Indiana State Sentinel, Volume 25, Number 21, Indianapolis, Marion County, 5 January 1876 — Page 2

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THE INDIANA STATE SENTINEL WEDNESDAY JANUABY 5, 1876.

FACTS ON FINANCES.

THE HON. FE AN KLIN LANDERS ON THE ISSUES. OF THE DAY. The Most Paramount of all Public Questions Argued in a Business Like Way. MONEY MATTERS. FULL TlXr OF THE SPKBCH DELIVERED BT THE II). FRVNKLIX LANDERS AT QREENCAsTLE, TUe-sDVV EVKNINO, AND PHOXOORiPHlCAIXY KEPuRIED FOR THE bKNIINfcL. Mb President and Fellow Citizens: I am e-y much gratified at this opportunity of meeting yoa. Yoa are 8ffare that congress has adjoum-d until taioth day of next month. Ti. Is gives the members an opportunity of g lng home and mingling w.th their constituents, aud learning their wishes. We are In tir e condition or servants. It is our province and our duty to carry out the will of those who have placed ns In th positions we occupy. I can assuie you, gentlemen, that I have n otb-r wsh.noother e-dre than tocarryout the 111 cf ' he pwple of this district. 1 presume that I a n at as Utile loss to Know your will as any ot her member oi cougress is to know the will of his constituents. Nu man co dd have ben p ainer than I was when a candidate. 1 kept no views concealed Iroai the people. I don't desire to represent this district unle-s ray views are la haimouy with the views f my con-diluents It - would not be pleasant to represent a people whoe views of pnb lie policy were not In accordance with my own. rngreas has only organized. There has notrtIdkWd doue ia the wav of 1 g'slation. 'Ihe last thiug don before we ltft Washington was to . nnounce the comnittees I am of ihä opinion, gent enien, thai there is a luisappreaeüsioa as to tbe views of members of congress upon the real questions of t bo day. It would seem by looking over the committees, especially the important ones, those which are to süape the flutrclil question, that a majority of the members composl'g tbem are In favor of specie paviuent. If I am not mistaken, there Is a majority of the lower house of congress IN FAVOR OF THE LEGAL TENDER CURRENCY as ? gal i st that of the national banks. (Applause). I think whenever a vote Is taken In thai body you will find that 1 am right. This quest on of the currency did not enter mach into t he organization of the House. By looking over the list of officers el cted you will find Mr. Kerr, or I adiana, as speaker; Mr. Thompson, of On o, ' hirinan of the Democratic Mate Central Committee of that t-tate, sergeaut-at-arms, and Mr. Adams, of Kentucky, clerk of the house ve" srs. Thompson and Adam? are gr enb ics men avowedly -o. Mr. Thompson wan in lui. sympathy with the Ohio democracy in the r l ite c )u test, He was the h-Urman of the central committee that led in that gallant tight for th people. I think that the spe-.kr will und the sentiment of congress Is different lroni the sentiments oi his committees. I, lor one, was not wilting to ignore the financial question in the organization of the Ho.ise. I had been e ectedln this dl-trict upou that question almost aloae, aud, knowing the views of Mr. K rr. notwithstanding he was a distinguis) ed citizen ot Indiana, notwithstanding he was a high toned gentlemau and a man of honor, 1 fe.t it to be my duty, as a representative of this gr at central di tuet, that was so much intent-ted In this question to cast my vte in the c incus agatnst him. I voted for Mr. Randall, of Pennsylvania. Mr Randal! was in lull sympathy with the Pennsylvania plat or ;n which was very similar to our owu. I rtgrettd very much to separate irom my coil'-aU'-a upon this question, and cast ray vote inst so distinulsued and upright a citizen of Indiana, as Mr Kerr. I eou.d not afford toccata vole which might be construed as favoiiuga r tum to njiec e ptyuieuts while tae count. y is burdened with tue present enormout national deor. We were told that Air. Kerr, being an honorable man, would o ora aize the House as to express the views of a majority ol its .mem bei s My notion w-s that if a ma it was honest aud houea-ly wrong as 1 believed Mr. Kerr to be, we, the greenback men, COULD NOT EXPECT MUCH FROM HIM. 'When v-r a man is honestly mistaken, you -will always find him more difficult to change than viia who will adapt himself to the circumstances which surround h'.m. If a man Is wrong from policy, you probably can do something with him, but when he is honestly wrong you wll find him im movable. There has been nothing done i a congress except the ln'rodnctiou of lew bills. Thus far, 1 h ve introduced but a single bill one for the repeal of the resumption law. beers. 1 am g'ad to learn since I came bouie that this has not only met the opprobat tou o myde-xio-cratc niends, but ray m-ublican friends as well. I have not heard, during my stay at home, a smsle express! n but wha: was in favor of me repeal o. the resutupllo a la. Our republican friends suppose that all tae republican pat? In congr-ss would --e th' lm rrtauce ' f th? repeal ot that w, an 1 that cot gPHSs wou d almost be a unit in favor o; its repeal. Hut, since 'esiiait (ir.iut ia his ruestaga e otdiaendstherep al of theleasl tendtr act, and ha aflcoutrtcta made after is?; shall le a abl.- In g iid, our epublicai: fiiends speak out boloiy upon this quMion. and 1 can sy to you, gentlemen, that there is but litte difference in ecitv ot lndiai apol a between tho democratic and repub.icau party upou t he qud ti n of specie resumption. .whenever that qu-stion comes up in congress you will no. find it a party qu R'lon. If 1 am not mistaken, you will find ever lepresotitative from luciana voting in favor of liu repeal of that. law. In appe .ring before yiM this evenlug, I do so more for the purpose of le'rnicg your views than in giving you mi- e. I wanted to met you, aud interchange opinions wi;h you upoo a subject I contidiTOlfcOiiiuculnUresttothe A menean Deo le. W'h n you hf r what I have to fay, If you differ wltti me 1 snail be pJe ixed to bear liom you. THE FINANCIAL QUESTION I regard as paramount io all other questions. I have so regarded It for years, and In v le w of that fact what 1 shall say to-night will be upon that object, almost alone. We have two kinds of paper money In our country, and m Mr. McCulloch said tome years ago, when Le cams to the TJnlieo. States to see the national bankers, they can not both remain and circulate amongM tne p-Mple as money. One or the other must be retired, sa.d he I am for the retirement of the lejjal lender currency, because It is in the way of pec.e pay-in-nt. He then warns the national bankers lie a!d io them "if yoa don't oou get rid of the leal tender cnrrerjcy, there wl 1 be an it resist ibis demsn i for more of !t." Now that Is true. The Ion. er this question is agitated tae more inforxuat.on the peon get upon it -the more determined th-v-wilt