Terre Haute Weekly Gazette, Terre Haute, Vigo County, 23 August 1877 — Page 6

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A KEY NOTE

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John Sherman, Secretary of the Treas-

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Sounds the Key Note of the Ohio Campaign at Mansfield Last Night.

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He Goes Over the Whole Ground From Alpha to Omega.

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A Full Presentation ofthe Southern Policy of the Administration. K4!' M* 't'. '.i'

Civil Service Reform Dis-

at Length,

Bnt the Grrat Subject for Consideration was the ^Financeii.

The Financial History of the Country From the Beginning of the War Till

Now.

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Resumption of Specie Payment Demanded on the Grounds of Principal and Policy.

Bag Babyites Spoken of as Persons Afflicted

With a Mild Form of Idiocy.

The Future Policy of the Gov. Resumption,

The Silver Problem Oodvcd, but Coin Alway* Spoke* of.

MANSFIELD, Ohio, August 17.—John Sherman, secietary of (he treasury, spoke .here to ni^ht as fol ws: ,, Fellow Citizens, Ladies and Gentlemen:

In response to your invitation I am Inhere to-night to state to you my views of what has thus far been done by the present administration in its conduct of public affairs. In doing sol wish it distinctly .understood that I speak for myself aione, 1 'jas a citizen of Ohio, to you my fellowcitizens and my neighbors, to whom I am under the highest obligations of gra'itude and duty. "*-*r 5r z'-'t

SPECIE PAYMENTS.

And now, fellow citizens, this brings me to the question upon which'there is so much diversity of opinion, so many strange delufuons, and that is, the ques-

tion of specie payments. What do we mean by this phrase? Is ii that we are to have no paper money in circulation? If so I am as much opposed to it asany of you. Is it that we are to retire our greenback circulation? If so I am opposed to'it and have often so said. What I mean bv specie payments is simply that paper money ought to be raj»de equal to coin, so that when yotf jeceive it, it will

Jbuy

as much beef, cort^ or clothing as coin. Now the importance of this cannot be overestimated. A depreciated paper 'money cheats and robs every man who jreceives it, of a portion of the reward of iiifl labor or production, and, in all times, it has been treated by statesmen as one of the greatest evils that can befall a peopie. There are times wheii such money is unavoidable, as during w»r or great public calamity, but it has alway* been the anxious care of statesmen to return again to the solid standard of coin. There* fore.it is that specie payments, or a specie standard, is pressed by the great T• jLj'^body of intelligent men who Study these if-questions, as an indispensable prerequis4 ite for steady business and good tim*H.

»«s

*1#

Now, most of you will agree fo all this, and will only diffef as to the mode, or time, and manner but there Ha large

class of people who believe that paper «,| a^can be, and ought to be. made into "^nionev without any promise or hope of redemption: that a note should be •TOl* 'printed: £*,

t,?

v'1'

''THIS IS A DOLLAR/'

fari^ be made a legal tender. I regard this as a mild forai of lunacy, and have no disposition to debate with men who indiflge in such deluwons. They

have prevailed, to some extent, at differ l.-*^ent times, in all countries, but their life J$t ihaa been brief, and they have ever shared ^the fate of other populiar delusions. Con 4j£- il^gresa will never entertain such a proposition, and, if should, we knowthat the

Bcheme would not stand a moment before

r^the

supreme court. That court only /'maintained the constitutionality of the \slegal tender promise to pay a dollar bv a "^divided icourt, and on the ground that it is. was issued during the war, as in the naff^'iture of a forced loan, to be redeemed

W. upon the payment of a real dollar that is, BO many grains of silver or gold. I I therefore dismiss such wild theories, 4 and speak only to those who are willing to assume, as an axiom on this subject, that gold and silver, or coined money, have been proven by all human experience te be the'best possible standards of value apd that paper money is simply a promise to pay such coined money, and should be made and kept equal to coined money, by being convertible on demand.

Now the question is as to the time and mode by which this may be brought about, and on this subject no man should be dogmatic, or stand, without yielding, upon a plan of his own, but should be •willing to give and take, securing the best expedient that public opinion will allow to be adopted. The purpose and •obligation to bring our paper.money to the standard of com haTt been over and over again announced by acta of congress and by the platforms of the great political parties of the country.

