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SPEECH Of General J. II. Weaver, Green back Candidate for Congress, titli Dist. Delivered at Newton, Iowa, 011 the Evening of Saturday, June 2». 1H7S. RCrORTED 11V W. S I1RIU( 9 ESQ. MR. PRESIDENT, AM» FELLOW UITI ZKSS It IN very remarkable that this question has not suggested itself to young men long ago. Did you ever ihiuk that you have to mako soma particular calling' iu life a specialty in order to make a success of it A man can't ba a good lawyer, blacksmith, farmer, and physician all at the same time, lie must mako soma one of these his calling if ho ovor expects to arrive at success it is so with the •blic and tho people at large. Ute tho legal profession, and we |P various specialties in that. -And .3 so with the medical profession, inlaw.ono man takes equity, another common law, or commercial law, or constitutional law, and another takes admiralty it is so with tho medical pr feislou we mast take specialties to arrive at true excellence. The public mind began tocrystaliza about forty years ago, about the prin ciples of human liberty, as the popular mind saw those principles in danger from the peculiar institution thei ex isting in our country. And having become, as wo are charged with being, one idead on the slavery question, io onr devotion to the principles of hu man liberty, and having taken such a grip of that question, the popular miud never let loose nntil it was set in harmony with the genius of liberty of this country. Now when I read the financial his tory through which this country has passed—that time of human suffer ings, and tha bankruptcies, and the financial ruin which has followed in the wake of these bankruptcies, it it a wonder the popular mind didn't be come aroused, and tho sourcc of those troubles sought out and remedied and it is remarkable that tho human family do not see their religious and civil liberties endangered and seek out tho cause long before thoy do but it takes thought and time for study in the average mind boforc they are ready for such work as yon are engaged in. It is apparent to the mind of any in telligent gentleman who has thought on the financial course of the country that the monetary depressions of 1837 and 1857 were produced by a false system of fiaanccs, a worthless system of money—promising to pay in specie. It had this peculiarity about it, that when there was the most specie in tho country you had the most paper money. It should be just the reverse of that, for if you have specie enough to pay off all your promises you put the specie in circulation, so it is an absurd and unphilo'ophical system to start out with. When specie is scarcest, paper money should be tho most plontiful that would be the natural system and course to pursue. The financial panic of '37 and '57 were produced by Ltd money when asked for spocie wo hadn't any. Now will yon toll. mo tha difference ba tween that kind of a system with promises to pay, issued by stato banks and private banking associations, pro fessing to ba based on specie—what is the difference betwoen that system, and the same system transferee to the United Stains ami the nation issuing that money Suppose tha govern ment issued that same kind of money professing to ba based on spocie,that the state bank issued, say six or seven hundred million, or a billion, profess ing 10 ha based on specie —if tho state banks were unable to mutain that system, because unable to pay it, how much bettor r.an tho government of the Unite 1 States do that, who prom ises to pay, and fails to havo tho spe cie? Now can the government have more jncy than tbo business men, aud the "yke of tho old system Low I will discuss this system of loual Hanks. In order that we understand tha tiaturo of those Fid mythical institutions, I will /.«! how wo organize National Hanks. 1J will try to discuss them faithfully Wd candidly. We understand five "men may start a National liank. They may start one with titty thousand dol lars capital. Say live men want to start a bank with 0110 hundred thous and dollars. We invest in bonds say thry are six per cent, bonds. We draw this six per cent, on tho bonds as soon as wc invest our money. We take these bonds to tho comptroller of currency, and lie gives us ninety por oent. of the face of the bonds in cur rency, called Natioual bank money. Wo take the ninety por cent., leaviug tbo bonds depoaitod with tho Treas urer as security, an I bring tho money home and put it in circulation. It answers the sjtna practically that greenbacks do. but it is not a legal tender tor anything but debts duo the government, it is legal—it is not re ceivablj for anything else. We take that money and loan it out, loan it out on ninety days, at the outside, draw ing ?m*reat. The only objoction to that is that tnc bonds draw interest any way—they would draw interest anyhow, it has this fallacy in it, thatis true, under tha law as it stands, and we find fault with tho law—the law is wrong—the system of banking is wrong, ami this is one of tho mon strosities connected with that institu tion. Wo see tho interost on ninety thousand dollars given to them on call. It answers tho same purpose that greenbacks answered, which drew no interest, and that makes it a very cxpensivo kind of money. They pay nothing tor the use of the ninety thousand dollars to tho government, except ono per cent. tax. Thoy loan the government money at six per cent, and tho government loans it back to US at one por cent. We say this ought to cease. No gentleman can go before the people with the amonnt of information they have on the subjcct and say that kind of monoy ought to bo tho estab lished standard of Amorican finance. I'bis is tho English system which is in operation, precisely the English sys tem that the people havo iu operation to-day. It is tho bulwark of the Eng lish monied aristocracy to-day. A man can't start one of these banks to-day unless ho own bonds of the government it. is those monied men alone who can go into it. It gives it great immunity it has three percent., and siv per cent, on tho bond is nine