiiijinuiion.
Sir, here the bad faith of this Gov
ernment toward tbe great mass of its
o..,..,.. ....,m.t..(, To , pe,,,,!,
Icbi the destruction oi ti.vi, i.
the virtual inoicase of their indebted
ness to the extent of the money des
troyed If a man makes a contract to
pay pne hundred dollars on a given
duy, and has just that sum ot money
in his possession at Ibe dale of the con
tract, he is doing business securely. If,
however, titty dollars are taken from
him by force, and he is left tn meet his
contract on one half the amount need
ed, bis bankruptcy necessarily follows.
The American people were supplied
witn one amount ol currency on w hich
to contract debts, both publie and pri
vate, and they are now to have another,
and fur smuller amount, with which to
pay them. They entered into all their
existing obligations with comparative
ly plenty of money in their bauds. By
the laws of this Government now they
are first to be deprived of one half their
money, and then required to pay every
obligation in full. The national dbt
was contracted on the basis of inflation,
and ia to be paid on the narrowest basis
ol the most merciless contraction. A
thousand-dollar bin d for which only
ttiOU in gold was realixud hy tbe Gov
ernment, in its distress, at lha time of
its issue, has now to be taken up and
paid tor with over a thousand dollars
in gold by the tux payers. The farm-,
er who bought land wilb deferred pay
menls ; the mechanic who purchased
a bouse and lot and made a mortgage
tor the balance ot the purchase-money ;
the business man who uses bis credit
as a part of bis capital, have all found
the weight ot their obligations largely
increased by being deprived of the
nieuns of meeting them. They must
be met, however, and property itself,
in the absence of money, changes hands
Irom the debtor to tbe creditor classes
in payment of dubu. It changes hands,
too, at sucb reduced values that the
business man is sold out and closed up,
and homes are awept away, otlen for
the want of a very small sum of money.
Since tbe act demonetizing silver,
supplemented as it has been by tbe act
lor a forced resumption or specie pay
ments, tho property ol the people of
tho United tilatua has shrunk not less
than 35 ht cent, in vuluo. What
could be sold for f 100 five years ago
ean be bought now tor 105 on an aver
age all over the country. This is a
criminal confiscation ot properly
amounting to not less in value than
f 10.000,000.000 wben the estimate is
applied ui every Slate and section alike.
In this vast shrinkage of all values,
arising from the shrinkage of money
in circulation, Is to be found the imme
diate cause nf that genera! bankruptcy
and ruin which now fill the land wilb
ibe sound of fulling business bouses,
commercial failures, broken savings
banks, and tho lamentations of the
jHMir who havu been robbed of their
hard earnigs and of the opportunity to
earnmore Under tbe influence ol this
policy nearly forty thousand business
tuilurus havu taken place in this coun
try since February, 1873, with liabili
ties amounting hi the uggregale tu over
11,000.000.000. The heart sickens in
thinking lor a moment of tb sorrows,
lb broken hearts, the shattered hopes,
tbe suicides which these figures repre
sent. II the policy ot this Government
has been tu inflict the greatest misery
on the greatest number ita success has
been complete. It ia in yam to attrib
ute such wide spread disasters toother
causes. Yi e sometimes hear them as
crihed lo wbol is vaguely styled over
production. 1 would gladly Know
what is meant by this oracular term
Overproduction? What is it that
w overproduce? Is there too much
Imsl. clothing, and other necessities of
hie? Has tho soil yielded too niucb
wheat, corn, hay, cotton, sugar, rice?
I he producer is one wno creates wealth,
and overproduction would therefore
aignily too great an amount ot wealth.
It will ba hard to convince a sane mind
that an overflow of wealth is the cans
of depression and gloom, of financial
calamities and rapidly increasing pov
erty, and of the laborers praying, and
praying in vain, for tho privilege, once
ufliirded to alaves, of working for the
bare means of subsislancei The mis
sion of wealth produced by toil from
the bosom ol tlio carta Is lar different
Irom this. Unless deprived of its na
tural functions by pernicious laws it
brings abundant happiness to a people
and establishes smiling content in their
midst.