IF RESOLUTIONS AND PROMISES would bring about specie payments, we would have l)een there long ago but the diversity of opinion as to the mode now— twelve years after the close

still leaven onr paper money at a discount oi 5 per cent. Until this is removed there will be no new enterprises involving great rams, no active industries, but money will lie idle and watch and wait the changes that may be made before we reach the specie standard.

In 1869 congress pledged the public faith that the

United

States would pay

gold or silver dollars for United States notee. Again, in January, 1875, after more than a year's debate, congress declared that by the 1st of

January,

1879, the

United States would pay its notes in coin. The secretary of the treasury is expressly required to prepare for^and maintain, the redemption of all United Statea notes presented at the treasury on and after that date, and for that purpose be is authorized to use all the surplus revenue, and to sell bonds of the United States bearing four, four and one-half and five per cent, inteiest at par in coin. It is this law, called the Resumption act, now so utucb discussed in the papers, that imposes upon the office I hold, most difficult and important duties, and without replying to any attacks made upon me, I am anxious to convey to you personally, what I have done and must do in ebedience to the provisions of this act.^ It is said that the law is defective, but, if the ^reat object and policy of the law is right, the machinery of the law oould easily be changed by congress. That resumption can be secured and ouht to be secured under this lawj it will be my purpose to *how you, and I shall not hesitate to point out such defectB in the law as have occurred to me in its execution. -1

THE MODES OF RESUMPTION

There are two modes of resumption, either to diminish the amount of notes to be redeemed, which is commonly called a contraction of the currency, or by the accumulation of coin in the treasury, to enable the secretary to maintain resumption. The one practical defect in the law is, that the secretary is not at liberty to sell bonds of the United 8t*tes for United SfateB notei", but must sell them for coin. As coin is not in circulation among the people, he is practically prohibited from selling binds to the people, except by an evasion of the law, or through private parties. Bonds are in demand and can readily be sold at par in coin, and still easier at ppr, or at a premium, in United States notes. The proceBsof selling for United States notes need not go far before the mere fact that they are receivable for bonds would bring them up to par in coin, and that is specie paymgtits.

But the reaipn of the tefusal of congress to grant this authority, ofter asked of it, was that it woald contract the currency, and this fear of contraction has thus far prevented congress from granting the easiest, plainest, and surest^ mode of resumption. To avoid contraction, it provided that national bank notes may be issued without limit as to amount, and that, when issued. United States notes might be retired to the extent of fourfifths of the bank notes issued. This was the only provision for redeeming United States notes that congress made or would make, and this, it was supposed, would reduce the UniteaStates notes to$300,000,000 before January 1,1879. The actual experiment only proves the lojly of the cry we had for more money, more money. --«s HERE WAS FREE BANKING, a free and almost unlimited right to everybody to issue more money, but unluckily for visionary theorists, it was money that had to be secured, not wild cat money, but money that people could sleep upon without fear of breaking. The result was that

Under

free banking the

issue of circulation has been far less than was expected, and, therefore, the reduction of United States notes was less. Still there was some reduction.

Greenbacks have been retired under the act of January, 1875, to this t»me to the amount of $22,905,7QP and near 29 millions of circulation were issued to national banks.

Since the first of March last the reductional of United States notes has been $5,145,264, and this reduction was preceded by new circulation issued to banks, amounting to near $6,500,000.

I do not say that this is the only reduction of the currency that has happened, but it is the only reduction that was made by (he United States. The national banks, untler a different law and from the necessity of free banking, are «t liberty to retir.e iheir currency as well as to increase it, ar.d this has been done by them since the 1st of January, 1875, to the amount of $36,624,611. But this is a reduction effected by each bank, guided by its own interest, and the circulation it can pafely and prudently m*ii)(ain.

There are 'now deposited with the treasury by private cprpbrations, banks and individuals, $57,170,000 of United States note?. Of this there were deposited by the national banks at their last statement,made June 22d,$44,460,000, and they have in the cash reserve held by them $42,500,0#0 more than thfe amount required by law, clearly showing tBat there is no want of currency when demanded for the requirements of business.