per cent., and under the funding •cheme yon get your interest qnart rely, and you can compound it It givtw you an immense interest—more than three times—yes, more than four times the natural increaso. Thus it enable- tho men who draw it to ac cumulate wealth four times as fast as ^.tbe aggregate increase of wealth, and Mods to bring monoy into the hands Of the few instead of the many. It is ifce English system. Under the charter the Bank of Great Britain the bank (as the power to use fourteen millions Of pounds sterling based on the bond ed indebtedness of Great Britain. The balance of the issue is bated on the specie in the bank vault*. In our system it is different it is the English system intensified, it is based exclu sively on the public debt of the coun try. Now Is the National Bank system g}ing to be a perpetuity, a permanent system If so, then your bonded in debtedness is going to bo a perpetuity. A pormanent national debt!! You have under tho resumption act freo banking, free national banking established, and the ability to inflate tho national bunk ourroncy is only limited bv their capacity to deposit bonds, and there aro about eighteen hundrod millions of bonds, anil yon can hnve that much money, provided they aro all place tobankiug and if the national bank institution is to be permanent, tho bonded debt of the conntry is to be a permanent ins'ilu* tionj because the banks are basod on the bonds. Wo have a great national debt, tho principle of which none of them ever protended that tho nation intends to pay. It has ovor three millions of interest. It is a perpetual debt. They call it a national blessing, but it is a great burden,and we aro try in a to make onr national debt system perpetual by trying to make tho national bank system perpetual. Are you ready lor that? Is it your opinion that tho na tional debt ought never to be paid Ought it to be suuk in bonds and those bonds made the basis of our national currency, and a permanent bankit syetom together with tho bonds to bo perpetually fastened on this country Do you see you can't tret around that It is free banking. The law authori zes freo banking, that is tho law of this country. I say this system must go down it must go down._ This system, if I understand the principle Of tho American people, they aro not willing to engraft on tho nation a sys tem of national banks which depends for its perpetuity and existence on the national debt, and which aro exempt from taxation in this conntry. This permanent institution builds up a monied aristocracy, and it ha9 at tached to it the royal prerogative of issuing aud making the people's money. It is the system of every aristocracy on the globe. You republicans arc not in favor of that. But how arc you going to get around it? Yet you say in your platform, "Tho wisdom of the Republican finance is mado manifest in its merits,'" in that broad and sweep ing plank, the eighth article. Now, gentlemen, "Chooso ye this day whom ye will serve," if you are in favor of making the national debt permanent, a permanent institution in this conntry, and if you are iu favor of tho men holding those bonds to have tho prerogative of making the people's money, then yon will voto iu favor of it but if you are opposed to that you will take sides against it. Vote as you believo, whether in op position or in favor. Hut some'of you will have some dillicully in be lioviug that. How aro you to get rid of your national bank money? The law authorizes tho unlimited isiuo of it. If it is to bo only temporary there must be some time tixod to get rid of it. If it is to bo permanent there must be a permanent national debt. Now we will introduce authority to show this. We found on page fourteen of the report of Lott M. Morrell, Secretary of the Treasury, 1875, that the national bank notes were to be substituted for the treasury notes, as a circulating medium, as the business demands of the country may require. That this is contomplated by tho resumption act of 13" that the legal tender uotes were to bo entirely redeemed, aud tho national banknotes substituted therefor, as tho business demauds of tho country may require. Thus it will be seen that wo aro to have a permanont system ot paper mo noy in thirfconntry, aud that it is to bo national bank monoy. I undertake to say that is tho law, aud any gentleman who is interested iu the wolfaro of so cioty, and his own financial welfare, will soo thatis to bo tho system to bo foisted upon tho country, and you will at once iudignautly frown upon it, and put your foot down upon it, and go the ballot box and vote it down. How will you escape that conclusion? How can you, when there is the law establishing tha banks, and thero is the system indicated by tho treasurer? You had bolter do it now when their circulation ia only three hundred mil lions thau when it is eighteen hun dred millions which may bo the vol ume of tho currency under the free banking law. Now 1 will refer you to the resumption act itsolf iu lur therance of this idea: l$y it Section r.077 ot the rovised statutes was re pealed, and now there is no limit to tho orgauizition of national bauks. That act repealed all provisions of law limitio^ tho aggregate amount of national bank circulation. Von see thore is to bo no limit. You charge us green backers with being in favor of an uulimit«d amount of irredeem able paper. Thero is tho law passed by the republican party, anil attached to the end of that law is tho provision that all limit to uational bank mouey is hereby repealed and they may in crease it without regard to such limit. That ia tho resumption law on tbo statute books to-day. Don't vou see that Secretary Morrell is correct when ho says in his roport that by the act ot January, 1875, provision was mado for the redemption of tho United States notes and for the issue of ua tional bank notes in lieu thereof, and declared in effect that a monetary system combined of coin and national bank notes was in harmony with the constitution and the traditional policy of the American people. Now you see if you are in favor of national banks—of the