Indiana State Sentinel, Volume 27, Number 23, Indianapolis, Marion County, 23 January 1878 — Page 9

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SESATOK VOORIIEES SPEECH

The resolution submitted by Mr.Voorhees on the 13th of December, 18 , wmi read. Mr. Vocrhees Mr. President, on the 13th of December I hud the honor to introduce In this body th fo-lowlng resolution: Kesolred.That ltlsof the highest Importance tkat the financial credit of the . government oe maintained, and, in order to do so the government itself, in all its departments, boad in good faith keep all Its contracts and obl tation entered Into with its own citizens. And In pursuance of a notice then gives I no call it up, lor the purpose of discussing the subject to which it relates. The agi;.atlon of the question of finance has continued without a moment's intermission from the commencement of our present system until this hoar. 2ior is It likely to cease lor many years to come. In fact, it will never cease until the people are satisfied that oar vast debt la In process of extinction upon principles of Justice to tax-paying labor, or until, on the other hand, they are subjugated into silent submission, and the government itself becomes changed in spirit and form into a monied aristocracy. It may be that this latter alternative Is to overtake us. There are dark and plentiful omens in oar recent history indicating such a oonciuKlon. and there is a numerous and powerful class in our midst who believe, as Alexander Hamilton declared, that the British govarnment, on this as well as on other points, is trie best ever devised by the wisdom of man. Those entertaining this opinion have thus far triumphed In the financial legislation of the United BtAtes, and the time has now arrived when their victories most be reversed or soon this government will cease-to be republican and the. people no longer be free. The policy of this victorious Interest In this country, as in all others, has been vigilant for opportunities ot greed and gain, and aggressive Id appropriating them to its own advantage, lu its tens-clou pursuit of. this policy It has during trie last sixteen yeJtrs pressed its cruel and unjust demands upon the American people in a variety of shapes. Just now it assumes a manner swollen wlttt arrogance, hanghty, dedant and filled with insolence toward all opponents. Those who are ranged on the side of grasping wealth afloct a high disdain for such as choose to remember that labor has rights whicn this government Is called upon to protect. There seems to be an Immense sneer on the face of sordid, Inactive capital, as If Its pretensions were beyond thecrtiicisui of ordinary mortals. Its advocates outside of congress do not condescend as a general thing to argument at all. Denunciation is now their principal weapon. 1 here is no epithet however bate, no insinuation however in famous that is not of daily use against all who dare to ditfer in opinion with tnem. A curious spectacle is presented on this subject by a large portion of the eastern press, here and there aided by a newspaper in the west. Their columns reek from day to uay with clamorous abuse of ail who venture to believe as I do that to a great extent our -whole financial tystem is an organized crime against the-laboring, tax-ppy lug men and women of the United Htati. Those who think as I do that a great work of financial reform is demanded in order to secure the people from slavery in facts. If not in name, are denounced In the same spirit, and in the exact language with which every old criminal abase In government, throughout all hlxtory, has sought to paralyze the work of reformation and beat back the tide of human progress. Wherever in the annals of the huniau race unholy avarice has built Its strong holds, and privileged classes have intrenched themselves; wherever superstition has held the human mind in bondage for the benefit of spiritual tyrants; wherever man'in any way has had unlawful mastery over his fellow man and gathered in what belonged to another, there the same cry which we now hear has always been raised against any intrusion, or d 1k t urban ce of established and venerable Iniquity. Sior does the parallel stop here. The great pica of the present hour for the continuation of wrong and Injustice is that good faith requires it. Those who, finding a monstrous evil Embedded in the laws of their country, wish to eradicate it by peaceful legislation are at OBce .and with the utmost fury assaulted as violators of the . public - faith, enemies of the national honor, and worse, if possible, than common swindlers. It matters not how deep and burning the outrage may be or how fraudulently it may have crept Into our statutes, good faith, in the estimation of those who profit by the outrage, requires it to remain there forever, thougn it should aid day by day the ghastly work of rain that now pervades the land. When the peasantry of France, in 1789, worn.out with the extortions of five centuries, arose against king, priests and nobles, they were told that tliey were breaking the faith of the natlou which had been oledged a thousand times for their silent submission to any wrong. In person or property, however horrible or Indescribable. Whenever the starving -people of Ireland, in the dreary centuries of the past, have grown uneasy in their bondage ana struggled against their fetters, they have been fiercely reminded that the good faith of England is solemnly pledged to maintain existing laws and perpetual abuses. - Air, this plea, so load now in oar ears, has been invoked in behalf of every wickedness that ever cursed the world. The usurper invokes it to protect the throne he has stolen, as soon as he i seated. Tu. tyrant invokes it to snelterhl prerogative, and his nobility in torn invoke It in order to live in ease and splendor off the labor of ot hers. It is my purpose on this occasion, however, to show what the obligations of good faith require of us on the great question of our finances, and to arraign those who have systematically broken it whenever their interest prompted them to do so. It is my purpose also to show that while it is of the highest importance to maintain our financial credit, it can only be done by the government keeping ail its contracts and obll rations with its own citizens. This issue has been presented of late in a manner so persist ent and offensive, especially to western men and western Interests, that it shall now be met aa far m my bumble capacity enables me to meet It. Mr. I appeal to the history of our financial legislation. I challenge its solemn records for Judgment against the Mctuai repudlator of national raiin ana nonor. its pages contain the facts, the immutable tacts, from which the future historian will Judge this question. Let us candidly review them. The act of February 25, 1S1, is the beginning of onr bonded debt. lhe precious metais were round to be unequal to the emergency of war. Specie payments were abandoned as soon as the hour of trial came, aud gold and silver cowered la the rear, while the legal tende; collar went to the front with the flag and staid there. I was among those who doubted our right to Issue It, but experience hurt shown- it the best money, all things considered, that ever circulated on America n soil, Liv this act of r-ebruarv. 