Since January 1, 1877, the United Siates has* issued $34,286,000 of silver coin, and has redeemed with that $21,980,000 fractional currency, now almost superseded bv silver coin, and also holds $8,160,858 of United States nofes for the redemption of fractional currency still outstanding. In this there was no contraction, but a substitution of co for fractional currency.

It was an error to make the retirement of United States notes depend upon the issue of bank notes. The two^had no relation to each othet, bat the "retirement of United States notes should depend entirely upon the amount necessary to^ be withdrawn, to advance within thelimited time the residue to par in coin, and the simplest mcde of doing this was to authorize i*v. •••'*1". -.'-V-:

THEIR CONVERSION INTO BONDS

at the pleasure of the bolder, the bonds to bear the lowest rate of interest that would in ordinary times be maintained at par in gold. To this the objection is made that we convert a non-interest bearing note into an interest bearing note, ana that is true, bat what right have we as a nation, or has any bank, or individual, to lorce into circulation as money its note, upon which it pays no interest? Why ought not any one who issues a promise to pay on demand be' made to pay it When demanded or pay interest thereafter? What right has he in law or justice, to insist upon maintaining in circulation his

note,

ing

which he refuses to pay accord

the war--

his promise, and which he refuses to receive in payment of a note bearing interest? A certain amount of United States notes can be, and ought to be, maintained at par in coin, with the aid of a moderate coin reserve held in the treasury, and to the extent that this can

TERRE HaLTfa.WEEKLY

be done, they form tbe best possible paper money, a debt of the people without interest, of equal value with coin, and more convenient to carry and handle. Beyond this the right to issue paper money, either by the government or oy banks} is a dangerous exercise of power, injurious to all classes, and should not continue a single day beyond the necessities that gave it birth.

But, if congress should see proper to confine the process of resumption to the present law,

have still

THE SBOOND MODE

of resuming, by accumulating coin gradually, so that when the time fixed for resumption arrives, the treasury may be able to redeem such notes as are presented. In this respect the resumption act is as full and liberal as human language can frame it. The secretary is authorized to prepare for resumption, and tor that purpose to ose the surplus revenue and sell either of the three classes of bonds, all of which are now at or above par in coin. The power can be, ought to be, and will be executed if not repealed.

ThiB

accumulation, both of silver and

gold, can be made by arresting fron

ductions—corn, cotton, wheat and fabrics, the fruit of our industry, for expert. This country is the greatest producer of gold and silver in

the

world. The bal

ance of foreign trade is in*our favor. During the last fiscal year our exportB exceeded our imports in gold value the sum of $166,555,855, and this balance

We are now within five degrees of the specie standard vVe have still seventeen months before usin which tocomplete the task. The fame progress that has been made since the first of March,continued twelve months longer, will certainly bring us to the specie standard. I feel confident in saying to you thih day that, if undisturbed, with or without a change of the law, every dollar of United States notes will before the time fixed for resumption buy as much^ as an equal amount either gold or silver. A CONSTRUCTION OF THE RE8UMJTION ACT has often been pressed upon the depart merft that, if correct, would make it still more easy to carry into execution. It is insisted that the secretary has the power, in preparing for resumption, to Sell bonds for coin, and then to sell the coin for United States notes to be hoarded in preparation for resumption. The department has not acted upon any such construction, buthas sold gold only in the current course of business, or for the actual redemption of notes supplanted by^ national bank notes. If this power is exercised,

and production. If the cro| administration is abused.

portation our own production of these metals. This is more than sufficient to supply our wants for thia purpose, and, fortunately, we

have

plenty of other pro

steadily increasing. This year Providence has blessed us with an enormous crop of almost eyery production of the farm or plantation, and the foreign demand is largely increased by the Russian war. Russia is our great competitor in supplying Europe with bread, and she now will consume her own products. We have now reached the coin basis in the production of commodities for the foreign market.

OUR EXPORTATION OF HOME FABRICS

has increased and is increasing, jand we are now competing with Manchester and Birmingham in the sale of products, that have made tho?e cities Jamous throughout the world.

Our manufactures of cotton, iron and wool now rival in foreign markets the oldest countries Of Europe.