national bank system, you are in favor of a perpetuation ot the national debt, fastening it upon you and your posterity forever. There is nothing to prevent such a result as that. The party that wants it must go nnder. unless you are williDg to surrender your liberties. Yon arc not willing to bend your backs and receive the Kuglish system which builds up nabob oppression and penury and want. If you want tho Kuglish sys tem, a permanent national debt, and an untaxed aristocracy, you will vote the republican ticket otherwise you will voto against it. and this is what ia now before tho people--that is^ue is before the people—whether the na tion wishes legal tender money, or national bank money whether you will pay off this national debt or Icavo it for your posterity. Now a further question in regard to national banks is ihis: The lodgment of power in the hands of the few is dangerous in its character. That is proven to us by mere reflection. Would a man go into tho na ional bank business for that very charitable motive to simply supply money to the people Certainly not. They go into it for the purpose of making money, just like you engage in farm ing, or my friend here engages in the newspaper business. There is no more worthy class of people thau bankers are generally. Bnt the idea is this: The people at largo cannot trust any one class of people to tako charge of their finances for them Yon would not entrust them to make laws for the public, or subtuit to an trUtocfter,» government composed of a few men to make the laws that is not compatiblo with a republican form of government. Neither is it safe to entrust the money-making power iu tho hands of a few men who make up tbeir fortunes by that pow er it is not just liberty, or statesman ship, and no man rellocting would for a moment lodge the monoy making power in the bands of a few mou. It is far more dangorous than the law making power: the money-makiug power constitutes the blood of the body politic, on tho circulation of which depends the w hole life of the body politic. It Is a dangerous pow er. Where did the opposition to the demonetization of silver come from? it cotno from you farmers. You op posed it and all the industrial clashes of this country opposed it, and you know tho organized opposition 10 tho remonetization of silver come from tho bankers association, the mone) luaking power of the country. Thoy sent thoir claguorsand lobbyists from every where to the capital, in tho com mittee rooms, and tho committees could not meet in eoaeion but those claquors wero thero from Liverpool, London, New Yor», and Boston, con stantly belaboring congress, notwith standing niue-tonths of tho pooplo were in favor of that movoment, and they finally succeeded in their plot. It was of this dtngerous power that Horace Greeley, that groat and good man who once controlled the columns of his paper against this power and in behalf of the interests of tho poor men, remarked 'the time was coming when the banks would hold ihis-power in their hands and ha said the financial corporations would cxorcise it, and that neither tho people nor congress itself had any power to resist it. A voice, "Treason!' Just think of it. That is from the onco honest Tribune once presided over by Horace Greeley, whose mind was almost ready to break away from tho bonds which bind the finite mind. He entered his protest in defense of liberty and that paper to-day is owned by the money pow er, tho natioual bank association, and "no act of congress or the people can resist them V es, wo all think it is a dangerous power a power yon can not "trust. and that you won't trust, unless you aro willing and ready to bo mado slaves, and to havo this English system of finance foisted on tho people, and roady also to havo the national debt mado a perpetuity, a perpetual national lien on yon and on your posterity, and all that you or they shall ever own. And now bo foro I leave this question ol the na tional banks I want to make one or two other points. There is one Mr. Nichol, pjesident of tho "Honest Money League," hero is an argument made by him. The bible speaks of him, in the letter of Ephesus, "the deeds of tho Nicolaitaines, which i also hate." lie says, 'our provisions for au elastic currency are almost complete, if the wants from any one locality at any time requires more currency the banks can obtain it by depositing bonds with tho treasurer to secure it, and it the currency becomes redundant they can surrender it. That is tho way tho whole system lodges with the national bank association the right to superintend tho currency, and contractor expand it when thoyploise. It placcs the control of the voluma ofcurreucy in the hands of tho na tional banks, whereas it ought to bo in the hands or Ihe government, in the hands of tho whole people, and not IU the hands of a few. It will be seen that this is true by reference to the law. By tho act of Jau. II 1375, pago 17, report of the treasurer for 1S70, tbo limit to tho voluma of uational bank currency was repealed, and the volume left to lie determined by tho wants of the country. The law of 1871 authorizes tho banks to withdraw their currency in whole or iu part and by the act known as tbo resumption act they have the authority to inflate tho cur rency to any amount thoy please, an unlimited amount. Now that i* a dangerous power. In theory wo will at once reject it. This system would be rejected by auy business man. We havo had it iu voguosinco 1874. Wo havo had it in operation under a gon eral banking law. W 0 have had Jt siuce tho passage of the law in 187-1 down to tho present time so far as affecting ttis volume of currency is concerned. On pagn Cti ot tho treas urer's report for 1877 we find that on the lSlh ot December congress passed a law to rogulato this contraction of tho currency. The gentleman thon road from said report showing the amount of contraction of currency lor the years'71, '72,'71!, '71, "7.», •as follows: •'Destruction of tho currency for the vcar 1871, $24,311,047 1872, 133,211,7-20 ls7:i, $3» 4:53,171 1874, $49,!i:i!t,74l 