be to have their own money. Wh- n their credit is used to sustain al national money, whe. her national baak mouy or legal tender currency, tbey waut tt e profit of it. We are all in favor of banas of Bomi-klud; all bu-.lr.eHS men understand the importance of banks iu th lr tra'iaacti"n.s with eacu other. Wectiinotg9 along without them, .nd banklnglsan honorable occupation, ad the men engaged In it are ceitalniy engaged In an honorable calling. Eutthe question io. what sind of oanks shall we have? t-hall we have banks of Is-no or baukn of deposit and discount alone? Siow this la a gieat question, ai d It Is for you to decide It. In Ink the true policy of the country Is lor the federal gfJV- rnmeat alone o lssae the enr ency, and that our banks s iould be ba-ks of depot-li and öii-counl alone. Bunka are a bu-lnes nt-cea-sity, and without tüeui business can not be car rle . on -uccessfuily. Hut now wheT you Fpeak of a man -who is In favor of bard money it Tvould be antust to say ("bat be was in favor o doing the buslnets ol the country on pecle alone. That is not what he understand, It is not what we understand. 1 wish to do those men Justice, and theu AKOUE THIS QUESTION IN A BCSINE88 WAT. The man that Is In favor of specie Is also In favor of banks based uon specie. lie is in favor of banks, with their bills convertible Into specie. Now, I am going to notice this apeel üasis policy. I take the ground that pecle, as a basis for banking, leads to inflation

and contraction; It is necessarily so. Upon business principles it has always been po, aud always will be. Men go Into banking; yon do so to make money, ihe banker can not make money k iless be loans his bills. Whenever theie is no demand ipon the banker for redemption ; whenever these bil s are not presented for rdpmptton In specie, opin business principles, they will loan everv dollar of their Issues that they have. Thus it will be seen that this leads to inflation, whenever there is a lack of confidence la tbelr ability to redeem i heir no es, as there al way a has been at times, ano always will be; when it Is - kuown tint they have from three to four dollars out for every one in their vaults; whn there is a run made upon a bank for redemption, upon business pnnclp'es, the banker will contract hl currency and draw In his loans. Whenever he takes np a bill he will lay It a.ide till the volume In circulation Is such that lie can handle U with the amouut of gold or Mlver he has on hand with whl h to redeem his Issues. That being the esse, yon have contraction. The tal-rtory of the country will show that about every tea years this policy has broagbt the people financial ruin and wld spread disaster. Now, the g cat point for as to arrive at is to flail out a policy that will keep k stated vo:umeof currency In circulation, and that currency at a fixed vaine. I will not take the extreme view of this cace, a) I migh do here. I will rot argue this question as I might by referring you to ihe slate stock ban is in iDdlsna a few years ago, which were said to have baen on specie basis, and when every business man in the country had to have a bank detector to learn the vatne of bin money. You all remember that system of banking, and recollect when bank notes were quoted all the way from 20 to 10) cents to tbe do lar. Now, In arranging a lluncial policy , I can say to you, gentlemen, that I an not in favor of this spec! basis bank policy. The base is loo narrow. I think tal the necessities of the country during the war have tsugut us a better policy; aud that if we act wisely we will e jabrace it. Now, I want to show you, gentlemen, THE INFLATION AND CONTRACTION THAT HAS EXISTED in this country for many years back. In proof of my position, I say that this inflation and contraction, when the volume of currency is left to banks and banking corporations, whose issues are redeemable in specie, is the natural result of that policy. In 1S11 we ha 1 f J8,X0, CO In c"rcu!atlon. In 1313 that volume had

Increased to J.aOOO. In 1821 the volume of currency bad been reaucea cown to sio.uio.otw. a contraction of iJ,00ti,O'. Weonly know by hi dory, or at least lODly know by it, anything of lbs panic of 18-0. I want yoa to bt-arone thing io mind in this connection, and that is this: i hat tbe inflation of the curr.ncy nver produced a panic, but a panic always fo lows contraction. History teaches us that the country was very prosperous until 12'), but in 182.1 there was a great financial crash and business was deranged Men were made bankrupt everywhere. And I wnt Io say this upon that po nt. It la well understood that about tW per cent of business men fall. Those (allures are brought about by Ibis uns endy volume ot currency. The great oecret of success in business is for a man io be able to bridge over the contractions that we have, and to carry i Is bu .Iness through these close and difficult times, ad set to the print wnere money is more plentiful and business more profitable. The question in times of contraction for a business nit a to consider Is how to save hiRcre lit. aod not bow to make money. Now, in lSf7 tbe volume o( curreucy bad been Increased to tUI.UOO.t ot). Many of you old gentlemen recollect the flush times of 18 JÖ and '37. That continued up until about 'ti 1 was but a small boy. but I well recollect those times. Times wer never better In Indiana. EVERYBODY WAS PROSPEROUS and the product of the couatry were greatly increased. In 18i3 that volume of currency had been decreased or contracted to SS3,OOU,000. Now, gentlemen, many or yon recollect '13. Iremember well, that in 1312 and '43 it was almost Impossible to sell farm products at any price. 1 recollect that corn was then shlppel to New Orleans and sold at 23 cantsa bushel. Now this was tbe result of contraction The business ot the country was deranged, and all meu who were financial y weak, all men who had not a sufficient capital to bridge over such times, were literall v swept out of the way and made bankrupt, in 18)1 the vo urre of currency had been increase 1 -to 9 OUOö.UOO. From 15 to loS the currency had been contracted f i9,'iOt',UX, eaving SI ji.iOO.KiO on y In citcuiation. You reco'lect the roub e that we had in business In lütl and 18 8. You all remember that. I want yoa to bear in mind that your business wasalwa s prosperous when you had d enty of means to cany It on. 1 vrautjou to recol ect that there never was a ptu c unlss it was preceded by severe contraction, in 1 60 the volume of currency had been lucre sed to J27.U 0,00i. Atter the war commenced there was a general suspension of spteie payments, and many banks, faded throughout the country. We now approach the great inflation of the currency from l-Gl to 1 &5. It was Increase! so that there was in circulation including govern me it issues of various kinds, used as money, 12,111.000,000. From