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CIHM/ICMH 
 
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 1980 
 
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FINANCE-CURRENCY. 
 
 8PEE0H 
 
 OF 
 
 HON. MOSES W. FIELD, 
 
 OF MICHIGAN, 
 
 IN THE 
 
 HOUSE OF REPRESENTATIVES, 
 
 APRIL 8, 1874. 
 
 ' ' The credit of tho nation poBa«iiBe« Intrinsic value as well ta any 
 metal, and It represents labor aa well as gold, because H ig igsued in 
 exchange for labor. Something nugt be employed for a circulating- 
 medium, and why not uie the natfanal credit for the purpose ? Gold in 
 out of the (luestion, for we have n»t got it. Qreenbackg have worked 
 'veil, and they are exceedingly popular. I prefer thoge Government 
 bills to bank-bills.'; public credit to private credit." 
 
 WASHINGTON: 
 
 QOVKUNMENT PUINTINQ OFFICE. 
 
 1874. 
 
 

 
 cxi) 
 
 S'/^ool ^ 
 
 Hi 
 
SPEECH 
 
 Of 
 
 HON. M08E8 W. FIELD, 
 
 Tlio TIon«t> liaviuj: utnlor ronsidcrntionflio liill (11. R. "So. l.">72) entitled "An not 
 to Hiiieiid the tteveriil hvAh itrovidiii); a natiDiial ctnreucy and to e»tabli»L free bauk- 
 iug, and for other imrposes'" — 
 
 Mr. FIKLD Biiid: 
 
 Mr. hrKAKKu: I desiro to call the attention of the ITotiso to a 
 memorial of the citizens of Detroit jiresented a few thiys ajjo by my 
 colleagtie, [Mr. Waldkon.] In presenting the memorial my colleagno 
 said : 
 
 1 ask consent to present a memorial from tlie citizens of Detroit on the Hiibject 
 of the cnrroncy, and I take occaMion to t<tate tliat it is Hijjned by uine-tenth.s of the 
 merelianta, miiuiifacturerH, produce dealers, railroa<l munanern. and vcMsel-ownors 
 of thateitv; in fact every nrancli of C4^)innierci:il and InisineHH industry i8 re])re- 
 8ent«Ml in it. Tlie memorial is tlie ex]>res8ii)n of nine-tiMitlis of the iwtive l)U8in(!S8 
 men of the city of Detroit, and 1 believe I am Justitied in .iayinj: that it exi>resseH, 
 in the same proportion, tlio tmsiue-ss sentiment of the State of Miehi<;an. I ask for 
 the reading of tiie memorial. 
 
 The memorial was read, an follows: 
 
 " To the Hottse of llejiresentaHKen of the Z'nitcd States : 
 
 "We, the nndersigned, citizens of I>etroit. Ittichi^an, respectfully represent toyour 
 honorable body that we are oppo.sedtoany inflation of the currency, and are in t'avor 
 of a return to specie payments ijt the earliest practicable moment." 
 
 Thin HtatiMuent 8nr^)riM0(l me, for 90 per cent, is nearly tlie whole 
 part, and I did not think any one hundred and forty-eight men could 
 tie selected wealthy enough and great enough to represcjit 90 per cent, 
 of the entire business interests of that great city. Having resided in 
 Detroit for many years, I am tolerably well accjuainted with the gen- 
 tleu>en who signed the memorial, and can form a fair o])iniou as to 
 their represr tativo character; but desiring to be as accurate as pos- 
 sible, I Inr*' iibtained other information with the view to ascertain 
 whether the representations of my colleague were true. There are 
 148 signatures to the memorial, consisting of 16 bankers, 13 lawyers, 
 55 persons of unknown or no special business, atul 64 business men and 
 firms; and I find, instead of bearing the signatures of "nine-tenths of 
 the merchants, manufacturers, produce dealers, r.iilroad managers, 
 and vessel-oAvners of that city," it did not in fact contain even one- 
 tenth part of that numerous class of ])eople, nor <lid it express the 
 sentiment of one-tenth of "ti)<,' active business men of Detroit" on 
 the currency «|uestion. I fe.d it to be a duty, tlieref«)re, to correct 
 the statement, particularly a,H I have since that time rec-eived and 
 presented to the House a petition of the citizens and Imsiness men of 
 Detroit in favor of an increase of the currency, and which I believe 
 represents tlu* true sentiment of a large majority of the people of my 
 distiict upon this (jiiestion. 
 
 My colleague not being a resident of Detroit, but residing in the 
 
t 
 
 
 villa^ii of IlilUiliiU', !i1)(Mit Olio Iinndrtil iiiilos (lintaiit, was doiiUttoda 
 iinpoHod upon. It ih not at all likely that he *s acqnaiiiti^d with 
 all tlio parties, nor with "every branch of commercial and business 
 industry" in that city, and under such circumstances my colleaj?uo 
 ■was easily deceived, and no doubt unwittingly made tho exaggerated 
 statement to which I have referred. 
 
 I do not make this correction with any intention to impugn the 
 motives of the gentleman nor to intimate that there wjxs any inten- 
 tion to misrepresent or overstate the imi>ortance and weight of the 
 memorial. I have jio doubt his statement was made on the repre* 
 seutationsof his Detroit correspondent. So much for that memorial ' 
 and with reference to others of the same character presented lior® 
 from New York, Ilostcm, and other citieS; I have to say that if they 
 are all as nnieli exaggerated and overestimated as this to which I 
 have referred, I warn members against being unduly influenced by 
 them. 
 
 Mr. Speaker, in this debate w<^ have heard it many times stated 
 that onr greenbacks are dej)reciatt!d and that they are below par. 
 The gentleman from Connecticut [Mr. Haw'LKv] stated the other day 
 that greenbacks were 12 ])er cent. beU)w par. Now I wish to contro- 
 voi-t and deny such statements; for they are not true. 1 a<innt tliat 
 gold bears a premium ami fluctuates with the jtrice of foreign ex- 
 change in the mark«;t; but I deny that greenl)acks are below par, for 
 tho simple reiison that th(»y are the lawful money of the country, an<l 
 therefore must be at par. If it be true that greenbacks to-day are 12 
 per cent, below par, then, on the same theory, when gold coin was at 
 
 00 per cent. ])remium our greenbacks w<!re 50 per cent, below par; 
 when gold was 100 p«r cent, preuiium these greenbacks were wortli 
 nothing — a dollar of lawful money would not buy even a wooden 
 nutnieg. According to this mode of estimating the value of green- 
 backs, when golil was 150 per cent, premium, the poor man, having ten 
 dollars of goo<l greenbacks in his pocket, would have to pay iive dol. 
 lara to have them taken oft' his hands. 
 
 1 have received a letter on the curiency f(ue8tion fjom a gentleman 
 of large business experience, and whose views npon this suliject will 
 have great intltience in this House and throughout the country, and 
 
 1 send it to the Clerk's desk to be I'ead. 
 The Clerk read as follows: 
 
 "NYashixgtox, March 24, 1874. 
 
 Deah Riu: As rownltul in tlio CoxoRKf'filoxAT. Kf.coki), in a debate one day last 
 week, au honorable Si-nator inijniredof iinothi'r liononiblo Senati"' why io'<>*-'"l'*ifkn 
 wore lU iHT ctMit. below par, and after repeating tho qiieatiou several tinuw, he 
 said the answer.t wore not Matisfactoiy. 
 
 This reminds me of an aneedoto. ITon. S,ainnel L. Mitchell, of New York, a 
 beamed medical professor, was accu9t<mied to ask hia studentJ* to propound anv 
 question they niightselect, when oneof them nsked why there was always one black 
 sneop in every flock. The learned pi-ofossor ininiediately conimeneed {jiving what 
 appeared to liim as aeieutiflc reasons for the fact, but which did not appear to 
 satisfy tho students if they did himself. At the close of the lecture one of the 
 students inipiired if it was a fact that there was always one black sheep in every 
 flock. It appeared that this idea had not oc('urred to the learned proft;ssor ; but. 
 tf be sure, he immediately wrote to a ninuber of farmers, making tho inquiry, to 
 which fhey all replied tluit it was not the fact at all. 
 
