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kets with Interest bearing bonds, and
"which are now a drainio tax on all
the labor and production of the coun-1
try. Had our situation been the same
tbenas it is now; we would haeseen the
holders of government securities and
al! other bonds wherein the payment
of money from the many to the few
n nnmintp(l na harilv affrirrhtod In
this countiy at .what wa -caliea-u
over production of gold as the holders
of similar s-curlties and bonds were in
Europe. The laws which govern the
human heart in us loveoi gain are ine
same every here. The creditor class
is not so much concerned what coin or
other materitl shall constitute money
as it is that there shall be no reuunoan
cy after its demands are paid.
The report of the m onetary commis
sion submitted to tms Douy in tuarcn
last bv the distinguished Senator from
- . . .
r ,,.,i,.,J. -
iact as IOUOW3.
In all the European discussions, af-
ter 1848, and priar to the German de
monetization of silver and its conse
quences, the point made was not that
either metal had depreciated relatively
to the other, but that by reason of ex
traordinary supplies ot gold from Cal
ifornia and Austrialta supplemented,
about 1805, bv new supplies of silver
from Nevada, both metals had depre
ciated relatively to labor and commo
dities, and that those having fixed in
comes were being In juried by a rise in
prices. So long as the doubto standard
existed, a new supply of either meial
was only an addition to and only ef
fected the value of the general mass of
money and not the relative value of
tne metals."
The "fall in sold " which Chlvalier
lamented in 1857. was its lall in rela
tion to property. He pointed out how
the double standard had prevented
any change Irom occurring in its re
lation to silver, and how it would con
tinue to do so until the silver of dou
ble standard countries wa exhausted
In order, therefore, to protect the in
terests ol the income classes, it was
claimed to be necessary to de
monetize one of the metals,
and trold being the metal which
which then promised the most abund
ant yield was selected for the purpose.
"It was the depreciation in the value
ot the precious metais ana or money,
supposed to have already resulted from
the new supplii-s of gold, which made
him the conspicuous advocate of the
demand that one ot the metals should
be demonetized in order to 'redress
the situation.' " It appears, therefore,
that gold, even gold, the very god of a
lierce idolatry in our miast at mis time,
has committed the mortal sin ol luna
tion, and has been cursed and ostra
cised on that account by the usurers
and money changers as w 11 as its
more modest companions, silver and
paper. And if now bo:h the precious
metals threatened to increase beyond
the wishes and interests of this class
they would be earnestly inquiring and
scheming' into some plan by which
they coul.l demonetize gold and silver
alike, and substitute diamonds or some
ot.hi-r scai c-r and more difficult com
luodity to obtain as the basis of specie
payments and the moiipy in which all
debts due to them should be paid.
There remains, however, one other
argument in connection with ihe al
leged overproduction and i ilati n of
silver which requires attei.ri In
the name of good faith it has been
urged here in this body and elsewhere
that, although Miver is specinea as
plainly as gold in all our financial
legislation, yet it was produced in such
meager quantities at the time onr
iiHtionxl debt was created that the pur
chasers of our bond 4 could not have
reasonably supposed they were ever
to rteeive it in payment of the same,
notwithstanding the law expressly
said they should. In other words, it is
an argument to release the bondholder
f rom the absolute, definitely written
words of the law on the ground that he
could not foresee that the government
would ever have silver euough to ful
fill the law. This is the highest, bold
est note of repudiation ever heard in
this country; an open admission ot the
law and an open, square demand for
its violation.
No facts or surrounding circum
stances at the time the contract was
made can for a moment justify such a
flagrant abrogation of its most ex
plicit terms, but even if outside con
ditions, not expressed in its face, could
be set up now to defeat it, 1 assert that
the conditions alleged by the advo
cates ot this argument never existed
at all. I assert that when the law for
the payment of the public debt was
construed by the famous act of March,
IS!!!), to mfau payment in gold and
bilver both, the production of our
silver mines for that year was 311,625,
000, and hail annually averaged that
amount since 1804. It is contended
that the purchasers of our bonds over
looked, when they were first issued the
feeble supply of Silver. Did an annual
average production of nearly $ 12,000,
000 for the space of five years preced
ing the act of March, 18G9, likewise
escape their attention, when they were
framing that act in their own interest
and to suit themselves? But again, by
the refunding act of July 14, 1870, au
thorizing the issue of new coin bonds
to be substituted for the original 4-20
bonds, making thereby the new con
tract of that date, it was agreed tliat
the bonds issued by virtue of that act
should be payable in silver as well as
gold.
During that very year, the year of
the contract which is to be enforced in
all its demands against the flesh and
blood of labor, the generous silver
mines of the United States yielded
$10,000,000. Was not this sum suffi
cient to put the authors of that enact
ment, the bondholders in Europe and
America, on their guard against mak-1
lug a solemn stipulation to receive sil
ver money in payment of their bonds,
unless they intended at the same time
to do sor During the years 1871 and
1S72 many hundred millions of bonds
were issued under the act of July 14,
1S70, and received in exchange for
6-20-1. They were all payable by the
express terms ot the law either In sil
ver or gold, at the option ot the gov
ernment; and the production of silver,
when they were thus voluntarily re
ceived, amounted, according to our
mining siaiisiici in 1S71, to $23,000,
000, and in 1872 to $28,750,000. It is
no doubt true that the product of these
two latter years excited the fear of a
silver inflation which lias since deep
ened Into the absurd panic now pre
vailing, but how can it with any fair
ness be pretended that the bondholder
is released from receiving silver ac
cording to his agreement, on the
ground that we were not producing
that metal when the laws governing
the contract were enacted?
And if it was not coined in amounts
as largo as it hits been since, yet it was
well known that the law made its win
age free and unlimited, and no one has
a right to complain of the enforcement
ofalaw of which he had.tull knowledge
at the time his rights and liabilities
accrued. The argument is unsound In
law and unsustained by the facts. In
fact, the entire movement demonetiz
ing silver is to be explained Bolely and
alone on the principle of contraction;
and thin brings me. in this connection,
to consider more fully that destructive
principle, and e8jKcially to examine
the policy and the effects of the law of
January 14, 1875, for the resumption of
ppeeie payments by an enforced con
traction ol the non-interest bearing le
gil tender currency ot the country.
The law ot February, 1873, taking
away silver money from the people,
and the law of January, 1875, fixing
the day, not less than a year in ad
vance, when the greenback shall also
perish, aie twin monsters of evil,
born of the same parentage and linked
together for the destruction of all
money save'gold. In their disension,
therefore, they are entitled to a joint
recognition.
Sir, in the entire catalogue of crimes
' aaf Tinmdtl OSktaHr. Mrf Ana f311 tW
aOJIlOb UUUAOU 7 uww vuv v
found so awiui in au its consequences
both immediate and remote, as a gov
ernment commits when it deiiDerateiy
destroys the money of its own citizens.