But the cause most con monly assign
ed hy tbe authors of our financial poli
cy lor Its baleful effects on the business
and labor of the country ia that the
currency has been and is yet in an in
flated condition, and that real prosper
ity can only be attained hy its reduc
tion to the gold basis. The evils of in
flation have been painted in the dark
est colors nf years past, and on all oc
casions. I am not an innationisl in
any sense thul would disturb the true
interest ot trade and commerce, nor
would il over be uocessary lo discuss
ihe question at all if th contractionist
had only been willing to let th volume
of our currency remain at the point
where tho country prospered most ana
the people were hapiticet. A compari
son between the periods when our pa
per circulation was greatest and the
years of contraction which have follow
ed is crushing to tn advocate ot tbo
latter policy, miring tu wunie lour
years of 1803. 1804. 18U5 and 18C6.
when the volume ol our currency aver
aged over a thousand millions, the
business failures or the entire country
reached only twenty on hundred and
ixly-aeven ; lues in number than oc
curred in any three months ot the year
just closed. Is this an argument against
a lull and irciicrnus circulation nl
money ? During tb period which is
now stigmatised aa one of inflation tb
windows of business bosses were not
darkened, and business men did not go
as mourners about tb streets. Th
laborer did not go home without bread
to bis wile and children, Helpless mill
Ions did not cower and tremble at tb
approach ol winter lor tbo lack ul lood
and abetter. Tbe public peace waa not
broken by riots in resistance to starva
tion wage. Tb marts were not prin
cipally occupied in enforcing rnllrettons,
foreclosing mortgage, ordering sheriff
sales, or ia punishing lb dvttital and
Usoutuaat. lues ar to inings
which did not take placo. Others that
did ar equally striking. Good wages
and good prices stimulated every lu
boring man's muscle, every business
man s orain, ana evory power of ma
chinery into tho highest and most pro-
uucuvu aciiviiy. uope anu encour
agement wor ia every heart, New
(arms were bought and cultivated, new
workshop were opened ; new manu
factories were established : new towns
and cities were founded, and old one
expanded and improved ; now railroads
were built, giving employment to mill
ions and bringing the remotest and
most obscure rcirions into immediate
contact with trade and civilization ;
new mines of iron, coal, and silver were
suuk Into tha earth, whose contents in
return assisted in tho glad work of a
universal, individual, and national pros
parity. Am 1 to lie reminded thai this
-" t . - .o.i.... i (, , ,
far and happiness was a delusion, thut
it was unreal and could not last f Vt hy
was it a delusion ? Were not its com
forts and blessings a reality to the
American people ? Bui why did it not
last ? But one answer ean be given :
Tbe money power determined it should
not last. 1 be garden of Eden before
the fall was not more hulelul in the
eyes ot Sutan than was this picture of
plenty and prosperity to those whose
gains and profits depended on the
scarcity ot money in the hands of the
people and consequent hard times.
i ncy Dcgun int-ir work oi ssnution m
lHbG, and they have made the down-
full complete. They have haunted
these hulls; they have thundered al
these doors ; they bava fortified them
selves in the high places of this Gov
ernment, and, whether by deceitful
persuasion, artful speech, or open men
ace and assault, they have not ccused
to bring blight and ruin to the people.
Tbe very madness of avarice has im
pelled them from blow to blow, from
act to act Tbe picture of general wel-
tare thai I have drawn, indued, did not
last It has been defaced, torn, slump
ed under fool by the repealed acta ot
legislation inspired by remorseless
greed. The people asked fur no such
change. They never sent petitions
hers asking for any ol the enactments
of the lost twelve years. They would
have been glad to be let alone and to
allow tbe natural laws of trade and
business to work out a safe solution
ol every financial problem. Loud com
plaint is now made by thoughtless or
designing persons thai tho question of
our finances is under agitation. Every
act of legislation thus lar bos been die
luted by invested capital, and not one
by the people. Kvery, agitation ot the
question in Congress, until the present,
has been made in the same interest and
to gain additional advantages.
