The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-01-30
SPEECH DAY IN THE HOUSE.
MIR. SCHLEICH ER'S views ON THE
CURRENCY QUESTION.

How 20 Resume specie Payments and Revive
business 90 Congressman Elijah Wards
Remedy for Existing Financial Evils,
WARRINGTON, Jan. 20 The House met
to-day as N In Committee OF the Whole, Mr..
Eden DEM Ill.) in the chair, for general de-
Dato. Very few OF the seats of members were
occupied. Mr.. Schleicher Dem, Texas) opened
the debate with speech on the financial ques-
ton. He said the gree nbacks stood in the way
Of the highest credit of the Government, mas
much as the promise Of the Government, made
IN 1862, and renewed In 1869, TO pay them at the
earliest practicable period had not teen kept.
The Government had In reality spent more
money in paying bonds not due than would
have been required TO pay all these overdue
promises. When gold was quoted at II per
centum 1t caused an increase In the cost OF i'm
ported goods OF at least 40 per cent. tn the ulti-
mate consumers Of them. 40 that tho expense
OF the nuc.uatinR currency to the people had
been more than ten times as great as the saving
OF interest on the Government bonds with
drawn and destroyed. That was one great evil.
Another was the withdrawal OF capital from
legitimate business to be used In speculation,
thereby throwing out Of employment produc-
tive labor to corresponding extent. rms ex-
plains the present state OF the Labor market,
and the fact that the country was overrun ny
tramps. By the resumption OF specie payments
and the consequent cessation OF gambling "
the fluctuations Of money, more capital would
be thrown into legitimate business than the
boldest inf ,tionlsts ever proposed to Issue 10
suit tho demands for trade.
now TO RESUME
He considered the act VI Jan. IA, 1875. Judged
bv the test Of certainty, failure. II indicated
means. All tho late discussions throughout the
country showed that the act was not considered
by the peopc a. a settlement Of the question.
| He advocated immediate steps toward resump-
| tlon. He would resume payment OF the frac-
| tionai currency next June, redeemine one mil
| lion n month. beginning with the smallest de-
nomination. Then he would begin 10 redeem
millions OF gold or silver monthly for ieeal-ten.
| der notes-destrnying all the redeemed currency
and this plan he would keep no gu II was all
| destroyed. He calculated this could be done In
three and half years. The means for this
| operation might DO obtained, nrst, by the use
the thirty millions paid annually to the sinking
| fund (Which was no more sacred than the pay
by the issue OF 10 millions OF ave per cent.
| bonds and their sale for gold. Contraction
formed no part Of this scheme, and resum-
| preceded BY contraction. The only sale Of bonds
| for currency that he would advocate would DO
| for the purpose Of obtaining funds to meet the
| denciences OF the current expenses OF the Gov
eminent caused by the appropriation OF the
| GOLD and then he would have this currency at
| once paid out, to remain In circulation until, In
| Its turn, II was redeemed-whtch would occur
| but once or twice, because "a soon a. currency
| had reached par, gold silver aud currency
| would appear indscrimlnetelv - the receipts 81
the Government, as well as IN IT'S disbursements
REMEDY ron EXISTING EVILS.
Mr.. Ward Dem, n. " also spoke on the
finances. reviewing at length the history Of the
financial legislation since the beginning OF the
late war. He advocated as remedy for exist
ing evils the purchase and cancellation of
legal tenders TO the amount Of at least Sl.OOOOO
per month, and would compel an involuntary
contraction II 1t could not be brought abou
otherwise. The people had no hope Of relie
| unless some definite lin ,nciM policy be adopted
| There would be no effort at new enterprise,
until this Is done, and he believed eradua
| contractiun-lnd he cared not how gradual
| would inspire confidence. II the majority q
| this House would retain power II must speedily
adopt some policy. II the party leaders do no
| act, the people will thcmsclves lead.
| A speech the finances was also delivered
| by Nj Campbell Lib. Iil.l. aud against the pro-
tectivc tarin 10y MIR. Mills tDem.. Texisl.
| The House then, at i;3J A.. NJ, adjourned.