We have during the fivi months of President Hayes' adminiftration made an actual accumulation of currency, and of gold and silver coin and bullion, of $44,340,832. From the first of May to this time we have

added

to our coin reserve

$20,000,000 by the sale of bonds, without disturbing the money market and with gold steadily on the decline. We have reduced the public debt since the first of March the sum of $29,441,824. We have conducted the vast operations

should only be in pnrsuance of the plain will of Congress, and, in the execution of ao delicate a duty, no power should be used except such as is clearly given.

The aet of April, 1876, for the redemption of fractional currency, provides that silver coin may be issued in exchange for United States cotes, and such notes shall be kept as a special fund for the redemption of fractional currency. This fun 1 and the ordinary currency balance in the treasury is the only paper money of its own. The coin and legal lenders deposited in the treasury are the property of private individuals, over which tne treastuy has no control. haye. fellow citizen's, I'hope, without wearisome detail, gone over some points en this question of resumption. It is a dull, but important topic{ which affects your daily life, upon which my official duty compels me to act, and I assure you that I have only acted upon the clearest convictions of public interest.

A currency of Uuited based

States notes

upon the public credit, al

ways convertible into coin, and so limited in amount and supported by reserves that its convertibility cannot be endangered, and supplemented by a bank currency free and open to all alike, based upon pu6l ic securities, so that in any event the note holder is safe from loss, always redeemablejm coin or United States notes, unlimited in amount except by the wants of business—this is the kind bt paper money that will start again the wheels of industry, give sails to your commerce, labor to your artisans. This, indeed, would be the BEST PAPER CURRENCY IN THE WORLD.

Let this currency be supported by a publio credit against which a whisper or a doubt cannot be uttered, and your public debt will be reduced to its lowest possible burden of interest, and will become the great depository of the savings of labor, the trusteeof the widow and orphan, the safe rait of capital cot employed in active industries.

These, as I understand them, are the great financial objects of this administration, and, with your permission and the sanction of congress, the pesident may hope to celebrate his outgoing with your debt reduced to four per cent, and every note of the United States worth par in the best coin issued from the mint. You how occupy the forefront of this battle. I beseech you to uphold his hands, and not let the delusion of the hour or the tern* porary languor of business, which you share with the civilized world, turn you from a policy which you have sanctioned and can now hope to realize.

HARD TOTES.

It is very common, fellow-citizens, to

hold the government responsible for hard II-ppily, in this country our strikes have times caused by the ebb and flow of trade ken local and unimportant, but the great change made in oat-industries since the war, and the enormous enlargement of our mining and manufacturing industries—the greit increase in the number of corporations and their extended power and influence,compel us to consider this question, and, if posssble, to find a remedy. When labor is chiefly confined to the

fails, the

If wages or

prices fall, the government is blamed. If production exceeds the market made by consumption, it is easier to abuse some officer of the government than to find out the real cause. And so it happens that under any government, whatever may be its form, if a panic, or hard timtfs, or overproduction, or a pestilence, famine or plague comes, the men in office are made the scape goats for troubles which it is far beyond their power either to produce or remedy. And so now. when throughout the world trade is languishing, and wages have fallen, and industry does not meet its usual reward, it id

QUITE COMMON FOR DEMAGOGUES

to say, "Turn out the administration and put us in and all will be lovely." Such arguments are only fit for fools. Human governments can have but little influence over the cau»e« hat produce the rise and fall of prices, the abundance or want of employment. These are governed by higher laws, and the puppets that for the time hold official authority have as little influence over these great movements as flies have over the revolving wheel. At this ti«e our country is the most prosperous in the world, though we suffer, to some extent, from the same causes that bring stagnation to the industries of all commercial countries.

I have tere copious extracts from English, Belgian, German and French papers, all nations of wealth and power, in profound peace, and all showing extreme ad versity and depression in trade and prices.

The iron trade in England has passed through extreme depression. During its course some of the largest and wealthiest manufacturing concerns had to succumb to the severe reaction, while operatives suffered in the greatest degree by the increased eqpply of labor and greatly diminished prices.