1873, $1.!7,W7,(S% ib.ti, $98,8 40,008. You soo it is a very elastic currency. Under those two laws they have the right to inflate or expand the volume of tho currency. Here right in the midst of fluancial trouble and dis tress, and this banking law organized for the laudable purpose of aiding tho people in their distress, these hanks under that law. ami empowered by that law, contract tho circulating me dium, right iu the midst of all this dis tress. Since the psnic began wo have been having a tearful contraction of the currency under tho banking sys tem. This is a dangerous power which you will not long continue If yon can get rid of it. ami tho way to get rid of it is to vote for men who are opposed to it—opposed to this national bank system. That is the way to get rid of it, and vou will never get lid of it by voting for republicans who stand pledged to perpetuate that system, and stand pledged to perpetuate the public debt. TBI-: SILVER HILL. Now with regard to the sliver bill I will first refer you to tho bill Itself, or a few items contained in that bill, which you will readily remember. That bill provided when it left tho houso for free coiuagc. That branch of congress stands nearer to the people than the other branch, and it passed an honest silver bill. It pro vided for free coiusge of an unlimited legal tender. The "emigres* had beeu of the opinion that some additions should bo made to the currency," and the house passed the silver bill. The senate put their Hhearson if. Allison sheared it unt'l as Frank Leslie had it represented in a cartoon—a nice lamb with a beautiful fleeco on it, skipping ou its way up to the senate from the houso it looked like a boautiful sheep but when it got into the senate Alli son got his shears on it, aud ho first clipped off freo coinage. Second, he provided for silver certificates. Third, he provided for* commission that had to go to Europe to see how many graius we should have in a silver dol lar. And now when the lauib was let out of the senate and went back to the house, there is Hen Dutler with bis eye cocked saying, "that is not the animal wo sent away." lie didn't know it. It had beeu completely emaocnlated. By tbo way, I see by a recent editorial in tho Stale Register: The Heji*ler says that Mr. Hayes has actually betrayed tho silver interests of the country. It says, "tho presi dent has unquestionably betrayed the silver cause which is even more inex- ptlcable than the betray»l of the re publican party.'" Then he says down at tho bottom of the article that the men constituting (he silver commis sion appointed by the president, three commissioners have been appointed, two of them are gold bugs, and one of them is a democrat, a silver man and the two others aro gold mon. Three of them, and two in favor of gold, or a single standard. It irri tates Clarkson, and ho says there will ho a triumph of the gold-bulls. Who made it possible for tho gold-bolls to triumph? William Allison!! Ue was tho man put that amendment to the bill providing for the commis sion, and it was done for that pur pose. That is all stage rant on the part of Clarkson. He knew the ob ject of tho amendments very well, but be know the appointmeut of these two gold-bugs, would not be very popular in this campaign, and be turns round to Allison and says, "Allison, you ought not to havo dono that, you ought to have waited until after the election." Now you seo the object they had in those silver certificates. You conld put' your silver in the Treasury and get silver certificates for it. Thoso certificates wero a legal tendor for dues to tho government, but not be tween men in the ordinary transac tions of life. Tho silver goes into the Treasury, but does it ever come out There is here and there a pocket piece—only a million of it yet in circulation. It was done for a purpose, and that pur pose was to keep it there nntil this European Congress had sat and agreed on the dollar, and have it re ported back to this country and havo it ratified by a treaty. The Congress says that treaties made aro part and parcel of the law of the land. Now .what will they agree upon? They will agree on four hundred grains in a dollar, and that Silver Bill yon pass ed will bo repealed, and all Sherman has got to do, is to send his cart and wheel back his dollars of 412.'2 grains, and get the dollar agreed on by the Latin Union. You will not have a dollar of 4121„' grains. There must be some reason why Sherman wont pay out the money. Sherman says he wont pay it out. Page .'13 of his tes timony before the Financo Commit tee, he says, "As to when I shall com mence paying them out for the current expenditures of the government or in paymont of the interest or principle of the debt, I cannot tell because that would depend upon the equality of the three kinds ot currency." Is there a word of that kind in the law? It does not give him the power any where—the power to withhold this money from circulation. This money is as valuable as gold now. 0-10 of the people aro in favor of this money being put in circulation, and Sherman says ho cannot tell when it will be put in circulation. "As to when 1 shall commence paying them out for tho currcnt expenses of the government, or in payment of the interest or prin ciple of the debt I cannot tell, because that would depend upon the equality of the throe kinds of currency—gold, silver, and paper. I do not know whether I mako myself understood, but that is the general idea I have in my miud. As a matter of course, it being a great discretionary power which you havdluvested in the office of tho Secretary of the Treasury, while I hold tho oftico I will be very careful to exerciso that power so as to carry out in good faith the law as Congress has passed it. And that law, I think contemplates that gold, silver, and paper shall be all brought on an equivalency." That is the reason ho don't pay it out That is the reason that tho Mt. Pleasant Journal calls for Sherman'* impeachment. In a recent article, it says that John Sherman ought to be invited out of tho republican parly, for, in his inaction in regard to tho silver question he has dono that which should cost him his head. (The article from the Mt. Pleasant paper was then reed Now this is one of tho leading republican papers, and it calls for tho impeachment of Secretary Sherman. Who has prevented this money from coming into circulation John Sher man. I have Allison's speech closing tho debate in the Senate of tho United States on this question. L?t us seo whether 1 am correct on it. Mr. Bay ard, Senator from Delaware, inter rupted him, making quite lengthy re marks and wo will read his question "Let me ask my friend from Iowa, would he vote for a bill that should place usjupon the basis of tho Latin Union as to the relative value of tho two metals?" And horo is his an swer: ''The Senator from Delawaro asks mo if I would vote to-day for a bill which should propose tho coinage silver at the rate of 13'.