1804. and by similar legislation at subsequent periods, every bond issued by the government which did not on Its face stipulate for payment Ln eoln was made payable by the ex press words of law In legal tender notes. It was plainly written ln the statute that these notes. now known as greenbacks, shall be lecelvabie ln payment of all taxes, Internal duties, excise, debts, and demands of every, kind due to the United Ktates, except duties on Imports; and of all claims and demands against the United Htates of every kind whatever, except lor interest upon oonasana note, which shall be raid lneoin: and shall also be lawful monev and a legal tender ln payment of all debts, public and private, within the United State, except duties on imports and interest as aforesaid." This simple, explicit, and at the same time comprehensive enactment guaranteed to the American people the right to pay threefonrtns or their national debt ln na tional eurrencv. It was the law of the con tract when all the 6-2U 'bonds, amounting to over niteen nunarea millions were purcnasea from the government bv the bondholders. and paid for in tbbr curreuoy at par, when It , was quoted at from 40 to 60 per cent, below par In coin. Every one undeirtood the law to be as I have stated It at the time of Its pasage. In fact the great struggle then was whether even the interest on the bonds I have men tloned should be paid in coin. The act of February it. lv"J. first passed the house with out any provision st all for the eoln payment of Interest. That feature of the law was attached here in the senate as ai amendment, soa wnen tne act, inns amenuea, was returned to the hens a violent conflict at once arose. An examination of the Congressional Globe lor me second session of the Thirty -seventh eon gress, at pages 821 and JM), will show that dovu mi. rpnuiuiDK, ot new xora, ana Mr, Stevens, oi rennsyivsnta. the leading mem bers of the committee of ways and means, and one Its chairman, united In denouncing the senate amendment ln the bitterest and severest terms. They contended ln stern and determined langusge that even the payment of Interest ln coin was an odtatis and unjust oiscnminaueu in tavor oi tne pond solder and ftiralnst the soldier, the sailor, and the cltlsen who were compelled to receive the legal-tender currency, greatly depreciated by this very discrimination. 2o one by a single word in that entire depate made tne siigntest pretense or inamauon

that the principal of the bonds was payable in eoln. During the full term of seven eventful years that fallowed there Is not a platform of either political . party ln any state ln the

Union which makes such an. assertion. No claim for such a construction of the law ln be half of the boudholder ever fell from the lips of a leading member of the party ln power during the same length of time ln either branch or congress, or anywhere else, as far as the publio Is advised. On the contrary, In manv s tabes, and netablv ln Ohio, the home of the president and secretary wf the treasury, the dominant party in its state convention m lstft expressed Its deliberate "conviction that aoooralng to the laws under which the 0-20 bonds were issued, said bends should be paid in the currency of the country which may be legal tenders when the government anaii do Diwand to redeem such beads." Ui this doctrine the present chief magistrate and his secretary too their stand only nine years ago, and tola the people that the doctrine was true. ot only so, but (secretary snennan, wno now In hlsr eoentireport, warns us against repudiation, then irave ln a letter dated March 'M, 18, and widely published his Idea of what consti tuted a repudttttor. ppeajung on una suujecu, he says: Usmo) States 9eatb Csajtber, ) Wmhutotos, March 30, 18. J Drlr Sib I was glad to receive your letter. My personal Interests are the same as yours, bat, like you, 1 do not Intend to be Influenced by them. Mr oovrucuoa oi iu 4w the result of careful examination, and I feel quite sure an lmiartlal court would confirm It if the case should be tried before a court. send you my views, as luiiy stated in a speech. Your Idea that we propose to repudiate or violate a promise when we offer to redeem the "principal" in legal tenders Is erroneous. I think the bondholder violates his prom ise when be refuses to take the same kind qt money he paid for the bonds. If the case is to be tested bv the law I am rlgnt; lQt Is to be tested by Jay Cooke's advertisements, I am wronc. I hate repudiation or anything like It, but we ought not to be deterred from what is right for fear of n ndeserved epithets. If u nder the law as It stands the holders of five-twenties can onlv be nald In sold, the bondholder can demand only the kind of money he paid, then he is a repudlator and extortioner to demand money more valuable than he gave. iruiy yours, joua oukiuiak. When it is remembered that the bondholder never nald a dollar ln coin for a bond of any description, but purchased them all with gov ernment currency, wnicn tne government itself had depreciated by refusing to take it for custom dues aud interest, the full meaning of this letter becomes very plain and forcible. It is not the ouripnngot impulse or inexperience. Its author was then chairman of the finance committee of this body, and he - wrote, as he says, after "careful examination." By the iignt wnicn no nere tnrows upon tne sucgrci we may see the exact beginning ot repudiation and behold the furtive and ravenous movements of the actual repudlator' as they hurry up and down the precincts oi legislation during the last nine years of our history. By Its light, too, we behold the present secretary of tne treasury, Judged by his own words, as the chief of repudlators, foremost among the viola tors of contracts, and a leader among tnose wno have ln no instance kept the good faith of the goverument with its own people a moment after they found that bad faith would b ing them richer gains. In less than ten months after this letter was written, and after the enunciation of the Ohio platform, the Hon. John Sherman, then a senator, advocated and procured 'he passage of the act of March, 1SW, for tlie payment of all the bonds In ooin which he had declared payable In currency, thereby estab lishing an open repudiation oi a solemn anu binding contract, and fastening au extortion of not lass than SjOO.O'JO.Ou on the staggering Industries of the country as the speculative profits of the operation. In the whole financial history of the civilized world no parallel can be round-to tuis audacious ueea or otoaen faith, deliberate treachery to the people, and national dishonesty. It stands out by itself, towering liign above all common frauds, and dwarfing them in comparison with Its own vast proportions. It will bear the names of those who enacted it to distant generations amidst the groans, the curses, and the lamentations oi those who toll on the land and on the sea; and more deeply engraven than any other name will be forever found that of the secretary of the treasury as the author of what he himself said constituted the twofold crime of repudiation and extortion. Do I state the case too strongly? toes any senator think mat i am not justinea in tne language i use or in the conclusion I state? If so, I pray him to recall the ntteranoes of my lamented and distinguished predecessor In this body. When this monstrous act of repudiation was on its passage here ln March. 