The New York herald., 1874-12-09

ana SO that Is party now with old wing bond
Qaughter) ana there rs very little afijiation
between head and tain either. We have got into
can party has got Tor the last time the opportunity
TO reieve the country from Its distress, 70 recover
tne objects Of it's care. II we fail now ' we iail
forever, because party once inaugurated lasts Tor
generation ana that is to all OF US here, forever
have now, MI. Speaker, given you succinctly
not celebrating them AZ ALL my views. The best
evidence can Offer OF their sincerity and OF the
my mind Is ssat have Ventured to ho9 them IN
my own section. where they are unpopular, and
those VINO think that political Lie Is all that there
Is In the world.
OF Pennsyivanla onered substitute for the second
section oil the bill providing that the Secretary OF
th me ireas1ry snail invest per cent Of
such convertible bonds In the purchase or re-
demption Of any bonds outstanding At the time Of
the passage OF the act or In the purchase OF gold
with which TO redeem such bonds.
Mr.. GARFlELD's SPEECH
Mr. GARFIELD, trep.) OF Ohio, Chairman OF the
Committee on Appropriations, Thought it idle to
attempt 10 discuss the bill until was printed, so
Snst Sis sn members could examine t IN detail But he
against the doctrines put forth by the advocates
Of the bill The gentlemen who have spoken be.
lieve that measure OF this kind for the good OF
the country. believe this bin is iraught with
measureless eyis 70 every great and good interest
government alone, but to the government, the
capitalist, and, most OF all, to the aboring inter-
Buterl says truly that 2 man can borrow
millions on millions In New York to-day II
paps 0s six
eight or ten or twelve months, he cannot get IL
except at large rate OF interest. AND then the
gentleman gave reason, which, to me, is the most
amazing reason that could be given. The reason
Why Why money cannot be 80 borrowed he says. is
win not lend It for nine or ten months ahead for
fear the legislation Of Congress win make that
them. Now, who ever heard reason like thar
gwen gwen , ior ANYTHING IN the wordS ! can under;
the money lender: he declines to put his money
out OF his hands for number OF months because
to the Value o s monsy as sna
TO provide that It shall come back into his hands
worth far less than when 1t lett him. The gen.
Tie business Il Rasy yos.no
because, Tor example, the $2Oo.OOo,ooo Id the saw
on CALL and, he says, that should even the servant
girls OF that State at once make demand for
lapse. Now, II | understand the nature ana
nsn.es o. ., ths hs na 6 TO PVT Inc entire
tion as that IN which the gentleman pictures the
affairs Of his own State to say that all the great
obligations which this government owes shall be
rush, not Of servant girls alone, but OF all the
spectators in the land, TO demand either more
greenbacks for bonds delivered or more bonds or
volumes OF money which New York capitalists
hold to-day and willing to lend at two per cent
on call, as the gentleman says, would be lent TO
the government at S.65 per cent during the times
when i was not required for more profitable uses;
Mr.. KELLEY-W0uld the government be injured
by receiving at 3.65 per cent, paper interest. ana
redee@lne six per cent gold bonds with iti
on the next week 70 use more than what they Got
Tor 1t In redeemlng 1t when It was presented TO
TO the eject that II there be Iull in business in
the United States, so that lew millions or hum
treasury Of the United States sSai take that that and
gave the capitalists interest on 1t. But the moment
% 1s 81 tss for
and says "Giye me my money now; have not
needed It WI while you have had y. and you have
speculate with 1t at higher rate give 1t back to
Mr.. KELLEY-Why do not the owners OF the
$50. 900 which lie dead in your Treasury draw
them outY They stand there perpetual reiuta-
Mr.. GARFIELD-lf the gentleman pursues q
policy which demoralizes gold and makes 1t q
nave soa aTs xns to S lei the treasury @ sa Keep
jor them; but let gold 6e made money-the
money OF the constitution-and they Will soon
MT. KELLEY-It Is not 500 900 Of gold. but of
Mr.. GAKFIELD-I have but o few words more
to say. We have been going through . great
struggle, that began when the war broke out and
peace up to the turbulent and stormy heights Of
war, and as . dire necessity not as q matter OF
necessity Of War; Ne issued sss
as forced loan, with the iull purpose Of all
the earliest possible moment and restore
the government to the money standard
ing IN those days OF increase and innation,
and "a IN such times all business Is easy so, when
sssp ~ aar very hard
tlons, distress and panic and hard times, Tor Gil
mark out the pathway downward toward solld
values. The gentleman from Massachusetts (Mr.
Butler) says there has been twenty-fve per cent
Of shrinkage In Massachusetts, and thirty three per
cent IN New YORK. There has been great shrink
age everywhere. and now, when we are almost
down to solid ground and honest values, the prop
forever. say forever in the sense the gentleman
from MASSACHUSETTS, tMr. Butler) used it-from the
n! oid traditional values Of our money-and 60 on
return f0revermOre. should feel myself base II I
did not protest to the extent Of all my power
against any scheme that proposes to send this
country back again into the clouds and darkness
through which We have come 10 our financial af-
craftsmanship needed courage and seli-denial-
that self-denal that snail reduce, reduce, reduce
that would help to keep us from solid values,
honest industries and honest results-that time Is
20 my 1 ts COMPLY and r owes aeDt
the Treasury Tor their utterance on tnat subject,
and believe they will receive the thanks OF the
better and more thoughtful classes OF the people
In this country without distinction OF party. l
trust tnat we shall not mistake effects for causes
am amazed at gentlemen who say tnat the cause
OF our disaster Is lack OF currency and that
currency is the remedy. On the contrary, 1t is
clear to me that one or the prime causes Of our
disaster has been our unsettled, unsteady, nuctu-
ating values, and tnat the remedy or 1T ali Is TO
reach solid ground.
Committee OF Ways and Means, remarked that,
upon his motion, the House had gone INTO COM
mirtee, not Tor the purpose OF preciptating this
debate upon the country, but for the purpose OF
addressing itself to current business. Yet, said
he, do not know that regret that we have come
at once upon the subject which rises above
all others In Importance, and presses itself more
than any other tor q solution upon the consdera-
tion OF TINS Congress. shall myself lar as can
endeavor to urge upon the House the considera-
tion Of this question until they announce to the
country some settled policy upon 1t; and DESIRE
therefore, to ask the committee to rise now ana
to permit US on the morrow, II 1t be convenient,
to renew this debate, not simply for the purpose
OF induglng In debate In general platitudes
enunciations OF principles, but Tor the purpose OF
applying ourselves 60 the solution or this whole
question. The government or the United States has
1882, 000, 900 OF Its promises anoat in the land
No other nation has the ike. This nation