^ to 1. I unhesitatingly answer yes and if this bill is to bo amended so as to provide for a tree coinage it ought to bo amended so as to provido for a freo coinage at the rate of four liuudred grains, instead of 412 This is the speech ot Senator Alli son, and ho has through his amend ment, limited coinage, and destroyed froo coinage, and provided tor these three commissioners to go to Europe and negotiate with tho Latin Union, for they have precisely named in tho law how many grains they should agree 011 as being iu the American dollar. He would say that would bo all right. It wouId be all right U the national debt was to bo paid in it. Bat I will read you farther. Air. Sanisbury asked him: "Will the Sen ator allow me to ask him whether if we had a dollar of four hundred grains, any part of the coin would be used to pay the interest or principle of the national debt Mr. Allison said "If that were done, tho law of 1870 stands directly in our pathway, and that provision was inserted in ttio law of 1870 to cover the exact contingency named by the honorable Senator from Delaware.'' The public debt was by tho law of 1870 exempted from its operation. There you have it in his closing speech. It must not bo the dollar of our fathers, but it must be the dollar of four hundred grains— that kind of a dollar, he says should not be used for the payment of the public debt, or any part of it in exist ence at the time ot its passage. That is the man who is responsible for this legislation, and who is oppos ed to this dollar, and if we mnst have it, it must be a dollar that thoy have got in Europe. Providence has hid away here in thete hills and moun tains of America silver enough to pay off tho national debt but Allison stands up in tho faco of these times, and says we shall not have free coin age unless we submit to the dollar that exists in Europe. The dollar of our lathers is not sufficient. We can not have free coinage of the dollar of our fathers. It must be the European dollar, and they wont use them to pay off the national debt they want to mako it the perpetual basis of the na tional bank system. We would pay it off and pay the interest on it, but they prevent you from paying it by this bill. Now I pay, out on this system, aud out on such legislation as that!! And this is endorsed by tho republi can party. But Hayes has appointed these three commissioners, and two of them are in favor of of a tingle standard money, and they are republicans, and the other it a democrat, Mr. U roes beck from Ohio, and he is in favor of a bimetallic standard. i\lr. Hayes has not betrayed the Sil ver Bill, but the betrayal is Allison's!! lie has betrayed tho republican darty, and ho has betrayed tbo public senti ment which demanded tree coinage and unlimited silver!! It is not Hayes has betrayed you, but it is Allison has betrayed vou, and ho throws dust in your evof, Allison himself being the judge. You know us greeubackers aro charged with being lunatic?, well, wo will soo how it is. I will show you Sherman's last financial report, lie speaks in relation to tbo Silver Bill. You know ho is a great tellow to re deem iu gold. And ho has more trouble about tho redemption in gold than ho does about tho redemption of his soul llore is what ho says "lie believes iu exchanging it for U. S. notes, coined from bullion pur chased iu the market by tho U. S.,and maintaining it by redemption, or otherwise, at par with gold coin, it could be mado a legal tender lor such sums anil 011 such contracts as would secure for it the most gaueral circula tion. It could bo easily redeemed in U. S- notvs and gold coin, and only issuod whau demanded by public convenience. If tho essential quality ot rcdeemahility given to U. S. notes, batik-bills, tokens, fractional coins, and cnrroncy maintains them at par how much easier it would be to main tain tho silver dollar, of intrin-i. value, nearly equal with gold, at. par with gold coin, by giving to it the liko quality of rodeemabiiiiy.'' And yet tbat man wants silver redeemable in coin, and that coin redeemable in cur rency, and that currency payable in gold'!!! I have in my hands hero the inter view of Mr. Sherman before tho Fi nance Committee of tho House. On page 8, of this roport he says- -I have not changed my mind about the Silver Bill, although the news papers my that I have." That was 011 tho first day of April, lS7ii. In the inter view before the Senate Committee ho says this: (I read on pageS) The ijuestion is asked by the chairman. ••Whateffect has tho Silver Bill had, or likely to havo upon resumption?" He answers "1 do not want to tread 011 delicate ground in answering that question. I shall have to confess I havo been mistaken about tho bill." On the first day of April he said be hadn't cbangod his miud. and thirteen days before that he said, "1 shall have to confess I have been mistaken about the Bill." And that is the testimony of Secretary Sherman, Secretary of the TlUhsury before the Committees of the House and Senate. Now before I pass to this resumption question. 