1809, Senator Morton pointed out In the plainest and most explicit manner four distinct acts of congress under which the people had acquired a vested right to pay the 5.20 bonds ln legal tender notes, and which were to be broken and set aside by the measure then under discussion. Among other things he said : And now I propound the question. It Is either lntenced by this bill to make a new contract or It la not. If It is Intended to make a new contract, I protest against it. We should do foul Injustice to the government and the people oi tne united states alter we nave sold these bonds on an average for not more than 00 cents on the dollar now to make a new eon tract for the benefit of the holders." Again he says: "It gives to those laws a construction that I do not believe ln and that I have shown Is contradicted by at least four acts of congress." And again Mens tor Morton exclaimed, with that power of statement which always so greatly characterized hlra : "Sir, It is understood, I believe, that the passage ol this kind of a bill would have the effect ln Europe, where our financial questions are not well understood, to Increase the demand, and that will enable the great operators to sell the bonds they have on band at a profit. It Is in tne nature oi a broker's operation, it is a bull movement Intended to put np tne price of Dondsiortne ln'.eresi or partiee dealing in them. This great interest is thundering at the doors of congress, and has for many months, ana nv every means attempting to drive ns Into legislation for the purpose of making money for the great operators. That is what it means and nothlDg else." These are words or intense and overwhelm ing force. When ln. the whole ramteof debate can be found a more revolting picture of bad faith Inspired: by base cupidity than is here portrayed by the greatest party leader perhaps ever known ln the American congress? He has passed away, his voice Is silent, and he rests after his life's fitful fever, but this accusation hurled against criminal wrong doing survives, and will continue to survive an long as it remains to be determined who have repudiated the sacred obligations and the pUgnted faith of the American republic. in lar uistam times generations now unborn while examining the sources of the burdens that have descended to them will read the charge made ln this presence by the late sen ator irora Indiana, that a combination of stock Jobbers, as destitute of conscience as pirates, and inspired alone by greed for money, successfully thundered at these doors aud finally drove this government Into the most stupendous act of bad faith and legalized robbery ever practiced upon any people since the dawn of history. Five hundred millions made by the great operators and five hundred millions lort to the p'owroanand themesnanlc, who have it all to pay I Aud yet the authors, the instigators, the abettors of this crime, and the part-clpators ln its proceeds, fill the air with rallinir on the subject of repudiation, and point their fingers. suuneu wim piunoer, at honest men, as repuaiators, because tney believe that a contract ior the benefit of the people should be held as sacred as one for the benefit of the bondholder. Hlr, forbearance on this point has ceased to be a virtue, inose wno nave at an times labored to keep the faith of the government with Its citizens, and Its crediiors alike, can not submit any longer to insult added to Injury, to wholesale calumny added to national plunder. In some countries the habit prevails ot building a calm, a pile of stones, to mark the spot where some tragic event has happened. Ho let American tax-payers, whenever the act of Marcn, istw, is cited, eacn cast a stone upon it, to mark the place ln American history where repudiation began, and where the rights of the people were mercilessly and treacherously slaughtered. - The next step ln the systematic violation of its obligations to its own citizens by the Amer lean government was taken in the enactment of the law of July 14. 1870, known as the act for refunding the national debt. The motive which prompted this legislation has never yet oeen iuny exposed, it nas always ueea held np in the innocent guise or an attempt to re duce the rate of interest. It was In fact, bow ever, the offspring of an apprehension remain ing in certain minds even after the act of March, ls, that the work of repudiating the contract for the payment of the 6 30 bonds might not be quite complete and final. These bnds were outstanding, and although the law of their payment had Just been repealed, yet their holders feared that the people might sooner or later in turn repeal the faithless act oiaiaren, iswi, ana declare again for the payment of these original bonds according to the original eon t mat. Therefore this act of July 14. 171. called the refunding act, was brought la as supplement

al to that of March, 1868, and ln aid of Its false assertion that our whole bonded dent was payable in soin. By a sort or moral forgery on the American people the refunding act provides for the issue of new bonds to She amount

oi $I,500.0UO,OOW, with an agreement for coin F ay intuit written on their iace; anu men art her provide that these new ooin bonds shall be substituted for the original s 20 bonds, one in exohange for the other, dollar for dollar. Avarice ln the ordinary affairs of life has often tempted the holder of a deed, a will, a bona or otuer obligation ior money or prupertv to cbtaln a false construction, li possible, or even to change the terms of the Instrument la order to enhance Its value. Hero both these objects have been obtained by the money power : firsat raise oonstrucuenoi tne contract, and next a direct changer of Its most vital, terms. It is true that a reduction of the rate of Interest on the newcoln bonds Is provided for La the act or July 14, 1S7S: two hundred millions of these 4onds to bear 6 per cenU, three hundred mil lions to bear v per eent,, ana a taousana millions to bear i per cent. This ml notion La the rate of Interest has, at first, the appearance ef a concession to the people, but a moment's calculation will show the amount thus saved utterly trilling ln comparison with the enormous loss they suffer by the whole transaction. "or Is It to be supposed that the holders of the 6-2V per cent. Umds would surrender them voluntarily in exchange for bonds of a less rate of Interest, unless they knew they were getting bonds of higher value and were to reap substantial advantages oy tne operation. To draw a different conclusion would be to reverse the well ascertained laws of human nature. The archives of history may be ransacked in vain to find a single Instance-where a moneyed Investment relinquished without compulsion a superior for an Inferior security. Much a thing was never known and never will be. When, however, this elaborate scheme for