Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1877-11-28
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l. SPEECH
!Of Hon. Exekieli6. Sampson, in
the House.of Representative,
Nov. 16. 1877.
The House having under consideration the bill
IA. r. NO. S0o) to repeal the third section OF the
act entitled ''An act to provide for the resump-
tion Of specie payments" Ar. sampson said:
Mr.. SPEAKER: There are q few
points which have become prominent
during this discussion to which / de-
sire to refer: but before passing to
them 1 will say am not opposed to
la modification Of tho resumption act
OF to the substitution in its stead of o
better plan, as better one believe
there might be; but to its uncondi-
tional repeal without such substitu-
ton, l am opposed. That would be,
in my opinion, the first long step to-
wards reputation. We would lose
ground that could not be recovered
and 1t would end in disregard of a
constitutional obligation. Therefore
while there are some amendments
pen ding, looking to q modification OF
the Law or rendering its meaning
more definite, for which l shall vote
when 1t comes to the question of alb
Isolute and unconditional repeal, re
garding 1t then as q question Of re
sumption or reputation, and prefer
ring the former, even under the pres
ent law, to the latter, shall vote mo-
RI The arguments for the immediate
and absolute repeal Of this resump
ton law have been erected mainly OF
1.-TWO fundamental propositions First
, the volume of money in the countr.
+ Tor in circulation regulates prices, AM
with an ample supply prices are fai
J and business brisk; with decreasing
E volume prices decline, business Ian
: guishes, and hard times, bankruptc.
= and enforced idleness follow. Sec
: ond, that the resumption act ha
largely decreased the volume of mon
ley, and therefore these inevitable re
i suits have followed. To the frs
f propagation i do not propose to tax
! exceptions, but the second emphati
: cally deny.
Al Now, sir, desire to state til
. amount of money in the country q
y 1.-THE date of the passage of the act an
|. lat the present time. And for TIL
purpose / shall assume, with the PEI
: mission of our greenback friend
: that gold and silver coin ia mono!
/, My sources Of information arc I'll
j. finance reports, printed official stat
lments made by the Secretary of Il
Treasury and the Comptroller of Il
n Currency, and letter of the Dire
tor of the Mint to myself, Of da
:. November 10, lS77, giving the amour
4 of coin and bullion in the country
Of the two dates, exports and impor
for certain periods, and the produc
re- of the mines. This letter, stat
10 ment from the Comptroller of Il
10 Currency, and one from the Secret
Try of the Treasury, ] shall take 4
q liberty, with the permission Of t
D. House, to attach to my remarks.
L. consider the sources of informati'
10 the most reliable of any of which t
n nature of the inquiry admits. T
he facts given will also serve to tilt
he trate tho correctness of the rule th
o. where the poorer currency goes o
N the better comes in to take its plat
ne We had January IA, 1875, as f
,e lows.
k United States Notes (grcsnbacks) $3.50 900,
va EmcttCNA Currency. 6,8s0,
NatiOnAa.eAnk Notes. Soi sol
n. Coin and bullion. Il ,0Oo,