 If the Iciirued pn)fe.ssor8 who have been lecturinjt on political economy, in both 
 Houses of Conjii-oss, on the assumption that greenbacks were below par, should 
 inquire ot uraotical business men if it was the fac*'. they would receive the same 
 answer, ana perhaps receive the additional information that 12 per ctnU. difference 
 between greenbacks and gold is ea«v to caU'ulate ; but when, as in 1h<>3, the differ- 
 ence was 100 per cent., and there ()eing Imt a hundred cents in tlui greenback 
 dollar, the whole dollar must have been wiped out, and, as in ISCA, when there was 
 
 f 
 
 .9- 
 
 i 
 
 I- 
 
 V 
 
 
•'^ 
 
 1."iflj)rrr nf. iHiTi"i"iirt\ t!if ;;r;>:''n1)nrk mnst lirivo lioon worth just fifty •*''nt« lon» 
 tliaii iiotliiiiu. iH'iiuijiH tlit\v nii:;lit tlini inqnirt;. wlitsi it tlollur ^n-fiiWiu'k wiiH 
 iiltiirod ill i):iyiutMit tor tin tirticlf viiliK-d at fifty <•"»*••' 'Hid tin- ^iiMMiltack worth 
 tifty I'ciitM l<'.s!i Ihaii nothing l>i>w tli<- Iciknio'l profi'HHorH woiiM iiiuVir < haii>;<\ 
 
 ]Vrliii|iH th'i miiiit: bii.^iiD'H.s iiu-u iul.;)it hI^o fiii'iiixli tiio infiiriiintinii tliut iliiriit^ 
 tlu< wliule tiiiiu the profimHoi-M coiiHiilDr tlio ){i')H)iil)iickH no vvtirtiilfHs tlicy, the 
 \)iisiiu<MH ini'ii, thu iiii'ivhiuilx, thii im-clianifi, th«( iiiiiiiiifai'turi-rit, tlic fiirunT», hU 
 ImlieviMl they wmtvi ciOoyinj; a hiuhcr mate of |)ri)Hi><M'ily than cvtT Imfid'n kiKiwu. 
 
 Yon will iViiH^mhiT thiit 8(Min lift*'!' thi- net i>f Ki'ltniiiry 2.'>, li^d'j, mukiuK I'uited 
 St4it«m iiot«>H 11 li';;rtl tt'iiiltT, S<'i;rt!tary (.'haiui iiitM'hiiiiuMl to tim world llial li.\ that 
 art K'lid WU8 dt!iiioii<'ti/«'d — waH im lou^^iTiiioney, btit was a c«»iiiin<Mliiy, au article 
 iif iii(«r(')iaiidisi4; toiiMt^iiiU'iitly, lliat law ni.adi' loyal-ttiudrr jrrceubackM, us far as 
 law could make them, tiic incaHurc of vnliio, tho moiictury imr. 
 
 ThiiH. gold biditK ntcrchaudisc, itM price can no moro bu tiic )iar and Mt4Midnrd nf 
 vnliic than tho |)rl<'o of lUinr, the price of cotton, ur tho price of tobiu-co can bo the 
 monetary i>ar and nicaHnrc of vufuo. 
 
 That fn"<'<'nbnck.s are the nieamiro of value wbh aijniu lo;;any reco^id/.ort by tho 
 law authorizing the iHMue of national-bank iiott-s. redeeniubln in the aforesaid 
 V'reeidiacks; thus, lievond i>eratl venture ej^tahhsliiiiK them an the meuHureof valno. 
 Then, doew it not follow lliat tho Vi i»er cent, ditl'ereucc is ni> mut^h prendnm on 
 gold/ And if »o, Hhonld not tho ))ne!«tion In? reversed, and ask why is ;;old l"J ])er 
 cent, above par / To which I would reply that it wa.s made ho by the Ji«;t of Con- 
 gress, 
 
 You will remrnibor that the bill pas.«ied tho IIouso of Tloprespntative« making 
 the national cmdit or I'nited KtateH notcH a lejral tender for all )>ur]>o«eH whatever, 
 witiiont cNcention. I'ardon the expres.sion of oplnii>n tliat. ha<l tnat bill liecomo 
 a law, it wiMild have IxH-n firaiiieally ini|M).ssible for irold ever to have risen al)ove 
 tlie y»arof «reenba<kH. for tiu- reanon that all the troltl in the <'.ountry would have 
 
 been on the market without buyer.s, andthe prosperity of ouriieople nt thcjtreMent 
 
 ■ ave Hnrjiassed any ix^riod in our history. Ihit tiie {^old niono])olist.s 
 
 and Shylocks of Wall Street t/>0K the alarm, and Haw if that liill pa.ssed their voca- 
 
 time would hav* 
 
 (ion wa.s gone, and came down ui>on Secretary (Jhaso in such foi<!<) and annoyed 
 him with .sucn i>erHinteucy a8, he said, "almost WiUTied his life out." until he con- 
 sented, and called upon Mr. Fe.sHenden, chairman of the Committee on Finaiio 
 in tiio Senate, havint: the bill in chaiKP, and inducetl him to modify it by exceiiting 
 that the interest or the bonilH authori7.ed to be is.siied by the same act should be 
 Daidinccdii; and. vo nrocure the coin, prohibitetl the receipt of said le^ral-tcudcr 
 money and retjuired tiiat j;old only Hhould be received for diitii'H on imports. 
 
 To that extent ConjjresH repudiated its own le;;al-tender inoijey in tho very act 
 creating it. 
 
 Reiinirinu; all importiiijc merchants to pnrchiwo ci'»in to nay the dutien, at .snch 
 ]>rices iw the ^old riiiji.s iiiiiilit tiiiiik best to ask, I Hriuly uelieve is tlie principal 
 if iKit the only cause of tin' lU'emiuni on coin ever since. 
 
 Ajiain, those favoriiij; contiaction and immediate resumption of specie |)rtyiiient.«i 
 arffue lliat the greeuback currciioy must be contracted still further to brih;: j,;old 
 and ciivrency on a jmr. 
 
 Is it po8sil')le that they do not know the fact, or do they shut tlieir eyes to it, that 
 the experience of the last ten yt^ars h.as exploded that the(U'y 1 
 
 Mr. SlcCuUoch contracted the currency, a.s he proclaimed, solely for the imi^ioso 
 of raisinj; fjt't'Pnbacks U) tho p."." of ;;old, and failed, as follows: 
 
 It apjmars fmm olHcial retunm that on DecemberUl, 18(ifi. the amount of cuirency 
 was #l..')fll,787,7t'U; Juno 30, !«)!). it was reduced to ^!»>?.Ge7,.'i:W, from which it a^^• 
 pciirs that two-thirds of the cuiTency had li«!en called in: conseouently, were his 
 tluMirv correct, the ditlerenco between gold and icreenbacks should have been re- 
 duced two-thirds, when, lo ! it stood 2 |>er cenT higher, namely; December 31, 
 le)<)(), the premium w^as 34 per c<int.; June 30, 18(1!). the premium wiis .36 i>er cent. 
 
 AKaiu, as evidence that tho quantity of currency docs not atlect the jirice of g(dd, 
 it appears by the same returns that on June 30. l,-«(j4, the amount of cunvucy was 
 S78(i,33i!,8;r);' December 31, 18C6, the anumnt as aforesaid was if I,571,78}.7e0 ; just 
 double. How st^mds tho premium I 
 
 June 30, 18(54, it sttK)d at 158 jier cent, alwve greenbacks ; December 31, 1866, it 
 stood at 34 per cent, above greenbacks. 
 
 Were his theory coiTect. it would have been 3lfl per cert, above greonbacka, 
 when, as above, it was only 34 percent, (.^tn proof be more positive? 
 