the destruction of the rights of the people in regard to the payment of tlie 6-20 bonds was supposed to be finished: Vben the gate way s of Justice, of law and of public morality had nil been closed and double birred and bolted against the tax-payers by the repudiat ing acut of March,' h&, and of July, 1S7U. did the practice of bad tali h on the part or the government toward its own citizeds stop even tiien? A. final It appeared ,to have been attained. .Proclamation was made ln every quarter that a permanent settlement had been reached of the manner ln which every dollar of our national debt should be paid. We were constantly reminded that from that day forward no law-abiding, honorable citizen would ever again seek to reopen or agitate the question. The bondholders were for the time being content, but they did not remain so a moment longer than a new opportunity presented itselt for another encroachment upon the heav ily taxed Industries or the country. By botn the laws of March, 109, and July, 1470, framed in their interest aud under their dictation. It is so plainly written that the bonds then outstanding aud afterwsrd to be Issued were payable ln coin not In gold alone, nor silver alone, but lu com that it i impossible to construct an argument against the proposition. indeed, it is almost equally dimcuit to make an argument in Its favor, for a truth that is self-evident does not admit the ordinary methods of reason In its support. In tlie first section of the act of July J 4, 1S7U, the bonds therein authorized are made "redeemable ln coin of the present standard value." What Ls there here for construction? What word here taken from the law can the keeuest casmt construe Into eveu a doubtlul meaning? We all know what the term com means in connection with the use of the precious metals ln the trade and commerce of the world. Even, however, if we did not, nd we desired to seek a still plainer and more explicit guarantee, we have only to turn to the act of March, INtiO. It declares its object ln the following lan"uaSe:. . . . ... -a hat in order to remove anyaouDt as to the purpose or the government to discharge alllts Just obligations to tlie public creditors and to settle conflicting questions and inter pretations of tne laws, by virtue or wnicn sucn obligations have been contracted,-it is hereby provided and declared that the faith of the United Ktates is solemnly pledged to the pay ment ln coin or its equivalent, of all the obligations of the United states not bearing interest, known as United mates notes, and of all the luterest bearing obligations of the United Htates, except ln cases where the Law authorizing the issue of any such obligation has expressly provided that the same be paid ln lawful money or other currency than gold and silver." False and perfidious as this law Is known to be, yet It has at least one merit. It is absolutely clear and unambiguous. If human lan gutge can be made to convey an unequivocal meaning, men mis law piedgea me iaim oi the government to the people, and . to the world, for the payment of the national debt in "gold and sliver." It Is a rule of court, how ever. In finding me true meaning of a law nnUsr consideration, to resort, if necessary, to the opinion? of those by whom it was enacted, ii we do so in me present instance we are ampiy rewarded by rich discoveries. .William Pitt Fessenden, then a senator from Maine, and who also served as secretary of the treasury, used on this floor the following language: "Sir. I meant what I said, and the congress of the United States meant what It said, that It would nav so manv dollars. What was a dollar? A dollar was defined by statute. It was ffold or silver coin." Senator Morton, when pleading here for the payment of the bonds according to tne orgmai contract, made the following stateoient: "When you return to specie payments yon have nothing to pay sny of your bonds with but gold or Its equivalent, and therefore the exception here in favor of bonds payable ex pressly in currency is utterly worthless, be cause we snail nave noming men out goiu anu silver with which to pay these bonds." But the evidence on this point would not be complete If I did not call Senator Hberman, now aecreiarvof the treasury, to refute- not only all the present enemies ot silver as a coin or legal tender, but especially to rerute ana confound, as usual, his own subsequent views. In hla recent report on the state of the fiances, now on our tables, he savs: "Ii the market value of the silver ln the new eoln is less than the gold dollar, a forced payment in thr new coin la a repudiation of a part of this debt." - Now it is repudiation to pay tne national debt ln anything but gokl. What was his position when the act of March, IStitf was here on Its passage? At that time be exclaimed: "What is the first section of this bill? It Is simply a solemn pledge of the United States mat au me ODiigations oi me uuiuiu nuim, notes and bonds, shall be paid in gold and silver coin, except only thos where the la expressly provides that they shall be paid in lawrai mnnev. - . . And again, in speaking of the resumption of rtecie payments, he savs: "The honor of the country, the good laith of the nation, the Interests of the laborer, the rloh and the poor, all classes, demand that we should resume specie payments as early as possible, and place all the obligations of the people or tne u nited ntates upon me souu basis of gold and silver coin." . Hlr, this theme becomes humiliating to e'very honest American mind. - It CI s with shame every honest, patriotic heart. The naked fact confronts us at everv steD that no pledge, how ever high, solemn or binding ln law and morals, has been strong enounh to compel the authors of oar financial legislation to obey it. No sense of national honor or good faith has restrained for a single moment the unbridled avarice of idle. 1 merest -beaiing.capltal when ever it has been tempted, like some hungry, marauding animal, to break over the barriers erected between . it and ne fields of spoilage that He bey o id. The silver dollar came to us with the birth of our srovernment.' ' It was devised as a unit of value by 'fihomaa Jefferson, and adopted by congress in the days oi wasnington, namuion ana Morris. It stood as honored as gold through every storm that beat upon this government. It Is associated with all our development, our strength, our growth an lour glory. Willi It aacurrenry, more than any other, the picket lines of civilization have pushed westward. The pioneer in the shadow of the great forests or on me wide prairies loueu to lay it oy, one by one. until the coveted sum of one hundred lay before him. Then tightening the girths of his saddle, be rode with speed to the distant land office, where the government took his oae hurdred silver dollars for eighty acres of land, which thenceforward became that most blessed spot on earth a home; a home where trees were planted, where children were born and grew to be men and women, and then In turn went forth into the great world, still to the west, there to llye over ln privation the Lives of the father and mother left behind. The silver dslUr is peculiarly the laboring man's dollar, as far as he may deaire spec.e. When specie payments were authorized be fore the war It was the favorite currency with tlie people, and It will be so again when ever a reneral circulation of coin is ob mined, if that shall ever happen. Throughout all the financial panics that have assailed this country no man has been bold enough to raise his hand to strike It down ; no man has ever dared to whisper or a contemplated asauit upon it: and when the bour of Its danger and detraction drew nigh, when the lath day of February. 187.1, approached, the day or doom to me American dollar, the dollar, of our fathers, how silent was the work of the enemy I Hot a sound, not a word, no nete of warning