T^E moN ¥&ADE

in England has fallen nearly fifty per cent. The Belgian iron trade was almost extinguished, and the workmen employed were driven toother purau ts. This industry is the one that has suffered lnost in our own country, while we are rapidly recovering by unbounded natural resource*, and by reduced cost of production. I have before me an English paper showing that the exports of Manchester of cotton fabrics, especially to the United States, have been largely reduced. The amount of cotton goods shipped to this country has been reduced in five years from 129,000,000 yards to 59 000,000 vardn of woolen goods from 6,000,000 to 1,478,000 yards, while our own production has enormously increased, arid we are now exporting both cottons and woolens. In Germany of thirty-two com-

{ore

our loans, already referred to, without disturbing the course of trade or causing a shiriment of go'd. All the fears expresMd so often in the pspers, at theee movements," have been proven to be groundless.

tallies enumerated in a table I have beme, only six show any dividend whatever for the last year, and the aggregate accounts show a loss of $1,800,000 on the year's operations. Of the silk trade in France, which is one of the great branches of their industry, it appears from a paper I have before me that tl ere about 30 000 silk looms at Lyonp, and nearly half of these are now idle. The number of weavers IIDW out of employment is roughly estimated at from twelve to fifteen thousand. I might follow these general statements by picturing the distress in all these great and rich countries, compared with which th»* greatest suffering of our people is insignificant.

WITH US THE WORST IS OVER

and the vast industry .which gives employment to the great body of our people —that of agriculture, is now extremely prosperous. It is a common saying that "the farmers are growing rich, and as they grow rich other industries will thrive, and trade revive. To attribute the distresses, which I know you suffer in common wito the rest of mankind, to any causes growing out oi the administration of our government, is extreme folly. Unlike the laws of most European countries, our laws are framed, as far as possible, to promote indubtry, to protect labor and distribute wealth. Here we give to every man the same privileges, civil and political, whether he be rich or poor, or whatever may be his condition. He must enter into competition with others, but he has no discriminations against him. The remedy for periodical depressions no hu-' man mind can point out or administer. That must be the result of time, of industry, of economy. No doubt soon,

INDUSTRY WILL REVIVE,

and we may expect a season of prosperity. The poor do not suffer alone from hard times. The first blow must fall upon thpse who have property investments, which are swept away, ana then the evil falls upon all classes alike. All that you can ask of the government is that it will administer the limited powero conferred upon it with the same intelligence and economy that you would expect of private citizens, doing all it can within limited powers to confer the greatest good upon the greatest number. This,. I believe, is now being done by the national government

STRIKES'.

Every man of you is deeply interested in the strength and power oi this government, though its operations may be far from you. This was shown in the important services rendered by the general government in the

RECENT WIDE EXTENDED STRIKES

by the employes of railroads, which reached from Philadelphia to New Or-leans,-affected all the great trunk lines of the country, and, for a iime, paralyzed several powerful states. For a time... it threatened civil war and anarchy," and caused «3 a large destruction of life and property. The administration was called upon by the governors of West Virginia and Maryland, two Democratic states, to aid in putting down^domestic violence. Our small army was scattered over the western country. The last house of representatives had refused to appropriate for pay or supplies for the army lest forsooth it might be UBed in a state to put dewn domestic violence. These calls were promptly met by President Hayes, and, by a judicious use of the small force at his command, by the skillful action of the officers in command, especially of General Hancock and General Schofield. the regular army was the chief means of suppressing domestic violence extending to many states, and which could almost be classified as civil war. No just man will withhold from the administration fair praise for a difficult task well done. Tbese strikes bring prominently into American politics the contest between capital and labor that for many yearspisturbed Great Britain, and was the foundation of the scenes of the reign of teiror during the French revolution in 1713.

CULTIVATION OF THE SOIL

on separate farms, no contest between capital aad labor can arise, and where, as in former times, our mechanics were independent artisans, each working either alone or with a few otheisin shops scattered through the country, there could be no such trouble. But when great corporations or individuals employ large numbers of persons who depend upon their dsily labor for their' daily bread, and whose wages may be affected at any time by the will of the capitalist, there has been, and always will be, an irrepressible conflict between the man who furnishes or directs the capital and the laborer who does the work. When to this is added the fact that, by recent consolidations, great railroad companies have been formed, each doing a transportation business larger than the whole transportation on the Mississippi or on the lakes in the north, with the power in the officers of the company to change at pleasure the rate of freight, and the wages of employes, it was inevitable that the conflict would some time come between ihecorporations and the employes, ft THE WILL OF FOUR MEN.

