The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-08-06
COIN AND LEGAL TENDERS.
A BRISK DEBATE IN THE HOUSE
YEsTERDAY AFTERN OON
Annuiiina the Clause Directing the Redcmp-
tion Of Legal Tender Notes In Coin-Mr
Coz Lending the Debate in Its taxor.

Il
on Banking and Currency. reported bill to re-
peal tho third section OF the Resumption act Of
June II, 1875 which directs the Secretary Of the
Treasury to redeem In coin legal tender notes
then outstanding, and proposed to allow an
hour and half for its discussion, and the like
time for the discussion Of a further bill which
he was directed to report, providing for
commission on the subject. He would
decline, however, to allow amendments to
be offered. He opened the argument by
declaring his belief that the fixing OF day
for resumption was q hopeless menace to pros-
perity that II effected no good, aud that It was
utterly useless for all practical purposes. The
hest business men OF the country bad said so
and said so to his committee. Not single pa
per could be found connected ofhcially with the
Government which did not negative the idea
that specie payments could be reached on the
LIST Of January, 1879; such a thing was utterly
impossible. 1t was not within the nature OF the
business interests Of this continent, or the
other, to collect the amount OF coin sufncient
to reach resumption on that date. The bill
II was proposed to repeal In part had passed
Congress as party necessity. under the whip
and spur Of the previous question. Nothing had
been done to enforce II, either by the Senate or
the House. What then remsined2 To strike
out OF the bill the section liking a day for re-
SUMPTION to strike out that hopeless menace to
prosperity, and brushing away the rubbish to
build on sure foundation for q prosperous fu-
turo, In which coin shall play most capital
part.
Ing the Resumption bill mad had Its origin In q
Senatorial Re publican eau sus. IL had been utter
ly repudisted In the National Republican Con-
vention at Cincinnati. It had been contempt.
ously ignored In the House OF Its friends. IL had
| also been denounced by the Democratic Conven-
| tion as an obstruction and hindrance to resump-
| tion. II then none were $50 poor to DO IL
reverence Wny should there be hesitation
Mr.. Hewitt dem, N. W opposed the bill. He
| believed that the Resumption act was one Of the
| weakest, crudest, and most Insignificant pieces
OF legislation intended to eject financial re-
| suit that ever passed Congress. But still IL
| pledged the national honor, and that pledge he
| would try To redeem, IL re were asked whether
| OF January, 1872, he would answer promptly no.
| Hut he wanted to deal with the question With
| wisdom and craftsmanship. There was but one
| way to deal with II, and that was to appoint a
| CON mission to take the whole subject into con-
Mr. Criitenden 0nd., n. " opposed the re-
| peal. He said:
Why tepe. n, Re,umDtiC9 &C, Of Jan a. is;s,
dl.sr.eep ism r.pudisio9. pure and simple win
ana col essSe the chsir@.n q the Va
pnSes an ppeS s q, 70 ss
language; the les.l tender notes are az overdue
ass soss,3 ,s.. ' y. Ss%:n' 'Ss aeS;
no,e S ~ Pr cent Sond had asp s
sos sS s o been R'd MIN T'!f %.s9i
s S.y sCu ID BE 10 s Rss ssn &C.
within twelve months.N Here L. the truth which
eHses. truth At he sousd.son Of all our hoess q re
name Of ressSn aud eonon sense Why ne aoe not, 10
ne in,ere., Of Sl:gr.eed people, srns forssrd on
debt Does not my colleague know, and cannot any
sEes sh. cossFe.: s. pe
p, ,n hs The time mas fully sesn me
bond; would atop all iuner ,,oPmsn,, Of sold and
bonds. making su 0stantia RESUMPTION Of specie pay
%sn, sure long pei ore 1872 Does no. my eret.n'
the United wipe. the =" disgrace waich b.
will be foremost OF all pstois OF the earth.