The people thus tar have borne their
wrongs in the forbearing hope that
they would cease, and if now they rise
at lost and see to it that their rights
are better respected, it is because the
lull measure ot their patience is ex
hausted. Wben their prostrate and
suffering condition, however, is forced
on the unwilling recognition of the
money power, we are often met with
the impatient argument that it is not
for the government to make money
for the people. I might content myself
with answering thai it is certainly not
tor tho government to destroy money
for the people. Those who deny the
right ol the government lo regulate
the amount of currency in circulation
overlook tho lact that they bava been
dictating that very policy to be pur
sued for themselves ; only that they
have always caused it tn bo regulated
downward instead ot upward.
, Hut what is the duty of the govern
mei.t in this regard ? Is it true that
tbe people are not dependent on the
policy of their government for money
on which to do business? Is it true,
as often asserted, that in soma way or
other those who are willing to work.
or have something to sell, can always
obtain money regardless ol all finan
cial legislation? No greater fallacy
than this was evur put forward in do
fens of wrong nnd injustice. Money
is tba creature ot government both as
to quality and quantity. It exists
merely hy the assertion of law, and in
no other way. Article 1. section 8. of
the Constitution of the United Stutes
provides that "The Congress shall
have power to coin money,
regulate the value thereof, and ol lor
eign cuin, and fix tho standard ot
weights and measures," and section 10
of ihu some article denies all such
powers to the Slules, thus making
Congress the exclusive creator nt mon
ey tor the American people. Without
th action of Congress not one dollar
can exist in the I tilled Statos. II Ihe
article called money, whether of gold,
silver, or paper, is necessary at all in
the transactions ot life, here alone is
the loutitain from which it emanates
How then, shall this high power be
exercised I Shall only enough lawiui
money be created, in proportion to the
labor and oilier commodities which il
is designed to pay tiir, lo give ten cents
a day to tbe laborer, and tlO tor a
burse ; or shall il bo furnished in sufB
cient amount to afford a just equiva
lent lor labor and liir every other
thing of value? On the answer to this
question has depended tho prosperity
or the adversity of the American peo
ple in all the past; on it their present
deplorable condition can alone ho ex
plained, and their luture tato lon told.
A circulating medium being a rccng
ntzed necessity of civilized nations,
and its existence depending solely on
national authority, that government
which, lor any reason, tails to maku a
supply adequate to the business pros
perity ol its citizens, violates thai fun
damuntal compact of duly which must
prevail in every tree political Com
monwealth. Not only, however, has this govern
ment failed in this great duly, but tbo
manner it has adopted to furnish the
people with their limited and Insuffi
cient supply of currency was conceiv
ed and pertected by the owners of re
tired inactiv capital. Th system of
national banking now in use ia the
most slabornta and complete scheme
lor making tb people pay tribute to
wealth, iu order to obtain a circulating
medium, ever known in tbo financial
history of the world. There is not a
dollar to day in tbe bands of th peo
ple on which Ihcy hav not paid a lax
for Ihe privilege of having it put in
circulation by the Government The
national bank la th middle-roan b
iweeu th government and th people,
and is enormously paid for doing what
th government ought directly to do
ilsi'll, According tu tb report of the
Comptroller of th Currency there
were two thousand and eighty na
tional banks October I, 1877. and they
owned in even number 1336,000,000
of government bond aa the basis nl a
bauknoto circulation of 1291.000 000.
Tb interest psid by the people on
ibe bonds thu used to secure a cur
raney on whiob to transact their basi
news amount lo nut less than lib,
000,009 per annum. This is th tax
paid lor in bank-now circulation.
Tbo bondholder has been made the
banker of tbo country, and he is bank
ing on tbe interest bearing debt of tin
people. For every f 100 of currency
mey pay nun nearly tu interest on
the bonds which secure that hundred.
JJ is advantages, however, only begin
with this bonus of sixteen millions.
Tho report ot tbe Comptroller shows
mat, urionor 1, IM77, the national
banks had loans outstanding to the
amount ot eight hundred and ninety
one millions. No one will pretend
mat tnese loans are made on ataavcr
age interest of less than 10 ucr cent.
This make an interest account ol
eighty-nine millions nor annum, and
this is an under rather than an over
estimate. Ot other bonds, slocks.
debts, real estate, specie, currency.
clearing house exchanges, United States
cenincaies ol deposit, and all other re.
banks, at the above date, amounlmn
lo something over flvo hundred and
fourteen millions, which, al the low
rate of 5 per cent., makes an additional
interest income of twenty-live millions.
