The New York herald., 1877-11-16

reached when is volume was largest he had referred
70 70 hi. MeOailoeh NOT so much 10 crit'cse him
70 una standpoint .or his doctrinal
discourse. he had conversed conGdentisly with many
bankers and he had found OF them who, JUS
speaking conndentiaiy. dd not say that although
the Treasury might, oy law, resume specie payment
on the lst OF January 1879 It's supply OF bullion would
OF deposit, ana by banks, who would send forward
large amounts OF notes for redemption, that The
sold, nsvns mus been transferred TO banks and ma
uona suspense having again occurred, the time for
the profits OF The banks which happened TO get Ia
would have arrived for under new SUSPENSION there
wouia oe no calculating how high the pre-
mum on gold would go, or how long suspension
would continue and vet, said he, gcntie-
men LAX AZ nippantly about gelng Two hun
dred millions Of four per cent bonds Tor gold.
and bringing she result nome though gold
were man uactu red Ia Manchester and that the Brit
ish manufacturers would DO glad TO sell IL The gold
Is not In the possession Of any government people
amour, is treasured aud viii not DO allowed
TO come To debtor nation whose bonds may be sent
home. He rccapilulsied the debts OF the country
national, Stale, city, county and corporalion--and
contrasted with their aggregate the pui supply OF
com IN the Treasury, and showed that when tho
Geneva award Of Sl5, 500,0 900 was made years
ago that award, which was payable in coin,
paid because the English government afraid that
she Withdrawal OF so much gold would cause imam
cial Crisis in England. He on 10 say that Con-
gress, In egisiatng fora resumption OF specie pay
laws OF trade could 40. % ''sos BE- Controlled by by
the wisest and most potent government.
laws Of gravitation or refracton as TO egslate tho
How OF gold from creditor TO debtor nations In
epocn uko the present. The banks understood all
this They knew therc could be- resumption OF
specie payments in 1879. Their representatives, were
IN Washington and had yesterday invaded various
committee rooms They had even gone, as the news
papers said, with three Cabinet ministers " tho
White House, but ne did not believe that story. He
was unwilling TO believe IL; he would not
believe II until Il was proven. He could not
believe that forty hty owning moGey
bags came here ana had Cabinet Ministers ready 10
drop their business and 10 them with servility
TO tho Executive chamber Why did thcy not rather
hear the voices OF mothers and orphans Of men.
nriy VT
lege OF selling their iaoor, and take counsel
about thatS he would not belIeve tue false and
sianderous story. lLaughter) He went on to say
thai The banks were not preparing for resumption;
they were not accumuiatng specie, and they
failed once IN September 1873 and would not pay
their notes even IN greenbacks. These greenbacks
had ocen denomnated a tGe curse OF The country aud
yet y was me greenoacKs-"the rag baby"-that mad
saved the Union. Whon gold, defowcred hau lett tho
country ,ne rag BABY, had stepped forward and
Piled munitions, food and transportation. That which
served so we'll IN war was not deserving OF the
tempt whch was being heaped upon u IN peace. That
which gave the nation credit to tho amount Of
600 600 was certainly enough to sustain credit
| OF 81, o00 000, 900.
Here Mr. CRirrESpES made effort 70 be heard,
| but MIR Kelley waived him aside impetuousy, and
Initiating Mr. Chitlenden's own request tho other day
asked tho speaker TO protect hin from interruption.
lie proceeded TO road paragraph from the phadei-
TO sherPs sale Of the largest number OF pieces OF
properly ever exposed Tor sale ylvsnia-1 500
different pieces OF property. Some seven,y-hve Of
associations, for money advanced, mostly the
small bones OF the laboring classes These homes
were beng disposed ot 10 tho wrecker" i0r nomi-
nal price He pointed TO the shriEkago OF value in
real estate IN 0O0 UOO last year. and to the
shrinkage IN the assessed value Of real personal
| property N Massachusetts, last year-moro than
$780, 100000 he predicted In spite Of iecr aud sco,
that II the Resumption act was TO DO maintained the
surerings Of the last two years would be, when CON-
pared with tho suferirgs yet TO come as light the
chill that blghts ropica. plants whom compared with
the Arctic cold that builds up the mountainous cc-
| berg.
