National Republican., 1877-11-16

C,ngress attending an extra session OF Congress.
The House resumed tho consideration Of the bill
to repeal the re- umpton act.
large number of additional amendments were
In answer 10 questions by Mr.. Hgspyy, the
SPEAKER said that his understanding OF the ar
raagcnent under tho bill that this was the last
day In which the morning hour could be excluded.
There would therefore be morning hour to NOR:
row. He understood that II wns the purpose OF
the debate run to, morrow thai Mr. EWING would
address the House on Saturday, and would then
call the previous question On the bill and amend
Mr.. EAMEs then addressed the House In oppcsi-
tion tn repeal. lie contendcd that all Important
business transactions since January H. lsl5, the
date of the passage Of the resumption act had been
ased upon the theory Of resumption ~ 1873, aud
that therefore any change now would be dls',s.
changed unless good reason was given, aud ne
saw no g,od reason for this change. The balam,e
OF trade. ho contended, was III our mvor. aud the
receipts from all sources were so great that under
existing laws. IN his opinion. resumption was easy
lie had no Idea that all OF the legal tenders would
DO Hooded upon the Treasury for payment These
legal tenders were a convenient medium OF ex-
change and all that were required for the purposes
trade would be kept In circulation, ,,, ,,
lie denied that the repeal OF tie act would tend
To incrrsse the volume Of the currency. aud In the
name Of the whole country no protested aSaIn,si ~,
county, al home aud abroad.
Mr.. BALIOU would vote against repeal because.
In his opinion u would be detrimental 10 the best
and most vital interests Of the country, and It's
tendency was In the direction Of bankruptcy aud
reputation.
cause In his opinion. the time mad arrived for the
establishment of q permanent monetary system,
aud for the recognition OF = circulating medium
otbt than an irreieemabp paper currency.
Mr. KELLEY then took the floor. aud sai,l that he
proposed tu deliver what religious people might
call a doctrinal discourse. lie propo.ed 70 CON
tinue n speech which he begnn IN ls67. when he
predicted what the effect would he Of system OF
hrccd resumption Of specie payments lie held in
Teen secretary Of the Treasury OF The United states,
(Hugh MuCuilUugh.) which showed such mass OF
iguoraiice that II was no wonder that under nus
management Of the finances the country should
have g,,ue from prosperity tD financial dissster.
The ignorance displayed IN that article disgraccd
the country whose Secretary Of the Treasury aud
'mptrollor of the Currency It's author had beeii
Or Il showed a mcndncity which made Mr.. McCul.
louyh deserving Of all the spithet that had been
IMr KELLEY then quoted paragraphs from Nc.
Cullough's financial article In the last numbcr OF
the NORTH dmeicdn Rcrier. and said that's man who
had been pres dcnt of bank, Comptroller Of tho
Currency and Secretary Of the Treasury could not
have believed what he wrote. For ignorance and
imbecilty he saw nothing equal =, this ne had
a foundation for what he proposed ~ say, for the
ignorance uf Mccullough seemed 70 be shared by
number OF gentlemen on THIS hynr: hs gu did .,t no,
might honetly differ un these questions and not be
either gambler, backguatds, or tepudiatonists.
lie should regard each man as speaking his boifeSi
M. KELLEY then proceeded to argue that there
| was MI impossibity 10 resume IN gold beuause the
| ports had shown that most Of the gold In the
Treasury was merely paper-it was paper that rep
resented gold. No country could stand the drain
upon 1t that proposed to be imposed upon this
| country by the resumption arL Nnen tho United
| States received the Alabama claims award II
was prudent that 1t should be paid In gold. But
| the Bank OF England convinced the English nation
| that the drain OF that gold would bankrupt the
country, aud the result was that the United States
| was paid By return Uf her bonds
| IaIely British India mad called for q heavy loan
aud England again Protested against the drain
The gh tu redeem aud resume with III 1879 caiIi"
| he obtained, and the banks 80 understand H. Inc
representatives OF these banks are in this Capitb
| now They are invading all of the conmitte,
| ROOMS and IL has been said that they have had twI
or three Cabinet Ministers following them about u
| lackeys. He KELLEY would not believe such
| samder. That the Cabinet officers would hear the
demands of tlIuse bankers aud not liste to the d.
