Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-12-09


: American people, and believe 1t is clearly
9 demonstrated that were we now to enter
: on TIE path pointed cut In this bill, and
advocated by the gentlemen who have adj
3 I dressed the House, that path would lead US
oy quick and rapid grade downward to
the most measureless disaster which has
ever befallen the business and prosperity Of
the American people.
Garfield ImPaIes Batter ON His Own
Logic.
The gentleman from Massachusetts, (But-
ler) says truly that man can borrow mil
lions on millions in New York to-day if
he wants TO borrow it on call, but that if
he offer commercial paper and desire the
money for six, or eight, or ten, or twelve
months, he can't get it except at a 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 money cannot be 50 borrowed,
he says, is that the men who have money
are afraid that Congress viii resume specie
payment, or that Congress and the Presi-
dent viii do It.
Mr.. Butler-No, did not say that.
said they feared that Congress was going
on with the contraction Of currency.
said you never could resume.
Mr.. Garfield other words, capitalists
who have money in their hands will not
lend 1t for nine or ten months ahead, for
fear the legislation Of Congress win make
that money better at the time it is paid
back to them. Now, whoever heard
reason like that given for anything in the
| wOrld2 can understand that precisely
the reverse is the reason of the money
lender. He declines to put his money
out Of his hands for a number
of months, and this tends to
depreciate the value Of his money and 10
| provide that it shall come back into his
hands worth far less than when it left him.
The gentleman says that, in his State and
all the States, the business of the country
| slumbers on volcanoes, because, for exam
pie, the S20O,000,000 in the Savings banks
of Massachusetts, are invested there on call,
and he says that, should even the servant
| girls Of that State at once make a demand
for their deposits, the business of the State
would collapse. Now, if understand the
nature and effect Of this bill, it is to put the
entire finances Of the United States in Just |
such a position as that in which the gen
! tleman pictures the affairs Of his own
State. To say that all the great obIiga- |
tions which this government owes shall be |
obligations on call; to say that there may |
be rush, not Of servant girls alone, but Of /
all the speculations in the land, to demand /
either more greenbacks for bonds delivered. |
or more bonds for greenbacks delivered; of |
course all the great volumes ofmoney which |
New York capitalists hold to day and |
are willing to lend at two per cent. on call,
as the gentlemen says, would be lent to
the government at 3.65 during the times
when it was not required for more profta-
bic uses.
Mr.. Kelley-Would the Government be
injured by receiving, at S.65, paper interest,
aud redeeming per cent. gold bonds with
it?
Mr.. Garfeld-With the prospect Of being
called On next week TO use more than what
they got for il in redeeming it when it
was presented to them to get currency
again. This is a proposition to the effect
that if there be lull in business in the
United States so that q few millions OF. a
hundred million may be lying idle at any
time, the Treasury of the United States
shall take that and give the capitalist in
te,est on il; but the moment that capita
list finds a more profitable use for his ,
money in speculation, he comes to the
Treasury and says: ssGive me my money ,
nov; havefuot needed it while you have
had it, and you have paid me interest upon
it, but now that l can speculate with il at q
higher rate; give it back to me-"
Mr.. Kelley-Why do not owners Of the
sixty millions which lie dead in your
Treasury draw them out? They stand :
there perpetual refutation of that argu-
ment.
Mr.. Garfield-If the Government pursues :
a policy which demoralizes gold and makes !
il mere commodity, DO not wonder that ,
men who have gold are willing to let the
Treasury keep it for them; but let gold be !
made money, the money of the Constitu-
ton, and they will soon withdraw it.
Mr.. Kelley-It is not sixty millions Of .
gold, but of greenbacks. r
NJ. Garfield-In our financial affairs, if
there was ever a time when American
needed courage and self-de-
NAL, that self-denial that shall reduce
expenditures and expansion. and re-
sist all schemes that would help to !;
keep US from solid values, honest indus /,
tries and honest results, that time is now. !
| trust that we shall not mistake effects for
causes. am amazed at gentlemen who
say that the cause of our disaster is a lack
of currency, and that more currency is the
remedy. On the contrary, it is clear to me
that one of the prime causes Of our disaster
has been our unsettled, unsteady, fuctu-
ating values, and that the remedy for it all
is to reach solid ground.
Mr.. Dawes, Chairman of the Committee
on WAYS and Means, remarked that upon
his motion the House had gone into COM
mittee, not for the purpose of precipitating
this debate upon the country, but for the
purpose of addressing itself to current !
business; s'yet," said he, 81 do not know I
that regret that we have come at once
upon the object which rises above all 5
others in importance and presses itself !
more than any other for solution. Upon {
shall myself, as far as l :
can, endeavor 10 urge upon the House the l
OF this question, until it an
nounces to the country some settled policy I
upon it; and desire, therefore, to ask the /
committee to rise now and to permit us to- '
if it be convenient, to renew this
debate, not simply for the purpose of in s
dulging in debate in general platitudes or a
enuciations Of principles, but for the pur- C
pose of applying ourselves to the solution r
Of this whole question.
"The Government of the United States
has S3S2, 100000 Of its promises aaoat in
the land. The difficulties that beset labor
aud capital aIise solely from depreciation a
Of this S3S2, 100000 Of promises. They :
are mere promises ofthe government; they
are eelow par. That measure, and that =,
measure alone, viii bring relief to this +
country, which will make them on par \
with the money of the civilized world. 1t n
IS the government that has deprecated its u
Dwn promises; and it is now incumbent on
he Governments Representatives here to NJ
provide that tie government shall make NJ
lp to those whom they have forced to take
his deprecated paper, the difference be- 2
,ween it and gold. No other measure will a
be tolerated by the civilized world, or will n
bring relief to distressed labor. The stagna- 7,
ion Of capital, the disturbance Of values :
hese bring all our woes. q
Mr.. Cox deprecated the renewal of
his financial discussion as neceS-
'arily fruitless. We know, he said,
hat no results will flow from it except the
in business which are sure to 4
;ollOw Congressional agitation. The solid
people, the business men, the merchants
md the workingmen, do not expect legis-
ation at this session. 1t would be wise, +
# not decorous. to allow the popular party,
when in power, to settle this question if
hey can. Business, if reviving, win feel VI
blow from this discussion of the subject; 8,