littiJ co 173, this volume ol currency was contracted, nntll we only had in circulation S7ö),"i.0.l00 In 73, A CONTRACTION OF tl345,000,000. A great many men have been at a loss to know why it was that we had tbe panic of 73. Will not these figures account for It, gentlemen? When more than one-half of your currency was taien from yoa in that shor space of time, making a contraction unknown in the history of the world, followed by a panic. from the effects of which we have not yet recov ered . The bullion advocates who travel over the country aud arue th.lt question, insist that we had as much money in vtrcuiatlnu in 174 as we had at any time previous, and therefore, that tbe panic was not cause by contraction. Upon tüis point It would be well for me to show you just what we had in circulation that passed as money. We had of Uuiled ötalts notes U tt.O'O.lLU. We had fractional currency to the amount ef S26,U'0,000. We had national bank currency, f otitH'.Oou. We had com pou id interest notes, KIT.t'Ou.i'OJ. We ha lernpora-y loau certificates, Hir7,tKJ0,'OO. We had certificate lndebtediuss, ÜSö.lO ,000. We hail treasury five per cent legal tenders, 14,000,000. We had treasury notes, leal-teuders due and not presented lUnx,0"4. w chad state bank not ."8.00),OU. We had three-year treasury notes known as the 7-.-.0 binds. tbj.i,0 m.tXW. Now. lb is 7-3 1 bond wa a bond that both principal and interest was payable In legal-lender currency, and because of this It had tbe same value as treasury no'.ts. Tbat bond was found in business circles. Everywhere it was used as cur rency. All business men will rec .1 lect tbat that bond passed in Dnsluees transactions as curreucy ciiculaUM. I have received myself many or tbein, and deposited them in biDk. la tbe same way as as other money and used them In all business transaction . Aud yet those bullion aid v oca lea fo jet tbose facts on coming before the peop e. a I Insist thai tbe panic of 137-1 was a great mys e y, inasmuch as there had been no contraci Dif currency from its previr.ua volume. Tbey refer only to the greenback cunency and the national bank currency and In tbat way prove their position, losing sight of the OTHER GOVERNMENT OBLIGATIONS wh'ch were used as currency as previously sta ted. Now, oar ground of complaint Is this. This contraction thit was carried on before the gov ernment took charge of the issuing of money was a business transaction. It was forced uron the banks in order to protect their credit. but when the government tases charge of this money qut o... when it is with it to issue or contract, is it not strange that it should pursue ac urse mat is to oonarupi ine country, solely in tbe interest of the bondholder and the mouey lender? You notice here that tbe republican party bat carried you for years on tbe road of Inflation at railroad speed, and then suddenly reversed the engine and back tne train upon you, ana every man wbo was crippled In business was literally crushed. It Is that of wbish we complain. Upon tbe specie basis policy it was a business of necessity, but in the latter case It was only a measure to enable the many lords of tbe country to take possession of the property ot tbe masses. After this tulcidal a'td ruiuous policy we are now confronted with this resumption, an act, which it carried out, will take from tbe circulation of tbe c untry more toan one-half of lta volume. This act provides. In the first place, mat the frao ional currency shall be redeemed with sil v-r. It so provides for free bauninr, under the national bank taw, and as bank notes are issued, tbe leal tender currency is to be redeemed -nd the volume of legal tenders rt-duo-d (i,i On 000; and, further, in Hi -9. tbe federal Kovemment Is to reoeera, ud demand, in gold, all legal tenders tbat aie presented. Now, if toat was the only provision of tbe law, you wouid say that it was lmpos-lb e to carry it out. Th g .vernment having uo money which she could spare for this redemp ion, you would say that the law would simply be a deal letter. Hut thlilaw provides tbat the aecretary of tue treasury shall eil & per cent bondsn any amount that Is necessary to

carry out its provisions. Now. It Is irgued again

by some men who favor mis resumption act tbat THE GREENBACKS WILL NOT BE RETIRED, that they will remain and circulate among yoa as money an! be equal In value to gold, as soon as it is known that gold can be realized oi them. I say to you ttut this, is a mlsUke. We mast view all those questions in a business llgbt. We must not conclude that men who now go upon wall street. New York, and pay a premium for gold are not business men. Whenever It is possible for them to evadnihls premium which tbey now pay for gold tbey will do it. The way will not re open to them until U70, but after January, I87'j,ihen the importer can gd gold for sieenbacks, but It is to be expected that the national bankers will hedge against that day, the day of redemption . It is reasonable to suppose that the national bankers of this country will lay by greenbacks from time to time, so as to be prepared to redeem their notes IiOng before 1879 you will find no greenbacks in circulation. Tbc rational banker as business men, will lay them by be-eau-e tbey cost tbem nothing, and tbey can redeem, in greenbacks as well as in gold. I want yoa to notice now, that afttr that time, when there Is from 817i.000,inl to fMIOW.OOU of tariff duties to be paid, which can alone be paid In gold, the importer wld b looking after tha' poMcy tbat will sa ebl n money, lie can get hold of national bank notes, which he can present at trie counters of tebanks Issuing tbem and get tbe greenbacks. At the federal tteasury they are bom d to redeem these greenbacks in old. Ho that in a shoit time yoa will find all our legal tenders have passed Into the federal treasury and disappeared from circulation. IT 13 NOT REASONABLE to suppose that they will remain long with you, although they may be par while such a large debt Is due by the importers to the government which can only be paid in gold. It might be argued thst If the importer drew the gold from the federal treasury and raid it out for bis tariff duties, that it won d go straight back to the reasarv. That Is true. But the ledetal g w rnment, owing such a largedebt abroad, is bound to pay it out to fo eigner in tbe way of interest and the gold in a few years will all dlsaopear. Let me say to you,- gentlemen, that it is a delusion to suppose that it it practical or possible lor us to resume t-pecie payment in thli country with the balance of tra le against us Therefore, the policy which will turn the balance of trade in our favor fsthe policy to which we shoa d loo r to extricate us from our d fficultles and give us permanent prosperity. Will this contraction policy encourage the industries of the country? Will It encourage