Tbo following statement will there
fore correctly represent the fuels:
October 1, IS77 i
National beak.... , t.flsn
Httoare l, 711. 000,111111
latereat ea reaoareei paid by tb
people per aaaum nti.soo.o o
In return for the establishment of
this stupendous money power il simply
acts as an agent in transmitting the
currency ol tbe Lulled States Irom
the Treasury to tbe people. Will any
one pretend that a cheaper and more
equiiuoie mouu oi supplying ine coun
try with a circulating medium cannot
he framed by our lcgilulivo wisdom ?
In lacl can any oi.e lor a moment de
fend aucb a system of monopoly and
oppression? llu who desires its per
manence desires also the perma
nence of the National bonded debt
Tbe two are inseparable. Ono rests
ution tho other. If the national hunks
are a blcsing then our public debt is
a blessing, lor the debt supports the
bunks. Tli is idea is embraced in the
act of January, 1875. Provision is
made in tbo third auction of that art
tor an increased number of ''banking
associations" to be based on an in
creased number of interest buuring
bonds sold liir that purpose. They
are armed too by this auction with
hostile powers against the legal-tender
greenback. W ith the aid ol the See
retary of the Treasury thuy are au
thorized to exterminuto this favorite
money of the people. For every $100
issued slier tbe date of tbe act of Jan
uary, 1875, by the national banks then
in existence or organized afterward
(80 in legal-tender notes are to be
withdrawn Irom circulation und de
stroyed until thatcurrvney is contract
cd to tbo limit of 1300,000,000. Tbo
purpose of this legislation is to make
the banks completely master ot the
financial silualion and to subordinate
all tbe wants and interests of tbe
American people to their will and
pleasure. And in order to facilitate
this purpose tbo greenback dollar has
been denounced with every epithet of
contempt and derision known to tbe
English language. I will not pause
now to defend this great money in its
contest with those who are bent on its
destruction. Its reputation in peace
and in war is known to all. The sol
diers and tbe sailors knew it in tbo
great hour of peril; their widows,
their orphans, and their maimed and
crippled comrade have known it ever
since. Tbe people of every class and
ol every party, engaged in business
and labor, know that in spito of all as
saults, in spit of tbo fact that tbe gov
ernment dishonors it by refusing to
lake it for government dues, and in
spilo of the fuct that there is not gold
enough in the Treasury to redeem il
ut ten cents on the dollar, yet to duy
it ranks bat three per cent, below gold
in the money market that are most
hostile to its existence. All these
things are known and treasured up,
and I do not dwell upon them now.
Sir, thus far I have spoken in point
ing out what I conceive to be tbe vi
cious legislation of this country on the
great and paramount question of its
finances. There are two opposing
ideas on this subject now thoroughly
aroused into vigilance and activity.
On the one hand is the vast money
Miwer in all it various developments
ot bonds, banks, and loaning associa
tions, and on the other are the great
industries, the active business, and the
laboring people. The issue has been
years in making up. but it is now
Joined. Nobody need Ire deceived. All
the wiue-spreud influences ot cupilul
are organized and combined. J I
holders ot public securities in America
ami in r.iimpo work together. J bey
think and act in concert.
Tho national banks of tbo Unilod
Stales have a solid orguinr.ulioii to
protect what they have and to gut as
much nioru as possible. They are ask
ing now to be relieved trom paying
luxe on their circulation and deposits,
in onler that they may enjoy their
enormous profits free from all burdens
lor tho support ot tho government.
Associations of capitalists, enguged in
obtaining mortgages at 12 per cent,
inlerust on western larms, on account
of the scarcity of money io that see-
lion, are not only striving to nmko all
such mortgages payable in gold a year
henco, Hut they are threatening those
in pecuniary distress that they shall
havo no further favors al thu same
rates unless they agree in advance to
my gold in return lor greenback loans.
I'lio power ot money in tho midst of
times liko these is very great, but I
am much deceived in the people if they
have not turned at lust in di-nunce and
bold warning upon ibuir oppressors.