Wherever in all the regions of time
such measures have been accomplish
ed, the horrors of history have taken
place. No shrinkage in the amount ol
,moitey,-.noKnirciu u
in the hands of the people was ever en-
foroed by law to any consiaeraDie ex-
extcut. caixj'l amiui wivikcu .
ruined hoDes. dee Dai r. lost honor, and
all the vices springing irom the lowest
denth of noverrv and human misery.
The worst ingredients of war, pesti
lence, and famine all now from the
act of a sovernment violently tearing
froqa the bands of the laboring masses
toe money tuey eo mucu uwu. aiui ua,
tneit, roooery, prostitution, iurger.v,
Miinpr7(pmpnr. inn it-hum m everv iiue
i ana. mien purse me, ianu iuai ue-
I :.. i . . .11 ,i . ,tt..,,e triilu(--
P ".X moT-
ing medium on which to give employ
ment to its toilinsr men and women,
The social statistics of mankind will
snow mat -wnerever me buduiv oi
inonev has bn scant and labor poor
ly paid, or left entirely idle, there the
gallows-tree has borne most frequent
ly its horrid burden; there the jails
and; the penitentiaries and all the
haunts . of infamy has been most
crowded. ' The well-clothed and well-
fed Pharisee may ostentatiously thank
God that he is better than such as
the-, bat he is not. When the strong
hand of the government is engaged ia
abolishing money, and thus interpos
ing between the laboring man and the
laboring woman and their last chance
lor Dread Dy nonest worn, tneir sins ior
self-preservation ar less odious to
their merciful Father than the prayers
of the usurers who have driven them
to ruin
It is said In highly intelligent quar
ters that at this hour there are three
millions of our own people unemploy
ed, who have no other dependence tor
food and shelter than the labor of
their hands, and one-half of whom
are now tramping from place to place
lor crumos t en amy. ritiaDie and
dangerous spectacle! It never happen
ed beiore in this land of bounteous
nature, nor would it now but tor the
fact that In these later days a class has
arisen in our midst which is benefited
by the scarcity of money, and the con
sequent destruction of all those great
industries which afford employment
to labor. Nor does this frightful spec
tacle appeal alone to our sympathy
with human misery .deep and indescrib
able as that mugt be.- The loss to the
country in actual wealth arising from
the absolute idleness ot three million
persons is very great. It has been esti
mated that at one dollar per day, as
wages. It would amount to enough in
two years to liquidate our public debt.
The United States monetary comnm-
siou make the following valuable ob
servations in their recent report
The worst effect, however, econo
mically considered, ot falling prices is
not upon existing property, nor upon
debtors, but npon - laborers, whom - it
deprives of employment and consigns
to poverty, and upon society, which
it deprives of that vast sum ot wealth
which resides potentially in the vigor
ous arms of the Idle workman. A
shrinking volume ot money transfers
existing property unjustly, and causes
a concentration and diminution ot
wealth. It also impairs the value of
existing property by eliminating
from it that importantelemt nt ot value
conferred upon it by the skill, energy
and care or the debtors from - whom it
is wrested. - But it does not destroy
any existing property, whilo it does
absolutely - annihilate all the values
producible by the labor which it con
demns to idleness. The estimate is
not an extravagant one that there are
now in the United States 3,000,000
persons willing to work, but who are
idle because they can not - obtain em
ployment. This vast poverty-stricken
uiy is Increasing and 'Will continue
to increase as long as failing prices
shall continue to seperate money capi
tal, the fund out of which wages are
paid, from labor, and to discourage its
iuvestmcnt in other forms of proper
ty.
Labor, co-operating with the forces
of nature, is the source of all wealth,
and to reach the highest degree of ef
fectiveness; it must te. ciassmed
through the aid of capital and sup
ported by capital during the process
of production and be measured and
paid in money, each unit oi wnicn is a
sight draft on all other forms of prop
erty, bearing a value In proportion to
the number of such drafts. In order
that any country may reach the maxi
mum of material prosperity, certain
conditions are indispensable. All its
labor, assisted Dy the most approved
machinery and appliances, must be
employed:, and the fruits of industry
must be justly distributed. These con
ditions are only possible when capital
is absolutely protected against violeuce
and free from illegitimate legislative
Interference, and when the laborer Is
protected in his natural right to dis
pose of his labor in such manner as he
may prefer. They are utterly impos
sible when the money stock is shrink
ing and the money value of property
and services Is declining. Howsoever
great the natural resources of a country
may be, however genial Its climate,
fertile its soil, ingenious, enterprising
and industrious its inhabitants, or free
its instititutions, if the value ot money
is shrinking and prices are falling, its
merchants will be overwhelmed with
bankruptcy, its Industries will be
paralyzed, and destitution and distress
will prevail.
The instinct of self-interest is the
mainspring of industrial and commer
cial activity. it is the animating
motive alike oi the capitalist and ol the
laborer. . . Without it, no labor would
be perlormed, nor would capital have
an existence. If money capital is
withdrawn from . productive enterpri
ses, it is from the apprehension of loss
and from the same instinct of thrift
through which it was admired, it is
natural that the money capitalist
should exact from labor all he can in
exchange tor his money, and that the
laborer should exact all the money he
can in exchange lor his Labor.
What is known as the conflict between
capital and labor, is not so much a con
flict between other forms of capital
and labor as it is between money and
labor. Indeed, the conflict between
money and other forms of capital is as
distinctly marked and quite as severe
as the conflict between money and
labor and in that confict
other forms ot capital suffer fully as
much as labor, the only difference
being that they are better able to en
dure losses. Other forms of capital
must be constantly converted into
money in order to pay wages and to
meet other demands incident to indus
trial enterprises. When the stock ol
money is shrinking and prices are
falling, this conversion can only be
made at rates continually growing
more unfavorable, while at the same
time the products of the laborer lor
whose wages sacrifices have been made
are also undergoing a shrinkage of
money value. Thus loss and sacrifice
are encountered at every turn, and the
owners of other capital than money
shrink from the friction ot exchange,
withdraw from productive enterprises,
and only exchange as much ol their
property for money as will suffice to
meet the necessary expenditures of
living which are reduced to the most
economical level, as it is principal and
not income which is being consumed.
Little more labor will be employed
under these circumstances than is
sufficient to support the owners of cap
ital on this parsimonious basis, and as
a consequence the labor market will
i o.i-i mocked, ami the competion be
tween laborers will reduce wages to a
btarvttUoii level. Bat during thi3
period, when property is being sacri
ficed to meet current necessities, and
laborers are btiug remitted to idleness
riffssfflsartr
and desiitati&n, money fattens on the
general disaster. '
Whentherefore, on the 14th of Jan
uary ,1875, this government, having al
ready destroyed sliver money,aetermin
ed to destroy within the next four years
its outstanding legal paper. xurrency
until there should be no more of tt left
than could be redeemed in gold coin
alone onthel?t day of January t 1879,
it became responsible lor 'all the appal
ingi consequences that have tallowed.