1 want to say something about General Grant. It will look a little strange to soldiers to say anything about Grant. We honor him as a union general, tho loader of our armies during tho Re bellion, and as having hern onr cap tain in putting down the liabellion but as ho stands conncctcd with the financial history of tho country the man ought to bo reprimanded, and deserves tho contempt of tho coun try!! This Ulysses S. Grant Island hero to say that bold.'y to-night!! In tho tirst place, he was President of the United States when the Public Credit Bill was passed in making the debt payable iu coin, and ho was President in 1870 when they changed their coin to gold, aud in I MI! when thoy limited tho coinage of silver. And now he has written from that old Bible town of Smyrna, February 8, 1878, the very day tho National party was in convention at'I'ole lo -ou that very day Grant wroto a letter from this old Bible town in Asia the Rev elations speaks about a letter written to Smyrna, but here is a letter written from Smyrna, and let us hear what he says "It i was where I was 0110 year ago, and for the previous seven years, I would put a most determined voto upon tbo repudiation bill, called the Silver Bill." What kind ot a veio is that What is theditlerencebfitweon a determined veto, and an ordinary veto He calls it the repudiation Dill. That which was tho money from Georgo Washington down to Grant, constitutional money, legal tender money, money from the days of Abra ham to Ulysses S. Graul— and ho calls it repudiation to restore tho ability to pay the debt in coin—he calls that repudiation -that which they had tho right to pay in in ISM. It iS all right to repudiate the debt to the people and pay in coin iustead of greenbacks. It is alt right to rcpndi ato tho debt iu silver and pay in gold, but when you come to rosforo the con tract and pay it just ns it wa-, it bo comes repudiation to this Grant who was twice president of tho United States And that is not the worst of the president's letter. It is published in the St. Louis Gh.hc-Democan!. He says further, fearit is to bo passed, and will bo the law boforo this loiter reaches you." But says ho, I hope the business men of tho country will combine to defoat its operation." What is that? Tho lato presldeut of the l.'nitid States, and onco at tho head of our armien, advising the peo ple to repudiate tho law. Did you ever seo anything worse than that from Brick Pomeroy? fought with him in the war shoulder to shouldor but 1 tell you now, if they wiil trot him out, ho cannotcarry a single State in this Union. Ho captured l.^e at Appomattox. Ue fought for law to uphold the law, buf after having cap tured Lee, and all thoso who were with him were surrendered, ho him self has been captured by tho shy locks, and he is now advising them to rebel against the laws ot the country, and trying to defeat its operation. You can't do that thero are too many soldiers in this country who havo a re spect for law. Ttio very men who went out and bared their breasts for tho mis siles of death in defense of law -there are too many soldiers in this country to ever submit to anything of tho kind, trom any man, Gen. Grant, Leo, or any other man. It can't bo done, aud that is all thero is about it. This whole silver legislation is a fraud the silver bill is a cheat, a fraud, and a tnare. This speech of Allison throws a calcium light on the wholo transac tion. HFSUMPTION. What do vou understand by re sumption What did you understand by resumption when you heard they had passed that law? You thought "Well, they will pay out specie 011 tho first day of January, 1S70.'1 There is 110 word of auy thing of that kind in the law. The wholeresumption act is this: Authorizing tho secretary of tho treasury issue bonds with which to purchase gold, and the gold is to be used to pay off your greenbacks. Something tho people never authori zed, or desired, for they desired to hold that money in circulation. You was glad to got if. Vou wanted more ot it, aud didn't want it to disappear. The wholo greenbacks wero to be thrown uuder that wheel, but now, instead of burning them you are t.i take the greenbacks aud issue bonds and buy them in gold, and buy that back in greenbacks. But now under the law tho greenbacks will bo ro-is sued, providing Secretary Shermau will pay thciu out. But ho says I10 will not pay them out. Ou page 1:3. talore the finance committee of III sefrate, he wants congress to pail law to give him the power to pay them out. He says that iu order to re-isstio them except in exchange for gold, congross will have to give him the power to do so. And ho says right bore in thisRame interview that "we will not go far until greenbacks will become scarce. He says thoro are seventy millions in the national treas ury, and seventy millions in the banks, and they will soon become scarcej in the resumption of specie payments. Ho says he will notre-issuo them ex cept in exchange for coin, and as a matter of course he could not do that nulegs he kept them in the treasury. That is the shape in which he under takes to get rid of public sentiment in this case. Just like Allison in tho silver bill. Ue says on page I'.l of this interview, being asked by Mr. Ewing, "Of course, if there was a diflerence, an established difference of ono per cent, or 1 and 'j per cent between gold and greenbacks the treasury would be broken pretty quick,"' and Sherman said, "Yes, sir, or a quarter ot one per cent. There is no doubt about that." Ewing—"Therefore, aftor resump tion, greenbacks must necessarily be at par with gold so long as the secre tary is able to maintain resumption. Now, I am supposing a case of a drain of gold from the action of foreign creditors, or from any other cause, and I want to know what means yon would resort to to check it?" Sec'y Sherman—"I do not think it would bo necessary to resort to any means but it it were necessary to de vise some means, 1 would report to such as have been adopted by other countries—the temporary suspension of specio payments. That is a ques tion for congress. Tho British bank act, which is so often quoted as a standard, makes no provision for sus pension. Thero is no legal suspension of payment in England, nor does our law make any provision for it. If the government should meet such an ad verso state ofcircumstances as to make suspension absolutely necessary, tho government would have to take tho responsibility of it, leaving congress to determine whether the circumstan ces justified it." That is to say if that was tho case he would have the power to suspend resumption, of specie pay ment. Would not that be a pretty stato of things? If there were a run on tho treasury periodically, what would bo the effect on tbo govern ment? You havn't got the gold to pay the paper, anil down goes the cur rency. Down goes your paper every time tho government suspends specie payment! I)o you want that kind of asy-tem of finances Just as nifen as wo havo partial suspension of spocie payment it lifts tho price of gold. Do yon want that isystem? 