, 1877-07-08
He Believes It to Be the Cause OF The
Present Business Stagnatlon;
That the Government Has Not tie
Nlerewithal to Enforce tile
: Law;
That We Should Divorce Finance from
Politics First Of All;


Smith, editor Of the Gu=ctte. OF this city, del'-
cred on 'Changc to-day strung speech against
resumption in 1S59 as contemplated by the no"
existing laws on that subject Tie OCCASION was
meeting of the Chamber for tho instruction OIL
its delegates to the National Board OF
Traae regarding the subject. a resolu-
ton had been introduced 1nstructinS thc
delcgatcs and recommending to the NJ
tionaI Board to "A recommend to Congress such
modification Of the Resumption net as Shall
postpoue the time of its enforcement" Inc
resolution having been offered, Mr.. Smith, who
seldom takes any special part in the discussions
on 'Changc or any Of its actions, but who has
cyiucel special interest in this subject, took the
stand and spoke for some time earnestly upon
the subject, warmly fayoring the resolution
He was carefully listened to throughout and
warmly applaudcd, and at the close OF his al
dress the resolution was adopted by an over
whelnafug vote Mr.. Smiths remarks were Us
follows:
MR.. SMITHS REMARKS.
arise not to defend the resolutions particu-
larly, because don't think they require 1t, but
to place myself right on tho record wish to
say that am not HI lntlatonist. believe the
stability OF this country, the interests Of the
commerce and the industrial interests OF this
W
1ncnts at as carly time as is practicable. /
believe VT shall nave stability until the time
comes when the United States shall be entirely
divorced froln the Issuance OF paper money;
when it shall be
IEpT TO PRIVATE CAPITALISTS
to supply tho country with currency. SO long
rs tho Government Of the United States shall
undertake to supply paper currency, SO long
will thu business Of this country be disturbed
bv inlationists on the one side and contrac-
S.<e Hf hfr
mcnt assumes the right to issue papcr-money
promises to pay, which are not convertible
into coin, so long will this be political ques-
ton, and VIC shall have in every campaign in
this State and every other State thls question
OF
MORE MONEY OR LESS MONEY,
and,so far as the people are commemorative un-
thinking, unreasoning pcoplc-lt Will bc more
money, never less It VII M be in 1ndatlon IA al Tue
ey to-day, and tue question is how to get 1t oil
Ills high ladder The Government passed
resumption act to take effect in January. ls79:
We have $50, ,OoO, 600 Of gold, and S750, 900, 600
WHICH IS VERY SUCCESSFUL,
aud am glad OF it, But that docs not furnish
gold with which to resume, and It Congress
should adopt tue proposition 10 Iemoncttze sil-
yer we would have but $50, ,0o00 0oo OF silver dol,
lars, for We have the statement that that Is all
that the mints can coin in year. Then we
would have but 500, COO eco Of specie with
which to redeem s7O0, QUO, 600 OF paper. But
it is said if the people find they can
don't know how that may be now, but know
that when We were on specie basis and our
State banks clai1ned TO have a3 ner cent OF their
paper in specie in their vaults, there was often
trouble: They could not redeem Ivy cents ,, VIII
not be any more able to do So. It is proposed
that the Government shall pay. specie currency
on The 1st of January, 1879, and it is perfectly
notorious that the Government has nothing to
resume with
EXCEPT ITS CREDIT.
It has no money, and say as said Gay DC
fore Yesterday, that the proposition is menace
1t is a scare. aud you all know. merchants and
bankers, how the country is influenced 1t IS
in ANYTHING There Is great deal Of talk about
the chcapncss of money. Why is money cheap!
Whenever you sec money pilinG up in Third
street and Wall street, and in all the CONNER
cial centres Of this country: and loanlne at II
and per cent per annum, that is evidence that
business is stagnant; that enterprises are PAR
a1yzed; that the industries Of the country are
UNDER 4 CLOUD,
and that men are afraid to invest their money
In ANYTHING that gives employment to labor,
and which makes the industries that arc here
represented.
Now, I do not believe in imitation, but I
believe that shall have no stability in our
6nunces, in onr comm crce, or in our Industries,
until the Government Of the United States
shall retire every dollar Of paper now in exist
encc, and Until thcy,sl,al get out OF the bust
ness OF making gold and silver, and leave the
work to
THE PRIVATE CAPITALISTS.
Of the country, under the best bank laws in
existence in the country. Let politics and Gov
ernmcut get out OF the financial afnirs OF this
countrf; md you will not have on your State
and national platforms resolutions offered that
there must be SO much money issued in order
that there must be SO much capital. Leave it to
tile law Of trade, but not Of politics. (Ap-
Now, then, believe that the Government OF
tho United States is not prepared, nor
WILL. NOT lie PREPARED.
to resume specie payment on the LIST Of Janua-
RI, 1879. If you rer1onetizc the silver dollar,
even then you cannot resume with that yitifated
currency. do not believe the Government OF
the United States expected that the resumption
act would be practicable when it wns adopted. !
1t was adopted as a stepping-stone in the direc-
tion Of specie payments. What want is for
this Chamber OF Commerce to express its
oninion on this RESUMPTION act, whether they bc-
lievc il is prartirablc or not. The substitute
means that something should be adopted with a
yicw to establish system that will bring specie
payments
WITH TIE IEAaT POSSIBLE DISTRESS
to the interests Of the cpurtry, else it means
nothing at ail. The substitute offered by Mr..
Rowland, which have acasptcd in the rcsolu-
ton drawn up hastily by inc, means something
bcttcr- and the vote will show whether this
Chamber Of Commerce approves this substitll-
tion.
The resolution WIS almost unanimously
adopted.