An attempt to- force the resumption
of stecie nsvments with gold and, sil
ver both as our metaiic Das is wouia De
cruel laliure at this time; but the pro
position to contract, reduce, cancel
and burn our present amount of . cur
rency until it harmonizes with ' the
meager margin ot gold wnicn we can
command has stricken the arm of
labor with- paralysis, dried tip the
fountains of business prosperity, and
j)ifu iivit-:j "
I than milllrtn nir.hM-tA nannv nnmfa
The demonetTzation Silver url
The demonetization sliver was pur
posely accomplished before the policy
of specie resumption was declared, in
order to make money as scarce as pos
sible in reaching by forced contraction
the tingle standard of gold. We could
reach the double standard easier than
the single one, but the purpose of the
money power was the diminution oi
money in circulation, and it better ac
complished that obiect Dy first outlaw
ing silver and then seeking .the specie
basis composed of but one metal, it
can not be denied that great progress
has been made in tnis wont ot destroy
ing moneys, and all values, except the
value ot money, which is made greater
by being made scarcer and harder to
obtain.
At the date of the act of January,
i87o, our vomme or currency was al
ready reduced in proportion to popu
lation far below European nations,
whore labor commands barely suste
nance wages. ' we had nearly one-half
less per capita than Uermany, England
or f ranee, f inancial, distress. ,waa
even then upou us. Business wrecks
were anoat on every - hand, we had
the warnings of the nine preceding
years during which the money of our
country had been diminished nearly
40U,uuu,uou Dy contraction, and dur
ing which time the liabilities for com
mercial failures and bankruptcies had
arisen from an average of about $11,
000,000 per annum to nearly SJ00,0OO,
000. A panic had just 8 wept over the
country with sufficient havoc and ruin
to extort the admission from General
Grant in his message of December,
1873, that our volume ot currency was
too small for our business, even at its
dullest stages. We had less than $735.
000,090, not counting fractional cur
rency .and yet against the supplications
of every active business and industry a
still further reduction was dictated.
and has been eilected to the extent of
nearly one hundred millions. If, how
ever, the law for the enforced resump-
on tt specie payments is to stand un
repealed on our statute books, then
there still remains a work of destruc
tion to be done in this country far
more extensive, dangerous and lull of
wretchedness than we have vet wit
nessed. That law declares that
'On and after the 1st day of January,
A. D. 1879, the Secretary of the Treas-
urv shall redeem in coin the U nlted
States legal tender notes then outstand
ing on their presentation for redemp
tion at the office of the Assistant Treas
urer of the United States in the city of
New York, in sumsot not less than
$50."
The term coin here used means only
gold now, and the law, in order to en
able the Secretary of the Treasury to
carry out this plan tor retiring the
ereenback money for circulation.
authorizes him to sell interest-bearing
bonds to ootam gold and to use such
surplus revenues as he may have on
hand.
The government ba undertaken two
things; first, the shrinkage ot the
amount of currency, and second, the
possession ot gold in such quantity
that one can be converted into the
other. The smaller, - therefore, the
quantity of gold that can be obtained.
the fir i eater must be the reduction ot
paper money in order to rest dollar
lor dollar on such a narrow metallic
basis. It becomes important in this
view to know what has been done un
der the law of January, 1875, in ac
cumulating gold as a basis for specie
payments a year hence. Many efforts
have been made to ascertain the exact
amount of act mil gold which this gov
ernment nowowns,none of which have
been entirely successful, for the reason
that the sum is so small, but it is per
fectly safe to state, after deducting the
amount due as interest on bonds, that
there are not this day fifty millions ot
gold in the United States treasury
and in all the national banks besides.
If resumption is to take place on that
basis, the gigantic task of this poor
pittance will' be to stand good for the
redemption of $350,007,308 50 of legal
tender notes, commoulv called green
backs, and $201,874,230 of national
bank note escalation, making in all
the sum of $i41,881,544 50. It is very
plain, even to tnose who beliewe that
$1 in gold is sufficient for the circula
tion and redemption oi in paper,
that our present condition of $1 in
gold to about ;$14 in paper, must be
radically revolutionized against the
day fixed for specie resumption. What
probability is there of any large in
crease of gold in the vaults of the
treasurj? Will specie. resumption be
reached within the present year by
leveling up the amount of gold in our
possession or Dy leveling down tne
amount of currency in circulation.
No one claims that foreign nations
will supply our want of gold.
On the contrary, nearly all the pro
ductions ot our mines goes to them to
pav interest ou public securities neia
abroad. But eveu if this government
could turn the entire gold yield of
every American mine into.the treasury
between tms and tne 1st day oi Janua
ry, Is79, tha supply would tall far
short ot a specie basis for one-tenth
partot our present circulation, inur
ing the year that has just closed, 1S77,
the gold coinage of our mints reached
only the sum of $44,078,199. The
bulk ot this sum went abroad, a por
tion of it Is hoarded by private parties,
and a small fraction, perhaps, found
its way Into the coffers of the govern
ment. An examination of the report
of the director of the mint lor 1877,
shows that the entire coinage of gold
in the united ataies to tne present
time amounts to but $083,159,094.
This is the slow and comparatively
small production of gold money in the
long spac of 84 years neatly the
whole ldetime of the American repub
lic; less than $1,000,009,000; less than
enough to pay for one single crop of
agricultural products in the States ol
Ohio, Kentucky, Indiana, Illinois,
Michigan, Wisconsin, Missouri, Min
nesota, Iowa, Kansas, and Nebraska,
and lcs i than one-half enough to pay
the national debt as it exists to-day.
Is there no lesson ot wisdom in.these
figures for the statesman of these
times? They are the experience of
almost a century. Do they encourage
any reasonable being to believe that
gold enough can be obtained by
this government in the next twelve
montns to redeem its cur
rency and to enable its citizens
to do business on a specie basis? Is
there any where in America or in the
whole universe a new fountain of gold
pouring forth increased volumes, from
which our parched and scanty re
80urcee8 may be replenished?
The very reverse is the tact; old foun
tains are drying up; their streams are
diminishing; no wizard's rod can smite
the earth and indictate where new sup
plies will break forth. But the requir
ements of the goverment for gold con
stitute but a small portion ot the de
mand. The American people at this
time are enormously in debt more
than any other people beneath the sun.