Al this point his hour expired, but unanimous con-
| sent was givon 70 him TO finish his speech.
| Rcsuming, Mr. Kelley asked the House 10 wipe out
that runous statute. II stood = menace 70 conf
donce-lhe steady destroyer Of credit IL was notice
~ every capitalist that the body oil money to DO
conracted that tho banks must hoard specie for
SUMPTION; that prices must fall. and that, therefore,
the best use OF money to bury 1t eithor their
own cellars or IN tue vaults OF the banks 1t
| wonder, therefore, that the gentleman from New
YORK (Mr Chttcnden) could say yesterday that therc
never mad been much money TO lond There was
no Tor money when men saw that that which they
could men borrow money! Could they borrow money
| In Pniladelpha on Reading Rsiroad stock, ON Dea-
ware and Lackawanna. on Jersey Central or any
other railroad stockS Could money be borrowed
iarms, factorios torgcs or iurnacca? Mol And why
| Because under tho Resumption act their value must
shrink He had heard of moneyed institutions IN Now
York that were not only foregoing interest
cages, put were paying tho taxes on the mortgaged
property Gather than IN ls present depre-
ciated value thus up their working capital He
knew oil similar Instances IN Philadelphia lie knew
OF mortgagors who were begging the mortgages 10
take the property and them from the resulting
judgment, which would blight the hopes OF their
future ne In conclusion he sad-Rcpcal that act;
restore confdence allow the trainps and tho millions
OF workingmen and women who are now lvlug in
despair 10 90 10 work on your raw material and supply
each others work No nation no individual, was ever
freed from deut by idieucss and want Of industry.
Set the miners OF Pennsylvania ana the other coal
| they mine quicken your machinery. Let wages DO
earned oy tue working people TO enable them 10
70 pay Their debts and TO consume duuablo
and taxable commodities We have gone at this
thing ui-headcd and havc thus enectually disabled
ourselves, deprived ourselves Of confidence, impov-
crushed our people, diminished the revenues OF tho
government and put ourselves Ia position that,
the midst OF aboundiny crops our people are hungry
With our cotton Qhe largest crop that ever pro
duced) they aro naked rags The examples Of
France arc worthy the study Of American statesmen
Lot them study those examples not books written by
pettE mdltres men who hold seals tn colleges, who
have read Ricardo or Adam Smith, and who begin az
once, hko an apothecary, to compound prcscr p.ons
and giving It a common title. Take The management
oil nation study the details OF history tor series
McCuloch does not know what boy OF len years
does know, that q promise to pay is not money !
that no other citizen oi Indiana Is 90 ignorant
Remember that you are 10 deal with i've thou
sand millions OF Indebtedness You aro 10 pro-
vde reservoir from which every old woman in Berks
county can MI her stocking. You are to proviGc q
luna IRON which every hoardcr may draw his hoard
ings. You are 10 say TO every European creditor,
'.we take the risk Of your markets, OF your
tics Tor gold; will go IL higher We nave got len
or hileen millions oil dollars 10 do u with" Laugh-
ter and appiause.)
tion had destroyed all the business transacttons Of
tho country aud mad taken the money from The pock-
the people and placed u In the possession oil tho
| Snylocks and money lenders. He defended the action
OF the House IN passing the silver ball and declared
that history would erect or the projectors OF the bill
demoneLizing silver monument immortal In ta IN
fanny The financial policy of the last ton years had
been TO Kill tie people and sustain the national banks
so thai Wall street might prosper. "Repudiaiion''
! the cry OF the rich, but wholesale robbery
was tho we'll sustained charge by the poor The peo-
| pie demanded the repeal OF tho resumption aud
Inc rcmobetzation OF silver. ln conclusion he on
tered his protest against the whole financial pocy of
! the republican party.
Mr. HANNA, trcpl OF lrd., declared himself opposed
| 10 the Resumption Law as II stood. He not
IN Of Wild and reckless Imitation What The
other extremeS Equally unwse and disastrous as
forced resumption ana contraction. lie in favor
keeping the legal tender currency intact unti u
should have The same pufchasaDlo value as gold As
republican scorncd tue idea OF reputation In be
li OF honest constituency who would bring their
ali N necessary, aud lay u on the counter oi tho
treasury free Offering IN order TO sustain tho
honor and The credit OF the country He hurled back
the charge that the projectors OF the present Di
taking step toward rcpudli by demanding the re-
poal 0f the Resumption iax and ne branded IL as un.
warrantaDle aud untruc. The opponents OF the blll
-.lsI...