Let me illustrate the enormous power that is now practically concentrated witbin the will of four men. When the war broke out the common cry of the west was that no rebel cannon should threaten the commerce of the Mississippi Valley. Our commerce should flow untaxed to the sea.

The entire tonnage passing any given point on the Mississippi river is now estimated to be 3,000,000 tons.

The great lakes on the north have been Bpoken of since the dipcovery of America as being the wonderful provision of nature for the vaxt internal commerce of the continent. The whole tonnage passing on a given point on the line of the lakes is about 3,000,000 tons.

The Erie canal in New York, from Buffalo to Albany, has been extrolled as a work of master statesmen, which has contributed more to the interior develop ment of this country than any other single work, and has immortalized the names of DeWitt Clinton and others. The entire tonnage of this canal during the last year is officially stated at 2,418,423, and of all the New York canals, including Erie, at 4.172,179 tons.

These three water arteries of commerce, two natural and one artificial, furnish a tonnage of 10,172 179 tons, and a f«w yeas ago were the only means of transit between the east and the west and the north and the south. Now, within a few years, and mainly since the close of the war there have been built np four grand trunk lines of tail way, reaching from the Atlantic seaboard far away inio the west, with their lines in all directions like the branches of great tree *, whose organization extends to almost every hamlet in the Mississippi valley, or the Atlantic slope, with a commerce so vast that, in comparison with it, the great water lines of communication become insignificant.

Or an aggregate of....„.......,.....

S-''

Tons.

Tbe Erie Hallway carried last year 6,922,911 ew York Central Railway cat rled last year 6,838,680 reunpylvauia Railroad carried last »,922,911 Baltimore & Ohio Railroad carried last year (estimated) 5,OGO,OCO

^...27.M9,602

Being nearly three times as m«ch as the entire commerce bv water. THIS IMMENSE COMMERCE, which touches the business and home and life of every citizen of the United States, east or west, within the reach of its influence, is controlled in all'its parts by the ultimate will of four men for, though there are many agents employed in this vast business, with boards directors and intermediate superintendents, yet, practically, the executive and controlling power of these vast corporations les^s with their presidents, whose will or pleasure may raise the freights on produce, and thus affect every farmer in tne land, or may raise or lower the wages of every employe, and thus affect the bread snd lite of every one depending upon these laboring men.

It is just to say that the gentlemen holding these important positions are among the ablest and most sagacious of the business men of this country, but they must necessarily be governed in the main by the interests of the corporations they represent, and must look to those interests as the dominating and controlling motive that must guide their acts. A tew years ago tbe freight on these roads was deemed to be unduly high, aud this aroused the whole farming interest of tbe west under the name of Grangers, who were able to secure hostile legislation in some of the states, and go to control public opinion that the freights in due iime were reduced. But, more potent than all, the 4' SUDDEN DEPRESSION OF BU8INIS8, caused by the panic of 1873, led to a rivalry and competition between these great lines that in a short time reduced the rates foi freight and passengea below the actual cost of tbe business, thus tending to destroy the capital invested in moie than two-thirds of the railway lines of the United States, and greatly crippling the financial condition of the trunk lines. These corporations hate endeavored in various ways to make sgreements, but either because they w«re not faithfully observed, or from the inherent difficulty of making combinations between powerful rivals, these agreements have been successively brqken and abandoned, and now it may be said that, on an average, the amount received for freight and passengers does not pay the actual cost of running the lines.

The result has been that the railroad companies, not willing to see their property entirely destroyed, have gradually reduced tbe rates of wages of the employes until, if we can believe what has been said, in some cases, they an barely sufficient to pay for the necessities of life.

Hence the strikes. P| It haa always been feared that OUr rewhich the majority, the condition of affairs developed by these strikes, eaulay and AiHson