 Again, Mi-. McCulloch began contractit.u >)y funding fifty millions of gijpenliaclts 
 in rtuo week, causing a stringency iu the money market: but the price of gold stood 
 unmoved. Many more coinjtarisons of the same character could be given ; but do not 
 t hose facts prove positively that since coin w^a.s demonetized the amount of currency 
 has not affected tne price of gold anymore than it has the price of cotton, tobacco, 
 tlour. or any other commodity depending for its jirice on a foreign martot* 
 
 If the fori'goiug conclusions are correct, it dtjcs not follow that all the arguinents 
 

 
 I- 
 
 of theroiiirAf'liouUUuiitl iin!iun1i.itu re8iiiiiiiti»iiiMU arc williotit foiinlatioii hihI 
 WAD' fallai;i»w ? 
 
 lu coiirhiMUin I would nay tliat sliould (Jouotivsm iwlniit tbo lnt<<rroiiv«rlHtIo princi- 
 ple, and let \iN lt« |><>riiiitt<*<1 to exi'han^ft^ at |ilc>aHiir«) tw riirrtMirv, lH>th Kt't'onhBokii 
 ami natidiial'hank iiotitM, info <'oiivitrttT>lt) IhiiiiIh, tM^arlll|{ a iiii>dt>rat«t rato of hitcr- 
 eat, tilt' lu-oplo will, ill a brief Mpaeo of tiiii»* liiiy of tbo Treaaiirv l>oi»art.m»<iit n 
 ■iitnclnut aiiioiiiil of Hiich IioiuIh to tMiablt* tho Seurt'tarv to pnicliaHn aiiu caiuHd th«^ 
 whnlh foreign boiiil iiidi-lit^'dinHM, and tliiin not only r«4lii<t<* tlie rate of iiitiM'iwt, lint 
 at4)p tlif drain of coin tliat ((oi-rt an a tribute to ciirli'h foroi(;u iiatloiiit iwid tu Ini- 
 povcrlali our own. 
 
 Adopt tbc iiit<>rconvi>itlbK< ptincijilo, and 1 firmly bcUi'vn It viU act liki^ niairic 
 ill iiifuMlnu new lift«, eni-rgy. and a<tivitv into the prostrate iiidiiHtrieftof our pt«»ploi 
 (tivo employ iiieiif to the Mutteriii); miltionM, Mlart the MpriiiKx of le;.ritiniat)) enter- 
 prise, and iui't'euMO the prodiH'tH of labor to hiicIi an extent that our ««.\iMii'tH will 
 HOOD exeeeil our ini]>oi Im, anil ]iay otl' all foreign iiidebtediieMH. wiieii tlie untold 
 milliunM of (Told we have Heiit to forciKU nations \\ ill return tu enrich mtr own. 
 &lutit roMiietitfuIly, yours, 
 
 PLINY FUEEMAN. 
 
 lion. M08K8 \V. KiKin, 
 
 Howe of liejireteHtatiM.i, Wanhington, 
 
 Mr. FIKLI). Now, Mr. Spcit ; t, (iwiiijj to the iiliiionni)l condition 
 of our tiiuh^ witli Eiiropo K"iJ*l ' eniiinMl for Hlii]unciit tomittlo foreijijii 
 bnlanroH. This, tog»>thfr willi I lie <trniaii<l to .settle «liiti«i8 on ini]»ortii- 
 tiotiH, 18 tin-cause of tlu« pn>uiiiini on gold; Jind if ('ongroHM should 
 autliori/o gn-i'iiliiicks tolx- ivccivcd ut our cuHtoni-liouHi's in paynuMit 
 of duties — )i policy I »ni in favor of — I think tho prrniium <in gold 
 would fall HO that it would apiMoxiniate in value- to gi(!t!nl)a<!k8. A 
 good many gentlemen wlio have Biioken hero in f;ivor of a Hpeedy 
 return to coin paymentH do not appear to eomitrehend tlie Hiibjoot. 
 Over one hunilriHl aets of the liritiHh Parliatnent are recorded to lix 
 and regiiliito tlie price of wheat, yet tins price of wheat in tln^ Kng- 
 li.sh market continued as "niLstalde as water," and the acts of Parlia- 
 ment remain upon the Htatutos dead ktters and iiseleHS records of 
 impracticable legislation; and so it will he repeated in this country 
 should ('ongress attempt hi/ law to regulate or reduce the price of 
 gold coin in the o])en market, or force it into circulation while the 
 tleuuunls of our creditors in Europe exceed tlie jnoductiou of the 
 precions metals from our rich mines. 
 
 The piiee of gohl is fixed hy the " higlier " law of " demand and su])- 
 ply.'' It is tlierefore clear to my mind that in order to rediict^ the ]iiv- 
 miiim on gold ami an.sure "Hp<>cie ])ayment.s" two things ar»> aliso- 
 lutely iiidispensahle, to wit, first, to lessen the demand for gold coin : 
 second, to secure a large su])[)ly of the precious metals. Our markets 
 sliould ho glutted with gold; and the (juestion is, )u)w can that con- 
 dition ho reache«lf 
 
 If gentlemen really want "a return to specie iiayments at the 
 earliest practicable moment," why do not they proceed to secure that 
 condition in a philosophical and iiractical way? Pa^s two hills 1 have 
 introduced (H. K. No. 21.57 and 11. R. No.2r>31 ) and specie will become so 
 redundant hero Avithin two years that it wi 11 ho a drug in our markets. 
 
 The first bill provides for an increase of the currency by the issue 
 of greenbacksin exchange for interest-bearing intcroonvertiblc lJnite<l 
 States bonds, and makes greenbacks a legal tonder for all purposes, 
 including duties on imports. This act wouhl prevent tinancial ])anics, 
 emancipate labor and promote tho prosperity of the Avludt^ people. 
 The other provider for an increase of the duties on imports, or tax- 
 ation ou^oreign productions. Should this bill become a. law it would 
 turn the balance in foreign trade in our own favor, and draw tho 
 rvrecious metals from Europe to enrich the people of the I Tuited States. 
 Tho ocean steamers, instead of taking out $2,00(),(K»0 in gold every 
 week, would bring into our ports a 'iiuch larger sum, for the lialances 
 iu foreign trade regulate and cohi^-jI the muvomouts of gold. 
 
 i 
 
I'lisH those two Ijillrt, find I will >;ivfl homls witli jfiMid BPcnrity t.hat 
 ill l«'H« than thl^'^o ypuruoiu- gold coin will fall htdow tho par of greon- 
 bai'kH in tht) o])<>ii market. 
 
 I Biini;«'8t this 'u hfiiio for tho t'on8l«loratioii of thf Honwv It will 
 HOfliiro tTu5 oljjoct with cortainty, and tho pooplo of tho ITuitud Htatv8 
 ■will not bo iniiirod in carryinj? tho plan into oporation. 
 
 It is urf^ed tiy Honio i^ontloinon in tuiH diHonHMion that an incroaHO 
 of tho cnrroncy wouhl promote **Hpooulation" and "overtrading?." 
 Ni>w, sir, how hnn it hotni in thopaHtT In ISiVy, whon wo hiul over 
 $'2,0{»0,(KM),0(X» of cironlation, tho ]>eonlo woro in tho habit of l»ayin)? 
 down in cash for nearly everything thoy bonght. That w as tho prac- 
 tice of tho^countiy at thnct time, and the cre<lit syNtem waH alnumt 
 entirely wiped out ; and I Hiibniit tliat when people pay in oanh on 
 tho spot for wluit they buy ihtir in no HpecuUition and no overtnulin<j in 
 tho operation. 
 
 It \H jiMHertod here, too, that an IncroaHO of the (•nrrency wonld in- 
 flate prieoH. Now, sir, I wish to call the attention of the House and 
 the conntry to the fact that in 18G8, when wo liad over 1$.«^(K»,(M)0,IHK) of 
 currency in circulation, tho priceH of oichty-fivo staple or leading 
 commoiiities in general use wore actnallyiower in tho aggregate than 
 the jirieeH of tho same commodities in September, lH7:i. Meanwhile 
 our circulation was contracted over ^lOOjOC'.OOO. This fact is shown 
 by the Report of the Bureau of Statistics, (see re]>ort on linancos, 
 page f)'2(»,) and I send to tho reportei-s a tabular statement of prices, 
 and ask that it bo printed in the KkcoUD. 
 
 (omixirdtire Matemcut Hhmcinfi the pricru of staple art'uleH in the Xew Yoric 
 market at the heijiniiinfi of Sipietnher in the i/ears l!*(jH and IST.i. 
 
 ' i 
 
 Articluit. 
 