1 *ay you do not. This unreasonable English sys tem. this robbar system takes money out of the pockets of the many and puts it iu tho pockets of tbo few. Now 1 wiil tell you WIIAT I AM I\ KAVOtt OK. The greenbackers aro io favor of gold, silver, and legal tender paper, a trinity in liiiauee, to bo issued by the government, and not by tbo banks, and which shall be a full legal tender. We shan't havo any money in this country that is nut a legal tender. Any thin that is not a legal tender is not money at all. It depends on the contract whether you take it. Wc are iu favor of three kinds ol monoy. Tho republicans are in favor of gold and silver, and national bank mouoj, and the lit tlo greenbacks tbat tho treas urer is willing to pay out. Wearoiu favor ot that money uhicti shall go to the people, and whi.-h shall be all le gal tender. But how aro you going to redeem it? 'I ho question has been, and eyerybody has thought, if a man got two dollars how was ho going to redeem it? I have always thought the main idea of redemption was cir culation, and not redemption. But, say you, I want to go Io Eur ope." So you want to go to Europe 1 used to want to go there, but 1 come to the conclusion under this contrac tion system that I will never get there. I thought I would go across tho ocean and across tho Caspian Sea, and seo where tho human family originated where Adam and Kve went out from tho garden, and where they were told to multiply and replenish tho earth, but where their Creator for got to tell them not to produce too much or thoy might bring 011 a panic!! I have thought it I could go there I would be the best man in the world, but under tho resumption act, and contraction, it ia impossible for mo to go there. But perhaps somo of you would want to go to Palestine, if I could just go thero to where that ser mon was preached by Jesus, on tho Mount, that sermon which underlies all tho structuro of our civilization, but I tell you uuder this financial eys tem you will never get there. But 1 will mako a provision iii the law by which you can got tho gold if you want it, to go to Europe, or for any other purpose. Hero is iu Ihe law provision that gold and silver and paper shall be convertible at the op tion ot the government instead of at the option of the holder. If tho gov ernment has got tho specie, it shall pay it out to jou, but it should be conver tible iu a way so that tho government has tho option, and not tho individual, not Wall street, nor the ring! You waut to lot Europe alone. Vou waut to get shoes and stockings for your children, rather than go to Europe. Vou want all three kinds of money in circulation, that is what you want. Now how much do you want—how much do you want iu circulation I will tell you how much. Wo are go ing to put in circulation enough to meet the business demands of tho country. Thero cannot oe any objec tion to that. CrieB of ["No. uo, no!"] Tho national banks navo the right now to determine how much tho busi ness demands of tho conntry waut. We s.iy it id for the congress to deter mine that, and not these corporations. Hut how aro you going to get it in circulation? Well, my trieuds, I will tell you sevoral ways—very good ways. In the first place we have about seven hundred millions of 3-20 bonds. Wo had tbo right, say Mor ton, Sherman, and the bonds say so themselves. Tho bonds were payable iu greenbacks. Now put that into the hands of tho men who hold tho bonds, and as a matter of course, they will go out into circulation. Then we shajl have tree coinago of silver. That is tho way it was in this country for eighty years. Let men havo free coinage on private account if tho greenbacks-seven hundred millious aro uot enough, .lust stop the taxes for a cotiplo of years and put out greenbacks for a couple of years in place of them, and pay tho expenses of running tho government. When tho soldiers went into tho army thoy had a contraet--you had a gold contract with the government -for payment iu gold and the government repudiated its contract and paid you in a depre dated circulation, while there was a premium on gold. I will tell yon how to get it in circulation. Take the quotations of tho gold market aud pay the Koldiers tho ditlorence in tho gold that they got, and tho gold they uever got. It should be given to them, or to their heirs, audit would go into every village and hamlet in this country. A voice, ["Pay off the bounties and pensions on the same basis!"] Yes, settle them —perhaps you will have got enough before you get that far. Now, we don't want an unlimited issue of legal tender paper. No man docs any man who does, simply it making au "a double S of himself." We aro all in the same boat. We don'f want an unlimited amount. Don't be alarmed, my editorial friend, yon will not bo over-burdened with if, but we should have enough to meet the business demands of the country and to pay labor and work. We say this system of financo has turned loose three millions of men in enforced idleness. That system of finance is causing more to-day—is causing more strain on tho conntry than the whole rebellion. Two millions per day was tho cost per day, at tho most costly period of the rebellion. Wo aro losing to-day, by tho enforced idleness of the people three millions of dollars in time of profound peace. We want enough money to pot