Their state and municipal debts of all
klads, and their private debts to each
Other, have been variously estimated
at from six to ten thousand million
dollars. Every dollar of. this vast in
debtedness will call for gold com after
the 1st day January, 1879. Where lire
tne people to obtain ; sufficient gold
with . wnicn to pay tneir oeDts ana
transact thier business? The question
is one that may well terrify every man
who owes his neighbor anything, for
there 13 notmow, and neVer"haa "Been
at anv one time, enough gold in circu
lation as money on the whole face of. the
eart?i to meet this' demand. If, there-
fora. specie payments are in reality, to
be resumed in January, 1879, the gov
ernment nas yet to destroy at least two
thirds of its present paper circulation.
and the people on this reduced , basis.
and under the gold standard alone.
will be compelled to meet their' debts
and their taxes, which have undergone
no dimlnuation. " -
Sir. here the bad faith of this govern-
ment toward the great mass oi its citi
zen culminates. . - To the people in
debf the destruction of their money is
the Virtual increase of their indebted
ness to the extent of the money, de
stroyed If a man makes a contract
to pay $100 on a given day, and has
just that sum. of money, in his posses
sion at the date of the contract, he is
doing business securely. , If, however,
$50 are taken from him by force, and
he is left to meet his contract on one
half, the amount needed, his bankrupt
cy necessarily follows. The American
people were supplied with one amount
oi currency on wnicn to control debts,
both public and private, and they are
now to have another and tar smaller
amount with which to pay them. They
entered into all their existing- obliga
tions with com parati vel v plenty of
money in then hands. By the laws
of this government now they are first
to be deprived of one-na;t their money.
and then required to pay every obliga
tion in full. The , national dent was
contraction on the basis of inflation.
and is to be paid on the narrrowest
basis of the most merciless contraction
A thousand. dollar, bond, for which
only $600 in gold was realized by the
government, in its distress, at tne
time of its issue, has now to be taken
up and paid for with over a thousand
dollars in gold by the taxpayers. The
farmer who bought land with deferred
payments; the mechanic who pur
chased a house and lot and made a
mortgage for the bailance of the pur
chase money; the business man who
uses his credit as a part ot his capital
have all found the weight of their ' ob
ligations largely increased by being
deprived of the means of meeting them.
They must be met, however, and pro
perty ltseii, in tne absence oi money,
changes hands from the debtor to the
creditor classes in payment of debts. It
changes hands, too, at such reduced
values that the business man is sold
out and closed up, and homes are
swept away, often for the want of
very small sum ot money.
Since the act demonetizing silver.
supplemented ps it has been by the act
for a forced resumption of specie pay
ments, the property of the people of
tne u ni tea states nas shrunk not less
than 35 per cent, in value. What
could be sold for $100 five years ago
can be bought now for $C5 on an aver
age all over the county. This is a
criminal confiscation of property
amounting to not less In value than
$10,000,000,000 when the estimate is
applied to every state and section alike.
in tms vast shrinkage ot all values
arising from the shrinkage of money
in circulation is to be found the imme
diate cause of that general bankruptcy
and ruin which now fill the land with
the sou ud of falling business houses,
commercial fauures, broken savings
banks, and the lamentations of the
poor who have been robbed of their
hard earnings and of the opportunity
to earn more. Under the influence of
this policy. nearly forty thousand busi
ness lai lures nave taken piace in this
country since February, 1873, with
liabilities amonring in the agreegate to
over $ 1 ,000,000,000. The heart sickens
inthinking for a momentof the sorrows,
the broken hearts, the shattered hopes,
th suicides which these figures repre
sent, if this policy of the government
has been to inflict the - greatest misery
on the greatest number its success nas
been complete, it is in vain to attri
bute such widespread disasters to
other causes. We sometimes hear
them ascribed to what is vaguely styl
ed overproduction. I would gladly
know what is meant by this oracular
term. Overproduction ? What is it
that we overproduced ? Is there too
much rood, clothing, and other neces
sities of life ? Has the soil yielded too
much wheat, corn, hay, cotton, sugar,
rice ? The producer is one who creates
wealth, and overproduction would
therefore signify too great an amount
of wealth. It will be hard to convince
a sane mind that an overflow of wealth
is the cause of depression and gloom,
of financial calamities and rapidly in
creasing poverty, and of laborers pray
ing and praying in vain, tor the privi
lege, once offered to slaves, Of working
for the bare means of subsistence. The
mission of wealth produced by toil
from the besom of the earth is tar dif
ferent from this. Unless deprived of
its natural functions by pernicious
laws it brings abundant happiness to
a people andestablishes smiling content
in their midst.
But the cause' most commonly as
signed by the authors of our financial
policy for its baietui enects on tne bus
iness and labor of the country is that
the currency has been and is yet In an
inflated condition, and that real pros
perity can only be attained Dy its re
duction to the gold basis. The evils of
inflation have been painted in the dark
est colors for years past, and on all
occasions, l am not an inflationist in
any sense that would disturb the true
interest of trade and commerce, nor
would it ever be necessary to discuss
the question, at all, it the contractlonist
had only been willing to let the volume
of our currency remain at the point
where the country prospered most and
the people were happiest. A compari
son between the periods wnen our
paper circulation was greatest and the
years of contraction which have follow
ed, is crushing to the advocates of the
latter policy. During the whole four
years of 18G3, 1864, 1865, and 1866,
when the volume of our currency av-1
eraged over a thousand millions, the
business failures of the country reach
ed only 2,167 less in number than oc
curred in any thiee months of the year
just closed. Is this an argument
against a full and generous circulation
of money ? During the period which
is now stigmatized as one ot inflation
the windows of business houses were
not darkened, and business men did
not go as mourners about the streets.
The laborer did not go home without
bread to his wife and children; helpless
millions did not cower and tremble at
th approach of winter for lack of
food and shelter; the public peace was
not broken Dy riots in resistance to
starvation wages: the courts were not
rincipally occupied in enforcing col
ections, foreclosing mortgages, order
ing sheriff sales or in punishing the
destitute and outcast. These are some
things which did not take place.
Others that did are equally striking.
Good wages and good prices stimula
ted every laboring man's mucle, every
business man's brain, and every pow
er of machinery into the highest and
most productive activity. Hope and
encouragement was In every heart.
New farms were bought and cultivated,
new work-shops were opened; new
mauufacturiea were established; new
towns and cities were founded, and
old ones expanded and improved; new
railroads were built, giving employ
ment to millions, and bringing the
remotest and most obscure regions
into immediate contact with trade and
civilization; new mines of coal, iron
and silver were sunk in the earth,
whose contents in return assisted in
the glad work of universal, Individual
and national prosperity. Am 1 to be
reminded that this well known condi
tion of general welfare and happiness
was delusion, that it was unreal and
could not last? Why was it a delusion?
Were not its comforts and blessings a
reality to the American people 1 But
why did it not last ? - But one answer
can be given. .The money power de
termined it should not last. The Gar-
den of Eden before the fall was not mroe
hateful in the eves of Satan than w
this, picture of plenty and prosperity to
those whose gains, and profits 'depend
ed on the scarcity jof money., in the
hands of "tha people,, -and consequent
uara times, xuey began tneir work
of spoliation in 186G. . and they have
made the downfall complete. They
have haunted these halls: thev have
thuhdered at these door they have
rortineo tnetnseives in tne high Diacss
of this government, and, whether , by
deceitful persuasion, artful speech - or
open menace- and assault, they have
not ceased to bring blight, and ruin to
the; people. The very madness of
avarice has impelled them from blow
to bio w, from act to act. - The picture
oi general welfare that t have drawn,
indeed, did not last It has been de
faced, torn, : 8 tamped under foot by
tne repeated act ot legislation inspired
by remorseless greed. The people
asked for no such change. They never
sent; petitions here asking for any of
me enactments ot tne last va years.
