Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1877-11-20
Mr.. Garfield on Resumption.

Mr.. Gar6eld's speech in the House
against the repeal of heresumption act was
an able effort. The debate on the money
question he said was nothing new it has
been going on in the Anglo-Saxon world
for more than two centuries. In 1861 the
opinion of this country had become fixed
in the conclusion that the only sound, safe,
Trustworthy standard of value was coin of
a standard weight and fineness, or paper
currency convertible into coin at the will
of the holder. This was the aggregate
sentiment of all the foremost Americans
who up to that time had written or spoken
upon the subject. In 1862 the overmas-
tering necessity of the war led men to de-
part from the doctrine of the fathers. and
the greenback law was enacted, though
every man in the Senate and House de-
clared his reluctance to vote for it, aud that
at the earliest moment practicable the
country should be brought back to the
old standard.
In answer to the assertion of Initiation
lists that the country is suffering on account
of lack of currency, Mr.. Garfield stated
that 10 the year 1860, year of great pros
periiy and business activity. the whole
amount OF currency in circulation was but
$407 900. 900, of paper, silver and gold,
while to-day the amount is 1886, 900 900.
This surely does not look as though lack
of currency is one of our troubles at this
time.
To Mr.. Kelley's advice to follow the ex-
ample of France, Mr.. Garfield made a
happy reply. by showing that that country,
though forced to issue inconvertible paper
on account of the war with Germany, had
taken steps as early as possible TO reduce
its paper circulation. and within the next
fifty days would resume specie payments
10 full. That was not the example Mr..
Kelley would advise following, neverthe-
less it would be well for our country if it
should do so. The example of England
In resuming in 1922 was also cited by Mr..
Garfield with telling effect.
Perhaps the most important argument for
popular consideration was one in which he
explained how resumption would benefit
the poor more than the rich. He denies that
the poor are the debtor class. 1t is the
rich who borrow and owe. The poor in
vest their earnings in savings banks, and
the banks loan their money to the rich.
Bondholders are assailed as men who grind
the face of the poor but vast amount Of
public securities are held by the poor. 81
took OCCASION" he says, "a few years ago
to ask the officers of bank in one of the
counties of my district, a rural district, to
show me the number of holders, and the
amounts held, of United States bonds on
which they collected the interest The total
amount was $4,000. and how many
people held them? One hundred and
ninety-six. OF these just eight had over
10000 apiece, and the other 1873 ranged
from $50 up to $1,000. found in that
list fifteen orphan children and sixty wild
ows, who had a little left them from their
fathers or husbands estates, who had
made the Nation their guardian: and
found 121 laborers, mechanics. ministers
and men of slender means, who had kept
what they had and put it in the hands OF
the United States that it might be safe; and
they were the 'bloated bondholders'
against whom so much eloquence is full
minated In the House."
The following is the close of Mr.. Gar
field speech;
Summing it all in q word, it is this The strug-
gle now pending in this house Is, on the one hand
to make the greenback better; on the other, to
make it worse. The Resumption Act is making it
better every day. Repeal that act, and you make il
infinitely worse. 10 the Lame of every man who
wants his own when he has earned it, | demand
that we do not make the earned wages of the poor
man 10 shrivel in his hands, and to shrink away
after he has earned it, but that his money shall be
made better and better until the pillow holders
money shall be good rs the bond-holders mon
ey; until our standard is one. We are bound ON
three great grounds to maintain the resumption OF
specie payments. First, because the public faith
demands it. Secondly, because all the great bus |
mess interests Of the country demand ii and |
thirdly, because our future prosperity requires a
solid. permanent basis on VIII ich confidence can
again plant its feet, and the business of the count
~ revive. The elements are all in favor now. |
The Secretary of the Treasury tells us 10 his re- |
port, laid upon table this morning, that he has
500 10000 of gold coin, unpledged for any Other
purpose, waiting as reserve for the day of re-
sumption; further, at the rate of IS 900 600 a
month be is aiding to that stock and, furthermore
the balance of trade is in favor to the
tent of almost $500 10000 year. All the ele-
ments with US. Exchange flows this way.
Our harvests have been boutful. The Nation is
on the return wave of prosperity. Everywhere
business is reyiving, and there is no danger ex
cept from the Congress of the United States.
Here is the storm-centre. Here is the point OF
peril. Ii We can pass that point, and not commit
ourselves 10 the dangerous act now threatened we |
shall see ourselves safe and resumption complete.
Gentlemen think there is danger the people |
will rush in, will deliver up all their greenbacks |
and get the gold, II The law win permit it. Let
rs see. Remember how slow they have been in |
giving up their scrip. Suppose that farmer in |
one OF your Eastern States sells his form for Sl0
600. lie wants TO remove to the great West lie |
gets ten geenbacks Of the denominatio of 81 900
each This is easy TO carry He eau put this il
his vest pocket. Do you think a a mere matter
Of convenience In business he will go to the Assis.
tsnt Treasurer in New York and get for those
greenbacks forty pounds weight of gold coin 10
carry in is pockets, or, if the silver dollar should
be restored. GAO pounds OF silveri No, gentle
men, the moment your greenback is equal 10 gold