to the American people that their favorite coin was about to be destroyed as money; that tie greatest financial revolution of modern times was in contemplation and a bo at to be accomplished against their highest and duarest rights t The tax-payers of the (J ulted States

were no more notified or consulted ou this momentous measure than the slaves on a southern plantation before the war, when their master made up nis mind to increase their task or to change them from a corn to a cottoa field. Never since the foundation of this government has a law of such vital and tremendous import, or Indeed of any Impor tance at an, crawiea into our statute books so furtively and so noiselessly as this. Its enact ment mere was as coniftieteiy unknown to the people, aud Indeed te rour-Ufihsof con gress itself, as ttve presence of a burglar ln the bouse at midnight is to its sleeping Inmates. Xhis was rendered aosslbae partly beoauae the clandestine movement was so utterly unex pected, and partly from the n stare of the bill In which it occurred. The sl ver dollar of A-merloao history was demonetized ln an act enuwesiAa act revising and amending the laws rotative to the mints, assay ol21ceand coinage of the United States." The avowed and ostensible purpose or this act Is set forth by Dr. Linderiuan, the directer of Lhe mint, Ln his recent work on menry and legal tender. After citing very fully the legislation of this country on the subjects of mints and coinage. ne says: "There were, however, provisions of law. ooulltctinK ln tnetr euaracter, as to the rela tive powers and duties of -the seer ataxy of the treasury and the director of the mint. To remedy this and to consolidate coinage enactments were .the chi-f objects of the act approved February 12, 1873, revising and amending the laws relative to the mints, assay Offices, and coinage of Lhe United HtAtes." i bis act embraces sixty-seven sections, and fills twelve closely printed pages of the seventeen th volume of the United Utates Statutes at liarge. r rom this voluminous and prolix measure, proclaiming, as It did. other and totally different objects to accomplish, it was only necessary to silently omit the few words mat ior nearly a hundred years had floated the old familiar dollar as a full legal tender down me stream or time. This was done ln the fifteenth section, which I quote ln full ln order that the people may see ijr themselves exact ly how this great wrong was effected. It reads as follows: "That the silver coins of the United State shs 11 be a trade dollar, a half dollar or fifty cen t piece, a quarter dollar or twenty-nve cent piece, a aime or ten cent piece: ana me weight of the trade dollar shall be 420 grains troy ; too weight or tne naudoiiarsbaii be twelve gram (grammes) and one-half of a gram (gramme:) the Quarter dollar and the dime shall be reupect i vely one-half aud one fifth of tbe weight of said half dollar; and said coins shall be a legal tender at their nominal value for any amount not exceeding five dollars in any one payment." 'Ihus it will be seen that ln declaring what the silver coin of the United States should be, me dollar, so long imbedded in our history, was dropped. Literally thrown away as use lean. aud another ooin, styled a trade dollar, of no service to tbe people as a legal tender, was inserted in its place; or, as the director of the mint expresses it U nder the provisions or this act the coinage and issue was discontinued of the silver dollar of 412 grains, the three cent silver piece, tbe five ceut silver piece, and the two cent bronze piece." And by a subsequent act of congress, July 21, 1S70, the legal tender quality of the trade dollar foreven the small amount of flvedo.lars was repealed, and now it is not a legal tender for anything, or any amount. But. sir, bavimr pointed out the raise protenses under cover of which the American sil ver dollar was eliminated from our money system. It vet remains to inquire into the real reasons for such an act. In the first place, had silver failed ln Its functions as a specie basis any more than gold ? Had It been louud any lees capable than its twin metal in upnoldlng a paper currency on which the commerce and business of the wend has been transacted since the. beginning of civilization? These two metals of gold and silver have come down to us together, fron the days of Abraham, Isaac and Jacob. They were ln great abundance and In hign favor when Israel built her temple and adorned the city of Jerusalem. They crept along the shores and Islands of the Mediterranean, hand Ln hand, as arbitrary factors ln butnan analrs. iney spread over Europe, as inseparable allles,duriug the dark and barbar ous ages that Intervened between tbe downrail oi Home and the discovery or the art or firln ting, tbe revival of learning, ln - the feenth century. The cupidity of man has delved into the earth, toiled asross the stormy seas, broken solemn treat ies, sworn taise oams, muraerea his fellow man, and bartered away his sout alike for them both. The Spaniard and the Portuguese swept whole races ln tbe West In dies. Alex loo. Central and South America, first into slavery and then out of existence, ln their accursed greed and thirst ior gold an I silver. Thioughout all our colonial history tbese metals were linked together ln an embrace that no convulsion could tear asunder. And when our government emerged, weary and blood stained, from the revolution, cur fathers found them both standing together on our threshold as a mighty tradition of all tbe past. They were adopted together as our measure of values because other nations bad done the same. They entered their career as American money together, equal Ln dignity before the law. By the constitution of the united states they were Introduced Into each new Incoming state Kt our expanding Union on terms of absolute equality. We find by article 1, section 10 of that instrument that "No8tate shall coin money; emit bills of credit; make anything but gold and silver coin a tender ln osvment of debts." From that day to this I challenge every page of American history to show a single instance in which the sliver dollar has not been as brave, as firm and as rt liaele as the gold dollar. I challenge the sad records of every financial alarm, panic or crash that ever befall as to show where for a single day or hour silver was not a Intrepid and fearlews in the money market as cold. From ITifi to 1873. from the coinage of the Americas silver dollar to the day of its insidious destruction, fci years, gold