They would have been glad to be let
alone and to allow the natural laws of
t BllllllAn t flvapv flnonniol nwh!am
Loud complaint is now made by
tnougnuess or designing persons that
the question of our finances is under
agitation. . Every act of legislation
thus far had been dictated by Invested
capital, and not one by tne people.
Every agitation of the question in
Congress, until the present, has been
made in the same interest and to gain
additional advantages. '. ' 1 -
The people thus tar have borne their
wrongs m the forbearing hope that
they would cease, and if now they rise
at last ana see to it that their i rights
are better respected, it is oeciuse tne
mil measure ot their patience is ex
hausted. When their prostrate ,. and
Buffering condition, however, is forced
on tne unwiuiug recognition oi tne
money power, we are oiten met with
the impatient argument that it is not
for the government to make money for
the people. I might content myself
with answering that it is certainly not
lor tne government to -destroy money
for the people. Those who deny the
the right or the government to regu
late me amount or currency tn circula
tion overtook tne ract that they have
been dictating that very policy to be
pursued tor themselves; only that they
have always caused it to be regulated
downward instead, ot upward.: But
what is the duty of the government in
this regard ? It is true that the people
are not dependent on the policy of
their government for money on which
to do business?
Is it true, as often asserted, that in
some wav or other those who are will
ing to work, or have something to sell.
can always obtain money regardless of
all financial legislation? No greater
tauacy man tms was ever put iorwaro
in deiense or wrong and injustice
Money is the creature of government
both as to quality and quantitv. It
exists merely by the assertion of law,
and in no other way. Article l, sec
tion 8 of the constitution of the
United States, provided that "The
Congress shall have power.-
to coin money, regulate tne value
thereof, and of foreign coin, and fix
the standard ot weights and meas
ures," and section 10 ot the same arti
cle denies all such powers to , the
states.thus making Congress the exclu
sive creator of money for the American
people. Without the action ot Con
gress not one dollar can exist in the
United States. If the article called
money, whether of gold, silver or pa
per, is necessary at all in the transac
tions or lire, here alone is the fountain
from which it emulates. How, then.
shall this high power be exercised?
Shall only enough lawful money be
created, in proportion to the labor and
other commodities which it is designed
to pay for. to give ten cents a day to
the laborer, and $10 tor a horse; or
shall it be furnished in sufficient
amount to afford a just equivalent for
labor and for every other thing of
value? On the answer to this question
has depended the prosperity or the ad
versity of the American people in all the
past: on it their, present uepiorabie
condition can alone be explained, and
their future fate foretold. A circulat
ing medium being a recognized neces
sity oi civiuzci uauoua, aim ius ex
istence depending solely on national
authority, that government which, fr
any reason fail3 to make a supply ade
quate to the business prosperity of Its
citizens, violates that fundamental
compact of duty which must prevail
in every free political common wea-m.
Not only, however, has this govern
menf failed in this great duty, but the
manner it has adopted to furnish the
peoDle with their limited'and insufficient
supply of currency was conceived and
perfected by the owners ot retired and
inactive capital. The system of na
tional bankmg now in use is the most
elaborate and complete scheme . for
making people pay tnbute to wealth,
in order to obtain a circulating medi
um, ever known in the financial histo
ry of the world. There is not a dollar
to-day in the hands of the people on
which they have not paid a tax for the
privilege of having it put in circula
tion by the government. The national
bank is the middle man between the
government and the people, and Is
enormously paid for doing what the
government ougnt airecuy to uo
itself. According to the report of the
comptroller of the currency there were
two . tnousana anu etgtiiy jinuoutu
banks October 1, 1877, and they owned
In even numbers $336,000,000 of gov
ernment bonds as a basis of a bank
note circulation of $291,000,000. The
interest paid by the people on the
bonds thus used to secure a currency
on which to transact their business
amonnts to not less than $16,000,008
per annum. This is the tax paid tor
the bank note circulation. The bond
holder has been made the banker of the
country, and he is banking on the interest-bearing
debt of the people. For
every $100 or currency they pay him
nearly $6 Interest on the bonds which
secure that hundred. His advantages,
however, only begin with tins bonus of
sixteen millions. -
The report of tlie comptroller shows
that,Octoberl,;i877, the national banks
had loans outstanding to the amount
of $891,000,000. No one will pretend
that these loans are made ou an aver-
. m l it 1 r
age interest oi not less man iu per
cent. This makes an interest account
of eighty-nine millions perannum,and
this is an under rather than an over
estimate. Of other , bonds, stocks,
debts, real estate, specie, currency,
clearing bouse exchanges, United
States certificates ot deposit, ana an
other resources, the property of the
national banks, at the above date.
amounted to something over $514,000,
000, which, at the low rate of 5 per
cent-, makes an additional interest in
come of $25,000,000. The following
statement will, therefore, correctly re
present the facts:
U tobr, 1. 18.7.
National baaka... 7,080
ReB-vU'0-i.... 1.74!,K,0.
In eat OD resources paid b.lh
uinnl. n.r inouni ISn.fOft.QPO
In return for the establishment of
this stupendous money power it sim
ply acts as an agent in transmitting
the currency of the United States from
the treasury to the people. Will any
one pretend that a cheaper and more
equitable mode ot supplying the coun
try with a circulating medium cannot
be framed by our legislative wisdom?
In fact can any one for a moment de
fend such a system of monopoly and
oppression? He who desires its per
manence desires also the permanence
of the national bonded debt,.
The two are inseperable. One rests
upon the other. If the national banks
Ma a blessing, then onr public debt b
a .blessing, for the debt supports the
banks. This idea is embraced in the
act of January, 1875. i Provision is
made in the third section of that act
for an increased number of "banking
associations" to be based on an increas
ed number of interest-bearing bonds
soia ior tnat purpose, i hey are armed,
too, by this s ection with hostile power
against the" legal tender' greenback.
With the aid of - the Secretary of the
Treasury they are authorized to ex
terminate this favorite money of the
people. For every $100 Issued after
the date of the act of January, 1875
by the national banks ' then in exist
ence, or organized afterward, $80 In
legal tender notes are to be withdrawn
from circulation and destroyed until
that currency is contracted to the limit
of $300,000,000. The purpose of this
legislation is to make the banks com
pletely master of the financial situa
tion and to subordinate all the wants
and interests of the American people
io uieir wiu ana nteasnre.. Ann in or
der to facilitate this purpose the green
back dollar has been denounced with
every epithet of contempt and derision
known to the. English language, i
will not pause uow to defeud tlus ereat
money iu its contest with those who
are bent on its destruction. Its reputa
tion in peace and in warin known t all
The soldiers and the sailors knew it in
the great hour of peril; their
widows, their orphans, and their maim
ed and crippled comrades have known
It ever since.
The people of every class and of
every party engaged in business and
labor know that, in SDiteotallassaulta.
