The daily gazette., 1877-11-19
Repeal of the Resumption
" Clause ~
GOLD FOR BON1HoLDERs.
SILVER FOR POOR RENTERS.
SPEECH OF Mr.. DAVIS, OF NORTH
E CAROLINA, ON NOV. ATH. {
: fExtract from the Con. Record. I.

Extract from the Con. Record. .1'-'''''
Who enacted the sham, and who per.
petrated the fraud, and upon whom was
the fraud perpetratedp The gentleman
from New York talks about gentlemen
on this side speaking nonsense, and hay
ing passion and temper. L think, Mr..
Speaker, If the gentlemen on the other
side would be less angry it would be
better for them. Why, sir, these gentle
men are only mad because with one OF
their gold dollars they cannot buy twice
as much as you can with one greenback
dollar. That is the cause of the anger.
| hold in myhands one of those green.
backs. 1t is of the series of 1860. When
issued, this promise to pay $40 was worth
81 so. 1t is worth now $3.50, and yet it
is "dirty rag,""a sham," worth nothing
in eyes jaundiced by yellow gold. No,
sir, my friends are angry because we are
ab0ut to take it out of their power to
make one OF their gold dollars worth two
of greenbacks; or in other words to give
to their gold double the purchasing pow
er which tine money of the people has.
Then there is another thing. The
gentleman from New York said yester-
day that 1t was breach OF faith-and
that is very serious charge--that it was
a breach OF faith-to pay these debts now
in this money. Why, sir, he said it was
"repudiation." Again point the gentle
man to this greenback which | hold in
my hand. There it is. Does it fix any
time when it is 10 be paid? 1t does not
But it promises to pay $40. Oh but, he
says, there was legislation fixing when it
should be paid. But how was that leg
islation brought about? Let the gentle
man from Pennsylvania [Mr. Kelley |.
tell. BY party caucus, he said. And
sir, how was The act demonetizing silver
passed? BY fraud? Honorable gentlemen
on that side of the House have intimat-
ed as much. why, Mr.. Speaker, the
measure which was passed on the 4tb of
November had been publicly discussed
upon every stump in the land; it had
been discussed both before the people
and in the press. Everybody had been
informed in relation to it and every gen
tleman knew what he was doing. When
the gentleman speaks about the wrong
done to the people and of appealing to
the people to right this great wrong, tell
him to bring down his half million of
men, and | shall not dread them half as
much as would that lobby of the bank
ers and bondhOlders who in former times
influenced the legislation of Congress. l
shall not dread that half million of men
so much, because l do not dread the enc
my who fights with open hand, for can
meet him in battle; but l do dread the
insidious lobby which comes around
with bankers money to influence the
Legislation of Congress.
The day of Credit Mobilier, "real es-
tate pools,' of "Black Fridays"-tbose
days of darkness and disgrace-haye pass
ed by, and such things have no influence
upon this Congress. We have discharg-
ed our duty; we have restored to the pe0-
pie, as far as this House is able to do
that money which has been the currencv
OF merchants since the days of Abraham
1t remains to be seen whether the other
departments of the Government will dis
charge their duty equally as we'll to the
people.
Mr. Speaker, it is said to-day in the pa
pers that men from Boston and New
ok and Philadelphia are down here
now TO influence action upon this cues
ton, talking with high officials and grave
leglslators.and every body else whom they
think they can influence, and vet the gem
tleman talks about the haste with which
the silver bill was passed. But. Mr..
Speaker, [ have not time to 90 mnch
iurther on this point. quote as a part
OF my remarks portion of the speecb
made In the last Congress by the gentle
man from Illinois, Mr.. Fort, in which
ne showed conclusively that the demone-
tlzation bill was passed without being
discussed, without the reading of the bill
or the knowledge of nybody exceptinc
those who were in the secret. As a friend
near me Mr.. Glover saws, its very tjtle
was deceptive and Celusiye. Those
whose duty it was 10 be on guard were
either asleep or lulled by assurances that
there was nothing in the bill that was
wrong, and yet gentlemen talk about the
haste with which this bill was passed.
now quote the language of Mr.. Fort
showing how that bill passed.
Mr.. Fort aid
Inc history of the passage of that nnost
mlschlevous law may not be fully written
ana some may hope that IL NAV never he
VII ten;but by ONE vancouver il wasdone
But this 1 do say, Mr., Snea lSer
tne people OF this country we're not consnIt.
eo, eo ABOUT tne repeal Of this important and
satisfactory law. 1t slipped through one
Rouse and then the other, as things som ..
LiIn es 40. 1t was put til rough nm.
der the suspension of the rules at the hid.
ding of bhe bondholders, and as the C0nores
SiohM Record shows, without even heino
read This little miscellaneous La ,1
repeating the legal-tender quality Of sjive,
dollars was stolen through CONGRESS-. as
bel1eve, by being hidden in the BODY or :
long bill protesting only to modify tbs
coinage laws, and was not discoyered bS
the good men who were on guard here then
Now, Mr.. speaker, let me remind The
House that in 1865, twelve years AGO. iht
| circulating medium of the country wa.
virtually 50, 100000 900, for nearly all tbe
public debt was then used as currency =
Now it is nominally not more than one
third Of that sum, and really not one
fifth. And yet the gentleman saws it i,
all right and all is going on well.