and wili er never fluctuated ln their relation to eech other bvt a fraction over i per oent., and during most of that time silver money ran sea niguer it an gold money, and did so tbe day it was destroyed. It Is true that both these metals, so precious In the traditions of mankind, broke down at once when this government was call ed on to fight f or its life, when the ultimate and extreme necessity of the honr demanded a money stronger-than them both, based on the confidence of the people that their gov ernment would live and not oie: yet when thev fell, they feu together. iSeith er the one. nor tbe other, nor both united were sufficient to make even a resp-ct able struggle for nation A existence, and they abandoned tbe field on the fl . st roar of hostile cannon, but silver did not flee any sooner nor get under cover any quicker than gold. It mav then. I think, be safely assumed in tbe llttit of all experience that the real reason for demonetizing silver is not to be found ln its failure to be the peer under all circumstance, ln all ages, and ln all nations of tbe other precious metal which has now become so strangely, go suddenly, and so surreptitiously exalted In the eyes of the money power as tbe sole standard of values. Pursuing our Inquiry, therefore, on this nnint ua netmik next u on one of the nrine' pal reasons no assumed for abandoning silver ooin as money. It Is t uo that the sincerity of this reason is open to the suspicion which always taints an argument brought forward as an after thouicht to Jastlfy an act which evaded all discussion at the time of its DMssaze. but nevertheless it shall be fairly considered even at this late day. It is now nnred with treat vehemence by the advocates of the sold standard alone, that be cause here and there a European monarchy with th hmlAat worked and poorest naid peasantry on the face of the earth has ban ished silver, we are caiiea upon oy our business relations to do the same. It is urged that we are to follow and not lead in the affairs of the world. According to this argument we are to trail in the footsteps of governments whose principles we denounce, and whose laboring people are fleeing in constant streams from thulr shores to our own. ln order to es cape oppression and starvation. Hlr. no one disputes the fact that all civil lzed governments have certain communi ties of Interest, but to my mind the American republic Is less dependent for its strength and prosperity on the con duct and politics of other nations than any nthsr government now ln existence. Nature. In her most lavish mood has conspired to make the American people, in fact as well as in name, independent people, unr ptaoe on the man of the slobe is an Isolated one. Mlo-htv oceans stretch out between us and all the first class powers of the world. What for eign neighbor we have on our Imiwedlate borders are weak and unimportant. We are not only substantially aloue as a pollUcai power ou the North American continent, and separated by long distances from all the ureat nations of the earth, but we possess within ourselves, In unfailing abundance, every article and every element ot national wealth and a lory. Our vast domain will feed un counted millions, mountains of Iron and of all other useful ores respond to every can ox aci

entlflc progress, while tbe Intelligent Industry of man, if not paralyzed by bai government, will forever supply all his n ants, comforts and luxuries. On such h theater our greatest resource Is self reliance, and we have bat little need Of examples or alliances fur

nished by less fortunate nation. Admitting nowever, the argument, for the sake of meeting it, that our financial policy ln regard to a specie basi ought to be in harmony wiui me rest oi me worm, let us examine into the actual facts as they now exist ln tbe various money systems of evry people with whom we have even the slightest commercial intercourse. Has Mlver ln the general trade and business of nation fallen Into such dia. credit that we are compelled to cast It alde in oruer to Keep paoe with wide spread financial revolution T Is it held ln s-ica dishonor as a medium ef traffic throughout the world that we can no longer uphold It with credit to ourselves? On the contrary a a ireful . estimate shows that sliver is an enormous and iverwheimin favorite. Of - the entire trading and commercial populations Of the whole earth OkQJZxiJMU more people have slivw alone as their sandard of values, and transact all their business upon it as a specie basis, than thoe who have gold alone for similar purposes. From the same sources of Information we learn that ?4-UwO,OUI more people use silver alone than use goia ana silver both as thoir metallic currency. Ia this last statement l lnciude the population of the United Statet as using the double standard, for we shall return to it at once, as far at least as a specie basis can now exist. The great fact, therefore, Is tnat In the miguty oniK oi intelligent mankind more than Jour times na many ptiople have chosen silver as have chosen gold, and more than five times as many have chosen silver m have chosen gold nd silver together. . The following table Elvlrot the financial systems and Ve populst l ns of the various governments of the world will be found In the main correct: Nations under gold alone. Great Britain Population 3-M),U .. 4,(W0,U0 2,010,000 4 'XA I XI f iA wnwiii Australia. PortoRal l urkey ln Biurope and Asia... T 1 i enua ,,, Brazil .... 10AW.OIW Argentine Republic. . s.oou.oou , 41,J0,0UU , 4,250,000 , 1.7.5O00O 2,10(1,000 , 33,000,000 German Empire rweeun Denmark. 'orwav Chill. Japan Total. lsuyi.ooo Population. .. K7,00f,0W SK.OOU.tOO Nations nnder silver alone. Kussia . Austria ... tentra America . 2,)0.iti0 .. 1.300100 .425,Uti0.1M) -3U0,U0U,I . 8,OU0,tO . 4,500,000 . 2,710,01)0 Chlna. ndta. Mexico.. Peril United States of" Colombia Tripoli 1,200.100 2.0110,000 3,700,000 1,400,000 Tunis IIoll nd ... Venezuela 879,0O,m Population. 6,100,000 Nations under eold and silver. Be gl u m , - Holt via. ...... France........ lOOAKM) 86,100,000 . . ... 100,ti0 28,S00,000 Greece........... Italy... Hpain Switzerland. ..... 10,MV,0UU 2,700,000 42,001,000 United States . Total .. 