Iu spite of the fact that the: govern
ment dishonors it bv refusing to take
it for government clues, and in spite of
the fact that there la not gold enough
in the treasury to redeem it at ten
cents on the dollar, yet to-day it ranks
due tnree per cent, below gold in the
money markets that are most hostile
to its existence. All these things
are known and treasured up, and i
do not dwell upon them now.
9ir. thus fa 1 have t.D jkMn in nniatiAcr nut
wht I ouDcaire to he lha vicious legislation
of thin country on the great and paramount
qusHiiunofita flaAoce.. There are two op
oain ideas on i tun subject cow thorough.,
aroused ln:o viil use and aciiTity. On
one hetod m the ?at moneT power iu all its
ariuus devfloBmeata of hnni.. h&nka mH
1 aoing aasociauoaa. aad oa tbe other are
ine treat industries, the no its business and
tho UboriDR people. The Issue has been
tears la mxlcins ud. but it is notr ininad. No.
body bmi b i dt-ceiyed Al th widespread
Influences cl capital are organized and com
bined. Tha boldera of pubi c secant e In
America and IB Europe work together. Thrv
tbinkand act in concert.
The nati nai banks of (he united States
have a solid organisation to protect whit
they have and to l u much more as
possible. Taev are akiiifr now to h r.liMVAri
from pay ina; tames on their circulation n i
deposits, in order that they may enjoy their
enoimoui profits free fiom all burdms for
the suprortof thekOTvrnment. Associations
of capital ate, engaged in obtaining mortgago
at I per cent, interest oa Western fa m-, on
ikcuuui oi taa scarcity oi raooey la tnat sec
uon, are not only etriyin to make all Bu;b
moriffrgee ay ble in gold a year Leoce, bit
they ae thre enins those la necuniarv dis.
trass lhit they shall have no further favors
at the same rate unless they aree in ei
aoce to mil I li in return for are nback
loons The power of money in the midst of
limes like these is ve:y great, but I am
much deceived In the p ople if thy have
not turned at laot in deflance and b, li warn
ing upon iheir oppressor. They are n t in
favor of repuoialing a simile dollar of their
pubi c or friv,tee.b',s. They Intend to pay
everything they owe, but they intend to sub
mit to do more changes of contract, viol-t-lioesof
ob lgatioos, and breache-i nf p in lie
lai h, -n oraer t increase their Indebtedness
or to take away their mstii to pa it. They
demand, too, ihat certain spec 13 j wrongs
shtil h redressed-
1. Those for wham I speak dem -ad the
restoration of the silver doll ,r else It as it
stood before t vm tou had by the act of
Feb.-uary, ls73. They desire that It shall
have uahmitdtl coinaifo. ni iiannii thus, il
w II boma too pl.niy lor their wants, and
Ih it it be made a f ill legal tender, celievintr
tnat it i as good now with ahich to pay all
d -bis, public and private, as it was du ingSI
years of American history.
3. They demand the repea!, un"ondilion
el v, of the act of January 14, 186, com
peliins: a renumDtiiin of goecia vmema in
January, 179, holding Ihat the question if a
return to a sp oie oaais ior our currency
sbnu'd be control el entirrly bv the busi-n-
sa interests of the couotrv Thev do not
Del eve that thec unirr should be dragged
through the depths of rain, wretchedue-s
and 'legrada-ion in nider to reach a gold
standard for the benefit alone of ibe income
cltases.
8. They demand that the national banking
system be removed and a circulating me
dium provider by the govern m -nt for tha
oeoplo. without tax:ns- them ior the nrin-
1'ge of obtain ing iu Aud they ask that the
amount thus placed la cireo'ation sheU bear
a reasonable and judicious proportion to the
business transactions and the oooulation of
the United State. '
a Thev demand that the enrrsnev eirr-n
lated oa the authority of the government
shall be made a legal tender in the payment
of ailJfeb's, pull c arid private, including all
due to the government, wll knowing that
it will then ba at oar with anld nr more
l kely at a premium over it.
ft. "Ih.v demand that hereafter the S nan.
eial policy or the couotiv be framed re'-
nanen ly in their in teres-; that trier shall
ot be d.pcriminaled attain 4t in future leo i.
lttionasin pasr. aud that their DrosDeritv.
and not the mre g-ow h of ineome to re
tired capitalists, shall be the primary duty
of th government.
In my judgment, these demand i are inat
and moderate. I implore Henators not to
so ppoae that they can be d sregarded with
safety. If tney are rejected now they will be
renewed berearter with etui greater de,
termination aid nerhaoa with oihe a added
I pi. ad for tbe financial credit of the gov
ernment. It teste on the popular will alone,
and th-tt will can no longer bs dtfld or
menaced with impunity. The people are
aovereigo, and they cut bind and they can
i"M. II the moeev power la advistd with
Wisdom It wl.l s.oo and retrace its atei a. It
o.o of roots a power ujw mightier than itself;
a ires peoi l at the bll t b x. inflnmr d t
a sense of ifj Jstioe and operession If, how
ever, it is juried to its golien idol: if it
heart ia hard-ned and its neck stiffened by
its vast poeseoaiont; If the burning lust of
a varies has male it-ueaf to the voice of re
son ana nnoa to ail human experience, it
will pusn on in its eareer nn;il it works it-
destruotior: for. sooner or laier. th
people, irrespective of parly names, w 11
unite in their own defense and establish
justice.
They h e been flew to believe that 'here
was a del-b trate purprao to degrade and im
poverish tbe great producing rltsaer, bu
they are bei.' g raoldlf educate 1 now. The
cnnilii'on of the country n a teacher whoxe
nvrful lsasoo is ecgrarea on all th-ir heart.
Thev have alio recently red the prod ma
tions of th- great organs of the mrney
power, removing aldiguteeato the a. wan
ing of our Onaocial legieltiion and the
ani-ery it naseratea . la the cclumas ol ens
Uiev have read that
The American laborer must make no his
mind henceforth not to ti so much belter oil
than the Euroreao It borer. Men must be
content to work for low wage . In
this way the workiaamaa will be nearer to
ihat sva'i a in life to woioh it ba, pleased
i -a to o il n m .
Ia the c lumn or another organ of con
8 I dated capital thev have read the follow-
ins revolting sritimoti;
"There eeemi to be but oneremedv. It Is
a change of tbe ownership of the sjiI, and
the creation or a class or land owners oa the
one band and if tenant farmers on the other;
ometning sira lar in bjth cases to what baa
1 ng eitsie I and now exists in the older
countries of Europe. -
And tn -v-iy form in which the English
laut:uage c-n be used the American people,
a-d eepecsllr the peoi le of the Wf, have
been notiheu, a t that their ooasen will be
asked, but that they wilt b-. compelled to
bmit to the 1 uiolalion wtveh leeulir, in
bis Briti-h sst. m of baronial landed
estates, a dependent tenantry and pauper
wages lor tne wor&ingmen air, 1 have i o
word of menace t uur on (his floor, bat iu
behalf of every laborer anJ evarv owner f
soil whom I tepreseni, 1 warn ail such as
value their inveetmenie that whei these
di etrites of dexnollsm are aoneht to be en
forced, this fair land w II again be coe vuled
in agny, and the fire of liberty will bliss
forth again, as they did a hundred years sg .
in aeieoseof the na'nrsl lights of man. May
the wisdom of oar fa, hers and benignity oi
our Mod avert such an Issue, but if it sha 1
come, if mfxluati n has seised our hearts,
the result will only add one more instance
to the 1 ing catal gue of human crimes aad
fol!r, where avance, like amS'lioe. ove. laps
itsei!. and in its unbol- attempt to roboUie-S
of their possession-, loses its own.
