The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1877-12-07

men has not the same employment from
| the manufacturer and merehaots the far-
mer cannot dispose OF his corn and cattle,
though ne must pay the same rent 10 MS
| landlord. The poverty. and beggary
which must ensue are easily foreseen.
OUR. CURRENcY NOT EXCESSIVE WHEN
REsUMPTION Law WAS ENACTED.
Mr.. Speaker, this resumption
law found the prices Of land, labor,
and products in the United States
adjusted to volume of $7S3, 600 600
Of money, exclusive, of fractionsl
currency, i do, not include silver
or gold, for they were not then and
are not now any part of the actual
currency. This volume was not ex-
cessiYe. It was but $3.50 per cap
itd, including the fractional curren-
cy.T Compare IL with the money of
othees nations. AS my COLLEAGUES
Mr.. Garfield objects to cOmpar-
isOn with France, take England,
which has by various estimates
from $27 to $34 per capita, or Ger
many, which has $2S per capttG.
These are small nations, compare
BILE only in area with our States !;
they are covered with networks of
railways and their exchanges are
swiftly made; while we are spread
over q Vast continsnt, imperfectiy
developed, and our exchanges are
comparatively slow. IL was the de-
Iiberate Judgment of Gen. Granite
administration in December, 1873,
| as expressed in his message-an
opinion concurred in by the best
lminds1of the countryYgenerAlly-
that our currency was then too
small for our business in the dullest
seasons of the year. gT ~
THE GENERAL. PURPOSE AND EFFECT
OF THE LAW.
Now the immediate evil of this
resumption law is that it necessari-
ly involves g destruction of from
one-half to three-fourths or our pa
per money that the gold with
which the paper will be redeemed
will not go into general circulation,
| and that therefore the execution of
the law will result in a reduction of
all values In substantially the pro-
portion of the contraction of the
currency, carrying with it an enOr-
nous increase of the burden of
| debt and taxation, the widespread
ruin of Industry, and the paUperi-
cation of millions of our people.
| This law was in fact devised by
the money power to double their
wealth through contraction and the
consequent hrinkage of values, and
at the same time to take from the
people all control of the currency (;
| to drive in the circulation of the
| country banks, and establish q do
minion OF the money power through
few banks in the large cities over
THE business and fortunes of the
great NEUTRALITY-SUSPICIOUS. and
sections.
THE GREENBACkS REDEEMED MUST
BE DESTROYED.
Under this law every greenback
redeemed must be destroyed. My
| colleague says thSt Mr.. Sherman
now thinks they may be reissued.
If go, he has changed front. He in
timated most distinctly in the Sen
ate when the resumption bill passed
that redemption meant cancellation.
But, whatever may be his opinion,
the law stands and whoever may be
Secretary must execute its evident
purpose. Section 1919 of the Re
| yised Statutes which Mr.. Sherman
is now reported to interpret as au-
thorizing q reissue, was in force in
1875, when he expressed tho oppo-
site opinion. 1t provides that
"when any United States notes are
returned to the Treasury they may
be reissued." Certainly notes re-
turned-that is, received in payment
of public dues-may be reissued.
The act of receiving such notes is
not redemption-which Is payment
of public debt, and involves ex-
tiuction of the evidence of the
debt unless otherwise expressly
provided by law.
But Mr.. Sherman's latest phase
of opinion on this question is not
only unsustained by the law but ac-
tually multiplies the difficulties and
dangers of resumption. 1t compete
redemption in gold not only once
but over and again, and requires
the Treasury to be the perpetua
supplier of gold to all who need it
while it puts in the hands of the
Secretary the power to expand o.
contract the currency by reissninS
or boarding greenbacks at his dis
cretion.
Mr.. Bristow when Secretary o
the Treasury declared the purpose
and effect of the law in his repoF
for December, 1875, saying, 'Eth'
! faith of the government now stand
: pledged 10 the fiual redemption snC
removal from the currency of tn,
country OF the legal tender notes 9
fast as they shall be presented fol
redemption" Mr.. Morrill,, his sue
cessoF, reiterated it in his report il
1876, saying that the law "declare(
in lffect q monetary system compos
ed of coin and national bank note
: redeemable in coin," The Treasur.
Department has declared it ever,
month by the destruction of frac
: tional currency redeemed under tn
. same language of the same law
J The act itself declares il by provid
. ing for the redemption" of frac
tional currency "until tho Who'll
amount outstanding shall be re
!, deemed ;" and by providing that lie
gal tenders shall be redeemed betor
January 1st, 1879, ''uutil there shsl
be outstanding $500, 000, 600 of sue
, legal tender notes and no more
Ooth these provisions PLAINLY enoW
; ing that redemption" means fina
extinction and removal from III
, currency of the country.
VOLUME OF REDEEGABLE PAPER DEPEl
DENT ON AMOUNT OF COIN IN
THE COUNTRY.
Mr.. Speaker, no nation ever main
tanned q redeemable paper currenc
: equal to the volume OF coin in tn
country. France, with 81 100000
600 in coin according to the estimat
. of Victor Bonnet, and s., 900, O00,O0
according to Mr.. Carey, has not "
. felt able to resume specie payment
on $49l 100000 of paper. England
with $700, 100000 Of coin, can onl
: maintain q redeenable paper cuI
rency of about Two hundred an
: sixty millions. Before the war "
had two hundred and eighty-fiv
: millions of coin In the United State
4 and our banks never had q pape
!. circulation in excess of two h0T
dred and fifteen millions. The res
son is obvious: when coin become
arenally rnRRonk tzn-fhir6a nf Z,