7 flea thQ incidents of human life, so entirely controls and governs them, that those who measure the present by the past- utterly fail to arrive at proper or just conclusions. Sir, I look for the moment when the people of,the United States, moved by different impulses, influenced by calmer counsels, led by wise judgments, and enlightened by the spirit of truth, will see with a clear vision the actual condition of their country, and be overwhelmed with shame and mortification at their own folly. Suppose, Mr. Speaker, the existence of some vast building or theatre crowded with thousands of human beings, all intent upon the enjoyment of some great dramatic spectacle ; and suppose that in the midst of their engrossment of the play, in obedience to a concerted signal, a few voices should raise the appalling cry of fire, and rush through the narrow outlets toward the street. Does it need any one to foretell the fearful disasters that might follow the efforts of that frenzied, multitude in their at tempts to' escape through the contracted and crowded corridors ? Sir, hundreds might be crushed to death, while thousands were being robbed by those who had precipitated the calamity. Sir, will any’ one undertake to declare that the building is really on fire because of the infuriated cry of fire? I think not, sir; and yet suck is the condition of the people of this country on the great question of the national currency. Hundreds have been crying fire for the past three years, while multitudes have been endeavoring to escape the fearful calamity which is said to threaten the paper system. It is to be entirely demolished, say our enemies ; and while the cry continues, and every imaginable auxiliary is being used to magnetize the nation into such a belief, and while the people are rushing out ®f the building in mad disorder, a sy stem of pillage is going forward that defies description, and human ingenuity is taxed to its utmost capacity to keep up the alarm, that the spoils of the enterprise may augment, and the opportunities for plunder survive a little while longer I regard, sir, the depreciation of the currency of the United states from thirty-three to forty per cent, discount for gold as a monstrous crime or a fearful delusion; I regard every man ,as guilty of crime who does anything to assist that depreciation. While the few are benefiting by it, while the capitalists are rejoicing over their advantages, the masses of our countrymen are suffering tearfully, and must continue to suffer still mom, unless we awake to the magnitude of the crisis, and use the great facts that God had furnished us with to counteract the trouble and restore the public confidence in all classes of our securities. Sir, it may be urged that the most gifted intellects and the most profound wisdom have beenjexerted on the side of truth for the benefit of the nation, and that no good reason can be assigned for the declaration that which is false has beeu the most extensively circulated through the modern machinery of the telegraph. answer, that during the whole of this war, certainly during the existence of the Thirty- Eighth Congress, the talent of this House has not been exerted on the side of those questions which are operating so powerfully on the interests of the people apart from the war. The war itself, the measures for its prosecution and final settlement, have engrossed its entire attention, while for the want of practical legislation the solid industry of the country is being subordinated by wild speculation, and the currency rotting away daily, to the almost irreparable damage of the national interests. But, sir, I look hopefully into the future. I cannot but believe that there is a great change approaching. The Secretary of the Treasury has indicated the policy which he designs hereafter to persue. He asks no more legal-tender money from this Congress. He marks out for himself a well defined line in the direction of a sound.and stable state of things, along which he is resolutely determined to pass. A man reads with no understanding who does not detect such a resolution in his report to this Congress. Sir, this policy will have the effect to cheek the speculative madness of the present hour; it will have the effect to re-establish public confidence in the power of the nation and in the soundness of its obligations; it will restore to sanity those who are mad, and bring about a reaction of public sentiment in favor of the currency which so many have been dishonoring, and which, for a time, is indispensable to the safety and life of the nationWhen this moment arrives, as arrive it assuredly will, we shall again realize the influence ®f electricity. The current of disorder will as suddenly subside; it will be rolled backward to its source with an impetuosity of terrible strength. The wires will again be in requisition, and flash from all parts of the United States to the great centre of trdfffie; but conveying very different tidings from what they have so long been used as the instrument. Sir, on that day I commend New York to the especial notice of this House. With the decline in gold hugh values will disappear, from thirty- three and one third to fifty per cent., in a single day, and the masses of our people begis to find the proceeds of their labor again equal to their necessities. Sir, it is our solemn duty to assist in bringing about such a state of things. The first step we are bound to take is to relieve the Government from the fearful position of being a hoarder of gold. It cannot afford to be an instrument in the hands of its enemies,^a participator in the depreciation of its currency, a party to the speculators of the seaboard. It cannot be auxiliary t© that without precipitating its own ruin. The second step should be to allay the public fears as to the value and extent of tbe legal tender issue. The amount is but $400,000,000, not $ 1,0^0,000,000. Instead of an unlimited issue hereafter, not one dollar more is to be added; but, oh the contrary, the amount in circulation is to be reduced and a more enlarged system of taxation established. Such, from the
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