 IJrcunlstiillk : 
 
 >\'heut, noit lioni i»er buHbol . . 
 
 •w<'Ht«'rii do 
 
 lJy«\ woHt^rn do 
 
 Corn, western do 
 
 Oats. do 
 
 liiuley do 
 
 Wheat-Hour, suportlnc p»>r Imrrol. . 
 
 New York State do 
 
 westi^rii do. . . . 
 
 southern do 
 
 Kye-flour do. . . . 
 
 Coni-mi'al do. . . 
 
 t'(«xl, anthracite jicr ton.. 
 
 Cotfee, Kio per jiouwl . . 
 
 San Domingo do 
 
 Java do 
 
 Coppor. Aniericnn ingot do 
 
 shoathini: do.... 
 
 Cotton, low iniililling do 
 
 middling do 
 
 Fii'h : 
 
 Mackoi-el, No. I liny )>er barrel . . 
 
 No. a Day do 
 
 irerrine ' do 
 
 Drv cod per cwt. . 
 
 Flax, American per pound . . 
 
 GlasjM, American window, 8 by 10 ft. per 50ft. . 
 
 French win<low, 8 by 10 ft do 
 
 Gunpower, ritie per '25 poundH. . 
 
 bla.stinK-powder do. . . . 
 
 niilo.'*, dry, IJuouos A yres per pound . . 
 
 ■itipteinlM 
 
 Br, 18fi8. 
 
 Scpteinbe 
 
 r, 1873. 
 
 n 30 to ti 35 
 
 $1 70 to tl 75 
 
 1 75 
 
 1 !M> 
 
 1 *iO 
 
 1 *>5 
 
 1 40 
 
 1 00 
 
 !15 
 
 97 
 
 1 to 
 
 1 83 
 
 «I2 
 
 «<! 
 
 HI 
 
 83 
 
 44 
 
 4«4 
 
 2 00 
 
 a 25 
 
 1 30 
 
 1 4-> 
 
 7 00 
 
 8 00 
 
 5 (>0 
 
 (i 10 
 
 8 (K) 
 
 !) 110 
 
 6 85 
 
 7 15 
 
 8 00 
 
 8 85 
 
 6 75 
 
 7 00 
 
 8 75 
 
 9 7j 
 
 9 00 
 
 10 25 
 
 7 (H) 
 
 !l 75 
 
 5 20 
 
 5 65 
 
 5 75 
 
 (5 75 
 
 3 00 
 
 3 40 
 
 6 50 
 
 7 M 
 
 4 75 
 
 5 45 
 
 IfiJ 
 
 16J 
 
 2-Ji 
 
 224 
 
 14 
 
 Hi 
 
 
 Hi 
 
 21 
 
 2:1 
 
 24 
 
 2. J 
 
 •M 
 
 
 
 40 
 
 33 
 
 33 
 
 
 38 
 
 27* 
 
 28J 
 
 l!>.i 
 
 19 J 
 
 30i 
 
 20i 
 
 2(IJ 
 
 16 00 
 
 
 Ifi 00 
 
 17 00 
 
 13 00 
 
 
 13 00 
 
 14 00 
 
 « 00 
 
 9 66 
 
 3 ,50 
 
 6 00 
 
 7 00 
 
 7 75 
 
 = ?t 
 
 6 75 
 
 1« 
 
 24 
 
 19 
 
 4 75 
 
 25 
 
 8 25 
 
 10 75 
 
 fi 25 
 
 8 r>o 
 
 8 25 
 
 10 75 
 
 3 50 
 
 
 
 4 25 
 
 4 0<t 
 
 4 OO 
 
 
 3 75 
 
 20 
 
 asj 
 
 20 
 
 37 
 
8 
 
 ComjHirulive atatmiu-nt xlunnug the prkin of ttaple. artkkt, .Jfr. — C!oiit'»l. 
 
 Artiulc*. 
 
 mdM, dry, Illo D ruiide per pound. 
 
 ('iiliforiiUk «lo... 
 
 Ilona, A mericiin do. . . 
 
 1 naiKO, Munllu do. . . 
 
 Iron : 
 
 I'iR, Amoiicnn, No. 1 per ton.. 
 
 .Sfofrli, No. 1 ilo 
 
 IJar, romiiion, Kiit{li«h do..., 
 
 retiuMl, fiiit{liHli «lo 
 
 ■SwimUh') do.... 
 
 EaIIm, Aiiifi icnn do..., 
 
 F^iiijl oil do 
 
 \,cw\, pig pur UK) poiimlM.. 
 
 LeuttiiT, soKv oak ikt ]i(iiiiid. . 
 
 h -tnlock do 
 
 LiqnorH ; 
 
 I)oiiit>Htio wi'luky per (;nll<>ii. . 
 
 MolttdSfH, niiiHcoN aili) do. . . . 
 
 Cuba, <'Ih.7(mI ijo 
 
 New Orleaii.' fair to j;(kk1 . . .ilo 
 
 Noil.*, nit per 100 p<mu<l.H.. 
 
 Naval utorpn; 
 
 fSpirito tm-pintine . . p«<r iiallon . 
 
 liusiii, coiiiniiiii {mt oani>l .. 
 
 Oll.olivp, in Clicks per j^ullou.. 
 
 liiiHiTil, In cii.-l.rt do..., 
 
 Hpenii, mill*' do 
 
 PaiutM, American red li-ud per pound . . 
 
 wliite, in oil .do. .. 
 
 retrolcntn, crude iwr gallon . . 
 
 rvtim?d do 
 
 Piwirtions : 
 
 Hcef, mesN, plain to extra — per barrel.. 
 
 I'ork, nifHH. wesU^rn do 
 
 Haum, pic kind per i)onnd . 
 
 Shoulders do 
 
 Lard, western do 
 
 liuttiT, western do 
 
 New Vork Slate do 
 
 Cheese, we8teru do . . . 
 
 Bioe, Carolina, fair t(>prinje..p(^r 100 ix)und». 
 
 Salt, LiveriKM)!. ^rouud p« i sack . . 
 
 Turk « iHland per IiuhIicI. 
 
 Seeds, clover i)er ponnil. . 
 
 tlniotliy Jier liiiHliel. . 
 
 Sugar, Culia, Velining per ]Kiund.. 
 
 Havana, wliite do 
 
 Tallow, American, fair to prhuo do 
 
 Tea, Young Hynoii do 
 
 Oolong, .superior to tiuo do.... 
 
 Souchong do 
 
 Tin , Banca do 
 
 Tobacco, Kentucky leaf do 
 
 Havana, '('oninion do 
 
 ■\V'ool, American. Saxony fleeco do 
 
 extra pulled do 
 
 South American merino do 
 
 Total , 
 
 t)«pt()mb«r, MM. 
 
 SepUmber, 1873. 
 
 »0 'jOi to to 121 
 
 •0 at to «U 97 
 
 IH 
 
 l!tj 
 
 2I| 
 
 St5 
 
 V^ 
 
 40 
 
 .T) 
 
 43 
 
 70 
 
 95 
 
 70 
 
 H74 
 
 40 00 
 
 4'J 00 
 
 42 00 
 
 45 00 
 
 \.\ m 
 
 4,". 00 
 
 43 00 
 
 51 00 
 
 no (M) . 
 «) 00 . 
 
 
 H2 50 
 
 t<5 00 
 
 
 
 90 00 
 
 IXt 00 
 
 f^n 00 
 
 l.Vi 00 
 
 ^1 (Kt 
 
 175 00 . 
 75 77 
 
 
 77 00 
 
 :^\ ftO 
 
 h-i .V) 
 
 05 (HI 
 
 OH 00 
 
 -M 
 
 6 H7i 
 
 i»7 
 
 7 00 
 
 3H 
 
 44 
 
 3ft 
 
 42 
 
 al 
 
 30 
 
 a«i 
 
 271 
 
 CI . 
 40 
 
 
 1 10 . 
 2!» 
 
 
 .•53 
 
 40 
 
 M 
 
 40 
 
 »>M 
 
 35 
 
 70 
 
 85 
 
 58 
 
 Pri 
 
 .') i>,'> 
 
 5 '45 
 
 4 50 
 
 4 75 
 
 4;i 
 
 431 
 
 ■\^ 
 
 • 44 
 
 2 7.5 
 
 2 75 
 
 3 1.'. 
 
