The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-11-08

land scrip OF various descriptions, and takcs strong
ground in favor OF the abandonment Of all such issues
In future.
THE MONEY DEBATE.
REMARKABLE SPEECHES ON THE SUBJECT OF
THE REPEAL OF TIE RESUMPTION Acr-A
NOVEL AMENDMENT-sPRE
WASHINGTON, Nov. Z, 1877.
Tho SPEAKER laid before the House tho resignation
OF Rev. Dr. posa as chaplain, upon which Mr. SrErH.
EMS, Of Georgia, offered resolution which was
adopted expressing the regret OF the House at such
resignation
The regular order OF business being demanded Mr.
ATKINS, tdem) Of Tom. said tho Committee on Ap
preparations did rot desire the consideration OF the
Army bill to-day, and tho SPEAKER declared that tho
regular order the consideration OF tho bill for the
repeal OF the resumption clause.
BILL TO RErEAL RESUMPTION.
Mr.. GARDNER, (rcp.) OF OHIO, proceeded TO address
tho House in favor OF repeating tho Resumption act
In considering oil the provisions OF that together
he led to the conclusion that its object sub
sttutc FOR tho outstanding currency subsidiary oliver
com, national bank currency and such coin as should
be put in circulation after tho LIST OF January, 1870
He claimed that tho tendency OF the act " enforced
rapid contraction Of tho currcncy that that meant
rapid depreciation Of Values that tho consequence
OF that must be a general bankruptcy OF the active
business men OF the country. Entertaining such
and believing that an attempt to enforce tho Rcsump-
ton act would result IN speedy contraction Of the
currency, and that runous consequences would
sary follow, no was IN duty bound 10 vote for It's
peal In doing so he did not mean 10 be understood
Us being opposed 10 resumption or as bong IN iavor
OF innaton
Mr.. Cox, ircp) OF Ohio, agreed With his colleague
(Mr Gardner in many OF his views, though not ms
! conclusions. He (Mr. Cox concluded that, beng
rcsumponist in princplc It would be wiser to amend
the reach the conclusion which its friends
were aiming at rather than repeal u entirely. Hc
proceeded 70 explain aud advocate Tho amendments
whether there would DO any real resumption specie
payments the pubic mind had constantly found this
dilicuy-"H0w do we know that at The tmc this
take effect Congress will totally overthrow all
attempts IN TINT dircctiony How do know that It
viii be adhered to- You have provided no intermc-
date steps" Tho democratic party had made II u
| grave charge against tho republican party that
tho latter mad done nothing toward resumption-that
the nero naming OF time accomplished nothing. Ho
was free to admit that there was a certain degree OF
weight ia that objection, aud II II were urged In good
| faith by men who really meant to resume he would
meet them on the common ground OF taking such n
tcrmedaic steps as would lead toward that end. They
should reach IL not by saying Wc Will In 1879
In 1881 butln providing the intermediate steps 10
resume. IL was tnat which his amendment proposed
to do. He mad offered the amendment a means OF
coming 10 an understanding about resumption. Party
lines could not be drawn on SUCH question. Could
not those who agreed upon policy OF resumption
upon tho methods oil bringing about? II tnoso
proposed by him were not means, let tho right means
! be shown.
| Tho Iall text OF Mr.. Cox's amendment is as fol-
| lows
Strike out all after tho cnacting clause and insert
ae 10 # the or at
be 20 amended a. s 70 rcsd =. IS follows to wi.
q s s Of &c n
hereby repealed and each EXISTING Ssnsing Association
may increase rs circulating n"os IN accordance with
banking associations may be in accordance
ana the provisions Of law Tor the wsharswsi aud rsas
ass na q bank s.ssy '
an after the st day Of Janu.rv. A. s7s the
at the Office Of Of the United state.
~ tue CITY New York IN sums not loss than $50 redeem
the United states cai tender notes then outstanding
ut the rate OF - cents on the dollar in coin ant
ssoretary Of the treasury shall. nnaer tue sane
I'm IN ss snsr redeem :.d notes a. ,he rate Of
January A. 1870 secretary the Treasury shall
at s" on Inc co and '"
Ito Treasury shall, inder limitations
ncr redeem said notcs az the rate Of U.s. cents the dol
H. 1850 the Of the Treasury snail undcr
iso he secretary Of ,c treasury snail @sdsr ,ns same
limitations IN like reiccr,
and cents the doli.in aud and after
nry shall. nnact nc SAME nit,Mions in Ike manner re-.
%Ss ay Ss g n IN s0,g a sd s,
same be redeemed be cancelled aud destroyed,
nrst section OF This SHAH redeemed
sS S Il 'a ss S Ne . s d Z y ns
,hsr sum. {. sai roes which may be redeemed under p,
but may be rcssucd under any appropriation made by CON
Aud 20 enable the Secretary ofhe Treasury prepare
aud provide for the redcnpton Ia this act authorized
tlme time Ia the Treasury and otherwise appro
pated and to issue sell dispose o. nt not less tnan
coin either the OF tho bonds the
United states described in Of Congress approved
July ~ 4. y. 1870 entitled An act 70 suinorxe tho
reandns Of the national debt; with like qualities, priv
icges and exemptions the extent necessary 10 cnrry
ms a effect, and to the proceed. thereof Tor
sistcn with tho provision, 81 THIS act arc hereby repealed
| SEW vEw
Mr. BLAIR, rep) Of ,. H., suggested TO MI Cox
that ir tho redemption OF loyal tenders at discount
ot three two aud nall. two, one aud half and
per cent was proper now the same thing migat have
/ been done whcn legai tehdcrs were not worth nifty
4 cents tho dollar.
Mr.. Cox, his reply, drew distinction between
/ binary ara extraordinary circumstances.
MIR BLAiR-ThcD II tho distinction IN regard TO
contracts l. u distinction between extraordinary aud
ordinary circumstances, would the gentleman have APP
| pied his principle when legal tenders were worth
| eighty cents on tho dollar, winch was long alter tho
period OF extraordinary nuctuatiOns2
| Mr. Cox--As n practical matter OF history began
10 advocate the doctrine which now state IN 1861,
when gold was at premium oil sixteen per cent The
inucndo often made that VIC are breaking contract
wish TO BIO distinctly understood A. sayng that 40
not believe In any snch logic in regard TO the cur.
rcucy. fhc currency rs IN The form OF a loan by tho
people OF tho country 10 the government. am en-.
tirey irco TO say, resumptonist as am, that II tho
people the United Slater, VINO hold The whole OF
the currency. say through their representatives IN
Congress that they do not want the government TO
pay II IN 1850 1880 any other time they have
the absolute right to say 80. 1t is question between
tho people and tho government. rho legal tender
note Is on IT'S face contract TO pay coin out tho
question when coin shall DO paid for IL has been dis.
Lnctly rclcgatcd 70 Congress-
GREAT loss riIg COUNTRY.
Mr. KIpDLk, tdem OF Tenn, addressed tho House
on tho subject OF resumption IN conncco with oncr
financial legislation, winch no dec AIRED 10 be prcju-
deal 10 the country and which bat imposed great
losses on tho people He reviewed tho .'ruol.c
Credit act OF March Is, 1906" WHICH, he alleged, had