production? Production must be encouraged before prosperity will return to us. Y'ou must sell more than you buv, and turn the balauc ol trade in cur favor betöre ever yoa win have a vo'ume of gold" in this country sufficient to resume specie payment with. Tne policy of the greenback party and the democratic party in this state is one that will encourage industry, incr ase i roduction, and in that way turn the balance of trade in favor of the United States, and make il practicable to resume specie payment. Now, this declaration of n intention to resume reminds ns very muchof an individual that is spending more than he is earning; ALKBADT DEEPLY IN DEBT, unable to meet bis obligations and still ependiog more than be Is earning, declaring that at a future day he will resume the prompt payment o7 his debts. Co yoa not know that it is impassible tor him to meet his legal Obligation J, wben be Is spending more than he Is earning. Just so with the government. The idea of the government resuming specie payment upon bo rowed gold is a delnsioa. But thfre is another phase ol this (joes' ion I want to notice. There is not one dollar of gold in the federal treasury which car be spared to redeem those notes. If redeem d at all the bonds of tbe federal government must be sold to get the money to redeem them with. It would take at hast Sico,000,ooo in gold to retire the fractional currency and tbe legal tender notes; I nx),otO 0U) of your bonds must be sold, bearing five per cent, interest, to retire tbe legal tender of i be country. This interest will amount to 120,oo'V'OO each year, which must be added to your taxes. The proposition Is to make an Interest bearing debt, to re ire a now lute. est bearing debt with an i nie. est bearing one, causing a steady drain upon you year after year of SJC.Ono.oiO. I am at a loss to know why it isthat congressmen desire the retirement of this currency, unless it be to benefit the bultionlst and money lender, as another contraction measures have done. 1 have heard no man Insist upon it. 'i he p eople are pot asking for it . Tue legal tender currency has served us well for years. It carried us through the war of tbe rebellion. It has paid Ihe soldier In the field. It new pays tbe oounty to the so dier's widow, it has served all the purposes of money, and let me say to you that the terrible panic of 1S73 taught us a lesson cpon that subject which ought not to to be forgotten. Thare never was a panic before that but what the paper money of the country went down, but when THE PANIC OF 1873 came no man lost confidence In the people's money. The lega! tender currency appreciated nearer the value of gold at that time than ever before or since. In establishing a financial system, the credit of the government Is EuTcient to keep any money good when it is based upon ii. This basis covers all tbe gold, all tne real estate" and property of ih" country. The reason why the people In 1873 had unbounded confidence in this money was bee use it as based upon tbe credit of Ihe government. Now our spec! payment friends want a gold basis for currency. The l asis t huy desire la oue-third or on--fourth tbe amount in gold vf tbe bank circulation, deposited somewhere, to oe drawn upon in orddr to keep that curreucy good. Do you not see, that if you have the credit of tbe government as the basis of tbe currency that you not only bave a small portion of the void bound lor that currency, but you have every dollarofgold.it ramers not where it l. Ho you not recollect a ew moaths ao a bank in California failed. Kight la that country where the go d Is produced, where gold is most abundant? Loyounot recollect that? Il your banks had been nased upon specie at that time you would have had a panic in this country simll-ir to the one of 1873. Because your currency was based upon t ie credit of tbe government You felt no shock in buslues here, whatever when tbe bank of California wentdown. The specie basis lor bank note circulation is a fraud, always was and always will be, for It pro esses to be somt thing that it is not. How can you know what tbe banker has to redeem with? How can you know theamountof gold aud silver that he has in his safe? Do yoa not know tbat la many cases it is pretended that there Is a sufficient amount there to PROTECT THE CURRENCY when Investigation has proven there was not a dodar? It is because ot tbat tbat tbe democratic party of this country has taken ground against banks of Issue because the people unl versa. ly bave lost la-gdly by them. But theie Is another thing that is true, and tbat Is this: This Issuing tl treasury notes by the federal govern meut is not a new tbin aud was always supported by the democratic parly, and yet no man has ever lost a single dollar bv those notes. It has baen practiced by the govrrumeut since its foundation, and they have always been upon a par with gold or neariy so. They have always beea receivable by the ftderal government lor whatever was due it. until the republican party came into power. Hear the father of tbe democratic party. Thomas Jefferson in his letters to Mr. L'ppls. volumes of his works, says: -Treasury bills, bottomed on taxes, bearing or not bearing Interest, as may be found se:es ary, thrown Into circulation, will take the place of so much gold and silver. Bank paper must be suppressed and the circuit' ion restored to the nation to whom It belongs." It la argued by some men in this country that the best plan to regulate ihe volume of currency is to have a low Interest bearing bond, 1-sued by the federal government, iuto which the legal-tendtr cut rency can be converted at the will of the holder, and the note payable on demand at the federal treasury. 1 cau see no objection to that plan. In this country, where we have large crops to move at certain seasonsof the year, ana where we do not need a large volume of currency at other seasons it is necessary that theie should be some elasticity to the volume of the currency. Ahea the crops are to be moved wedo not want tue continous business of the country to be disturbed lor tnal purpo e, but we desire some way provided whereby the currency can be obtained to move tbe crop, without disturbing business. For instance, when a hog crop is to be moved in this couutry, it TAKES A VAST AMOUNT or mc.ney to do It. Banks general! prepare to accommodate men engaged in that trade. To make that preparation they draw upon the merchant; tbey draw upon the mechanic; his lines are cut down. He is notified that at a certain time tbe discount line which he baa must be reduced to enable the bank to forniiu money to those en

