The New York herald., 1876-03-17
Debate in the House on the Proposed
Issue Of Silver Coin.
SPEECH OF Mr.. HEWITT, OF NEW YORK.
A Bill to Depreciate the Poor
Mans Currency.
THE BLUNDERS OF THE RESUMPTION ACT

ONO, In the charl on the bill to supply the deficiency
In the currency Printing and Engraving Bureau OF
the treasury Department. and for tho issue of silver
coin in the place OF fractional currency.
The bill appropracs slG3 600 and directs the Sec
rotary OF tho Treasury to issue silver coin in the re-
demption ofall the fractional currency outstanding
Mr.. RANDALL, OF iPennsylvania, Chairman OF the Ap-
preparation Committee, proceeded TO explain and adyo
cato the bill There question, he said. as
to the absolute necessity for the appropriation
for reprntng mutated and worn greenback currency.
SPEECH HEWITT
Mr. HEWITT, dem.) OF N. Y, remarked that the eau
tious official language of the Secretary of the Treasury
in his last annual report to Congress- when translated
into plain English, meant that It not possible to
specie payments in 1879 by the accumula-
on OF gold without contraction. Tho resumption act
was therefore, hasty piece OF partisan legisa-
ton, meant to gain temporary political object and
without any just ground for expectation the part Of
trainers that II could produce any beneficial results
But that law had been productive OF very great ovla
and had operated as a most serious check to any
revival OF business IL had produced paralysis OF
energy enterprise and capital and labor stood idle and
suffering throughout the land. lie argued that the
present depreciation of currency below gold precluded
the probability of silver coin remaining in circulation
ifissued The feasibility Of keeping 1t In circulation
depended upon the premium gold, which during
the past year had uctuatcd nine and
per cent aud no man was warranted in asserting that
that range OF huctuaton would not be maintained and
might not be greatly exceeded To lcgisate silver into
circulation under such circumstances pure guess
work without the first element of statesmanship
or any proper regard for the laws OF finance.
Tho attempt TO do SO had only mado
tho financial magnates OF the republican party
throughout the country laughing stock the imam
cers of the world. He intmated that the passage or
the resumption act had some connection with tho
'bg bonanza" and that the very best thing that could
happen the BONANZA party was TO have its bullion
transferred from the mines to the United States mnts
This would be sale OF the minc better than the En-
ma operation without any courses coming home TO
BIG BONANZA GENTLEMEN
had been pretty successful in getting rid of their silver
before it fell in value. Up 10 the 1st OF October last
tho Director OF the Mint had purchased over twelve
millions of silver at average price OF 56H
ponce per ounce, while the price OF silver
last week in London was 52S pence per
ounce, n fall of nearly four pence per ounce
which on the quantity purchased for the mint made
difference Of nearly 81 00O,0 600 lie thought il
der that the Secretary directed to hurry up with
the coinage of the silver, while no one was found to
hurry the issue OF the coins. Tho fall In the price
Oh SILVER wllhn lour months haa naao u possible 70
put subsidiary silver CONS INTO circulation without its
leaving the country gong into the melting pot un
less gold should advance 100 unless the price OF
silver should again advance IN the London market
This fall In
THE PRICE OF SILVER
piece OF unexpected good fortune to the Treasury
officials. The Secretary had taken heart aud saw mis-
way clear 10 putting out the silver, provided he
could got the approval OF a democratic House
Why did the Secretary want that approva2 Ia
had power without it, but gold might 60 to 100 of
these fine days and then whore would 20 this silver
~
morning the people would find themselves without
small change to do business. Whose fault would that
be? AS the law now stood tho republican party would
have TO bear the odnm Or the price OF silver might
suddenly go up TO % pence or 81 pence per
ounce (as u would do the big bonanza we're GO
''peter oup1, and then silver would go 'where tho
woodbne twineh" Then, OF course, it would be very
convenient for the Secretary to have II to that no
was directed by democratic House TO substitute sill
ver Tor currency and that the democrats and not tha
republicans were responsible for the con-
sSoud not advance nnd if tho silver COINAGE
should stay out IL would be republican measure the
of which would iruro to their credit. II
the game OF ''Hcads l win, tails you lose" every
time OIL most iudcious Secretary (he contInued ia
come thus TO House now to business and persuade
IL TO assume the responsibility of measure which,
thus far had only resulted in the
LOSS or A MILLION or DOLLARS
In tho purchase OF silver and in the coinage "freo
gratis for nothing" OF the bonanza silver
"Will you walk into my parlor? said tho spider to
the ny" (.aughter)
1t mad been said however that this was the first
step in tho resumption OF specie payments, and
that, therefore, tho hard money men Of the House
should support IT, If IL reality step
toward specie payments he would support IL
with all his heart because he a hard money man.
