The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1877-11-23

months. and 1t is simply madness for us to trust
to currency that may thus be Withdrawn at
will.
There was not gold enough In the world to
maintain the volume of our paper currency,
Our IN ines of gold and silver, would not yield us
enough coin II it was all kept in the country for
| the next twenty years.
| Resump ption must wait until it is proven that
the aceumuIatiqn Of coin is greaeE in volume
| ton day the gold will be drawn from the treas
ury as fast as it can be pHd out. 1t would go to
the banks and spectators. and the people Will
see none of it.
Mr.. Ewing denied that the people demanded
gold: It was the banks that made the demand.
| His colleague from Ohio. Mr. Monroe. had said
the other day that the country was within 27a
per cent Of the resumption. So the records in
formed the people of England when resumption
was talked of there. that they we're, within
per cent of resumption, 1t was that per
! cent which brought all the trouble on Eng
! land, and half per cent would bring greater
Equalization was not resumption. and he who
says that the country is ready for resumption
when greenbacks arg equal with. gold has no
idea Of the case. Equalization is one thing
and resum ptiOn is another and an imDOsslb BILE
thing. when England decided on resum mption
she was the great creditor nation of the world
while the Uuited States is the great debtor ma
ton. and yet England couldn't resume without
disturbing all her business interests.
History would hold The men responsible who
now aided in the attempted resumption. The
example of France had been ai9t4d, but Mr..
to resume until her coin equa'ed her paper.
Resumption meant an increase of the burdens
of the people. It was reobber law which
and the wages from the people.
By this robber law labor would lose $90,oOo.oOo1
q year. Men would be robbed Of their labor an and
president of the Dayton and Southea tern Il III
road who was building railroad through
build his road had offered their services for the
mere amount that would feed their families
with, ut reference to anything else Great
be so dear, and flesh and blood so cheap" Zap
plausel
If resumption was forced he believed that four
or five hundred millions OF currency would be
| withdrawn from trade. and the country would
witness multiplication OF arriving working
men and tradesmen, and general era Reputation
act would confiscate all earnings deposited in
the savings banks and the insurance compa,
Glasses should urge ssi H oeyg go
they not hear the warming voices of the
people? What did, the riots, of six
had been trQdden on until it, could endure
no longer. Labor was ground down until it
cou ID stand no more. The riots were struggle
ticable, as il certainly is not for there is not
power enough in this land 10 hush the CRIES OF
distress and gue the rgsisanee Which would
would be gained? There would be no gain,
except it was gain to establish anew the banks
Referring to the remark by Mr. Chittenden.
that the greenback was forced loan, that no
day had been fixed for its redemption until the
passage Of the resumption act. and that to re-
peal the act now would be to repudiate. he said
that if no day had been fixed, the bills were
payable on demand that it was reputation to
fix day fOmr years off and that by the repeal of
the act the country only returned to the original
fcontract. He denied that it was forced loan !;
it was debt by which resumption spectators
| and hoarders alone would be benefited
| The bill affects the happiness and prosperity
! of three -fOurths of the wives and children of
| the land. The resumption act had caused hun
dT eds of men to commit suicide, and hundreds
| of thousands were reduced from competence
to poverty, while millions had been deprived of
their entire capital, their daily labor. It was
| too late now to rep tir the wrongs of the past.
| but repetition in future may be arrested by
prompt action. He would not appeal to the
money power of the country, but he appealed
| to the masses, and to their faithful repres en-
! tatives, and to the men who believed
that the best government is that which confers
the greatest good upon the greatest number.
and to those who believe that the man who
changes the value of q contract is accused as he
who removes his neighbOr's landmarks.
For twelve years the financial affairs Of this
| country have been in the bands of the men of
| Lombard and Wall streets, like Gullivor in the
| hands Of the LilliputiAns.
| The country had been bound in bonds. but he
| thanked God it was about to burst these bonds
and walk forth in its majesty and power. [Ap-
pIauseJ
| The House then at 5 80 D. m. adjourned.