For Secretary of State.
Martinsville Gazette.
Mr. J. G. Sbanklin, tbe able editor of
The Evansvillb Courier, is a candi
date fjr Secrete ry of S'ale on the Dem
ocratic ticket. We know of no man
bo would make a bt-ttar or more e'-
flcient of&jrtr. lie bas always been a
consistent and uoninchinc Democrat,
and hat served bis party with -untiring
-31.
Thk Spencer . County Ddegatioi it
instructed to vote for Kmvcs. for State
Treasarerni Wedcimq, for Attorney
Gdneral.
AUDITOR OF STATE.
S'-w-nville Boquirer.
We have confined ourselves mainly
to copying complimentary notices
from other papers ot our popular fel
low townsman, Mr. John Nester, but
it now seems to us proper, in view ot
the fact that our btate convention is
within less than a month of this time,
hat a word, should come .from us
giving expression to the good will ot
His neighbors and friends iu the county,
We ask bis nomination because of, his
Creemineut fitness for the place, and
is Jacksonian oualiiicatious. There
is no man in the State better able to
discharge the duties of the olllce il
elected. . His thorough knowledge of
the various duties of the office, with his
uniform courtesy, his freedom from
those little Petulant moods which un
fit so many men for public office, to-
getner witn nis great personal popu
larity, seems to us to commend him
moat strongly to the Democrats of the
wnoie state, i ne next state election
will be a very imiortant one for many
reasons and the Convention will fall
short of its duty if it nominates auy
one who ha-t not a clean record and ail
the necessary ouaiiticaxions to fill - the
othoe, not by proxy, but in person.
If the interest of the partv aud people
is consulted, we are satisacd Mr. Nes
ter will be among those from whom
the selection shall be made. In the
present gradually mcreasing strength
oi tne national ueniocracy it is vi ry
impoitant that no Mteakncbs should be
found in our State ticket, and that the
State government should be iu the
hands of capable, true and tried
ment It Is no time for sicklv. sentl
mental pleadings, and if we expect to
now tne state government anil regain
inat,ot tne nation tne live and vigor
ous , Democracy must assert itself.
e our years ago the Southern part of
the fctate was almost entirely ignored
and now we think we certainly ought
to nave some or tne important oiuoes.
Our; soil produces more Democrats
than any other part of the State, and it
ougn; to be cultivated and encour
aged. ' Atiociate Justice Harlan's Endurance.
Perhaps nothing is more necessary to
a lawyer mbo de6ires to attain a pre mi
neot position at tbe bar tban physical
endurance. Ha mutt not only have
tie will-power to coacentr-tie bis mind
on tbe tedioua work of iludvinz the
points of a complex case, but be must
"ho have tbe strength to endure tbe
oours of labor which are frequently en
tailed upon him. Tbe success which
has attended the practice of tbe Bon.
Isaao Caldwe.l and (laneral John M.
Harlan is largely due to tbeir physique
-tnd i endurance. In tbe great Pullman-
palace car case tbe latter was em
ployed on short notice as one of tbe
C3uneel. He bad but a day to poet
himself and study up tbe authorities,
hut, be undertook tbe task. Locking
himself up in bis office with Judge
Er-jcbrane, of Georgia, and Mr. George
31. Pullman, be examined tbem thor
oughly upon it, grasping all tbe points
and collecting and arranging bis cita
tions. Far twenty-four hours, durini:
wbiubtime bis companions alternated
between sleeping and dispensing infor
mation, he studied tbe ciee, and at tbe
end of that time be had every poict at
his flngera' ends and was as fresh a a
dafcy. When General llarlan was first
appointed Associate Justice one or two
newspapers ventured an opinion that
be was not the mtn for tbe laborious
work of tbe Supreme bench. Tne able
elitors did not know tbe man.
Letter From an Old S ibecribsr.
Tsu. Citt, .anuary 25, 1878.
To tha Editor of tbe Courier :
Coming borne from a long trip, I
found : it quite a treat to peruse your
paper. I koe tbat you are alii I battling
tway oa tbe Greenback Question, point
ing out tbe main cause of our bard
lime?, and aieo favoring tbe community
with liberal views on tbeological ques
tions, tbe cbief of which seems to be
about bell and e'-e nal lire. 1 thought I
had - suffered sowewuat if an earthly
bell in trying to run an old borse and
buggy across Irom tie ilbiieippi to
the Ohio, in tha present stale ol road
and weather, to which tbe bard times,
which 1 have experienced with ethers,
had compelled mi; but though it was
somewhat like purgatory, yet I con
soled myself all tbe way that tbe suf
ferings of this world are not worthy of
ail the glory that shall be revealed to
us hereafter. To lake fromr-n humble
ObrUtiaa, who lives perhaps in poverty
and distress, the sweet consolation tbat
all bis trials od suuenngs in hell are
nothing to be compared . wilh tbe rich
man's sufferings in bell, who would net
even get a drop of water to cool his
burning tongue, is a dangerous experi
ment. It will injure tbe religious world
just in about tbe same way as forced re
sumption and contraction irjures our
malarial prosperity.
' This may look like mixing up r
ligion and politics, to which many ob
ject. Inoneway.it is very objection
able, that is, if in politics we should en
deavor to enforce Ihe peculiar tenets
and doctrines of a particular religious
bxly or prefer one church against an
other, but in another way it is but to be
lamented tbat no more religion is mixt d
with our politics. It it tbe conservative
power of our religion tbat we want in
pili tics. ; Every relig'ous body has a
right to advocate its leligtous opinions,
but let tbem be tried by their friends
and by fair and sound argument.
Whoever studied our late strikes and
the accompany iog exc t-ea mutt have
learned some lung iViieby. It assumed a
very threatening a.-pect, and Iba very
foundation of society was shaken. I do
not wish to go into details about tuis, but
I would oily ark a ques'.ioni If some of
our fashionable,' flowery and popular
preachers are not to blame fjr this? To
'.ake away one ictt from tbe word of
God, ir to pervert it meaning, will
work very deliterious upon socitly. If
one pretcber tries to so't-jn tbe eternal
punishment and wrath of God over the
wicked, it will only make himself popu
lar wr.h t',a'. clas who, in turu, carry
out tbe argument by tbermelvee, scon
to such r-n extent tbat they don t be
lieve in any punishment hereafter at
all. Of all tbe different views of eter
nal punixbra ml tbat 1 ft d in your pt
pers, I find that ot Or. Taltntd e, ii
your Sunday issue ol t ie 20. h, tie luot-t
consilient with tbe divine revelation.