gaged in moving the heavy crops of tbe country. The result is the merchants, manufacturers and mechanics are orten Mi ia great need in order that the banks may accommodate those eneazed in the wh'at and pork trade. We want to see thee crops removed and desire some way provid d to remove tbem without disturbing the rexular bu-tiuess of thecountry. if you bave these bonds, bo-ids into wh cli this mone cou'd be invested and drawn out on de mand, you w uld find tnat wl enevr thetimi came there would be plenty of money with which to bandle the crops of tne couutry. and you would not find this surplus money in the money renters encouraglug wtid sprculation ol various kinds. But that is a pollay our bankers would not favor mucti, because tbe deposits of the country would not be placed in bank, but would be invested in these bonds. But there lsanotl er point that isol great tutetest to the ptople which is overlooked, and tbat is. there would be uo failures. In many portions or the country we have savings bin as in whl h the laboring men of the country put the'r earnings, if there bonds mere of low denominations these earnings c uld be i laced in them, and would be perfectly safe. it would be doue it that policy was adopted by the government. Whenever THE MONEY WAS NOT NEEDED

for business transactions it would be Invested in these bonds, and whenever it was needed it could be drawn out by p esentlng them at the federal treasury or the government da. positorles, I can not think of any policy that would to completely regulate the volume of cu reucy to business wants an this. ow, g-ut'emeu, 1 waut to notice another question. You hear our specie payment friend saIhey want honest money. Very weil; n w we want honest mouoy, too. They want honest money: Y'ou have aot no money, you never did have unless the law made It money. Uol I aud sliver are not monev. Uold and silver are not legal tnde'8 without law. t he constitution ol the United Staus dots no: deiiue what a legal tender Is. Tha Question Infi solely with congress. "Congress Khali have the power to colu mon-y and regulate the valne tru ieof, as well as the value of foreign coins." But not one word is t-aid about what, -hall be a lejial tender. The quest iou Is solely with congiess. How csn ytu exiect to have houe-t money wlih disconest lels ation againsi it? There never was a currency issued against which there has been so much leeismtiou as the greenback currency of this couniry. Tbe act of Lti! provides that tt.e legal tendn s th n issueo snoutu ne converiio e at the will or t lie holder iulo a six percent, gold interest btariug bond, familiarly known as tbe5-as. You will find that contract upon the back of every note issued in IStii How did tbe (government keep faith with tbe bill holder lu that case? üj year a'terw-rd it repealed that lsw. That bond Into which that money wa to be con verted hs been at a prenilu'u in gold lor years. Now. I wish to no-ice ot her acts of legist tion against that mouey, be-cau-e l want you to near in mind that money is made by law, and money, to be valuable, mut be ushsul. xxo man will value money unless he cau use it. and while you have two kinds of U gal tenders or three, ir you please, as you have now a' da disciimlnatlou is made between tbem by law, you will always laved1predated moat y . Do you not see that silver Is not the equal or gold? And why? Because it Is not a legal tender equl with gold. It is no; a legal tender lu amounts over to, and lor tbat reason IT IS NOT OF EQDAL VALUE with gold. Y'our legal tender notes are legal tenders between individuals, but the federal governmect refuses to take them for debts due it, and has provided that this larga debt they owe to others shall be paid in gold. For instance, these 7-3J bonds all were payable In .'egal tender currency, both principal and intere t. Tbe act of 1S68, pawed by the congress nf tbe United states, provided that all interest b aring obligations, all the 5-üO bonds known as currency bonds, should be paid In gold. With such legislation against this money, contracting its use, 1 ask yo l.lsitnot 6 1 range tbat that money to-day is as nearly equal with gold as it is? They say they want to brl k the currency t an equality with gold in value oy contraction- cam racuonwiu never bring these two currencies to the same valne. il a man is owing tariff dues and there is only one dollar of legal-tender curreucv in circulation, and ne nas it, ne is bouni to fcubmit to a shave la order to get that which he can use. This currency cu be brought to bti eqml ot gold Just as wen witn its present vo urue as to reduce it onehalf or three-fourths. Is there a man in all this country who would pay any thing lor gold if be could ose taper for all purposes? Would tbe Importer pay anything to the gold broker of New York it he could taiie legal tender nous and pay his tariff dues. I' you want honest mone .have honest legislation in favor oi that money; and it you want your legal tenders on a par with gold, make them of equal use with g.ld by law. I'll venture to ay, geutlemen, if tbe congress or tbe Unied mates was to ay that the legal lenders of the country should De usea tor an purposes tnat goia is now used for.it would not be six weeks until the gold brokers of New Y'ork could not pay their rent by thtlr business. I would like to know where the customers would come fiom. WHO WOULD BUY THEIR GOLD? We have now such a large Indebtedness pay able in gold, made so by legislation of congress and unwisely made so, tbat 11 might not now be practicable to take all the tariff dues la legal tender cuirency. It might be that lhe3egold brokers would be so enraged that tbey would aim to quarter the government. Mit there is one thiDg we could do with perfect saf-ty. If wa would lake 60 per cent, of the tarinduesin lgaitn.ior currency, and 1 will venture to ay mat mat currency would apire elate to the value of gold the next dsy after the law passeu couress, rue government now col lects a l the tariff dots in told. It does no need the gold, but it needs more legal tender currency man tne ln'erualreveuue it receives. The Internal revenue duty is payable lnleal tender currency. There is not as much received tu that ay as tbe trovernmeut needs. It take its gold and eels it lu New York and ouya ie:-al lender currency, I ask you, gentleman, why ibis po-icy thould be continued, i. en by taklug portion of tbe revenues in legal tender currency the federal treasury is sutplied with a currency and your money appreciates nearer the value of gold Now, then, upon thts proposition we will have a grett deal of support irom the Kasl. There is uo doubt in the world that many of our KasUrn friends will vote with us upon the qustloa. Tbey want tbe paper car r ncy ou a par with gold; and many of them have said to inn tbat tbey would vote to take a large portion of the revenues in legal tender currency, believing, as 1 do, that tnat actalone would increase the value oftheleal t-nder notes. We ought, gentlemen, to be able to learn something irom tbe examples of other nations. This aame policy thai is being pursued by our government