The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-12-06
GENERAL EVING'S GREAT SPEECH.
RESUMPTION RIDDLED.
An er,Unexampled and Eloquent
Argument.

MIR Ewing llleH Noi &c ,+or;c c
speech. He said it was d cnai 49, do' no n
tic of the popular goVerlilllo14lhI o s, ~ t
people gave their exclusive l,a4o ~ th =, 4
one leading subject. linus peaoa = ~ /
,a.+;on During the war it was now ,
- maintain the government. since
49, ~ i vac how to govern the Southern !
S+a+as Now the question 0, para.
, ,'" interest was the question OF
+ha deht and currency. Itwould nave
been happy for the people IL thes ,,; nav
considered these questions carrier
rhev would have been Saveu AIMING
other things the passage or sle acO ~ -
repudiation and eXtortlon OF 1oos; ~
which the contract on when SloV'ooo'
900 of the public debt was nlaoe Wa
changed, to the detrlmehI ol .no
people and to the advantage OF loluoh'
of public securities, without CONSULT ran
ton. to a sum of not less thah >ooo,
100000, and they would nave peon
saved that stealthy ana rascaily ~
for the demonstration OF Sll'oi .'l1u
the browning scheme OF lhe iiionsS
mower for the oppression VI VIZ
neople. the resumption law. he VIZ W.:
on to argue that when the ruSuiilpo 4t
law was passed. the volume VI VIZ
currency in circulation was onis
1873 .OOO. 900, and that lhaV was oiiy
$3.50 per capita more Ihall ""o -
circulation in 1850, when MS ooi-
league Mr. Garfield had helo up ~
admiration as Il year OF Souliu puoiiiooa
and sound money. IhaC acC I'D" p'o
in the hands of the capltailSls .no
control of the industries OF tne gov
ernment. Proceeding TO uiscuos
Secretary Sherman's constructor! VI
the law on the subject OF relSsu ,ns
local tenders, he sad tnat llia0
gentleman was very apt to cnanSe ilio
views. because in 1858 he tolo INC E
neonle of Ohio that the payment ol
limited States bonds III com, Willie oli
their face they were TO DC pi'lo Ill
lawful money,
WOULD BE REPUTATION AND EA ioh'
TION.
and vet within six months afterwards
he had reported in the senate that Tue
act of Reputation and eXtorIloi
falsely labelled an act to Strengthen
the nublic credit Fit were possible
Mr. Ewing continued to substitute
1884. 900. 900 of gold for greenDacf
money and if that gold so substitutes
would remain III circulation just a
ia rroanhock money, there would b.
No very great mischief done by tn
RESUMPTION act, further IMAM III
useless increase of the bonded uept !
The amount of 1854 900 900, buI III
trouble was that an attempt 10 ii"h
1854 900 900 of gold take the place
greenback money in the currency wa
utterly impossible. Cold cooio III
remain in circulation III the presei
condition of the country ana ever
preenback redeemed was SO nuc
yithdrawn from the effective Gu
rencv and its proportionate efect w
reduction of values. He SAID th
before the greenback era, there new
had been kept afloat III TINS count
more than $2l4,O00.0oo OF pap
money. with 1885 100000 coin, al
now with 1888 900 900 paper none
there was not $50, 100000 OF golo
the limited States. Since 1850 t
mines of the country had produc
81. 257 ,0O0, 900 of precious metals Il
vet there was not III the count
fhree-ffths of the little volume
coin that there was in 1860. W ne
had all the gold and silver gomez IL Il
cone to nav the debts of this count
and there was where would go all
coin that could be scraped together
the treasury or banks. This was
GREAT debtor nation OF the Wor
No nation owed outside OF its o
borders one half the amount VIII
America owed. More than half
oraenback era. there never had bt
Kent atIoat in this country more II
If
Soe5 0Oo 600 coin. and now with s.,
600 600 naper money there was
$50 OoO. 900 of gold in the l nj
states. Since 1860 the mines OF
country had produced S1.231 Noo,oo'
nrecious metals and yet there was
n tho country three tifths of the IL
volume of coin that there was III |
whare had all the gold and ST
gomez 1t has gone to pay 'he oep,
this country and there was WI
would go all the com that coulu
Scraped together IN the tlHaoal
banks. This was the great "e
nation of the world. No nation o
outside Of its own borders one nan
amount which America owed. NJ
than half the bonded debt OF
country was held abroad, and I'll
were State, city, railroad anu 0
debts due abroad, the aggregate
interest on which ran from S1oo.'
600 TO Sl5o.00o, 900 year, $4,000
to $4,000. 900 a year was paid
shipping. and rs much more for
expense of foreign travel. so that.
ANNUAL DRAIN OF COIN FROM
COUNTRY
was from Sl75. 900 900 TO $3.50 900
How was that paid! Not by
balance of trade. as might be :
because that balance for the last 81
wears had been S4,0O0,0O0 against
country. This interest was there
asa rule not paid by the balan'
trade. 1t was paid partly by ship
$4,000, 900 a year of precious me
Discussing the preparation for resi-
ton. here we are, SAID ne. WI