The Cecil Whig., 1877-11-24

showed that the hnanclaI writers,
quoted so unsparingly by Judge Kelly,
were utterly without credit in their own
country Instead of the Resumption
act being the cause Of distress in Eng
land, Mr. Garfield showed that it was
caused solely by the English corn laws,
which induced the English people to
raise wheat in such quantities that the
surplus of production ruined the agri-
culturists of that country. He argued
further, that every great financial crisis
that had occurred in England and in
this country had been preceded by
large issue Of paper money, which had
induced eNtravagant speculation. and
naturally resulted in great business
depression and prostration. One point
in his argument is especially noticeable.
He proved that the industry and trade
of the country had suffered more than
capital from the incontrovertibilitv of
the currency and its attendant evils,
and that they are now deeply inter-
ested in the attainment of resumption
at period fixed by the law He de-
MED that the resumption of specie pay
ment will iniure the debtor class. The
presumption that the poor people are
the debtor class was erroneous, and he
asserted that the great majority of the
creditor class is composed of poor peo-
pie, and that the debtor class is the
rich. A poor man can't go into debt,
because he cannot obtain credit Credit
can only be obtained upon property that
has fixed value, and this the poor man
does not have. This class take their
money, which is the result of their saw
ings, and place it where it will earn
something, He quoted statistics to sus-
tain this theory, and showed that on
January last there were over 400 saw
ings banks in the country, with depos
its amounting to Sl,377 900, 900. This
money was deposited by 100000 peo-
pie, who had thus deposited their saw
ings that they might be loaned to busi-
ness men to enlarge their business be-
yond their capital.
Mr. Garfield also explained the asser-
ton, SO frequently made in Congress
and elsewhere, that the bond-holders
are capitalists and wealthy men He
showed that in one city, in which S4l6,-
600 of Government bonds are held by
1876 persons, onl Y eight men Of the
number hold over $4,000 each, while
one hundred and eighty-two Of the num-
Der range from $50 to $3.50 each. Sixty
of the number are widows, fifteen guar
dans of mipor children, and one hun
dred and twenty-one laborers, mechan-
les, farmers, ministers, and other men
of slender means, who put their money
into bonds that it might be safe He
also quoted statistics from life insur-
ance companies to show that the poor
man goes into life insurance simply to
provide for his family after his death,
and that out of about 100000 policies
scattered over several States, the aver
age insurance was only $4,000. All
the assests of these companies are
loaned out, and the companies are sim
ply the agents for the poor man. Ap-
plying these facts, he argued that to do
any thing that could let down the value
of the greenback, would cut down the
principal and interest of all of these
vast sums invested by poor men for
the benefit of their families, and it
would also cut down their daily wages
in the same proportion.
We have not the space to review
further his admirable argument. Suf-
flee it to say that the whole tenor of
Mr. Garfield's speech exhibits study
and research on the subject of Resump-
ton, and commends itself to the iudg-
ment and intelligence of those who pre-
tend not to see the fallacies that under
lie the plausible arguments of the anti
resumptonists