The Portland daily press., 1877-11-15
when the country would again be in such fa-

when the country would again be in such fa-
vorable condition for that resumption.
Mr.. Townsend of New York said he did not
understand that the silver bill was under dis
cussion. he understood the question to be
what would be the effect on the people of the
country and on its prosperity if, on aud after
the first of January, 1879, the government paid
Its bills 10 specie. They had been told that all
tine evils in Pandoras box would come upon
the people if the money in the laboiing mans
bands and the money in the business mans
hands were made equal to gold According to
the gentleman from Georgia (Fenton) the poor
man was entitled to be paid in poor currency.
If that was not his argument, God only knew
what it was. Daughter They were told thew
We're running the laboring man and the business
man if they gave him currency as good as gold
Those who said SO were cheating and deludipg
the laboriug men of the country in the attempt
to play the demagogue. If national banks
were to be alb ,lished what was going to ba done
with the thousand million dollars of indebt.d
ness to those banks? What were the moor
debtors to do who could not pay at this time?
The whole thing was muddle, a farce Nauph-
teri As to the silver question, he would vote
for bill properly guarded to issue 5000 600
Of silver coin, but he would give the govern
ment the profit of the coinage and would lot
leg1slate into the pockets of Jones and Sharon
Flood and O'Brien daughter The men on
the other side wanted 10 have Samuel Tllden
for President, and yet while Tlden was Cover
nor of New York he urged upon the Legislature
the passage of a resumption law He (Towu-
sepd) had stumped the country against Mr..
TIlden, but he had never charged him with be-
ing re pudiator. He reminded those on the
other side OF the question that there We're some
$50 100000 or $4,000 900 bonds held by the saw
ln2s banks, and that these savings banks are
the treasurers of the poor, and it was sought to
destroy the security which the poor man had
socured-a pttaDce for the evening of his life
He defied the majority of the House. He de-
fed the President 10 carry back the ehadows on
the dial. No one had struck Resumption has
come within hairs breadth. The national
imports of last year hsd been less than the ex-
ports by Sl83 600, 900. 1t was this that had car
RED down gold toward greeIbacks by some
per cent. The crops of this year would uext
year bring 100000 from Europe. aud that
would do the rest of it.
Mr.. Cox of New York asked Mr.. Townsend
whether he considered The passage of the silver
bill was or was not step toward resumption
and whether he did not believe silver was coin
according to the Constitution, and therefore
that the public debt could be paid in silver.
Mr.. Townsend replied that when the bonds
wers negotiated both silver aud gold were the
coiu of the country. He had no doubt of the
moral aud political proprlety of paying the
national bonds and debt contracted before 1873
with what was the cOia of the country at the
time when those debts were contracted, but he
was not IN favor OF coming silver to an unlimit
ed extent.
Mr.. Davis of North Carolina said he was in
favor OF the coinage of silver and in such guam
THY as would suffice to pay all private and ma
| tional debts The policy of contraction of the
currency had been the policy which had para
lyzed labor and industry and enterprise; the
policy which had brought poverty and dsas-
tiers upon the country and want aud starvation
upon thousands and thousands of laborers. A
ten dollar bill which had been issued nearly
ten years ago was worth at that time ST. II
was now worth 1910, and yet the bowl OF s'rag
money went up from the oondholders The
gentleman from New York (ChitteudeD) had
stated that all the gamblers and loafers we're
bowling for the passage of the bill now before
the House. There was set of gamblers in
Wall street who were not only bowling on the
other side, but were Planning to defeat the
silver bill and the bill for the repeal of the re-
sumption act. Those were the gamblers who
made BLACK Friday" corners in wheat and
corners in cotton, and they were all on the size
of the gentleman from New York. In his
| opinion the voice of the country coming like
whirlwind demanded that the bill should pass
and there be NO longer one money for the bond
holder and another for the laboring man.
Mr.. Steele of North Carolina concurred in all
that had been said by his colleague. He de-
MED being repudiA,ionist. He was in favor
| of paying the creditors of the country accord
never would agree to any financial system
which forced the resumption of s,ecie pay ment
for the benefit of only one class of people.
Mr.. Reagan of Texas believed that measures
ououiu NC Odhcu w TeStOTo lHo country u pros
| perity and thought the bill under consideration
tended in that direction. While he regarded
| the national honor sacred, he DID not hold as
| less sacred the interests of the country. The
| people believed that on the financial ard tariff
question the legislation for the last dozen
year has been in the interest of the creditor
class, but Low their minds were opened and
they meant through their representatives to
run the American government in the interest
of the American people and no longer in the
interest of classes.
The matter then went over without action
and the House adipurned