The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1876-02-02
WASHINGTON CORRESPON-
DENCE.
RESUMPTION OF SPECIE PAY
MENT.
WAsHINGToN, Jan. "a, 1876.


WAsHINGToN, Jan. "a, 1876.
To the Editor of the Morristown Gazette:
The House of Representatives ha:
organized into a sort Of debating so
ciety. on the proposition to appro
pirate one million and half of dol
lars. out of the public Treasury, tc
the great show at Philadelphia; and
day after day, for ten days, the time
has been occupied by a large mum
ber Of gentlemen in making speeches
which, perhaps, were very eloquent
Il could not hear them-and which
scarcely any one else heard. | pre-.
sumo they were eloquent and patri.
otic, as they 'sdjd the motions" in a
most grandiioquent style. and looked
like eloquence itself The end is
not get. l presume two or three
days more will wind up this part of
the show. But on questions of vital
moment to the country, and in which
the people of every part of the coun-
try are deeply interested, no action
is taken, nor is there likely to be
any. At time when universal dis
tress is prevailing, and bankruptcy
and ruin is impending. the question
OF the currency and the financial fu-
ture Of the country is of such vital
interest. this Congress, or rather the
House, seems disposed TO ignore the
subject and pass it in cOntemptuOus
silence. This Congress has been in
session nearly two months, and the
only action had on this subject was
on a resolution of Mr.. lIolnan's, Of
Indiana, proposing 10 instruct the
Committee on Banking and Currency
10 bring in bill TO repeal the re-
sumption act of January, 1875, and
on motion to suspend the rules, so
as to take up the resolution, there
was 1l2 ayes, and l56 noes. take
it that this is a fair indication of
sentiment in the House on the sub
ject, and if so, settles the question
in the House. having a Democratic
majority of 90 votes. OF the 112
voting for it, 101 were Democrats,
including every member of the Ten
hessee delegation except Thornburg
Z were Republicans and Independ-
cnt. OF those voting in the mega
tive. 62 were Democrats and 90 were
Republicans. The Republicans are
a unit; the Democrats are divided.
Under this law Congress pledged
the country to resumption of spe-
Gle payment on the 1st of January,
1879, with the certainty now that
this Congress will repeal the law.
and the rapid construction of the
currency now going on. the dest:uc-
ton of credit, the rapid shrinkage Of
values, and the threatened bankrupt
CIV OF millions of the most active, en-
ergetic business men in the country.
there comes a cry of distress an
Known in our past history. Millions
of men and women, willing and anx-
ious to work, have nothing to do
TO means of living-the earnings of
past years swept away, and a future
of suffering and want before them
confidence in the future gone, and
universal distress among the labor
ing classes.
You will observe that the con-
traction Of the currency is now at
the rates Of almost one million daily.
The official statements show that for
the past week nearly six millions of
National Bank notes were sent here
for redemption under the apprehend-
cd enforcement or attempt to en-
force this law, (for no one believes
it possible to resume) Tue Nation
al Banks will, for their own protec-
tiou, surrender their notes and take
up their bonds, and leave no curren-
cy in the hands of the people. While :
this rapid contraction is going on, il
is proposed to increase the burden ;
Of Che country. by adding four hun
dred millions of dollars to the pub
lie debt. to borrow money with which
to resume, thus increasing the an
nual drain upon the toiling. laboring
millions Of the people. to pay the in :
terest. If we. could command the
gold with which to resume, it will
require over a hundred millions an
iao1tiy sfS JCtte W buC IHIClCS6 W
foreign boudholders, on the Nation
al debt alone. to say nothing Of fdebts
owing by States, corporations and
In view of these facts,
no sane man believes it possible to
specie payments at that
time, and it would be as wise to un-
lertake to make law declaring how
much corn or wheat should be in the :
country at n given time, as TO say
by law that we should resume on
given day.
The only effectof the law will be
io PROSTATE every interest through
sut The country, and to pass the
ownership of almost the entire real
md personal estate into the hands
II the moneyed classes, constituting
liiveFy small portion Of our people. |
81 .alaIge the rich richer and the poor
poorer, and then when the time !
;omes, to end in a miserable failure. |
The shrinkage of values does not
feet the bondholder. His bonds do
lot shrink: his interest," does not I
lirink. but how is it With the toling /
iillions? Let me give you an in {
lance, saysra4sboenakeT: TTxx1tA
-. u