The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1876-08-06


redeem liz coin legal tender then outstanding and
proposed allow hour and half for It's discussion,
and the like time for the discussion of . further bill,
which he was directed to report providing Tor com
mission on she subject He would decline, however
to allow amendments TO be offered. He opened the ar
gument by declaring his belief that the nxing Of day
for resumption was hopeless menace to prosperity
that effected good aud that WAS utterly useless
for all practical purposes.
MR. HEWITT coxsIDxss 1T PLEDGE
Mr.. HEWITT (dem.) OF n. Y, opposed the bill He
believed that the Resumption act was one OF The weak
est crudest and most pieces Of legislation
intended to effect financial result that passed
Congress- but still II pledged the national honor and
that pledge he would try 10 redeem II he ask cd
whether he thought practicable To redeem It on tho
LIST OF January 1879, he would promptly ''No
But he wanted 10 deal with the question with wisdom
and craftsmanship There was but way TO deal
with II, and that was to apponta commission to tako
the whole subject INTO consideration. On hat com
nilsson men OF the soundest nnanca. wisdom could
be placed and Oh ite report the House could sake
telgent action.
MR cnrrESDEs OPPOSES REPEAL
Mr. CMrrxSDKS, (ind.) OF N. Y, opposed the repeal
He said, Why repeal inc Resumption act OF January
H. 1857 Can Congress do tnaty Can this House do it
simple. without excuse or palliaton, few days ago
my friend and colleague, the Distinguished chairman Of
tho National Democratic Committee, IN an open letter
to public bravely and truthluly said quote his
precise language-"The legal tender notes
overdue debt 1t IS a disgrace to the people
OF this country that the payment of luis
debt should not have been made long since.
II the original privilege oi funding these
notes In six cent bonds had not been repealed tho
bonds would have been paid within twelve months
after the close OF the war" And again: To-day II
they mado fundabIo IN four and half per cent
currency bonds, they would all DO paid and might al
be cancelled within twelve months" Here Is the truth
which touches the honor and being OF every
American citizen; IuIh at tho foundation all
hopes OF returned national prosperity ! ask my
friend, tho name OF reason and sense, why
bring forward bill Today in harmony with Ills
conviction to fund the legal tender debty Docs not
my colleague know, aud cannot any student OF finance
see that events have ripened with great rapidy since
this Congress assembled last December and that the
time has fully when the privilege to und In TOUR
per cent gold nterest-bearing bonds would stop ali
further shipments gold and the yellow
hitncr for investment in such bonds making substan-
tiai resumption OF specie payments long before
very instant the Congress OF the United
States wipes out the Disgrace" which he
comedies that from that moment national credit
will DO foremost OF all nations Of the earth, and
that IDLE capital everywhere IN Europe will sock our
four per cent long bonds the best security In the
world Does not my Trend know from his experience
a. master merchant and economist that the funding
o the lega tender debt under the existing laws Will
no wise necessarily or IN fact limit the circulation OF
paper money, except rs II may and should be limited
by tho demands oil trade and that such funding OF tho
legal tender is tho natural and sure primary step point
ing TO tho conversion OF ali our five and per cent
bonds into TOUR per cent consols At an early
day Does not my friend SEQ just hore the
promised and traditional reward Of honest dealings
inasmuch as the saving on the outstanding Six per
bonds alone will be more than enough to pay the
total interest all the legal tcndersP Why not
the privilege OF iunding today The gentleman
seems willing TO censure the party in power Tor failing
to 40 It. 1t never feasible Us now II seems 10
fair inference from his words which have
quoted that he is himself in favor Of funding viii he
he is so in his place in this Housey IL funding the
true meaning OF the St Louis platform 1T readsy
Does tho distinguished chairman OF tho National Demo
to such legislation? Will he himself firmly and
squarcy declare his support OF such legisationY Why
then docs be Justify IN his letter to tho public The re-
PROPOSE with all courtesy and yet with all tho foScs OF
truth to show the gentieman's Inconsistency in strk
ing at that act lie justilos its partial repeal In his
letter because would restore the loyal tender
their rightu position OF dob due upon demand and
the LIST or January, 1879 He this without
Offering any substitute and right in tho Of the
iacts thinking 1t will DO easy substantially to
long before 1879 and still claims that repeal is not re-
pudiaiion. Let test TINT claim. Ny colleague In
his commercial Affairs has often received with great
satisfaction renewed confidence from unfortunate
improviden debtor promise TO pay old,
past due debt IN full at fixed date Did he ever
SINGLE instance receive with patience without great
before such promise has inaured formal notice OF
It's Withdrawals Ii not that precisely the posi-
Uaoe mo the party ts
IN respect 10 the legal tender debt, the
existence OF which he himself characterizes 'ds
grace the people, by repeating the promise 10 pay
It IN 1872 II cannot DO denied. How, then, we
reasonably hope Tor thorough reform in any department
OF the public service lace OF such blindness public
Judgment ana hardness OF tho pubic conscience as
toerates such bold propositions ofrepudintion2 As
between man aud know and recognize tho ab-
soute need OF exact uprghtness the condition OF
personal homer As Legislators It Is proposed that we
shall ignore uprghtness and daily with IL for selfish
and partisan ends.
