Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1877-11-23
TIE FoKTy-FIFTH CONGRESS-
EXTRA SESSION,

serious damage was done, although the
shock was generally felt.
TIE FoRTY-FIFTH CONGRESS
EXTRA SESSION
HOUSE.
MORE DEBATE On THE BILL To REPEAL THE
RESUMPTION ACT.
WASHINGTON. Nov. I6-Mr Garfield said
the underlined laws of trade and Commerce
would regulate the question of fDancs If
Congress instead Of tinkering at the finan-
ces would endeavor 10 build up Gunner
cial prosperity. The present bill vas wrong
in principle and would be ruinOls In its
results.
MIR. MeCook, of New York, said the
title OF the bill should be changed 20 'act
to break rhe plighted faith of the govern
menI and impair its credit both at home
anu abroad y Referring 20 attacks upon
the New York capitalists he said in the
dark period of the nations histOry when
capital was as important as men, that cAium-
mated class placed millions at the disposal
of the government. Already a blow had
been struck at the national credit by the
passage of the silver bill which opened a
door wide to initiation. lie would endeavor
to prevent another blow being given by
the repeal of the resumption act.
Mr.. Garfield appealed from the ebb and
flow of pu bile opinion, to-day. to the GER
eral judgnl,ut OF mankind on the question
of currency. The year 1860 was year OF
universal and general prosperity. If any
thing was then settled in public opinion it
was that the only safe and trustworthy
standard value was coin. or paper currency
convertible into COIN. That was then and
| had been iOr d long time the unanimous
| opinion OF the American people. That
| opinion was then the aggregated result Of
| opinions Of the most eminent Americans who
/ ever thought and wrote on the subject. No
man had ever sat in the presidential chair
and lef; on record any word which spoke Of
/ safety IN finance except in cola or paper
| convertible into coin. No man had ever
sat in the chair of the secretary of the
| treasury who had not lett on record an
| opinion equally strOng-ir1m Hamilton
| down to the father OF his distinguished
colleague (Ewing) and down to the pres
ent. What produced the chang from the
general level of public opinion in 1861?
| The over-maStering necessities of war led
the men Of 1861 to depart from the doctrine
of the fathers. but they bad departed
from 1t as a matter OF overwhelming ne
cessity. All who voted fol grecnback law
had done 50 under protest and with the de-
ment the country should be brought back
TO the old doctrine. But times were chang
ed. A group OF school men and dOctrianalres,
the latter unknown l2years ago, were found
| favoring what they called absolute
money" declaring that piece of paper
stamped zone dollar was dollar. AL
though banking was free in 1863, there
were but 207 millions of paper money in
circulation. and about 200 millions in coin
/ To-Day there were 1856 millions of paper,
| besides gold circulating on tho Pacific
coast. He asked whether, il in 1850
four hundred and seven millions WAS the
limit OF the possible currency in circulation,
almost twice that amount was needed. and
was hardly enough In 1871. CrIticislng
Kelley 5 speech, yesterday. ne said France
needed more currency than England OF the
United States, because business IN France
was done in cash. whereas in England and
the United States 1t was done by checks and
drafts. France issued paper money during
the war, but as soon IS the war was over
began to reduce paper circulation and was
now within fifty days OF resumption. The
overwhelming fixed opinion OF England WAS
that the resumption of 1918 was a blessing.
Every great financial crisis in this country
bad been preceded by an enormous enlarge
ment of paper circulation. lie denied that
specie payment would iDjure the debtor
class, and therefore help the rich. The yast
majority of creditors were poor men and
the vast majority Of debtors were rich.
The rich borrow from savings banks the
savings of the poor. 1.-THE resumption act
were repealed, Congress would look back
and regret the day. lie did not underyalue
greenbscks, but when the gentleman from
Pennsylvania (kelly) talked about the
greentack putting down the rebellion, if
he (Gsrtield) had been on the other side of
the House, he would have said "Oh. No,
Judge, We had more liberal supply of that
kind OF money than you had Ii was better
money than yours on your own principle,
for it was to be redeemed six wears alter
the independence of confederate states,
and yet that did not put you DOWN"
Laughter. He did not think the gentle
men who knew the financial policy
OF the coniederacy. would join with
the gentleman from Pennsylvania in
his eulUgium of the greenback
In the name OF every man who wanted his
own when he earned it, Mr.. Garfield de-
manded that Congress should not make
the wages of the poor man shrivel and
shrink away, but that the greenback should
be made better until the ploug hnulder's
money should be as good as the bondhOd-
ers. This was the era of paclhcation.
States and citizens were equal before the
law. and so the motto of the country should
be, equal states, equal men, equal dol
lars. aud complete paeIfcation would be
achieved. There were three reasons
why the resumption act should be
retained; first. the public faith de-
manded 1t; second, all the great pub
lie interests demanded it; third. the futlre
prosperity OF the country required solid
permanent basis on which confidence could
be again established and business revived.
The report of the secretary OF the treasury
showed that GO millions OF coin unpledged
was waiting as a reserve for the day OF re-
sumption, and he was adding millions
month. The balance of trade was in favor
OF this country nearly two hundred mil
lions a gear and exchange was hIwrng this
way. The harvests had been b1unteUus,
the nation was awaking to new enterprises,
business was everywhere rtyiving, and
there was no danger except from Congress,
lie referred to the tact that tSu wears aso
his colleague, (Ewins) predicted that the
silver currency then proposed to ne ssuei
would be Immediately absorbed and with
drawn from circulation. So his colleage
thought now that gold coin would be alb
sOrbed.
Mr.. Ewing explained that when he made
that statement the country was not aware of
inc rds:ally act QemOnet!Zlng silver, ard
silver was at high premium: over the green
back.
Mr.. Garfield suggested that the trouble
about the explanation was that the silver
coin was OF 10 per cent less value than old
silver. 80 that there never was the slightest
danger OF its being bought up for silver.
The moment the greenbaek is equal to gold,
1t Is better than gold. tor 1t l. more con
venient and as long a. the people desire it
in circulation 81 long it will be. ANYTHING
that takes back the promise, anything that
gives up what VIC have gained. any thing
that sets ahOat again on the wild waves
from which We have nearly escaped, | viii
oppose, II 1t should cost me al. the political
uture that can be offered to any American
General applause on the republican side
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