under the direction of the republican party was adopted in Eogland some y eats ago. England suspended specie payment from 1797 until 18Ü, luring ber war with Napoleon, and during that time fhe never had a panic. In England the business of the country was conducted without a jar. Kng and increase! in prosperity and weaitrt duriux tbat time more than she ever hsd, although she bad profound peacs before that. Napoleon said at onetime that he was conquered by tbe spindles of Kng land. After the war there was a party tner - that became clamorous for specie payments just as tbe bondboldeis aud mouey lenders are now doing In this country. An act-passed parliHinent very lmi;ar to this act which paased tbe congress of tbe United state1, providing tint specie payments should bs commenced by tbe government of England in four years. The result was tbat the banks, to protect themselves, were COMPELLED TO CONTRACT THE VOLUME of their curreucy. Bankruptcy and ruin was the r suit throughout England. The landlords of England took advantage of the distress of tbe p;op e, and Instead of 100,000 landlords In Eagiand they were reduced to less than CO.COO. Men ' in debt had to sacri fice their proptrty, and to sell it for little or nothing, and England has bad her peasantry ever siue. Are we to follow in the same path? Will not the same policy produce the same result nerer upon tue contrary, g-n-tiemen. France. when she had engaged in war with Prussia some vears auo abandoned specie payment, ano by law iiiROe the notes of the tank of France leeal tenders for all debts. ptivate and public, and the result was that tbe industries if trance were fo sura a lated that- when the wr with frussia closed, France was an exporting nation and not an Ira poring one Kveiy nation she traded with was la debt to ber, they brought po a to her because she to. d more than sh b uuln . Tbat Is the true policy of a government, and Itought to be the policy of our nation to fco manage cur. afialrs that other governments would owe us so that the balance would be comtnar to us and nor from us to them, 'ihe war was disastrous to Franc?. She not only bad her own army to pay, but she was compelled to pay tbe expenses of the Prussian army. Hbe was compelled to pay Prussia l.UuO.OOO.lk 0, which aha agreed tJ pay In two years.

ThePrnsslansbadnofalthinhorahllitv to nav.

and quartered her array npon ber territory as a guarantee for tbe payment of the deot and, to ineir utter astonishment, the deht was paid by the i-rench, and to-day tbe Fr nch are more prospeious than the Pru-sians, although Frar ca paid the expenses Ot both armies. Now.arewe g dntrto follow the example of England, or would .1 not be wise for us to FOLLOW THE EXXMPLE OF FRANCE? Let me say to you, gentUmen, that the t;ue policy of this country, in my opinion, is that whenever we have a legal tetder at all, it shortld be a full legal tender, and then there would bs no difference ia tbe value of money. Applause. This is a very good time, gentle men, to settle this question in the interest of the people. Suijh tbe mes"age of ien Grant was delivered to t e conress or the Uni ei S'ates there is a very different fueling amongst many national bankets to what there WrtS riore. ma president o tne United States recommends ihal con ress should have a boud issued to take up tbe legal tenoer currency, iea i k lue wnoieoi tne uurcenor resump lon upon the natlouil bti ks. Tbe national bnks aie unwilling to bear this entire burden of r sumption, and the r currency is belüg laplcly retlredjrom circulation. There is nothing to be aat ned to the people by the repeal ol the nuonai nana: law. as ist ted in the outset, the binks are a business necessity. Th banks are a ready organized, and their charters are worth some ning to them, aud there is no need ot disturbing heir organizstiou. I an tnlly of the opinion that it me congress of the United States would ito to work In the Interest of the people and show tnat they meant "b tsl ness," the national bnks would readilv go lorwad and agree to an arrangement lair um -quiwinieio luem ooiu. ue would piss alaw lor the retirement ot the national bank currency, lor the is ul a of greenbacks to beaeiivered over to the national banks as they retired the rcurreu-'y, with a provision that the interest upou me bonds the national bauktrs had deposited in the letleral tieasury, the Interest should Hod as the It caiteuders are isUti to tiiem.eve y tnlng wouid be gained to the people that cju d possibly be GAINED BY THE RKPKAL OF THE LAW Jt The bu ii-ess of the country would move on without a Jar. The national bankeis would be satisfied with this arrangement hive had conversations with many national bankers some representing the largest banks in tbe country, In Wasblng'on and ath nie.ln which they have told me they would oepeiiecuy wining ior congress to pas-alw ior tue retirement, oi tuts curreucy, ir they wouM 18-ue treasury notes and atve them an eq'tMl amount to that which was lettred. Home would Iii e to nave the legsl tender rroDer'ie of the cum ncy omitted, but we could noi affo d to uo tnat. vv esre resolved and determined mat when we nave au thing which passes as money usuan oe on a par witn mi kinds of mouey; ' hat can only bi d jne by makin :ita iea ten der; tbat prevents the speculator from tak ng advantage of ihe laboring men of the countrx , I r tnexe tosses always lau on the laborers, who ate not posted on tbe value of depreciated mouey. But yousav that is quite a concession. There Is a nat ional bau Her who sits near me in congress, be was el. cttd in a district largely republican upon the greenback piattonn in Pennsylvania. He has a bill t ow p epared for the retirement of the national bmk cuirency aud the is?ult gof tre nbacHs instead. He8ys bets perlectlv satisfied witi the arrangement and many bankers thr oughout tbl country would be sa.lsfied with itaifO. i tell ou, genu men, our national bank fri tds will find their business disturbed as much as m-ny business men will fiud theirs uuder thlsresumpMou policy. Tney will discover when the greenbacks are retired and they nave nothing but gold to redeem with, that they will be nnable to keep one half of tbe volume of their currency, that they will have to keep that currency locaed up to prevent it from being brought back upon them lor redemption, 'i hey under.