PEOPLE PREPARING RESUMPTION.
Mr.. kAssoN, OF louisiana also member Of tho
Banking Committee argued against repeal Of the Re-
sumption act and in favor oft appointment OF
mttce to tako into consideration the whole subject II
was not true that no preparation was being made for
resumption II being made, II not by Congress,
by the people themselves. The Resumption act had
been bringing economy and bringing the balance OF
trade in favor OF ths United States and the banks were
mn 4 q ha al nn
had been abused by politicians and demayOgucs This
very bill had been presented by politicians just
following Mr. Tidens letter OF acceptance The danger.
significance OF this bill land man know 1t better
than Governor Tidcn that Il left port sail
and time which 10 arrive Instead Of sailing for Liv
erpoo suggested by Mr.. Tilden, was clearing or
Cowes and market" QLaughter.) Referring to the
declaration OF members and OF tho democratic plat
form that the Resumption bill was hindranco TO re-
sumption he said that II there was any significance in
terms II was hindrancc, because without II resump
ton would be arrived at quicker and asked the demo
Gratis whether they would mako that argument the
stump In Indiana Would they say that they were
going to resume specie payment before Inc first or
January. 1872 Would they not, the contrary, say
that Mr. Tilden Tor the repeal of resumption,
aud that Mr. Hendricks was the repeal OF resumr-
ton, and would they not tell "arecnbackers to come
and elect thcm In order to defeat the resumption OF
specie payment That clause In the democratic plat
form had struck him with more than oppOstion 1t
had struck hun with disgust party issue was this.
The party to which he ella med pcrnanently to belong
demanded good constitutional money for the people
the couniry-farmers und iaborera The other party
jumped evcry poor money first at paper because
than gold and thon Mt silver, because IL was
worse chan paper
SUBSTITUTE RKJECTEn
Finally tho vote announced As yeas %. nays 1c4;
so the substitute was rejected.
COx's BILL PASSED.
Tho vote was then taken on the bin reported by Mr..
Cox, from the Committee on Banking aud Currency,
and It was passed, yeas, LOG; nays Sc; ~ folows:
YEAs-Nessrs. Answorth. Anderson Atkins. Banning.
Brown Of Kansas. cnSs C.iswsll Of Xi.S.ns Caldwell
Tennessee Campbell. Cannon, Csson Cate. CaulneId
Clarke Of Kentucky CLARK OF Missouri Ciymcr Coch
rnne Collins Cook. Cox. DIbrell, Douglas, Dur
ham, Eden, Evans. Faulkner FELTON,. Finley. For
ter Harrison HmrtreIL Raymond, Henkie, Here.
ford. Holman. Hooker, Hopkins. House. Iubbei. |
Huntou Iurd, Jones OF kentucky. Lsnders OF indiana
Lane Lawr.ncs Lewis. Lynds M.ossy k.i.h Mcfarland,
McAahon Miiikcn, Mills, Morgan, Mutchier Neal, New
Payne, Phelps roppleton. Randall. ReA Reagan, John
Reilly Rice Riddle Robinson savage, shcskley. Singleton.
Scmous smith ieorga Southland. Springer Stenger,
ssevsnson Stone, Tesse Thomas. Thro.kmor,on fucker
Turner Van Worries. Vance Of ohio. Waddel Walker OF
Virginia, Walsh Wells, whitthorne Williams OF Indiana,