Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1877-12-14
VOL. l.. NEW SERIES. VOL. XIII.

FROM GEN. aARFIELD's SPEECH

| FROM GEN. GAEFIELDs 3 SPEECH.
Now, gentleman think that We have got
money that is good enough Tor our country.
| don't undervalue the greenback nor It's
great services TO the country but when tho
gentleman from Pennsylvania tNlr. Kelly,
talked about the greenback rs being the thing
that put down the rebellion, | thought if
had been on the other side | would have
said, 1--WE had more liberal supply of that
mony than you had, and why dill it not put
you down (laughter): our money was better
than yours is one respect, for ours set
a day of resumption, which was SIX
months after the independence of the Con
federate State" (Laughterl. | think. sir,
that gentlemen who know the financial his
tors of the Confederacy would not Join the
gentleman in his eulogy on the paper cur
reucy when cut loose from the standard and
| basis of value.
Gentlemen, you want not only a national
| currency. hut an international currency
| Let me state one fact which I
| think commends itself to every mans min IL
| The foreign trade of the country. its exports
and imports, amount to 81, 500, 0OO, coo in
value, and every dollar OF that trade must be
| transacted in coin. We cannot help our
selves. Every dollar of the exports We send
abroad We sell in coin. Every dollar of I'M
coin in every foreign transaction, and every
| huctuation IN the value of the greenback
| between itself and com falls upon us and not
upon the countries with which We trade and
therefore, the entire commerciql world OF
America demands that the international and
national value of our money shall be one 50
that what is dollar in Ohio shall be Il dollar
the world over. Our money must be inter
national Us well AS national unless you wish
4 -. It.. IL. L
commerce or glory on the sea.
The trouble with our greenback dollar is
this 1t has two distinct functions one pur-
chasing power and the other debt paying
power. As a debt paving power it is equal
to one hundred cents. That is, to pay an old
debt. greenback dollar will by law discharge
one hundred cents of debt but no law can
give 1t purchasing power III the general
markets of the world, unless it represents "A
known standard of coin value. Now what
We want is that these two qualities of onr
greenback dollar shall he made equal. its
debt paying power and its general purchas-
ing power. When YOU have made these two
things equal, you have got good represen-
tative OF value. We who defend the rtsump-
tion act Iropose not to destroy the greenback.
but TO dignity it, to glorify it, The law that
We defend does not destroy il. 1t simply re-
duces Its volume to $500, 900 900, and il
makes the greenback convertible into coin.
but it does not destroy and cancel it.
Now | admit that the law is not entirely
free from ambiguity but the Secretary of
the Treasury, who has the execution of the
law, declares that section 3579 of the revised
statutes Is in full force, viz. that the whole
amount of Treasury notes returned to the
Treasury shall be issued again, except that
the resumption act cuts that amount down to
~ 10.
lieye in keeping greenbacks as IL permanent
currency in the United States. although do
not myself believe in :his Government becoming
a banker, yet am willing for one that i'll
order to prevent the check of business which
gentlemen fear, the $500, 600 900 of the
greenbacks shall be allowed to remain in cir
cHlation as long the wants of trade show
manifestly they are needed. Now, is that
much contraction Is it contraction at all ?
Why, gentleman, when YOU have brought
your greenhacks up q cents more in value
then you will have $500. 600 600 ofgold coin
ready TO tiow into your circulation that can
not circulate until greenbacks are brought up
to par, and when you have brought them up
to par you will have a flood. il You please to
call it so, of 5000. 900, 600 of gold com
Those who are afraid of contraction, may
look at that and answer it.
Summing it all in a word, it is this The
struggle now pending in this House is on
the one hand, to make the greenbacks better ; |
on the other hand, to make it worse. The |
Resumption act is making 1t better every |
day Repeal that act and You make il in |
finitely worse. In the name 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 to shrivel in his hands, !
and TO shrink away after he has earned it,
but that his money shall be made better |
until the ployholder's money shall be as |
good as the bOndholder's money 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 II secondly, because all the |
great business interests OF the country de |
mand it and, thirdly, because our future |
prosperity requires a solid, permanent basis
on which confidence can again plant its feet, |
and the business OF the country revive The |
elements are all in our favor now. The sec
retary of the treasury tells us in his report, |
laid upon our table this morning, that he has
SIT, 200, 600 of gold com, unpledged for any |
other purpose, waiting as reserve for the day |
OF resumption further, that at the rate of |
50. Oe0. 900 month he is adding to that |
stock and, furthermore, the balance oftrade
is now in our favor TO the extent of almost
S2OO, 900, 900 year. All the elements are
Win US EAchange noWs TINS way. bur
harvest have been bountiful The nation is
on the return wave OF prosperity Every
where business is reyiving, and there is no
danger except from the Congress Of the United
States. Here is the storm-center. Here is
the point of peril. If We can pass that point.
and not commit ourselves to the dangerous
act now threatened, We shall see ourselves
safe and resumption complete. The mo-
ment your greenback is equal TO gold it is
better than gold, for it is more convenient,
and as long as the people desire it to be in
circulation, SO long it may be until the bust
ness OF the country demands its removal.
MIR. Speaker, if any OF the amendments
proposes any measures TO make the Hesump-
tion act more safe, more certain, more care
ful OF the interests of the country | will cheer
fully join my friends in voting for them but
anything that takes back the promises any
thing that gives up what We have gained,
anything that sets us afioat in the wild
waves from which We have so nearly escaped,
will oppose it, if it should cost me all the
political future that can be offered any Amer
ican.' lApplause.l