-tand tbat lull well, gentlemeu, aud becau-e of that and the message of Uei eral Grant they wou d be willing io kettle theouesllou with us i o without a Jar to tbe business or the couutry. App ause i hope that during the present sotslou or congress some arrange ment of that klud can be made, for i say I AM NOT OPPOSED TO BANKS. I am in favor of them. No business of the coun try can be done without banks, but 1 want no bank of issue at all. Applause. I want ail the currency of tbe country issued by the federal overnment. Renewed applause If all your credit is to go to sustain the currency, I ask you, are you not entitled to the profit arising trot ii it? Do you not know that every acr- of your land and every dollar o1 your property Is pledged tt thetedetnption of the national bank cur. ency.just as much as it is for the U gal teurer currency ? Now. gentlemen, is it rot unfair tbat your property snou.d be pledged tor the redemption of national bnk currency when you get nothing that arUes In the way of profit? You are bound lor the losses. Tbe bill holder bas to ba paid, if he is not paid in any other way he hssio be paid out of theiede.al treasury. Is it not unfair that your properly should be thus pledged to sustain aud support the business of a lew men tud when dividend dy comes you are not known? Only the few stockholders g t tbe div.dend. Whl'e tbe government credit is pledged for tbe redemption ot money, the government o igut to Issue the money. Some oi ouMnends a'gue that it would hurt thecredst of the government to issue UiOney. I want to notice iht arguu.ent one moment. Hurt tbe credit of the govern a-ent to issue a currency atd ia1 e op the la teres t bearing obligations? is it going to help tne creoit of your government to s.rlke od S-HiO.iuv'Wof bonds bearing five per cent, interest, to take up this non-interest bearicg debt? Will that help you? Will it help the creditof th govern men : to p y I2o.ouo.00 each year more thin it now ha to ray? I don't understand such business propositions. 1 don t undeisUnd that it help tue credit of an individual for his obligations to be increased. But Hi. se wise g-iitlemen upon finances understand It would ne!p ihe credit of the government to increas' its obligations. That is th ir argument. GentUmen, you may compare the policy tbat is beine adv cat d now with out policy, and you will rind tbat po icy we are contend I eg for will tavelbe government at least Ji . o..'k;u per year more than half the entire expense? rt the government previous to the rule of the republican party. The retirement ot the nat.onal bank curreucy will SAVE AT LEAST $-0 000,000. This party that passed the resumption act proposes to Increase your obligations f JO ,000,0(0. Is not there 140,000,000 a year? And they argue tbat their policy is in the interest of tbe country because it goe to- sustain the credit of the government. I dou'i nuderstaud such propositlions. I don't understand that It benefits tbe credit of a government to pay out H1,ooo,mio per yar, jou might say for notbirjg Applause Gentlemen, 1 ata very much gratified to know that the people are taking bolU of this question. You wl 1 aotlce one thing tbat whenever you are in conversation with one of those gentlemen, who take the opposite side of the question, he Is very ready to say to you tbat he knows nothing about the question; I hat he don't anders and it. lie tries to raae out that it is no use for the common p ople to look inte i. at all ; that it is beyond their comprehension. Now, gentlemen, let me Bay to yoa that if jou go lorward iritbeinvfstlgatlonofthis quctlun you wlil find yourselves able to apprehend all intricate points connected with it. In traveling over the country I meet many farmers well posted on this question. They understand it, and I am satisfied that 11 this investigation goes on Mr. McCulloch is r ght in saying that there will be au Irresistible d maud fir legal tender currency. Applause.l If this policy of contraction Is pursued, gentlemen.it will end in bankrupting the masses of the people. You in this court ry whotiave mortgages uon your larms for one-half will never leaiize an amount on them surtioient to pay off tbe rnortaagea. Thecity in which Illve lsa fast growing city. Tbe people are not sati-fled with tbeusoi their own means aud have borrowed largely from tne East and invested in Improvements uron their ground, and I will venture to say that a large portion of tha city of Indianapo is will belong to Kastern capitalists if this policy is earrled out. Now, then, to say tbat thes wen who are deep In debt are Imprudent and de-ervingof no couhideratlon is false. They are the ambitious men of the countrv. They sometimes overreach themselves, but are we goiug to inn this car back over tbem and c"1?1 vrrnnivlia hu reached out trO far in busi ness? I hope not. 1 Ray to you, gentleman, that during my course incengrsl will av rt twn Willi tue d hki, nu b oh " "-- I AnniAii.fi.i l have ta ked Ionizer tuan l expecteu io. I hal no ureuared speech. 1 a anted to hear from you. I eapectei to learufrom you o rti tint. in lR U'h OU. 1 am y. ur employe, and it is not customary for a i erfon,wbo Is employed to Fay to the employer what he is going to do. A voict "We would ilke to know what you piopose to do by way of cutiing down expense 7 j Mr. Lauder On this polut let me Bay this: I think yoa can rest asurel th it the expenses oi THE GOVERNMENT WILL BE REDUCED H0C0U.C0O or 150,100,100 per year. I think there is no doubt about that. Tbe expenses of the govern m nt are now $175,r00,t4. C-rtalnly this government ought to be run

upon much less money than that. Why the etapioyts at Washington are an army of themselves In every department of the government there is an army of persons a horn you are supporting Our standing army now numbers to.OlO men. Tie number of Indians to be guarded and watched is much less now than it was before the wr, and then your standing army numbered on y about li.ooOmen. I think yoa may expect tbat your i . revenues will be coll-cted much better than heretofore. Apolaus. J I b-ve no doubt but tbat during tbls session of corgress there will be investigation, which will show that the revenues of the couutry are not colle ted as they should be. You are de'rauded in the way of internal revenue tax. An honest n ai ran not do business In this country in the manner in which business bas been conducted. A man engaged in distilling, for instance, can not get along (if ha does an houet busine) agaiust a man wno is an Illicit disiil'er. 1 hope these abuses will ba corn cted, and I am satisfied that much will be done In that direction. I think you can safely count on your expenses being reduced It'uw.O-o or 1,000000 per year without impairing tbe efficiency of tbe service in tbe least. IN CONCLUSION MR. LANDERS SAID i Gentlemen, I bave talked much longer than I had expected to. II my views do not accord with yours. I would be much pleased to her from you. Ii I cet no other luslru tiont, what I have said to you will fee carefully cai ried out. I expect to redeem every pledge 1 bave made to the ieople of tbis district. This resumption law has been passed tlncel wss elected, but my declarations upon this subject cf fpecie payments were well known and we 1 understood, aod I have no doubt but that you fully expected I would be opposed to that law aud Inlavorofits repeil.