But it is nt t my intention tt write more
about this subject for tbe pr&ent, but
rather to inform joi and your readers
what I have teen and beard c mini'
over two hundred miles across tbe cout
try. The wheat looks excellent all tbe
way from tha M.iaissuppi to tbe Ohio,
and everywhere 1 learned tbat more
wheat is town tnan in tbe previous year,
eipec'ing larger prices on account f
tbe JEjrjpeari war. Corn in the weft
era part of Ulino's it scarce, arid de
mands up to Mount Verr on, Illinois,
fifly cants par bushel; but in Faiifi-ild
they say only twenty-five cen'.s, and Id
Albion, Mount Carmul and rr.ncoton,
Indiana, fluctuates between that and
tb;rty cents.
And now as to politics. I find thai
tbe farmers everywhere are alive to
their interest Tbey perfectly knov.
from whence our hard limes comr; and
stopping over nightt over a dizar
times, on accouDt of the badness of the
'oad and my health, and more with Ke
puliii:anj tMan Democrat, tbey wire
-li in f- r paying off the bonds in green
back, with tbe exceptio i, perhaps, oi
'ine, who was not very bard either wt-y
As I have heretofore been rather a hard
money Democrat, 1 some l:mei argued
against it, but tbey soon got ma on tin
tond question, which I could net dun
thai tome of them cot me only $40
in old. If I could have kept them
hey would ba worth lomeihlhg Bow. t
"ever thought that tbe greenback qaes
t on was so popular.
H. M. MtLLift.
BRITISH BREADSTTJFF3.
ImMrtaw.t . Ioaproveoaeat
porieU In the Haraet.
He-
London, January 29. The Mark
Lat.e Kxrrs, in iu reviw of the Brti
inb corn trade, says: There is no im
provement in tbe condition of home
rown wheat on off-ir. either in the
Mark Line or country marke , but
.he (fferingt have been more liberal,
ind tbe reserve with which buyers
opeiated lendod t reduce pr.C3 1 to
2i per quarter f r old. There aie but
vw samples of fine dry corn, fur which
tellers wre not disposed to accept lower
rates. In London especially it baa
been excessively dull lor English and
foreign wheat, and there appears to be
little probability ol incraaaed anima
tion. The uncenainty of political af.
fair it becoming wexr aoma. Uulil it it
Jeflaitely known wbnt tbe action
f the country it t be . in
regard to the position in the Eat, it
8 almost hopeless to attempt to direct
attention tn tne probable future Oi-urta
of tbe grain trade. At present, ptoifij
ideas are Id tbe ascendant, and Ibe mil
lers who are holding small stocks bavo
only bought to meet immediate wants.
1 be country demand bas niov1 within.
the narrow t limits, so it at holders
have been severely tri-d in maintaining
tbe firmness, which bas been further
bak n hy the more liti-rsl arrivals of
wheat and maize. Tbe mild tea-
son bituerlo has been adverse to
sellers, as tbe imp nt ol Kx-ign
best have undergone but litlie
diminution. Bbould prices rally, tbe
course of improvement can only be
expected from political influences, la
Ihe limited business pasting during the
last week, a decline of one shilling per
quarter baa taken plaoeon all var'elietof
foreign wheat. White mixed American
mi'i'. ot which tbe arrivals have been
liberal, have given away six pence per
quarter. On iTriday the market opened .
with tome nent of excitement. Jfor a
short time free sale wat experienced, ,
but toon after midday peace rumors
were circulated and the demand
stopped. There was, however, tome re
vival of the flrmnest at the close of the
market, and tbe six pance decline waa
recovered.
TH8 SOUTHERN MUDDLE.
N aw Orlkanb, January 29 Kefer-
ing to the question asked Major
Burke hy W. K Chandler in a telegram
from Washington lest night, Burke dit-
laims all knowledge of any corrupt or
disreputable bargains on the pait of.
Hayes or tbe Southern Congressmen
last winlt r, or tbat tbe Uuulhrn men,
did anytuins to tr iuiit-o Tilden't
bancet in ibe Electoral count, lie
ims tbat whatever assurances
were given or received bad
been openly auhmitted to the
Nicbolls Legislature and generally dis-
cuesod and approved, and bavinr been
voted aoj acted upon by tbe members,
tbe subject could not be regarded at
secret. He bat contomiilaled tbe prep
aration ot a statement of all the facts
coming under bis observation, to be
published, if any go d purpose can be
i rved, but thinks tbe country has
heard enough rf the whole businesss
and bas otber more important subl.-ct
consider. If any publicalioaiLit
made, however, be indicates a determi
nation to seek other channels of com
munication tban Mr. Chandler.
Hotting- tbe Track .Is Kali re Train
Bnraeil sip.
NasnviLLK, January 29. A freight
train, leaving here r.t a p.m. on tbe
Nashville and Chattanooga KtilroHd,
as thrown from the track near Lt-
vergne on account ot a rail piacea
across tbe track. The coal on t-tng
burtburning tbe entire traio of seven
cars.
S1.25. S1.25.
THE
EVAKTSVIIXE
Weekly Courier,
An ElghtrPape Paper, I'liblirihed ev
ery Tuesday.
The Weekly Courier advocates
The repaal of tha Besumptlon
Law,
Tho remonetization of Silver,
Tbe abolition of tbe National
Banks,
Ibe payment of tbe bonds in
Greenbacks-
It is pronounced by press and people
the ablest and best Greenback Demo
cratic paper published ia the West,
and lias already attained a large circu
lation in every State in tho West and
South.
It is especially devoted to Western
and Southern, as a&ralnst Kan tern In
terests, and boldly advocates tho with
drawal of Western and Southern Dem
ocrats from political association with
the bullionist Democracy of the Kant.
FRE3S.NO riCES.
Ter re Haute Express:
"The EvaiiBville Courier in tho iriont
vigorous Democratic pajx-r puoiiHiiou
in the State, and next to the Cincin
nati Ktiouirer, tho strongest green
back Democratic pajer in tho west."
Cincinnati Enquirer:
"The Courier is the leading Demo
cratic paper of Indiana."
Louisville News:
"It has no superior as an advocate o f
currency reform."
Chicago Inter-Ocean:
"Vilely Democratic, but one of the
mostacoiiHistent and intelligent patters
in the country in its discussion of the
money question."
The Weekly Courior will be sent
to any address, post-paid for $1.25 per
year, in advance.
Clubs of ten or over, jKmtage pre
paid, One Dollar
per year. illresH,
Courier Company,
i;vaiiville, !.
N. li. Sample copies at all News
iKoucies in the went ami south, or
sent ly mail on ror-eipt of live cents to
pay pontage.