He was for resumption, and FOR quick resumption,
the shortest and best. and, in his Judgment tho only
road out Of the distress and stagnaton OF business
which prevailed throughout the land But he denied
that the substitution Of subsidiary coins for fractional
currency had anything to do with the resumption of
specie payments. IL only the substitution OF me-
tallc tokens for paper ones He regarded tho invest
mcn OF $40 900 IN silver mot available for specie
paymensl enormous step backward, as IL deprived
the government Of that amount which might be in
vested In gold and thus aid in the accumulation OF tho
sum necessary to be IN hand before any legal
tender notes could oe retired This error
tho hardihood Of the promoters OF the Resumption
act in supposing that the people would permit
such diversion OF their resources to the creation OF
a currency more deprecated than the paper money
now in The fractional currency was essentially
the poor mans money. II what was worth eighty
and half cents In gold was taken from tho
and replaced with what worth only cghty-two
and nve-eghths cents then the working classes
robbed OF at least five per cent No human device
could prevent dcbased money from falling to It's truo
value. But silver, besides being moro deprecated,
IL might suddenly disappear from public usa
and cause the loss of the entire cost Of tha
coinage, or II might deprecato SO rapidly
Of their savings. Tho pending bill meant deprecated
currency. II meant condscation. IL was unjust and
unwsc and should have favor from either side OF
the House And yet be could understand why 1t might
receive tho republican VOTE because it the only
method by which the republicans could transfer TO tho
democratic party the responsibility for last years blum
dcrs but why any democrat should vote for IT, unless
he were rabid niat.onis utterly passed his compre-
hchsion. But what should 10 done2 There was but
ono way out Of the scrape. II thy right eye offend
thee, pluck 10 out The Resumption law far ro-
lates TO the coinage OF silver, was blunder The pur
chase OF silver bullion bundcr the COINAGE OF
silver was blunder.
rnE BEST REMEDY
for II was TO sell the silver for what would bring ana
10 save the further loss which would result from tho
almost certain continual fall in price, Tho big bonanza
had already yielded S273 OO0 OO6 which had caused a
fall OF ourpcnco per in iour months Tho yield
OF silver was increasing daily IL estimated that
the California Company alone had $500 900 900 In sight,
Two silver clad Senators had already taken their scatg
in the adjoining chamber and tncrc we're four more
ready for the same high dignity A fall Of penny
per ounce meant loss Of 900 00O the $40 OO0 00d
required for the silver currency. The nation
should do what every sensible business mau
would do-get rid or commodity which waf
sure TO fall Above ALL the democrats OF tho House
should reject the white elephant or silver which the
republicans offered to their acceptance. He feared the
Greeks when bearing gifts Therc was one other
alternative which was not SO wse as be rid OF the
silver and that let tho silver already coined be
paid and take the chances Of It's circulation No
member Of the House was ANXIOUS than himself
TO promote the Interests Ofabor aud IL was in those
In tcrcsts that he made these remarks
The debate continued, by Mr Kelley. or Penn
sylvania against the issue Of silver coins and by Mr.
Reagan OF Texas In advocacy oft
Amendments were proposed by Mr. Reagan, Mr.
Holman, OF Indiana, and Mr. Page. OF California
without action on the bill the committee arose.