13ZT')00,000 It will be seen from this statement that sil ver coin, as money, not only meets the desires of four-fifths of the human raoe, but that those wno use it as a staudard occupy more than thr-e-quarters of the Inhabited parts of the g'obe. Germany is. perhaps prematurely placed In tbe list of nations using gold alone. it is true she has attempted to adopt the gold standard, but there are still two hundred mil lions ot silver eurrency lnthe hands of her people, and they are nsluctant to elve It ud and sue It driven away from fatherland. Whether the empire will be entirely success ful in de prlvlng Its Subjects of this favorite money vet remains to be proven. In view or ail the foregoing facts however; in view of tbe history and condition of the world on this question, me enemies of tun silver dollar in the United States who, having first destroyed It, seek now to Juttliy themselves by &ianaerinz the mutation or its metal in distant lands. mast stand before their injured oountrymea covered with shame and confusion. They are utterly overwhelmed and beaten from their position by the general testlmouy of the civilized races of men, and we are 'left at this point to follow them next to their final and in fact real reason for their assault upon silver money. Sir. I touch now upon an issue as old as hu man society and as universal as the loaning of money at luterest and the investment or capital for income. Two classes have existed ln every age of history on the question of money. An aueii as plow, sow and reap; who spin, weave, and make merchandise lor sale; who manage and work the caserns of coal and iron, and the blast furnaces and forges; who construct railroads, build ships, and found cities; all such as are ln any way pushing on the cause or progress and material development, and who desire to keep their capital, whatever It may be, and especially that greatest of all capital, the bone nnd muscle of the laborer, actively employed, constitute one class. Those who have stent ted aside from tne active, moving column of affairs and with drawn themselves and all they own from the trade aud business of tbe world, intending thenceforward to fasten their idle wealth on tbe productions of labor as a consumer, and not as ah assistance, coustitute the other. Of these two classes those who compose the first desire money to be plentiful and cheap, for they sre working to obtain It while those who compose. I ne latter desire i Money to be scarce and dear, because they already have It ln abun dance to loan and to Invest at high rates of interestana pron-. Ana it was in tne reai ana actual Interest of this lst iowerful class that silver was demonetized in February, 1878, not because it was less vaiuao.e as money man gold.iior because such a change was demand ed by tbe policies of foreign nations, but dimply because retired capital desired to diminish the amount of money of 'every kind clrculatlngin tne nanus r.rtbe people. isilver was selected as the victim for sacrifice on that occasion because It was tbougnt, on account of certain clrcumsttnces yet to be no ticed, that It could be more successfully as sailed than tbe other kinds of money then in existence. Tne managers of the great money centers ln this country ard in Europe saw with avaricious alarm the bright streams of sliver beginning to increase lu volume and ln value as they flowed from the months of our mines, and now we bear frem their angry tnroats, and rrom an apparently sun angrier newspaper press wbleh tiey control, a cry without oeasi.)g against silver inflation arising from an overproduction of the metal. They have beretoiore filled theworId with tbeir hostile cl amor mainly again st a paper currency not immediately convertible into co n or in trlnsie value, but It now appears that there can be, ln their own amiable language, an Insane inflation of a currency which has this very intrinsic value Itself. We. have heard much talk to prove that gold and silver are the only real money, that they have an absolute value as snch everywhere and at all times: but we now discover that even these precious metals may become more abundant than is agreeable to those who want the purchasing power of money increased by lessening the quantity ln eirculatiou until fifty dollars will buy ln a farm worm a thousand nnder the foreclosure c f a mortgage. Is it true, however, that for the genuine interests of the American people.for their advancement in trade and development, and for the prosperity of our commerce throughout the world. too mncn suver nas been prouueea in me United States or anywhent efsef Has silver. as now claimed, ever threatened to pour into the channels ol business each floods and torrents as Would unsettle ar d sweep away all the landmarks of safety? We will examine this question. The history of the production of the precious metals Is one oi great and prevailing Interest. Although tney have been arbitrarily deter mined unon as the money of mankind, vet it has never been possible for the highest human intelligence to foretell their snp plv or to say with certainty that their production will not fall altogether. Tbe quantity of a circulating medium sufficient to meet tbe legitimate demands ot trade can be estimated, but who has evxr been able to look Into the mines add declare bow far their veins of ore extend or how soon they will eeaseto yield? Who has ever been able to point out where new mines mav be opened into the hidden riches of tie earl h to wtke the Clace of those that are wcrn out, sterile, and arren? Tbe result bas lieen mat while the precious metals have been declared the standam or values, mey nave - mein v:i ves always been an unknown ausncty. and the irregu larity, uncertainty, and insufficiency of their traduction have caused fnsioent and crushing lsaster in all countries s.nd ln every period of. history, and have ota oompeuea tbe

strongest governments of ancient and modern times to entirely a sandon them. it la not my purpose, however, to dwell on this point further than to meet the argument based upon an alleged overproduction of silver in recent years. From a report made not long since by a committee ln the British parliament it appears, as nearly as can be estimated, that the entire productiou of silver throughout the world during the last twenty-five years has reached shout ii -kio nm -

000. The Increase in its production dnrir.or that period arose from about aio,oo0,0n0, ln 1852. tO 880.000.000. in 1876. ar.d tr .nnnnl amount produced' at this time may be placed at $70,000,000. Of these araountsSouth America. Mcxlro. and the United titates produced all exeepting about tlt,000,twt a year, arising Irom the silver resources of all other countries. In our own country the development of this great agency . of national prosperity has all taken place in ' the last elghUeu yeais, substantially ln the last ten. The following estimate, made bv the com missioner for mlnli.g statistics, shows, the annual production of silver and Its increase in me united estates: L850 $10.1.000 1-t0,Wj0 2,tO0,'O0 4,5 ,! S,4" V00 lt.2.,0 0 16,oti.o00 1NW. 1MU 162., lSUit 1M4-I8t9 (average). is Iffii. 1872. 17. Is74 1S75. 23 000,0 0 !Si,fO0,0ll0 i,75li0 XI (f 41,001 X2 Ckf) it Estimating the nroduction of ixrs and imt7 tbe same as i876. and we find that the entire . amount of sliver yielded by the mlaes o? the United states since they began to pay for working them, has reached but a trifle ovr the comparatively small sum of tA jm,n00. This is less tban one-half tbe amount of our present volnme of currency; jet when those who are Interested in making and keenin a scarcity of mony ln circulation noticed au increase of only 512,000 OOj from 1S70 to 1872, they MAi. luottiana wnicn resulted iu tne act oi 1573, proscribing and outlawing It from the companionship of gold as mo'iey. It will not do to say that the cemand for silver had failed, for aside from what our own people needed at home, the demand from abroad was no great that ln me very act of demonetizing it here provision was made for the coinage 01 a dollar that we found necessary for our foreign trade. It was a dollar Of the webzht of 42U if rains t mv and the secretary of the treasury, ln his recent rejwn, nays: . "This provision was made at a time when such a dollar was worth ln the market 102.12 in gold, and was designed for the use of trade in China, where silver was the only standard." 