The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1874-12-09
Garfield Speaks,

Mr.. Garfield said: I believe that this
bill is fraught with measureless evils to
every great and good interest Of the peo-
pie of these United States, not to the
government alone, but to the govern
ment, the capitalist, and most of all, the
laboring interests. For the last ten years
have given as much of my time with
what ability l could, to the study of this
question as to any other before the
American people, and | believe that it Is
clearly demonstrated-that If We were
now to enter upon the path pointed out
in this bill, and advocated by two gen.
tlemen who have addressed the House,
that path would lead us by quick and
rapid grade downward to most measure
less disaster, which has ever befallen the
business and prosperity Of the American
people. The gentleman from. Mas
Sachusetts (Mr. Butler) says truly
that man can borrow millions on mil
lions in New York to-day, if he wants to
borrow it on call. but if he offer CONNER
cial paper and desires money for SIX or
eight months he can't get it, except at
large rate of interest, and then the gen
tleman gave reason. which to me is the
most amazing reason that could be given.
The reason why money cannot be so bor-
rowed he says, is that men who have
money are afraid that Congress will re-
sumo specie payment, or that Congress
and the President will do it.
Mr.. Butler-No; did not say that. /
said they feared tnat Congress was going
on with contraction Of the currency. |
said You never could resume.
Mr.. Garfied-In other words, capital
lists who have money in their hands will
not lend it for nine or ten months ahead
for fear the legislation Of Congress will
make that money better at the
time it will be paid back to them.
Now who ever heard reason like that
given for anything in the world? | can
understand precisely, the reverse Is the
reason Of the money lender. lie declines
to put his money out of his hands for
number of months because of his fear If
lust such measures ~ this, tending To
dcpreciatc the value of his money and To
provide that it shall come back into his
hands worth far less than when 1t Icu
him. The gentleman says that in his
State and all States, the business of the
country slumbCrs Oh II volcano, because,
for example the $20O0OO,OOO in the
Savings banks of Massachusetts are in
vested there on call, and he says that
should even the servant girls Of that
State at once make demand for their
deposits the business of that 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 II position H.
that in which the gentleman pictures the
affairs OF his own State, to say that aIl
the great obligations which this govern
mcnt owes hail be obligations on call;
to say that there may be rush, not u!
servant girls alone, but of all the specllIa-
tors in the land, TO demand either more
green nbacks for bonds delivered, or more
bonds for grecnbacks delivered. OF
course, all the great volumes OF money
which New York capitalists hold to-day
and are willing to lend at = per cent on
call, rs the gentleman says, would be lent
to the government at 3-65 during times
when it Was not required for more pr"ilt-
able uses.
Mr.. Kelly-Would the government
be injured by receiving at 800 paper
interest and redceming six per cent gold
bonds with it?
Mr.. Gartield-With the prospect Of
being called on next week to use more
than what they got for it in rcdccmIng 1t
when il was presented to them TO get
currency again. This is Il proposition
TO the effect that if there be lull in bus
mess in the United States, so that few
millions, or hundred millions may BE-
living idle at any time, the Treasury of
the United States shall take that and
give the capitalist interest on IT; but the
moment that capitalist finds more prot
liable Use for his money III speculation,
he comes to the Treasury and say,
Give me my money now; have not
needed it while YOU have had it and You
have paid me interest upon it, but now
that1 can speculate with it at higher
rate give il back IT, me.
Nj. kelley-Why do not the owners of
the sixty millions which lie dead IN YOUR
Treasury draw thcm out? They stand
there perpetual rcfutn,ion Of that argu-
ment.
Mr.. Garfcld-If the gentleman pur-
sues policy which dcmoraliZcs gold and
makes it mere commodity, | do not
wonder that men who have gold are will.
ing to let the Treasury keep it for them,
but let gold be- made money, the money
of the Constitution, and they will soon
Withdraw il.
Mr.. Kelley-It is not C0Oo0ooO OF
gold, but grecnbaCks.
Mr. Garfield have but few words
more TO say. We have been going
through "A great struggle that began
| when the war broke out and has not yet
ended. We passed from the level Of
peace up 20 the turbulent and stormy
/ heights OF war and a II dire necessity
not asa matter of statcsmanshIp for
! pcace-but n terrible and felt necessi-
/ " of war. we issued $50. .OOO, 900 OF paper
/ as IA forced loan with the fu!! purpose OF
| all thoughtful statesmen Of that time, 10
take il up at the earliest possibly e moment,
| and restore the government 10 the
! money standard Of the Constitution. We
went up booming in those days Of in
/ crease and infstion, and a. in such times
all business j. easy, 20 when We attempt
. ed to return, we found it very hard. We
have been coming down through
great tribu'ations, distress and panic,
and hard times for ,all mark out the
pathway downward toward the solid
values. Tie gentleman from Massacbu-
sets. tMr. Butler says there has been -
per cent OF the shrinkage in Massachu-
sets. and So per cent inNew York. There
ha. been a great shrinkage everywhere,
and now that We are almost down 20
solid ground and honest values. the
proposition ofthe-e gentlemen, il that
We cut loose forever. | say cut loose for
ever in the sense the gentleman from
Massachusetts. Mr.. Butler used it
from all traditional ysius= Of cur money.
and 90 of floating. baliOonlng and flying,
. h..sF u