these men to work -to givo them employment in this unfinished country. There Is plenty to do yet. The savsges are not yet subdued. The houses are not all painted. You aro working your fam ilies a« you should not work them if you were able to hire hands. You are doing that very thing in every de partment of business. There should be bufficient money to pay labor, to pay for work. Nobody can get rich by throwing labor out of employment. No nation can get iich by throwing its people out of employment. It will go into bankruptcy. Now, young men what is thore be fore you in prospect? Can the young men get employment so that over antt above their subsistence they can lay up anv money.' No the young met of to-day have no hope boforo them unless they have rich fathers. YOB cannot expect to accumulate financM boyond your actual subsistence, and you aro not making any calculation for marriage, or getting a home df yonr own. Yon can't do it. Yotlf finances will not justify it. You ol® gray-headod men well know it. Yom used to say,' Son. you mnst learn sonM trade, so that if you do not succeed Ut any calling you can follow your trade." But now house-carpenters are not do ing anything. Blacksmiths are idle half their timp, and it is so with evefjr other trade.' I appeal to any of theiit You cannot get your boys into tlif trades. Vou aro training them f4M* tramps all over this country. I haTe just road in the lieginier of three hua« dred tramps started south and had got as far as Newton—boarding and capturing a train of cars—full growft men with teeth and hair. They didn^t turu up ont of the ground liko seven teen-year locusts. Thoy were raised by somebody. Thoy were dandled on the knees of some father and mothor. It cost something to raise them. cost seventeen hundred dollars as It an average to raise them. This is a now thing. It come with Ihe hard timet and it will go away and disappear with tho hard times^ if you are gen orons enough to have a system of fi nances which will give employment to the people of the country. We have a population of millions. In the near future we will have a population ofa hundred millions of people. And ju»t think of it. We are to havo this iron bedstead of contraction of the curren cy, and laws arc made to perpetuate it, until you havo reduced this pop ulation to tho condition they are in in the old countries whore the wealth ia in the hands of the few. and what Is dono for them has got to bo voted with cannon. This will bo tho case unless you havo a system of finance, an es tablished institution of tho country free aud untrammeled. Any man to day unfaithful to our growing popula tion, and unfaithful to our mechanics who aro out of employment, and in favor of going to Europe to ask how many grains we shn 11 have in onr dollar, is a traitor to the highest inter ests of the country and honest civili zation. Butthere are men in this .iudi ence will go aud voto that ticket when they know it is a monopoly entirUy for theso men. What a difl'ereuco in this parly to day and twenty years ago--when it was the champion of tho oppressed, and had a voice lor tho oppressed— but now you havo it in Ihe metropoli tan journalsof 'o day that it is endeav oring to put them in the prisons of the country. There was a voice in that day, for tho down-trodden and op pressed but now it is altogether dif ferent. Smarting with malice and gangrene, coming out of the struggle of that day, they have turned to call eachother bad names. As I said to day, wo havo got tho spirit that they bad transmigration of souls. Tho spirit which once prompted the republican party, tho same is with the greenback party to day, and saying how mncb we shall havo for labor -how much a man shall have for his day s work—free ing them from despotism. You once had tho confidence of tho laboring men, butnow they aro leaving yon. It is not four millions of men weare having emancipated, but fifty millions —Caucasian, and every other race—the party which proposes to givo labor its just "reward, and capital its just pit tance. Now, gentlemen, there must be no conflict between labor and capital no, nothing of tho kiud. But you have got it iu your law that ono class shall receive gold, and iu another law that the Treasury take another kind, and worse than all, that tho soldier with his armless sleeve may march up to the disbursing office, and receive his pension in paper money whilo the man who clips his coupon, walks up to the paymaster and demands his pay in gold. Now, we greenbackers are ont upon that, and we will repeal it as soon as wo get the power. This is your child and you undertake to defend it. You will get down in the ashes if yon do undertake to defend it. Now, if you expect to succted in your efforts airainst oppression, it will not be by public speeches, but by indi vidual labor, by your work, by your influence upon your neighbor. Now, will you go out from this to tho ides of October and work for the election of men who represent your ideas? If yon will do that, victory is certain. Even in this strong-hold of republi canism in Iowa, you will see victory perched ou your banners, or I am greatly deceived. We have fourteen bnndred in our greenback clnb in Monroe county, a clear majority over the other parties. In Mahaska county —thero was a gentleman from that county over in our county tho other day talking with his brother whom he didn know was a greenbacker, and he said, "There is 110 mistaking the fact that things are not" in our county as we would like them, and the green backers are liable to carry the county." So that you soo that county is conced ed. We have thirteen buudrod to-dav in Marion county and we will carry Wapollo county by five hundred ma jority and the only doubtful county in this district to-day if thero is sny doubt, and I can't think thero is any doubt—tho only doublful county, is Jasper, and that is about no doubt at all. Gird on your armor ami work un til tbo close of tho polls ou tbetecond Tuesday of October, and youwillhe&r something drop in this country!! Followed by 11 *on^--"We will roto the gretll* hncktrs iu,"