 3 2.'i 
 
 a •^:^ 
 
 2 40 
 
 1 15 
 
 1 25 
 
 1 (Hi 
 
 1 OH 
 
 01 
 
 !»2 
 
 1 -.% 
 II 
 
 1 HO 
 U 
 
 
 1 50 
 
 
 
 94 
 
 It 
 
 SKI 
 
 :)0i 
 
 4 00 
 
 14 
 
 
 12 
 
 
 1? 
 
 
 f* 00 
 
 4 00 
 
 7 00 
 
 25 7f» 
 Itii 
 
 20 00 
 184 
 
 17 75 . 
 13 
 
 
 14 
 
 1^1 
 
 14 
 1!)} 
 
 *i 
 
 II 
 
 Ml 
 
 33 
 
 15 
 
 17 
 
 ;».% 
 
 39 
 
 29 
 
 :io 
 
 14 
 
 16 
 
 8J 
 
 13i 
 
 9 00 
 
 10 25 
 
 8 75 
 
 !) :^^) 
 
 1 7ri 
 
 1 80 
 
 1 40 
 
 2 30 
 
 4H 
 
 48 
 
 32 
 
 35 
 
 14 
 
 ^^ 
 
 !»1 
 
 t'i 
 
 3 (K» 
 
 3 25 
 
 3 75 
 
 3 90 
 
 It's 
 
 lOj 
 
 H 
 
 ti 
 
 14 
 
 15 
 
 10 
 
 11 
 
 1-21 
 
 13J 
 
 *k 
 
 ^h 
 
 85 
 
 1 05 
 
 48 
 
 CO 
 
 l>5 
 
 1 20 
 
 35 
 
 65 
 
 !H» 
 
 1 05 
 
 40 
 
 55 
 
 10 
 
 
 ^» 
 
 35 
 
 is 
 
 15 
 
 7.'> 
 
 85 
 
 75 
 
 1 10 
 
 40 
 
 52 
 
 .50 
 
 53 
 
 40 
 
 44 
 
 40 
 
 40 
 
 ao 
 
 34 
 
 27 
 
 33 
 
 r:34 
 
 01 
 
 «737 
 
 79 
 
 ■i 
 
 Aggregate of i>rico8 in le6ti boing |;i.78 less than tho aggregato of 1873. 
 
 ■ * 
 
 'i, 
 
 
I) 
 
 Mr. Hpoiikcr, I jiwk pMitlfiin'ii tt» «>\ainitu> thiH HtatrnxMit with rnn*, 
 iiikI I (Jill att«-iitiiiii to tli<> fiK't tliiit tli«« ii^^ri'^att' of tlu- < i^lity-tivu 
 (■DiiiiiiiKliticM ill iHtiH is )^t,7H 1«>HM than tilt' a^^n-^atf coHt ot' titr laiiin 
 coiiiiiiiHlitifN III 1H7;{, wlu'ii our niniMu-y wk.h hi» contracfiMl tliat tlicro 
 wiiM not (•iioii;ili ill tlu' comitrv '*» l»ay llu- iiit»'riial-ri'Vi'mn' ami Slat*', 
 <-oiiiit,v, aii«i iiiiiiiiri]ial taxation of tin* riiit<-<l Stat oh for a Hin^li^ y«'ar. 
 Ami tlio a^^if^ato (»r tlin pricrH of tin- coininotlitit'H (•iiiniicruli-d in 
 tlin foi<>noiiin Niatcnifiit In SipttinilMT, lH4»ri, wln-ii tin- volimu' of tho 
 furrenry wa« f'i,Ul,t>7H,t(H0, wiut only illXHrt nioro than tlu' a^jfn'jjato 
 cost of t^^^ Hniiu' coiiinioditit'H Mt'ntemlMT 1, I'^Il, a« will apprar l>y 
 tho ii'port of the Hiiniin of StaliMtiis, (report on tho fluaiifCH, pau^ 
 .'VW. ) M»<uii\vhi!fl tho volumo of tho cuirmify hutl lu-eu contrn«'t«'il 
 over !S(1,:»(KI,(MH),0(K). 
 
 Mr. .Spt'akor, it tliiiH a|)]u>arH jdain that the qnniitity of onr lawful 
 money ill circnlatjon has no otlVct upon tlu^ prin-H of tho <lonioMlic 
 proiliictH cxchangiMl liy tho iiihahitantN. 1 Hhall not iiso tlu; word 
 inllatioii, for it is not «mr ih'«iro tuillllat<^ tho ciiiTonoy. \Vo advooato 
 an iiK roa.so by taking in larp- hoiiiU aii<l puttiiij{ out an otpial anioiiiit 
 of Hiiuiil bonds tallod ^loonbaokH, and tloro in no intl.ilion in this 
 oxoliaiiico. Wo siniply lako in a oorfain hiiiii of tho national ondit 
 in one niriii and imt it out in another form; and we ^ain Homothing 
 in tho operation in t]\it rodm-tion of tho intt lest. 
 
 'J'ho jjoiil Ionian from Now York [Mr. Cox] had the dispoHition tho 
 othoiday, for jdoaH.iiitiy I HUjtpoHo, to otVer an ameiidmont to the bill 
 rojiorted liy the C.immittoo on Kaiikin;; and (,'iirrency, piopoHinj; to 
 make evory )j;nionbaok dollar now in oiriiilatioii throe (lolhiirt. Tho 
 contraotioniNts and pdd worshiiurs, failiiij; in aryinm nt, now resort 
 to HnooiN and throatH of war ; but those w!io stand up here and advo- 
 (•at«> an ineroaso of our ourrency oaniiot be iiitlnoii<«'d or intimidated 
 by threats of war, nor by attempts at bnilesiine or riilionlo. I ;;raut 
 you that an not of Coiifj'rosH undertaking to niako one dollar eqiiiva- 
 loiit to throo would bo a wicked and Nliamoful inllation of our cnr- 
 ronoy; but whou w«i i»i«)pohe to withdraw iiiterost-beariiij; notes aii<l 
 isHiio instead iioii-intorost-boariii}? notes lor an ofpial amount, it can- 
 not be called inllation. 
 
 Diir contractioniHts anniso tln'iiisolvos by talkinj:; of what they call 
 tlio (lovornmont papor-millandiirintin^-pross. One j^ontlonian snecr- 
 injjly said it wiw jiroposojl to grind out jiaiicr l"<»r the winds io blow 
 over the c'»>nntry that the jieoplo may catch it and use it as money. 
 Now, sir, thoHo contraotioiiists know, as every jilowboy knows, that 
 when tho Secretary o|> the Treasury pays out greenbacks In- paVstliem 
 
 out for something, for material, for services, for i»ublie works, and 
 for V 
 fool i si 
 
 for value 
 
 iometning, 
 ! received; 
 
 therefore this pa]»or-iuill talk is meaningless and 
 
 Mr. Siioaker, we have hoard a great deal said here about " a coin 
 baHis." A groat many gentlemen herefrom New England are clamor- 
 ous for what they call " a coin basis" for our currency. You know, Mr. 
 Speaker, that "we have never had such a thing in the country as e«»in 
 payments or coin currency. Prior to the issue of greenbacks, win-n- 
 ever tho demands of foroignera called for a little coin, sav fl7,000,0()0, 
 or $10,000,000, or .'8i5iO,000,00(i, the liction and swindle ealle«l specie jiay- 
 meiits was made apparent, and at such periods revulsion and general 
 disaster and bankrui»tcy was the inevitable and invariable conse- 
 quence of what is now called "a sonnd basis." The eyea of onr pi-o- 
 l)le, through sad experience, have been openo«l to the swindling mock- 
 ery and snare called specie basis, or one gold dollar kept in the bank- 
 vuults to redeem five dolhu's in bank-notes on demniul. What is 
 
termed a j?"l'l biwia or coin payiiientH ih a scheme or dovice enabling 
 baukorH and itioiH'y-clianKci'H upon »'a<li on<? dollar of tlii-ir yold to 
 Ihsuo tliroo dollaiH, four (lollars, five dollarH, or ten dolIarH in tlieir 
 paper currency — their own credit. 
 
