Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1877-11-23
Gen. Garfield ON the Financial 0ues-

NNNhs WI AhN
ton.
On Friday last Gen. Garfield of Ohio made
a speech in the House of Representatives in
opposition to the repeal of the Resumption
act. which was one of the ablest ever delivered
in Congress upon the financial question In
discussing the financial question Judge KEEL
ley of Pennsylvania, one Of the ablest men on
the initiation side, has invariably quoted large
" from English authorities i'll support of his
peculiar notions Mr.. Garfield referred to
these authorities upon which Judge Kelley has
placed so much reliance, and showed That Sir
Archibald Allison. as n financial writer. is ut
terly without credit in his own country, and
quoted from the records Of the House of Com
mons 20 show that the year in which Sir
Archibald says there was great prosperity III
England the expenditures of the British gov
eminent exceeded its receipts 10y S22j, 600,
600. He showed from the same records that
when a motion was made to repeal the Re
sumption act the same arguments were used
that are now being used in this country but
the House of Commons. by vote of 14l to
Il. rejected the motion to repeal. Instead of
the resumption act being the cause of distress
in England Mr.. Garfield showed that it was
entirely owing to the corn laws, which in
duced the English people to raise wheat in
such quantities that il ruined the agricultur
lists of that country. He argued that every
great hnanclul Crisis thhl lHu occurred III
England and in this country had been preced
ed by large issue OF paper money which had
induced oxtruyagont speculation, and natural
~ resulted in great depression and prostra-
ton He denied that the resumption of spe-
Gle payment will iniure the debtor class. The
presumption that the poor people are the
debtor class was erroneous, ana ne asserted
that the great majority OF the creditor CLASS Is
composed OF poor people. ana ihh' tne debtor
class Is the rlch A poor man can go mo
debt because ne cannot o"'"lh circuit Or1u'
can oniy pr optaihtu upon proper! ,i'"' nus
hNed value ana 'hls tht poor man uoeS ho'
nave. ms tiass 'aht 'heir money WhI'h Is
the result oi lheir savings, ana ll''e 1t "hcr'
1t Will earn something tie quoted statistics
10 sustain 'hls 'h'ofE' "''' snu",u 'llut On
January '>' 'her' "''. '',' f',"" savings
banks III lht country VIII U'l'"a''7 "iii""ii'-
ing 10 Sl'"i ''"","""' ihi7 nvHe! l""s ue-
posted ny -'"""" peoIl'. VINO hhu mus
uepositeu 'ielr savings '-H' 'n'E ihlsn' u'
loaheu 10 puhlil'sS Hl'H =" ','tii :, 'i'n "',S'-
ness oeEoiu 'il'H '"l''''''' III '.'i iv'u ie'
explained the assertion so frequently ihaue III
Congress ana elsewhere, tha' the pohuholuers
are capitalists ana "tu'hE men. II. sn""eu
that IN one cltY' III WIi[h 9+i"'"" oi govern
hent DonuS are heiu 10y ~" l',rsolis' oliI
elSnI OF lhe huih"er holu "'tI el"'"" e'en'
Whlt - OF ,lc h'lHu'' I"'s' nun C''' !"
SLOW each. HiAlI ul IN hummer are Nlu"WA'
10 gnard'als Oh MINOR 'lilluf'h' ana III Ia,
bnrerN' mechanics, larNlers' hiiils'ers' ana
other men OF slehuer means VINO pun thtlr
money INTO bohus ihal il might ue SAFE. IL
also quoted statistics from NE insurance COM
pames to SHOW that the poor man goes mt"
HE insurance simply 10 provide Tor ms lam
ny after ms death ana thal o"l OF "h"H
policies scattered over several states The aver
age insurance was only S2,2o. All the as
sets OF these companies are loaned out.
ana the companies are SIMPLY the agents
OF the poor man. Applying these facts. he
argued that to do anything thai could let
down the value OF the greehhack would cut
down the principal ana interest oi all OF these
/ vast sums invested by poor men Tor Inc beue-
/ mt OF their families ana II would also cut
! down their daily wages IN the same proper
/ ton. IL Is estimated thht there is dAlly Que
/ the laboung men 81 TINS country Hl2uon'Wn
/ for Their labor ana to cut down the value OF
/ greenbacks 10 per cent. would shrivel ST.
| 100000 on the earnings OF the hhoring class
/ lie denounced III severe terms CESSATION that
/ would produce such elects a' these ana ar
/ gued thai OF all schemes to rob the poor man
none was 50 cunning ~ that Tor the ISSUE and
/ maintenance OF lredeelhab!e paper lie de-
MED that the present depression was owing to
the resumption net. mt con'ehd'd that II was
| attributable 10 thr issue OF paper money ana