The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1877-11-23

labelled San Act 70 Strengthen Public
Credit Hit we're possible, Ewing con.
tinued, 10 substitute SS54, 10000 ol
gold for greenbackS and II that
gold, 20 substituted, would remain In
circulation, Just greenbaek money like
there would be no very great mischief
done BY the resumption act further thar
. nseless increAse Of the bonded debt Il
1854 900, 900. Bat the trouble was thai
the attempt 10 make $S54, 900, 900 In gold
take the place Of fgreenback money In thG
cnrrency was utterly impossible. Gold
could not remain IN circulation In the
present coalition Of this country, and ey
cry greenback redeemed WAa 20 much
Withdrawn from the effective currency
andIlg proportionate eif II was the reduc
ton Of values. He said that before thC
gIeenback era there never had been KEEP,
aaoat In this country more than $2l4,
100000 paper money, with $685., ,0O0, ,0OC
gold 10 the United States, Since 1860 the
mines In the country had produced
81 ,267, ,000, 900 10 precious metals, and yet
there was not in the country three.ftthl
Of the little volume Of coin that there
was In 1860. Where had all the gold
and silver gone TOT It had gone to pay
the debts Of this country and there was
where Il would all go-all the coin that
could be scraped together In the Treas
ury or banks. This was the great debtor
nation Of the world. No nation owed,
outside Of It's own borders, half the
amount which the United States owed.
More than half Of the bonded debt Of the
country was held abroad and there were
State, city, railroad and other debts due
abroad, the aggregate coin interest on
which ran from Sl00. .0O0, 900 TO $3.50, ,000,-
900 year; from S, 000, 900 to $5,000,O 900
. year were paid for shipping and as
much more for the expenses OF foreign
travel. So the annual drain Of coin from
the United States was from n TO 275
millions. How was that to be paidl Not
BY the balance ottrade, as might Be said,
because that balance for the last seven
years had been S4,000,000 against this
country. This interest was therefore as
q rule not paid by the balance. 1t Was
paid partly by shipping S56 100000 .
year Of precious metals.
Discussing the preparations for re-
sumption, here We are, said he, within II
months Of resumption with $7S3, 900, 900
Of paper money To be AOated, and with
less than $40, 600, 900 Of accumulated gold
in the Treasury and banks. BE declared
that II this country were entirely free
from debt specie payment could not be
resumed without contraction Of the cur
rency by at least one.hali.
Where, he asked, we're gold and silver
TO be gotI Could Il not be got in foreign
markets? That had never been done and
never could be done. The silver and
gold mines Of the country could not In
twenty-five years furnish all that was
needed, even il rue gold aud silver could
be kept here. Whether this mad
scheme Of resumption were repealed now
or were forced on until popular indignA.
ton tore 1t TO pieces, resumption had
10 be waited for till It became possible,
and until volume Of coin had been nc.
in the country larger than the
volume Of paper money. Equalization
would not be resumption. Paper money
might bs brought TO par with gold, and
still there wonld NOT be resumption.
to Garields argument, that no
one would want coin ON resumption day,
and taking up Gar6eld's illustration Of
farmer who sold his farm for SO 900 and
would not take hislpay in gold but in
bills, he said 1t il not n question whether
the people want gold or not; It is . ques-
Lion whether the Jim Fisk's, the Jay
the bankers, brokers, importers,
and savings banks want II, and they Ger.
tainly will want It faster than the Sec
retary Of the Treasury will be able to
give gold to them.
At this point Of the speech, EWiug's
hour expired, and Garfield moved that
The time be extended.
Objection was made by Chittenden,
lnless proportionate time be allowed 70
the other side.
The Speaker. decided that the objection
came too late.
Mr.. Ewing proceeded with his speech,
and spoke OF the enormous depreciation
Of values, which he attributed 10 the re-
act and which he estimated at
Of the whole. He characterized
the resumption law as practical con-
fscstion by law Of three thousand Eve
hundred millions Of property. Three
fourthS OF all classes OF people in this
country were debtors, and il was their
hard earned accumulations that were b.
ing Wrested from them by this robber-
Law. BE spoke Of the loss Of the labor
ing classes a amounting 10 three millions
; day, and mentioned . statement made
70 him recently by the Preddent Of the
Dayton & Southeastern Railway Co.. to
the effect that hundreds Of men were offer.
Ing to work on the road for bread, nothing
said he for clothes; nothing for wives and
children; nothing to lay up for winter;
merely enough to keep the poor human
body, that was doing labor, able to exer.
Use the necessary force. Oh, God that
bread should be so dear and hesh and
blood so cheap. CsenSation, and ap-
plause
The law, he continued, was mot going
10 stop with that fall Of values, Who
syer hugged the hope that the bottom
had been touched had only to look at the
taets u know That lower and lower
ground had to be reached. A further
Iall OF values had TO be witnessed. There
iad also to ts witnessed an increase Of
poverty and suffering, the practical con.
iscation Of property and . Reputation Of
! large part Of the public debt Of the
country. He appealed to the money
men whether they would peseist in their
scheme OF intatuation. Had they
heard enough 10 warn them that they
aAd better stop. What meaning had the
labor riots that led almost to civil war
III months ago? The meaning Of them
vas that labor had been trampled upon
Is much as It would stand. Go, said he, TO
my Of our eities and see the hundreds and
thousands and tens Of Thousands Of pale,
van, ragged, hungry people. Ihaye seen
Them clubbed out Of the parks Of New
York City at night; men who went there
hoping 70 lie on the gaaSs and get little
fresh air and cool resting place. The
hing has been pushed iast - far As Il
would bear. What are We to gain BY In
aicting sueh Losses TO our industry and
Iabor3
What is the great advantage to be &C.
Il costs the country in the
loss Of productive industries, in the un-
Just transfer Of wealth from the debtor
10 the creditor, in the uniuAt increase Of