MIR. Holman tDem., Ind said that hts answer
70 Mr.. Chittenden: question Of WHY repeal
| Tito effect was absolutely Impossible: IL should
be repealed, because while promoting the sd-
| vantages Of the interest OF capital II was de-
pressing those Of labor and bringing the wolf to
the door OF every laoorers house: because Il
Labor and Dec use II was impossible OF icing
| carried into effect.
| said that having been In Mississippi on the in
vestigation ordered by the House in .nu,ry,
| 1875, he had not b sd an opportunity to exlress
his opinions OF the bill TO resume specie pay
meuts which II IL now sought TO repeal. He
part OF the Kepubican Congress; a shan
and delusion, because no meaus were pro-
to sso sds sns To wa.
which by waste aud e1trayarance and
corrupt administration had brought the
country TO the verge Of bankruptcy, aud he
people to poverty and almost, despair. Hut
times had changed; the DEMOCRATIC Congress
had inaugura ed economy. and WIS fast bring
ing fraud to light and political thieves to JUS
tice. Reform, Ia the psrso On OF their great lead
er and candidate for the Presidency, was the
watchword and the Democratic platform, ard
| Gov. 1iiden's letter OF acceptance demanded
that a system Of preparation, well devised
plan Of resum ption. should be substituted for
the promise OF a day. The now waning bust
ness interests Of the country needed strengt n
nv auhelantlaI fpra IA.
turn to the money Of tue Constitution. II such
proposition were made by the Committee
on Baking and Currency he would sust in II.
Tue promise To RESUME In 1879 should stand to
attest the weakness OF the Republican admins
ton, In the two years between March of 1877 and
1879, would have ample time to make good
the broken faith Of the Republican party. Inc
repeal OF this provision would be a surrender TO
the madness OF Imitation, and II obtain, d on the
ground OF political ssIa, nssdnsy T9sld he
fatal to the Cause II sought to advance.
Mr. Mcmahon DEM Ohio) favored the bill,
declaring that the Resumption act was fraud
III tue beginning, stood as menace to busi-
ness, and that It's repeal was no reputation aud
Mr.. Cox said that for eleven years the Repub-
lcan party had control Of the Government In
all It's branches. 1t mad shown perpetual im be-
cility, had failed slgnally to bdng back the
country to the old constitutional standard OF
tain the date Of resum ption would be to enfcrcq
In two and half years the redempton OF over
six hundred and seventy millions OF circulating
| piper which now twelve per cent. bel "
BAR. That added tso,0ooooo to the puroh e ~
power Of that paper, aud II required tie debt or
to pay his deot In currency worth twelve gei
cent. more thaa when he made his contract
1t was supposed that there were to Co0, 10000 OF
Indebtedness In this country. II that were 30,
the Resumption act added {7200oO Of burde q
| TO the debtor class. The Resumption bill de-
served to he slaughtered without mercy. lie
moved the previous question.
| MIR. Hewitt asked MI Cox to let him oner 4
substitute a bill providing for commission on
the subject.
Mr.. Cox declined, a. he had no authority from
his committee TO doso,
| lu the vote on secopding the previous Ques 10
ton, most OF the Republicans abstained from
| voting, thus leaving the House al vaTently with.
out quorum. and preventing action on the bilI
After some time was wasted Ia the call Of the
House, Mr.. Cox allowed Mr.. Hewtts PROPOSE
| ton TO be offered as substitute, and then be
previous question was seconded without obtec-
| ton. Tue vote was then taken on Mr.. Hewiu's
substitute, which provides for a ommission OF
three Senators, three members Of the House
and three experts, to 10 selected by and assO-
ciated with the Senators aud members, to con-
slider what measures are necessary and practi
| cattle In order 10 bring about a resum ption OF
| specie payment at the earliest possible time
consistent with due regard TO the Interests OF
the country, and to report bill embodying the
results OF its Investigations on or before the
| 18th Of December, 1875.
As the vote progressed, great interest wa
| manifested In the result. Mr.. stone OF Missouri
| h.l -hatr IN. tha (flarL - "A