The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1877-12-07

and disasters which will shake the
firm foundations of order and property.
Mr.. Speaker. this is no phantom OF
the Imagination, but 8 prediction of
fact founded on the necessary effects
of the law in the situation in which
we are, as illustrated by the expert
ence OF England in her fatal scheme of
forced resumption.
Our legislators slavishly borrowed
this scheme from British statute books,
while shutting their eyes to every les
son its history taught the world. They
are blind to the fact that while re-
sumption was possible IN England, 1t
is wholly impossible here. When she
attempted resumption the paper mon
ey to which her values were adjusted
was about $232, 100000; ours seven
hundred and thirty-three millions. She
had far more gold in the country than
we have. All the world owed her:
we owe all the world. The precious
metals flowed to her from every land
they flow out from us at every port.
With her small volume of paper mon
ey, her comparatively large accumula-
ton of coin, her supreme command as
q creditor nation, and as the merchant
and manufacturer of the world, re-
sumption might well have seemed
practicable to her statesmen. With
our large volume OF paper money, with
our petty and diminishing supply of
coin, in our helpless situation as the IL
nancial slave of the world, and our to-
| tai inability either to get or keep coin
as the foundation OF redeemable pa
per currency, the attempt at forced re-
sumption is theory or craft run mad.
England carried through the scheme
of her theorists and usurers, stripping
| 4. oIa ,,f klAs.Sva hnW 0T16
little accommodations, robbed debtors OF
their property, and suppressed with
slaughter the cries OF her starving
| Wage-men. Our theorists and usurers
have a far more gigantic job on hand.
There is limit beyond which the exc
cutlon of this scheme cannot pass. 1t
has nearly reached that limit now. Its
monstrous immortality and Injustice
are understood by the people, who Will
not submit to be robbed and enslaved
by it.. Let the East take warning from
the political action of allied working
men, who have shown their power TO
| take the issues involving their destl-
MES into their own hands. Let II
take warning from the multitudes OF
wan and hungry men, women and
children in every industrial center last
being driven TO hunger and despair
Let it take warning from the great RI
OTIS of last spring. which are but por-
tent of the coming storm. Let 1t be
wise in time, and not force the issue
between the money power and the
people; for, if it does, the spOltation OF
the masses, accomplished and still
threatened, may arouse an avenging
spirit which will not stop at the point
OF merely righting wrongs.
WHAT WILL BE GAINED BY REsUnP-
TON?
Mr.. Speaker, what are we to gain by
this resumption scheme to compensate
for the enormous calamities il has in
fiictec and will yet inflict? The ans
Wer is, "We will get better and more
} stable currency redeemable in gold and
silver, and shall then have a sound and
! lasting prosperity" Sir, / deny it
and confidently assert that we will get
} no currency at all comparable to thai
J we have had for ten years past.
: The most that can be said of it il
that it will be in some respects better
: and in others worse currency thar
/ we had before the war. It will be bet
: than then, because the State-banl
! money had not uniform security of val
: ne. 1t will be a worse currency in
2 this, that before the war we were
comparatively
: had more coin in the country anC
, greater power to hold it than we cal
l have for many years to come, and be-
cause the enormous aggregation o
! money and of money securities since
2 then has created money kings anC
= wreckers, who own and control the
-, great banks and can contract and eX'
: pand bank issues, make hard times ant
good times at pleasure, and rob tn,
, people at every change of values.
: Imagine us back to an exclusive
= bank paper redeemable in coin. LIE
US view the inverted pyramid! We sex
D So of bank paper built on each dollar
of coin in the vaults and So of depos'
its on top OF each dollar of paper, ma
king $12 Of paper and deposits, largely
payable on demand, resting only on s.
of coin. Then suppose any year ar
abundant crop of cereals in Europe
and q consequent diminished export o
: grain from the United States, neces
sarily followed by increased coin ship
, menfs. The withdr avail of twenty
five millions of coin from the bank!
would involve a contraction of seven
ty-five millions OF paper, taking thu
foundation from under two hundred
, and twenty-five millions of deposits
! bringing on inevitably general panic
just as the withdrawal from our banks
in 1857 of seven millions of coin fol
shipment abroad brought the crash o
that year. A war between any two
great nations, a commercial crisis il
, any one of the m, combination OF hal
a dozen of our largest creditors in Lon
don or the Neither lands, combination
of two or three great spectators a.
home, any one of a dozen incidents may
occur in any month after resum Dtion
causing the withdrawal from the bank!
: for shipment abroad or for making q
corner at home of coin enough to cause
, q disastrous panic.
The British have something lik homes
coin redemption, tor there can only bG
$45 200, 900 of bank paper In excess OF
coin in the vaults of the Bank of Eng.
land yet, there, where there are neal
seven hundred millions of coin in the
country, "the export of ten to fifteen
millions of coin," says Mr.. Patterson
in his Science of Finance, "wlll pro-
duce q serious commercial crisis"
In the United States we have neve
had. and for many years cannot have
sufficient coin attainable by the banks
to establish an honest redemption o
! one-third of the paper money which
, the necessities of business imperative.
IL demand. Before the war the depOs-
It's out little exceeded the Oank paper
while now they are three times the
!, sum of our whole volume of paper cur.
,, rency. icing about two millions; ye
then we had redemption only wheT
coin was not generally wanted, bu
: when the banks were called on for i
the fact that 81 of coin will not redeem
So OF paper and So OF deposits Away
!, threw them into insolvency. The sys
{ tenn would have been a juggle If Il
were not transparent lie. It is Il
get back to something even worse thar
D this old system of insfduous swindIinE
than the American people are now un
, dergoing the fortunes of the damned.
NATIONAL HONOR.
{ But the gentleman from New Yorl
2 Mr.. Chittendenl declares with grea
8 vehemence that the green back wa
e merely a debt payable on q day no
: named that the resumption law mad
D it payable January 1, 1879; and that q
: repeal that law and change the day O
e payment so fixed is downright repudi
e alton. Mr.. Speaker, if the gentleman
u. II Il -