1 ue great aeraana 1 r this coin, especially in our trade with China, is shown by "reports made by the two leading torelen banks of China; the Oriental bank and the Hon g Kong and Shanghai bank 1 fig cororaiioa. da ea respectively Jan usry 31 and 3o, 1X77, and furnisned oy the united States consulate at Hong Kong to the secretary of the treasury .' I find " these reports quoted by the director of the mint, and I extract from them the following statements: "i'he United States trade dollar has been well t reived in China, and Is eagerly welcomed in those parts of tbe country where tbe true value of the cola is known. It is a legal tender at the poits l Foo-choo and Canton, in . China, and also at Saigon and Singapore; aud, although not legally current ln tbls colony, it is eagerly sought after by the Chinese, aud m the bazaars it is seldom to ne purchased. In ptW'f of the estimation ln which the trade dollar Is held ln the south of China, we need only stale that he bulk of the direct exe' anue business between nong Koue and f-n Francisco, which is very considerable, , is cone in mis coin, tbe natives preferring it to the Mexican dollar. Late advices from San Francisco report tuat so great Is the demand f ir trade dollars for shipment to China that tbe California mint is unequal to the task of turning out the col n fast enough to satisfy requirements. My opinion Is that ultimately it will be current all over China. ItlstbebMt cotntbatever bas been imported, and, being produced at the fountain head of silver, can be laid down more cheaply man any oinerdoi'ar. China requires many millions of dodars annually, and while the clean Mexican dollar will be imported for the north of China, the trade dollar will be imported far the south. I would routthly estimate that Han Francisco steamers will brink from four to six lacs of trade dollars (from four to six hundred thousand) each, fortnightly trip all the year round." 1 ne secretary 01 tne treasury also informs us that since the' trade dollar was authorized it has been coined to tbe large amount of IO,7I0,40U, mamry to meet mis and other foreign de mands ror silver money. It is true, however, that be further states that the expor- drmsnd for the trade dollar has now almost If not quite ceased. It la not st ange that this should be so, when this government hwi done all ln its power to aisnonor it at home; first limiting it as a legal tender to the Insignificant sum .of - as, and hastening soon after ward to strip It of even this small badge of " respectability. Distant people naturally suspicious of cur institutions, would necessarily reject a coin n which we ourse ves have placed such a stigma of dlfgrsoe, however great, as we have seen, may be their demand for silver money. . In fact, no artifice, no cunning device bxi been spared to bring the silver dollar into contempt and to drive it outbf existence, although the American people and the people of all lands aud of every form of civilization plead for its restoration to favor and to an ample circulation. If there are some, however, who still think that these assults on silver were iu spired by any other motive ths a the fear ff too much money, allow me to recall an incident in financial history full of teach ng on this point. When the revelation f gold took place In California, and on the other Mile of tbe world ln Australia about the name time, an impulse was given to the progress of mankind greater than has been produced by any other one event Mnoe (JoluruLus discovered America, It quickened every energy of labor, aroused all the great industries everywhere into new and s artling activity, revived the drooping sai's of commerce iu every sea, and sent the loaded cars- ' vans of railroad tran-portatlon flying In every direction over the face of the earth. The whole world rej oleed with one exc pllon. Tbe creditor cU ss ln every clime beneath the sun loosed on ln sullen distrust and dread. And ln 1&8. when tne production of gold bad reached its highest po nt, and when it was supped that It would continue to increase, this class broke forth ln the difiVrer.t countries or Europe ln favor of demonetizing gold, because the supply was making money too plentiful. De Qulncey, Chevalier aud oher riters made earuet-t and elaborate arguments -to show that the increase in the flow of goid was so great that soon ltwouH be within lhe eesy reach of all claeses, and then Its power to purchase labor's nd property In large quantities for very small sums would be forever gone. Germany and Austria and someotb-r Kuropean governments heeded these argnments, and In 1857 actually demonetized gold in order to maintain the scarcity of money. . The reason why thl question did not seriously agitate the- financial circles of the UnitM States is to be found in the fact that st that time we had no great credit r class in this country; we bad no stupendous national debt held as an Investment for fixed- Incomes; no neb slate, municipal and corporation drtts as have since filled all the stock markets with interest bearing bonds, and which are now a draining fax on all tbe labor and production ' of tbe country. Had our s'tnatloa been then as it is now would have seen the holders of government securities, and all other bonds wherein the" payment ot money from the many to the few was nominat-d, as badly affrighted ln this country at what was ci.!'-$d " an over production ot gold as the lio'ders of similar securities and bonds were In Farope. The laws wblcn govern the human heart in iu love of gala are the same everywhere. The ; creditor c ass 1 not so much concerned what coin or other material shall constitute money as it is that there shall be no redundancy after its demands are paid. The report of t he monetary commission submitted to this body In March last by tbe distinguished senator from Nevada (Mr. Jones) comments on this fact as follows: "In ad the European discussions, after 1848 and prior to the German demonetization of silver and its consequences, the point made was not that either metal had depreciated relatively to the other, but that by reason of extraordinary supplies of gold from Call torn 1 and Australia, supplemented, about itttft, by new supplies of sliver from Nevada, both metalH had depreciated relatively to lbor and commodities, and tbat those bavin?; Axed Incomes were being injured by a rise ln prices. So long as a double standard existed, a new supply of either metal was only an addition to andonly affected tlie value of the general mass of money and sot the relative value of ' the metale. "The'fall ln gold.'whlch Chevalier lamented in 18o7. was Its fall In relation to property. He pointed out how the double standard bad prevented any change from occurring ln its relation to silver and how it would continue to do so until the silver t double staudard countries was exhausted. In order, therefore, to protect the Interests of the Income clashes. It was claimed to be necessary to demonetize one of the metais, aad gold being the metal