 Now, of coMTHe the banku cannot pay in coin the whole annmnt of 
 their iHwne Oi: iioten, and tlierefore whenever j^enoral deniandHareina<le, 
 only one in three or four or ten according to the ratio of coin to cir- 
 culation could get anything, other liolderH get uothing ; neverthelcHH, 
 while the confidence of the coniinnuity continues to keep the bank- 
 noteH in circulation, and no demand is made for coin from ourcre»lit- 
 ors in Kuroi)e, there is no trouble, and tht* oonJUiencc, arrangement ruim 
 smoothly enough and attracts very little att(*ntion. But the moment 
 a great failure hapi»ens, large enough to create a shock to private 
 credits, like that of the Ohio Life and Trust Coni[»any in 1857, or 
 Jay Cooke & Co. in September, 1873, or whenever a large amount 
 of coin is required to ]>ay debts in lOurope, the l)anks break with a 
 great crash, panic eusues, carrying all bcfoi'e it into bankruptcy aiul 
 wi<le-8pread ruin. 
 
 Here is the lesson of our experience with the common but dreadful 
 delusion aiul ^alle*! " specie basis" or specie })ayments. We 
 
 have tried it \ d luive as often been hnmlnigged and ruined 
 
 by it ; and the sys. i still exists in England, resulting, as you know, 
 in at least one great tinancial panic every ten years. And yet gentle- 
 men spend hours here in praising and extolling ii system which, to i il^ 
 say the least of it, is defective, and often out of joint. They "long 
 for it," and grave statesmen stand u]i here and say we should '■'prepare, 
 our hotine for the dreadful erent.^' Always insisting that wo should 
 " look toil" and *'fix the time for it " they talk incessantly (»f the neces- 
 sity of jireparing for a hard-money basis for our currency, but they 
 uerer tell vh ivfnf. 
 
 Is it not singular, Mr. Speaker, that during this long debate no gen- 
 tleman has told us ivliy he wants a coin basis for our currency ? It is 
 always assumed, but none tell us why 
 
 Now, in providing money for the peo))le, my opinion is that if this 
 Government must abandon the use of its own credit and hire bankers to 
 issue money for the peoid<'., I do not want a gold basis of one dollar 
 for thr«H) dollars of bank-not<\s. I prefer a Glovemment bond, dollar 
 for dollar. Government bonds to cover the whohi issue are a better 
 basis, in my judgment, than any coin swindle that has ever been 
 <levi8ed in any country. Some people have an idea that, as we have 
 now suffered for live or six months, it W(mld be^desiralde to suffer 
 a few mtmths longcsr and ciune down to what they call " liard-pan." 
 They wish to " touch bottom," and then realize the fiction of specie 
 payments. 
 
 hut, sir, sii])i)ose Congress shoultl ord<ir specie ]>ayments next month 
 or next year. The Treasury might start the business, but it would not 
 last ten days. Our cro<litors in Eiiroj)e would soon glean from us the 
 coin we possess, and that would end the farce of attempting what we 
 have not the means to carry out. It would only put a little more 
 money into the poi-keta of the merchants and capitalists of Kuro.>e 
 who have claims against our merchiints and hold our State, nninici)>al, 
 and railway bonds, the prino)]>al and interest of which are now pay- 
 able hero in lawful money. They would then collect gold instead 
 of greenbacks, and therefore specie payments would give great satis- 
 faction to all our creditors in Europe. 
 
 Now, Mr. Speaker, why shoubl we wa«te time in making useless and 
 visionary plans about resumption at the present time f The Govern- 
 ment — the sovereign power — provides money for the i)eople, and Con- 
 

 u 
 
 Riesa (let«Miuin('s what hIiuII l»fi le<?iil tonder ai»l lawful money to iiiiy 
 (i«5l)t8 within the cotmtry. It is not the huaiin^Hs of Con^reuH to nnaer- 
 take to ■ereate money for tho people of other nations, and our money 
 irt not made for iho convenience and use of tl»e inhahitants of other 
 countrit'H. I have, even in Cuha, otl'ered our gold coin in payment for 
 Itreakfast at a country inn, and heen insulted and treated as a swiiuller 
 for 80 doiuff. I had to exchanj^e my American fjjold for Spanish coin 
 hefore I could continue my travels in the West Indies, 
 
 Now, money is for domestic uses, and nnne than a thousand (hdlars 
 !ire employed in domestic exchanges and settlements where a 8in<;le 
 dollar is required for foreij^n trade. Why should we overestimate 
 foreijjn ti'ade f Wliy should we inconvenieiu'o oui-selves and make 
 taupers of the American p(n»i)le for a fanciful idea or to please E'lp;- 
 ishmen and othe.s ac "oss the Athmtic ? 1 think we shall have per- 
 forme<l our duty when we provide a uniform, stahle, and'elastic legal 
 tender, lawful moiuiy, for tlie people of the United States. Our green- 
 backs are tlm jH-oplc^n monvi/, and the best money we ever had. 
 
 They call it irredeenmble, but did you ever hear, Mr. Speaker, of 
 lawful money being redeemed f It is nonsense to talk of money being 
 redeemed. It is well enough to talk of the redemx>tion of naiional- 
 baiik notes or bank rags ; but the redemption of our legal-tender law- 
 ful money of the United States is not required, and t\w jieople will 
 not acquiesce in the attempt now being made by bullionists and bond- 
 holders to extinguish our greenback nu)ney. The greenbacks are our 
 lawful money, and they pay the debis and mortgages of our people 
 and settle all exchanges here at home. A full legal tender does not 
 require any redemption, because there is nothing superior to it. 
 
 Wliy do not our red(>mptionists and contractionists insist upon tho 
 redemi)tion of our gold eagles and our alloyed silver and nickel coins f 
 Our coins contain more alloy than tlie (;oins of Great Ihitain; and 
 you know, sir, that the actual value of niet.'illie coins in other coun- 
 tries de]>ends wholly on tho (piantity of alloy with which each nation 
 debases its coinage. I have i)re])ared two statements, which I will 
 submit; the first, showing the changes which have been nuido l)y 
 Congress in the weight and fineness of Ameu(;an coins since the 
 establishment of the Mint in 178() ; tlie other, exhibiting the weight, 
 fineness, and value of foreign gold coins. I think tins statement will 
 convince any unprejudiced mind that there is no such thing in fact 
 as "the mouthy of the world," as there is no uniformity in the quality 
 or fineness of gold coins , but these conilitions depend wholly on the 
 caprice of each nation and subject to the changes of the sovereign 
 or national will. There are other difficulties to be overc<uno bcjfore 
 any *' uniformity " can be obtained in the "money of the world" in 
 the diverse moneys of account established by tlie laws of each nation. 
 In the Ignited States the dollar is the unit of Federal money. (Act of 
 Congress July (1, 1785.) Great Britain adheroa to tho pound sterling, 
 and the states of the Latin monetary union (France, Belgium, Switz- 
 erland, and Italy) to the franc. Germany has provided for a new 
 monej' of account with the mark as tho unit, being of tho value of 
 23.82 cents, while Denmark, Sweden, and Norway have established a 
 new money of account with the crown as the unit, and represented 
 l>y line gold of the A-alne of 2().798 cents in Ur.ited States nnmey. 
 There can be, therefore, no harmony or " uniformity" unless all na- 
 tions adopt i>ne unit or an international money of account with a 
 iMiiform standard of fineness or quality of metal, and that event does 
 not appear at all probable. The fineness and alloy in this table are 
 expressed in thousandth jiarfes, 1. e., so many parts of pure gold in one- 
 thousamlth parts of the coin. 
 
"•■»JJ1J»[||/^. .l^|W.(i|.limi,i|.p;j||l^yil|l|i. 
 
