The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1874-12-09

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with which to redeem such bonds.
MIR. Garfield said: | believe this bill
Is iraught wiki measureless evils 10 every
great and good interest Of the people ol
these United States. Not to the Govern
ment alone, but to the Government,
to the capitalist and, most Of all, to
the labOring interests. For the last ten
years / have given as much Of my time,
with what ability l could, 10 the
study Of this question as 10 any
other before tho American people, and /
believe 1t Is clearly demonstrated that
were we now to enter on the path pointed
out in this bill and advocated BY the two
gentlemen who have addressed the House,
that path would lead us at o quick and
rapid rate downward 10 the most meas
ureless disaster which has ever belalleu
the business and prosperity OF the Amer
lean people. The gentleman from Massa.
chuSettS (ButleO says truly, "Man can
borrow millions in New York to-day,
II he wants to borrow II on CALI" but i
he oilers commercial paper, and desires
money Tor six, or eight, or ten, or twelve
months he cannot get 1t except at a high
rate Of Interest," And then the gentleman
gave reason why money cannot bo so
borrowed. He says ii Is, that men who
have money are airai1 that Congress
will resume specie payment, or that
Congress and the President will do II.
Mr. Butler-No; l did not say that.
said they feared that Congress was going
ON with contraction OF the currency. /
said you never could resume.
Mr.. Garfleld-In other words capital
lists who have money,in their hands will
not lend 1t for nine or ten months ahead
Tor fear the legislation Of Congress will
mako that money better at the time it is
to be paid back to them. Now, whoever
heard reason like that given for any
thing in the world? l can understand
Precisely the reverse Is the reason of the
money lender. He declines to put his
money out Of his hands for number of
months because Of this fear OF Just such
measures as this tending to dcpreciate the
value of his money, and to provide that
1t shall como back into his hands worth
far less than when it left him.
The gentleman says that in his
State and in all States the business
OF the country slumbers on the volcano,
because Tor example, the 5000 900, 1000 in
the Savings Banks ol Massachusetts are
invested there on call and he says that
should even the servant girls Of that
State at once make demand for their
deposits, that business in that State would
collapse. Now II understand the nature
and effect OF this bill, it is 10 put the en-
tire finances of the United States in lust
such position as that in which the
gentleman pictures the affairs Of his own
State. To say that all thEGreat obliga.
tions which this Government owes shall
be obligations on call; 10 say that there
may be rush, not oI servant girls alone,
but oil all the speculators in the land, 10
demand either more greenbacks for bonds
delivered or more bonds ior greenbacks
delivered. Of course all great volumes
OF money which the New York capital
lists hold to-day and are willing to lend at
two per cent on cali, as the gentleman says
would be lent to the government at 8 G5
during times when II twas not required for
more profitable nses.
MIR. Kelley-Would the government be
injured by receiving at 3 65 paper inter-
est and redeeming six per cent gold bonds
with it?
Mr., Gartleld-With the prospect OF be.
ing called on next week 10 use more than
what they got for rcdeeming it when il
was presented 10 them to get currency
again. This is proposition TO the effect
that il there be lull in business in the
United States, so that few millions, or
hundred million, may be lying idle at
any time, the Treasury OF the United
States shall take that and give capitalists
interest on it. But the moment that
capitalist finds more profitable use for
his money in speculation he comes 10
the Treasury and says: "Give me my
money now. have not needed it
while you have had it, and you have paid
me interest upon it, but now that | can
speculate with it at higher rate, give it
back to me-"
MI. kelley-Why do not the owners
OF the sixty millions which lie dead in
your Treasury draw them out? They
stand there perpetual retutation OF that
argument.
Mr, Garfeld-If the Government pur.
sues policy which demoralizes gold and
makes it a mere commodity, / do not
wonder that men who have gold are
willing to let the Treasury keep it for
them. But lot gold be made money, the
money OF the Constitution, and they will
soon withdrawn.
MIR. Kclley-It is not sixty millions Of
gold, bur grGGnbacks.
Mr.. Gartield-I have but a few words
moro 10 say. We have been going
through a great struggle that began with
the war, and has not yet ended. We
passed from the level OF peace up to the
turbulent and stormy heights oil war, and
as dire necessity, not as a matter OF
statesmanship for peace, but as q terrible
and felt necessity Of war, we issued
$35O,OOO,OO0 OF paper as forced loan,
with the full purpose of all thoughtful
statesmen Of that time, to take il in al
the earliest possible moment, and restore
government money 10 the standard of the
Constitution. We went up booming in
those days OF increase and initiation, and,
as IN such times all business is easy, 60
when we attempted to return we found 1t
very hard. We have been coming down
through great tribuations, distress, panic
and hard times for all mark ont the
pathway downward towards solid values,
The gentleman from Massachusetts But.
let) says there has been 25 per cent Of
shrinkage in Massachusetts and SO per
cent in New York. There has been q
great shrinkage every where, and now,
when we are almost down to solid
ground and honest values, the PROPOSE
tton ol these gentlemen Is that we cut
loose iorvevcr-I say forever in ths sense
tho gentleman from Massachusetts (But.
ler) used it-irom all the traditional val.
ues Of our money and go off floating, bal.
looming, flying, with no hope Of return
lorevermore.
After further discussion the Committee
rose, the bill was ordered printed and the
House adjourned.