They are not in favor of repudiating a
singlu dollar ol their public or private
debts. They intend to pay everything
they owe, but tbey intend to submit
to no more changes of contracts, vio
lations of obligations, and breaches of
publie faith, in order to increaso their
indebtedness or tn take away their
means to pay it. They demand, too,
that certain specific wrongs shall be
redressed.
First, those for whom 1 speak do
mstid the restoration of the silver dol
lar exactly as it stood before It was
touched by Ibe act of February, 1873
I hey desire that it shall have unlimit
ed coinage, not fearing that it will be
oome loo plenty for their wants; and
that it be made a lull legal-leader, be
lieving that it is aa good now with
which to pay all debts, puhlio and pri
vate, as it wusduring eighty-one years
of American history.
Second, they demand the spiical, un.
conditionally, of tho act of January 14,
11,73, compelling a resumption ol sne
er payments iu January, 1879, buhl,
ing that th question of a return lo a
specio basis liir our currency should be
controlled entirely by the business in
terest ot the country. Tbey do not
believ that tb country should b
f ragged through the depth id ruin.
w retchedness, and degradation in or
itur to reach a gold standard for tb
benefit alone of the income classes
attou shall
judicioua pro.
IraiiHai'tlou
lb Uuiled
Fourth, bhoy dom'and tbai to cur
rency circulated on tba authority of
tliu govel'iiiiiunl ahull bu madu a legal
lender in payment of all dubu puiilio
and private, including all duea to lb
govcriimuiil, wull knowing thai il will
men bu al pur w ith gold, or more like
ly at a premium over it
AudtttUli, ttuty ilemuiid. that, here,
after thu financial xilioy of tho coun
try bu framed permanently in iheir in
leresl; thul they ahull not be discrim
inating against in future legislation a
in the pant, and tbal their prirsperity,
and nut tbe mere growth of Income
to retired cupilulisu, shall bw th pri
mary duty of tbo government
lu my judgment, tbesu demand are
just and moderate. 1 implore Senator
not lo suppose thut they ran be disre
garded with aafuiy. If they are reject
ed now they will be renewed boreuller
with alill greater determination and
perhaps with others added. 1 plead
for the financial credit, of th govern
ment ll rests on th popular will
alone, and that will can no longer bo
defied or menaced with impunity. Th
people are sovereign, and tbey ean
hind and they can loosen. If the mon
ey power is advised with wisdom it
will stop and retrace its steps. It con
fronts a imwer now mightier that itself:
JYTy i""o-ol,hiTljtel!co a?,Tj o'fc:
sion. If, however, it is joined lo its
golden idol ; if its heart i hardened
and its neck stiffened by iu vast pos
sessions ; it tbe burning lusi of avarice
has madu il deaf to the voice of reason
and blind to all human experience, it
will push on in ilscuruer, until il works
ita own destruction; for, sooner or
later, tbe people, irrespective of party
names, will unite in their defence and
establish justice. Thuy have been slow
lo believe that there was a del i berate
purpose lo degradoand impoverish tbo
great pniductng classes, but they are
being rapidly educated now. 1 be con
dition ot the country is a teacher whose
awlul lesson is engraven on all their
ht'urU They have also recently read
ihe proclamation! of the great organ
of the money ower, removing all dis
guise as to the meaning ot our finan
cial legislation and the misery it haa
created. In tho columns of one thoy
buve read that
The Anj-rleao isborrr mutt Bill sp bit mind
benoeiortb not la be au much bttler as than tha
Koropeao laborer. Meo mult ne content to work
tor low wetea a a Ja tbit Bey tba warb
lo.man will oo nearer lo that ttstioB la lite ta
wbiob il bat pleated liod la eall bin
lo the columns of unotber organ of
consoliduted capital they have read
Ihu following revolting sentiments:
Tb-rrrmtlbetatonereiaedy. ItitaBhaag
ol to owntrrbip ot ibt i.,ll, and ih orlioo ol a
otaet of land owuert oa tbe one head and Iba lea-ant-Urm.
rt aa tbe wtber; aoiaeib'ag eimilerta
both eaet. to what baa lng estates! aad bow aa
ItltiB tbteider aouoirl.twf aerop.