 12 
 
 S 
 
 5 
 
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 w» = c>oddo'dds6ddd=5dod6do^->«-«o"o.^ooe5ds>s>©d»o 
 
14 
 
 Mr. FIELD. Mr. S]H'(iT<cr, I invito the attention of gfiitloiufn who 
 clamor for jjold coin, or uiiiit llicy call lht> ainform and "rocogniziHl 
 money of the world, to the " uniform" faMhion of kin^s and princos 
 to injt'ct alloy into their K'*l*l coins — as oxhihitod in this Htatenient — 
 in utter disregard of tlio ccmveniiMicc of "the rest of nninkind," and 
 ninking the gentlemen'H notions about the "Mni/orm money of the 
 world" inexillioable uniformity of (•(•nfu8ioii and nonsense. 
 
 If the gentlemen who indulge in fanciful talk hero altoiit "cosmo- 
 j)olitan money " will study this table a little, they will discover that 
 metallic money the world over is as variable and changeable in <iual- 
 ity as the caprices of men. I think they will see loo that in travel- 
 ing aroun<l the earth with tIu^ "money of the world," it will bo 
 necessary not only to carry a pair of scales toweigli the coins of each 
 country through which we pass, but also the statutes i>i every country, 
 in order to ascertain the amount of aUoy in tlie various coins of each. 
 I ask the gentleman from Couneeticut to " reflect on these things," 
 and as he steps out of one country into another let him stop to calcu- 
 late the alloy in his "money of the wiuld." And to iiid liim in tlui 
 task I oiler willingly this alloi/ table, niul hope he may jjut it in his 
 pi})e and smoko it. 
 
 Mr. Speaker, some gentlemen think we nniy be inflated with an 
 excessive volume of currency. Now on this point my ojdnion is that 
 shotild Congress i^rtfer th<^ people at jiara bond bearing ;{.6.') jier cent, 
 interest, the same to be interchangeable with greenbacks on demand, 
 I thijik wo couhl not g(^t too mnch money into circulation ; for any 
 excessive or nnemphtyed money would pass into the Treasury in 
 exchange for the convertible bonds, and should more money be re- 
 quired at anytime for the convenient transaction of business it would 
 flow out of the Treasury in exchange for the convertible bonds. It 
 would a«suro fluidity or ^lasticitj' to the currency, and absidutely 
 prevent financial panics within tlie United States. It is idle to figure 
 up the quantity of money required by the people, because a larger 
 amount is required at one sea80x\ than at another. 
 
 By the act of February 25, 18(5*2, Congress provided that greenbacks 
 should be convertible to Government interest-bearing bonds at jiar. 
 This was tlu; condition on which the legal-tender act was passed, and 
 was a part of the bargain with the people; but on March 3, 1863, this 
 provision of the act was repealed. It was done at the request of the 
 Treasury Departmcuit, but the bill sent up for the purpose was in 
 the handwriting of Jay Cooko. Mr. Cooke had been hired by the 
 Secretary of thy Treasury to convert greenbacks into per cent, 
 bonds. Under the convertible clause of the act of February 25, 18(52, 
 the people would have done the business without the employment of 
 a middleman, and consequently the service of Jay Cooke would have 
 been wholly unnecessary; for as soon as greenbacks and other circu- 
 lating notes became redundant and unemploye«l the people would 
 have effected the conversion to interest-bearing bonds without the 
 intervention of an expensive agent. 
 
 Having broken faith with the people in repealing the clause author- 
 izing the conversion of greenbacks to Government bonds at jiar, now 
 let Congress act Justly by the people and at least authorize the con- 
 version of greenbacks to a bond-bearing 3.65 per cent, interest, and 
 should the people want the greenbacks again let the bonds be re- 
 deemed with greenbacks on demand. I have received a valuable con- 
 tribution from a friend, and as it bears forcibly on this point as well 
 as on the wh(tle financial question, I will send it to the reporters to be 
 printed with my remarks. " ,„<?•; . „ 
 
 
15 
 
 ^kfuxrv, rKXSHYiAASiA, March 30, M4. 
 
 BeAHSiH: **.»«.♦ 
 
 In Olio woiil, r nmv wiv lliat. your U111 (11. It. No. HIS!) inofts niv rntlr^ apnmlia- 
 tiiiii, ami I am drlijjhU^A to know tliat tlierd iHoneat luawt on tlio tiiKir of tho \l< .ino 
 wlio liHH n. jD(a*i to iiHM^t tlio iliHicr.hirH, iinrl t)m counijiP to Ktuiid up in o|i|Mirtitioii 
 to a inoncvwl monopoly and a monstrous tyranny, -wldi'li thf liuMiiifH8 nu<n and 
 wealtli-nro'luct^rH of tlio country, irrM]>ective <>/ party, arc di^l^l'mined »hull bo 
 iinslim out of cAlstiaice. 
 
 Tlu! diMuocrata and reiinblicanH in (/Ongres." who are aidln){ to iipliold tlils 
 inono>ed tyrani. ^ nndi>r tlin iiii;;erald(« pri't<>xt of a <.l('<dro to "rtmunie Hpccin pay- 
 mputii " avoid "inlii'.tion," and rid u» of an " iiTedccniahlo ourrenf.,', witiiout 
 takiuL' any other hN-iih -lian a contraction of the ciirrt-nfy to accompllsli thcii- pro- 
 fi^smHlpurposfB, will Huu tlioiusplvt-H mlHtaktMi if they count on tlio support of tli« 
 l«)oplo. 1 would not 8upiM>rt one of thuni, either democrat or republiuau, to i»a\ e 
 tholr livoH. 
 
 Tiin moment your proposition to make TTnited States Tronsury notes a /till lej:nl 
 tender is adopted, tliey will be eciual to coin and force it into nenei-al circulation, 
 which will give us the only spt^cie resumption necexgary or pomiiblf. Xo sane num 
 can TMjssibly cimtendthat one fnll legal-tender money needs iedemplir)u in another 
 legal tender; consequently tlio objection to tho T'uited Slati's note as an irre- 
 deemable or depreciated money is entirely obviated. 
 
 If indatiou means increase)! values nnwluced by deprfirintion, the adoption of 
 your prono.*iiti<ui destrovs that. If inflation meaiis a surplus of nuniey or more 
 than can l>e used in the legitimaUi business of the country, your convertible-bond 
 propositicui not only meets that objcc tion, Imt enables the people to regulate llio 
 volume of currency for themselves far better than Congress or caiiitalists cau do it. 
 A surplus of par jmijmm- currency will no more jiroduce inflation tnan coin. 
 
 Our ousiiioss nutn's association hold that Congress must nnike Tnittsd SUitcH money 
 
 k/uU legal tender, as it nuist regulate the value of ita Issue of money. This pre- 
 vents any fiuetuation in tho nalite. 
 
 We also hold that Contrress cannot place any other limit on the peo^iJe'* mvneif 
 than theindebtedni'ssof the (lovernnu-ut overdue. 
 
 We also maintain that Congress has no lawful pf)wer to suspend paymenf on any * 
 flovennnent loan, which by the plain letter of the contract is niaAe jiayable iii 
 United Stjites noU^s, the same an coin, at their par calve, (dishonored and thereby 
 depreciated by the act containing tlu> t<irms of that contriu't.) 
 
 vVe do not believe that the honot "^f (.'ongress or the country can be elevated by 
 alt<iring a contract after it is made, to l>eneflt either money-leiulers or the peojdf ; 
 and therefore the act of March 18, isti!), should be repealed, as it |»erpv4,iuit4!S a iti'bt 
 T>ayable in United States notes, compelling us Xa> pay millions of useless ta:iation 
 annually. 
 
 \Ve are uncomjironiisiu'Tly opposed to banks of isnue. First, because thO' people' g 
 moriei/ is safer than that of any individual, and the people are entitled to the bene- 
 Jit of the circidatinn ,• nor dcnis it require redenjption. Second, individual issue* 
 cannot be made si/ull legal t«nder, and therefore require redemption in a/ull legal- 
 tvnder money. Third, because money not based on real estate as security, a tVi'st 
 lien or mortgage on it, and backed by the revenues of a government, has no real 
 value, or means of being retired. Fourth, because the prerogative to make money 
 and regulate its value has been delegatr-d toCongress ; and this prerogative Congress 
 cannot delegate to another. We are in favor of the sixth ana seventh sections of 
 your bill on the currency, because tho act of IfCO is a gro.ss fraurl on the people, 
 (lishmiorablo to the country, simply intended to perpetuate our public debt ami tho 
 national-bank miw, and the act of July 14, 1870, is useless. 
 