mauayoa gentlemen. At the conclusion of Mr. Landers' remarks the Hon. Willis G. Ntff moved that the sp -alter be tendered a vote oi thanks for bis ab.e speech, and that they Die ge htm their hearty support. The motion was carried unanimously, after wh.ch the meeting adjourned. BATHED IN BOOD, OR THE BUTCHER'S STORY. A REPUTED NEW CURE FOR PARALYSIS HOW A SYLPH-LIKE SAN FRISCAN TRIED THE RECIPE. The Virginia City Enterprise evolves this About a year ago a curious thing happened here," yetrday remarked a robust and rosy-cheeked butcher, whom we had been complimenting on his fresh and healthy ap pearance. "I know," continued our butcher acquaintance, "that, as a rale, men engaged in my business ecjoy good health, and have a fresh, rcsy look; but whether dabbling in blood and breathing and absorbing the fumes and vapors arUing Irom fresh meats has anything to do with tbis, as you appear to believe, I can Dot Bay; neither have I ever seen any blood drinking, either by butchers or others. But, as I have said, a very curious circumstance occurred here about a year ago. I generally work in the market so I mu-.t get my red cheeks through what I absorb from- tbe meats I I aodle but about a year ago one of our butchers took tick, and I filled his place in the slaughter-house for about s'x weeks. I bad not been in tbe a'augbter-bousa long until one afternoon about. 2 o'clock our time to begin killing a carriage drove up. Two laiies al ghted; one known to me as tbe wife of the superintendent of one of our leadlrg Comstock mines, and the other a young lady from San Francisco, as I afterward learned. I saw, almost as soon as tbe ladies arrived, that tbe younger one HAD NO USE OF HER RIGHT ARM. It was eo completely paralyzed tbat she was obliged to move it about with her left hand. I observed that when she wanted to put her dead hand intoler muff ehe was obliged to reacn through with her left, get hold of tbe hand and then draw it to where she wanted it, jast as though it bad been a fekdin of yam. Well, it appears there had been some understanding about the young lady coming there, but what the did not a little surprised some cf us tbe fits: day she came. Tbe ladies stood looking on while we hauled up a bullock and knocked him on the hf ad. No sooner had tha knife been withdrawn from tbe animal's throat than tte young lady suddenly threw off tbe large mantle thai she wore, a id, rushiDg forward, tat down upon tbe floor just at tne bullock's Df ck, where a torrent of blood was rustling. She ben bared her right arm and thrust it to the shoulder into the gaping and blood-spouting throat of the animal, holding it there ut.til tbe blood bad ceased to flow. We were then killing about thirty animals every afternoon, and every day regularly the girl came and tbrust ber dead arm into the bleeding throat ot one or more of tbem. Tbat girl bad great courage, and was not one ol yotir over-nice kind, lean tell you. Shi Lai a coarse dress of soma aeavy wooled stuff that she wore for tbe par pose, and when tbe bullock fell, and the knite bad jone its work, she at once ran up and SEATED HERSELF ON THE FLOOR, as regard lei s of tbe blood as if it had been .so much water. There she would bang across the re.-k of tbe beast until it ce&ssd to bleed. She was so brave that we were all g'ad when she got well. I remember how happy she was when the came one day and showed us that she could begin to open and close ber fingers. From that time lorward she improved raoidly. Soon the could move her arm, and finally could KraeP acd lilt things with her hand. I think ftbe tame lor about three weeks before she was cured. The last day she came ehe was quite Drigbt and merry ni.'re so than I had ever eeu her. After putting on her mantle she thanked us all for our kindness to her and shook hand3 with 09, giving us the cured band, wbicb, as she laughingly said, we had "aome right to." . We all felt a great interest In ter, but never saw her again. I never learned her name. All I know is tbat she came lere from San lrar.cisco. I suppose I might bave found out who she was by asking Mr. , but I didn't know but I night be considered impertinent, a aoni know whether tbe care proved permanent. A ter tbe young lady weal away wa thought we should see many persons there to try the blood bath, but none bave ever come. That girl was the only one, and I never saw anything like it before or since. On the estate of Wodarg, In the neighbor hood of TreptoD, In Hungary, a young stork fell from his nest last spring and Broke his leg. The game keeper bound up the broken limb and fed the stork with great care, until tbe bone grew again and the bird was cured. Meantime the stork had become so tame that he always came tor his dinner to the kltcben of the chateau. The practice he kept op even after be was able to fly to tbe meaoows. Atter tbe rye harvest his parents ' and brethren took their depirture for other climes, but be preferred to remain. One day, during a severe storm, he disappeared, aud notiace of him could be dicoered. After many days be was accident ly found in a disused room wbicb had an old-fashion d fireplace. He was on tbe hearth and completely covered wi'.n root. He must have lallen down tbe chimney on tne day of the storm. When joubd be was in a very forlorn conduioD, as be bad te-n In tie room, without any nourishment whatever, for thirty-tour days. Iiis neck bad become as slender aa one's little finger. At first he would eat nothing, but drank ao enormous quantity ot water. He ia now, however, once more completely restored to health, and is more ota pet tt an ever on tbe estate. lie flies around tbe neighboring fields In the day time, hot never falls to return to his stall , at night, rr ... . . . iiüssl