And in every form in which tbe
English language can be used the
American people, and especially lha
people uf ibe West, have been notified,
not that their consent will be asked,
but thul ibey will be compelled to sub
mit to tbe Icgisluiion which results in
this British system of baronial landed
estates, a dependent tenantry and pau
per wages lor the workingman. Sir,
1 huve no word ol menace to utter on
this floor, but, in behalf of every la
borer and every owner of tbe soil
whom 1 represent, I warn all such as
value their investments that when
these doctrines of despotism are sought
to be enforced this fair fund will again
be convulsed in agony and the fire of
liberty will blaze forth again, as thoy
did a hundred yrara ngn, in defense of
the natural rigbu of man. May the
wisdom ol our fathers and tbe benign
ity ot our God avert sucb an issue ; but
if it shall come, if infatuation bos seiz
ed our councils, the result will only
add one more InsUnce to the long
catalogue of human crime and folly,
where avarice, like ambition, over
leaps itself and in its unholy attempt
to rob others of their possessions loses
its own. ,
A SEW YEARS DIARY.'
A largo number of young men of
Detroit, Christmas week purchase dia
ries lor 1877, and next week they will
lake up Iheir pencils with a firm da
termination lo keep track of every day
in the year. Every young man should
keep a diary. When be ia old and
gray, his grund-chililren will fish it out
of the rug-bag and find it it more val
uable than silver and gold. There is
no set style of jotting down thonghu
and events, but perhaps it may be well
to give the record of 1877 a taken
from the pocket diary ot an average
young man.
Juntiury 1 Went to see my girl.
Shall Icavo off swearing, drinking,
eucher, smoking, chewing, being out
at night, betting, going to the Lecture,
and shall try to save f 10,000 Ihia year.
Januury i Went lo see my girl.
Lost a box of segurs somewhere.
February 1 Won 125 belling on a
dog tight That's the way to scoop
'em iii. Am trying to get along on
Hi Uj n sugars per duy. Went lo see
my girl and she said 1 shouldn't swear.
April 20 -Went to seo my girl.
Nothing new
July 4 This is the glorious 4th.
September I Went to eoo my girl. '
November 11 Glorious weather.
Went to seo my girl.
December 1 This is tho first of De
cember. December 25 This is Christmas.
December ill This is tbe last day
of the year. I must commence to mor
row to savo money and break off bad
habits. Went to sou my girl last night,
and made bur happy by telling her
that I was g )ing to save $10,000 next
year.
IIattlkhnakks as Rkpormxiu. Tho
Cincinnati Enquirer man is responsible
lor the loiiuwing : i hero was an as
tonishingly wicked Pennsylvania fam
ily Beaver was tho family name-
composed mostly of outlaws, fearing
nciinor una or man. l ncy were all a
terror to the pious, against whom they
had a special spile. One of thom was
bitten by a rattlesnake on day, and
they were all scared and sent for a
minister to pray for him. Tbe minis
ter went and prayed for more rattle
gnakiu, onthegiound that nothing but
rattlesnakes would cvir bring the Bea
ver family to repentance. It ia report
ed that Chandler and some other pro
posed lo go ' behind tho returns" that
determined the lost Presidential elec
tion. Tho Republican party may yet
ho brought to repentance. Wben we
heard tiiis rumor wo just happened to
think of the rattlesnake story.
A young clergyman seems to have
compressed the whole body of his ser
mon on "deceit" in the following t "Ob,
my brethren, the showiest shirt front
may conceal an aching bosom, and tho
stitft-st of all rounder encircle a throat
that has many a bitter pill to swallow,"
A thick headed Squire being worsted
by Sydney Smith in an argument, took
his revenge by exclaiming, "If I bod a
son who waa an idot I would mak
him a parson. "Very likely," replied
Sydeny, "but I see your lather was ol
a different opinion.
A young mother In Dover explain
ing christening to ber five-year old boy,
told him Ibst when lie was christened
be wou hi be on of God s litll bHnbs.'
"And will 1 hav hind leg and go
baa?" agerly asked lb uf.