 There is no use in our trying to conceal from ourselves the fact that we are in 
 the midst of aten'ible conilict between tho people and "^r<.iat capitalists," who aro 
 enlisting newspapers and their coiTcspondent-s in their service, and who have 
 threatened to fight na ''inch by inch" In the Uniti'd Stat*^s Seuat«>, in oriler to defeat 
 tho friends <'f an expansion of tho people's money, and permanently establish a 
 moneyed tyranny over us. They fear expansion lest they may lo,se "control over 
 the onrreniy. Pay otf the five-twenty bonds in par Unit«'d States notes, and it 
 will no more than place bu.sine.ss on a cash basis, and make business men indepen- 
 dent of money-lenders and note shavers, as they should be, and are determined 
 to be; therefore tiieir "inch-by-inch" tight, but the final result of this conticst, can- 
 not and will not be a doubtful one. We stand as seven to three. Tbecontraetionists 
 and all who attempt to humbug us with a pnmnso of resumption of specie pay- 
 ments in two or three years, hobl their last otHces. Wedonot want any otlieiresump- 
 tion than that of specie circulation on a par with a full legal-tender United States 
 note, and that we want now. 
 
 They tell us that United States notes were only intended a« a temporary arratige- 
 n>ent. and that n.itional-bank notes were intended to be a permanent swindh? on 
 ns; and that to clinch us they passed the act of l.-Kilt ami tlieactof July 14, 1H*0. 
 And Mr. May.vakii says that we -so pledged ourselves in 1.SC8. This is an error. The 
 
 I.-: 
 
 '1; 
 
i 
 
 ]C 
 
 rppubllranfl on May 20. IrtJ?. nU'dufnl thrnisolvcfl to pay tin* public dobt a«;cordlu)j 
 to tli<^ li'ttcr hikI Hi)irit of tluilaws iindfr wliich it waH cmitriicttMl. 
 
 Tim dciiiorirtfK, July 4, iHiis, pliMl^od thr•lnMl^lvl>H to nmkt> Uiiitt'd Sfatfs notospnr 
 and pay tlie livo-twonly and tfu-forty Uonds in those notr,«, aud the boudn of l:^t<l 
 lu coin. 
 
 Youi-8 rosnoctfullj", 
 
 WILLIAS: BllINDLE. 
 Hon. MosF.8 W. FiEUi, 
 
 Uoime of Jteprcnentativ.t, Wanhinutnn. 
 
 Mr. Speaker, I »lmll vote, if I liavo an opportunity, for the bill I 
 have introdui'pd, (H. R. No. 2Vy7.) I am williu>jj, lio\v(;v«>r, to voto 
 for tlio bill introtliiccd by my friend from IVnn.sylvania, [Mr. Kkl- 
 i.ey;] but sliould that fail, I simll gladly vote fiu' the bill introduced 
 by th»i gentleman from Kentucky, [Mr. Ukck.] 
 
 All these bills provide for the iasuo of a convertible bond, bearing 
 interoHt at .1.0,') per cent., in exchango for greenbacks at i)ar; the 
 convertible bon«l8 to be redeemed in gn enbacks at any time on 
 demand, and all the greenbacks received in exchange fir the inter- 
 convertible bonds to be used by the Secretary of the Treasury in 
 paying tin? 6 per cent, gold interest-bearing bonds of the Government 
 called five-twenties. 
 
 My colleague, [Mr. Walduox,] in a recent speech, doubts the light 
 of Congress to issue United States Treasury jiotes for currency; but 
 advaiu'cs the opinicm that it uiay authorize individuals or coquira- 
 tions to make a currency, and calls United States notes (greenbacks) 
 irredeemable currency, and thinks greenbacks an obstacle in the way 
 of a resumption of specie payments. I cannot conceive of a greater 
 fallacy than that the quantity of greenbacks in circulation is either 
 a hinJerance to resumption or a cause of the premium on gold. Any 
 per.sou at all acquainted with business affairs knows that when the 
 amount of our circulation has bcou Ir.rgcly reduced the price of gold 
 has advanced. 
 
 The Secretary of the Treasury (Mr. Fe8.senden) in his annual re- 
 port, December, 1864, says : 
 
 Tlio cxpcrionco of tho past few mouths cannot have faihid to convinco tho most 
 carcleHH obsorvor that, whatever uiay be tlie ert'oct of a ri'duudaut circulation 
 upon the price of coin, other catiges have exercised a frr«mter an<l more delct^^rioua 
 intluence. In the counse of a few days the price of this article rose from |11 .50 ia 
 |*2.S5, and flub.soincutlv fell, in a-s short a period, to ^l.H7, and then .Tfiain rose as 
 rapidly to ^■i.5(\; and all without any a.s.siKnablo cause, traceable to an increase or 
 decrease in the circulation of paper money, or au expansion or contraction of credit. 
 
 Mr. Speaker, the gentleman argues that the Government should 
 not unch'rtake to issue Treasury notes for curr<.»ncy, but declares him- 
 self in favor of a currency to be issued by bankers. 
 
 The idea that C<nigress (.-ainiot, make money, but may confi'r such 
 power on individuals, is a great tax on one's patience and charity. 
 Calling greenbacks an irredeenmble and worthless currencj' while 
 comnnnuling national-bank issues is presuming too much on tho 
 8tu])idity of the people. 
 
 Th<^ Director of the Mint estimates the gold coin in the United States 
 at $135,000,000, and of this amount 1^87,000,000 is in the Treasuiy ; 
 ami in his annual report the Director says, "the mines of the Avorld 
 ]»roduee an intally about $100,000,000 of gold," and that "of this product 
 about $'2.5,000,000 is consumed an.iually in the arts, leaving only about 
 $75,000,000 for the uses of cniTency for the inhabitants of the whole 
 earth ;" and the Director advances the opinion that "countries, how- 
 ever wealthy and jmisperons, cannot even, with the aid of bills of ex- 
 change, maintain an ex<dnsivelv metallic currency," and that "the use 
 of paper nu)ney as an auxiliary to coin is more likely to increase than 
 
 I 
 
n 
 
 if 
 
 'V 
 
 
 (liiiiluiMh ill the f itiirc." No one of any party prct(>nfl.s that wo can 
 obtain «iiHicioiit coin, and all admit that we riant sunploniont it with 
 l)!ipnr. Thin hein)? a fact, how can any man wlio wi ifuw to deal fairly 
 w ith the people prefer for the i»nr]>o8e an individual or private issue 
 to the people's money f The GloverMment debt now en-erdu/' and fay- 
 ahhi in the lejjfal-tender United States not^^H furniHlies a Ri.od opi»or- 
 tnnity to provide the money the country re«piire». Unless t'.o cur- 
 rency is very larj^ely increased — so largely as to make it seek invest- 
 ment in the j)ro[»osed three sixty-live convertible bonds— wo will 
 have, inmyoj)mion, such a crash and wild panic as this country never 
 saw; and it is close at hand. 
 
 Now, Mr. Speaker, in conclusion, what is the situation T Congress 
 has sin<!e F«»bruary 25, 18*32, tanittod bills of credit— greenbacks. 
 They have performed the f uuc^ti on of an "instrument of exchange" most 
 julmirably, and I cannot so© why gentlemen are so anxions to get rid 
 t)f them. The <yredU of the nation possesses intrinsic value as well as 
 any metal, and it represents labor as well as gohl beacuse it is issued 
 in exchange for lalior. Something must l>e employed for a circulating 
 moilium, and why not nse the national credit for the purpose f Gold is 
 out of the (luestion, for wo have not got it. Greenbacks have worked 
 well, and they are exceedingly popular. I prefer those Govonunent 
 bills to bank bills, public credit to private credit. 
 
 Monetary reform is the jjfreat need of the country to-day, and nothing 
 short of the principle of interconversion of greenbacks and interest- 
 bearing Government bonds at the option of the people will satisfy 
 the demands of the producing classes. This refonu will emancipate 
 labor, promote the pntsperity of the people, audprci'cnt the iwasibility 
 of financial panics within the United States. 
 
 2 F 
 
 'J