Ma-

have both described,

in prophetic language, the effects of a STRUGGLE BETWEEN CAPITAL AND LABOR in a government like ours, but, like most English writers,thejr overlooked the strong conservative power in a government by the people, where the majority must always be independent farmers, mechanics, and

working men who have respect for la#, religion and order. We have, no doubt, large aapbm..«! rain who will not reason about this matter^ but will rush to the torch or to crime in curirfg what they re* gard as wrongs, bat the great body of our people have always shown sufficient moderation and intelligence (o lead them to find a peaceful and proper remedy for all the ills which life may develop. 4od now. fellow citizens, I beg you not to believe that thia is an easy task, and not to reject counsels oi moderation and forbearance. The laborer it worthy of his hire,and, io this country especially, should always receive enough to maintain his family in decency and comfort. But we oannot secure this great blessing by intimidating capital, by burning houses, by preventing other people from laboring, or by any violence or crime. Capital, when threatened, shrinks away, and your labor ca^anoi be employed without capital. You can only encourage its employment by a reasonable prospect of a just reward in tbe way of interest or profit. 1 will not undertake in this speedy to state ideas that have become convictions, that are not now entertained for the first time, because it would take loo long, but my conclusion was, years ago, when this subject was under debate in the senate, that the

FRAMEB8 OF THE .CONSTITUTION,

had wisely provided an arbiter to govern, by general laws, inter-state railways, ana may in this way prevent controversies between capital ana labor where they affect the commerce of the country. That arbiter is the congress of the United States. No state isbroad enough to deal with this question, for these railroad lines extend through many states. No local authority can deal with it, because the local authorities may be overawed, dr. under the influence of passion or resentment. Mayors, and governors, and local militia are well enough for tbe ordinary protection of society, but they are not fitted to deal with a content between great bodies of citisens in the samecommunity, where the divisions aro so wide and broad as to amount to domestic violence or civil wsr. The national government is expressly authorised to aid a state in putting down domestic violence, and the congress of the United States is expressly autnoriaed to regulate the commerce between foreign nationi and the several states,and the commerce thus provided for is now conducted mainly by these great lines of railway. The framers of the constitution could not foresee railroads, or the vast extension of pur country and its varied interests but they did provide that commerce in all -its forms,, foreign and domestic, by whatever agency conducted,'might be controlled by an arbiter more free From-local prejudice than any otl^er that could be selected.

MY HOPE, THEN, 18,

that congress will pass laws to establish and limit maximum rates fit-igl t, so that the productio

of a farmer m»y not

be in danger of confiscation by exorbitant rates, that it will limit and restrain the cutting and reduction of freights so as to destroy the ability of railroad companies to pay fair prices for honest labor, and preve'nt the companies from making paupers of men who perform essential functions in commerce. Congress msy thus, 1 as well as the

by wise general laws, control the most

powerful corporations numbleat citizens. There is-one thing, however, which all men ought to understand, whatever may be their wrongs or injuries, that in our, free system there is but one remedy, and that is by peaceful, lawful appeals to the constituted authorities, both state and national. No man has A right by violence or crime to redress his injuries. No government can live where mobscanj make laws and prevent other laborer^ from working. The right of a laborer td refuse to work without such pav ash demands is clear and unquestionable, bu whatever civil remedies the law ma] give him he cannot resort to violence prevent either the movements of com inefce or the employment of others, with out endangering our whole system snd en countering the full force and power of th government.*The very fact tha

THE STOPPING OF TRAINS

the four great lines of railway #0ul bring hunger and want to millions laboiing people and deprive ether mil lion* a market for their product, wouh array against striking laoorers who re sorted 'o violence, the whole power, no onlv of the government, but the mora and physical force of the balance of th commnnity. When laboring men, or an class of men, resort to violence and crim to protect even real rights, they must dealt with in the same way as others wh violate the law, however mucb men ma sympathize with their distress. I an stating only what the law has alway provided, and with full sympathy in ai honest demand by laboring men for fai wages for a fair day's work. We mut obey tbe law and we must punish an violation of the law. Life must be pit tec ted and property also. These are th conditions upon which society exists, an no party can temporize or hesitate in t~ face of an open revolt against these pri ciples of public order. But, while this true, we must not fail to examine complaint of the humblest citizen an give to him all the protection and all t" remedy that a just government cap giv

And now, fellow citizens, in concl sion, allow me to express, so far as la guage enables me to do so, my heartf thanks for the courtecy and kindness always have shown me, not only duri this short visit, but in all tbe time 1 ha lived among yon. I can only say I tha yOU. j-i-

MAquON, Knox County, Ils., has bandit, who, in being pursued, after ro bing a citizen there of $75, fired and kill a man, a horse, a dog, and wounded thr men. The Marshal there thinks it Whitehousc, and wants a careful descri tion.

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