maiids of the wid w and orphan for labor he coul,
| mot credit. The banks are not preparing for re
sumption. II they were they would be accuinu
latig specie. aud their efforts I'll w that they art
MT doing thai; d lie predicted that u resumption
was lvred IN 1917 lnet- would be bank failures al
Mr.. KELLEY then referred to the attempt OF th,
| Bank ui England 10 resume specie payment y
| 1870 "a Like our resumption act, they were al
ss S @ SesIs IN aus,a %nei 20 ,heS ans eject npo,
| England. which was one Of the greatest distress
poverty. and ri"ts, and Mr. KELLEY predicted tn,
same character of results In this country as The el
ircl Of the proposed legislation. This wss rs inev
liable as the going down Of the sun or the risln
vi the sun. There Is All inhexible law which vii
Kelerrlng IL the greenbacks. Mr.. KELLEY sal
that those who pronounced them the create,
ci,eniy the country had deer cd the saviour Of Tn
country. It wss the xreenback that saved til
county, Last summer he was IN Georgia. aud q
Macon he made speech On the Finances. and b
| tUid the Confederate officers and soldiers aroun
| nim that their defeat Nas owing IN great measir
~ tie mistake o. the eaders on the h.ancial que
lion. They declared that the United stats had II
; | md al II thuI llI
would soon be exhausted, and they could not the
put troops In the Geid But the United states NJ
thUrlzed the gr seubauk. and one enthus astic ind
viuual IN the audience called out. YES, Judg
KELLEY, 1t wasthe damned greenback that whippe
1t was the ray baby that saved the country.
was the rhg bGOy that enabled you, Mr. Speske
(Mr. RICE, VI ONO was IN the chair w Speakt
pro teIi.J To lead your column forth II was I'll
ray baby that cared for the soldier on the field an
! | III the huspilnl. aud II was the rug baby tha
brought the soldier back frum the battlefield I" u
home. The g'.enbaek must not be denonn;e
Z the country had no gold or silver when the iI
eigmer took our bond II they had ronhdenc
. then they would have no lack OF confidence nov
! The passage Of Tins resumption act had had di
astrCus effect npou all branches Of business.
by reason of II poor people who had invested Z
: over their heads while the wreckers, rs Mr.. FE
TUS had characterized them, were standing I
: ready to profit by the disaster. PROPERTY hs
| Massachusetts uiune the Assessed value OF persOn
J. aud real e. tate had shrunk slUUDOOOuO ~ one yea
| lie predictud that the suffering that hus been c.
dured IN the three years III which tie law has be,
/ IN operation was a. light when compared win u
vuIih year us was the light chill up,n the trope
= pants vi tne SUI h compared with tho Arctic co
J. that nils mp the iceberg.
!. They got along reasonably well In England In q
rst three years, Uut II wus IN the fourth year th
the distress aud poverty cane; and then petitiO
|, | poured INTO farl anGut praying for equitable
ei. The UaiIks " w,li. huweyer. Use specfuus urg
ment that such will not be the rnse here.
e Referring W secretary sherman, Mr. kELLEr 50
| he Teslectel that officer, but he had change'i
T. | upiuiun this subject In 1857, mhen senaIor,
T, | hat portrayed murv eUquentiy than he (!lr. Nj
LEY could IA pc tu dU the uisasicrs at would
SUIT from forced RESUMPTION. In 1865 the Seereia
d | saw the beauty of making bonds inIcrconv vertll
= Mitn " leenbacsS
| what he beieyed In 1888 he characterized In
j. | Mansfield speech as mild form OF lunAcy. WI
Is all Vi MS respect or the secretary he preferred III
uIe rights Ui the American peupIe should stand
l. II law On the statute bOnk rather than upon 1
e chsngyATe yirwS Uf the Secretary Of the Ircasu
d he repeal ui the sunptun act would restore Gu
II menl good ur bad was "uI subject for dlrc'
u sion HOW. hut II IL WAS the very Dest thing IN
world, II should not be forced Congress had 20
@ about II III u buiI.huuded way, aud the result
Il that Tue revenues vi the country had been dim
u lsnvu.
Is Ihe crops had been abundant; but the peoI
were starving. The south had tie largest cOti
y crop II had had lUr yea,s; but the people were