The New York herald., 1877-11-23
OF capitalists the control OF the industries OF .hs

Prooeeding TO discuss Secretary shermans con.
sruction Of the law On tho subject o rcssung legal
tenders ne sad that that gentleman was very apt 70
change hs views, because In 1865 he told the people
OF Ohio that the payment OF United States bonds IN
coin, while on their face they were to be paid in law
fui money, would be reputation and extortion, and
yet within six months sterward he had reported IN
the Senate that act OF reputation and extortion,
falsely labelled, IAN act 10 strengthen the public
II i were possible, Mr.. Ewing continued, to subst.
aud il that gold substituted would remain IN circu.
lation the greeDback money there would be no
very great mischief a, soos y the Resumption act
TO the amount OF S354, 900 000 but the trouble was
that attempt 70 make $SS4 900 Of gold the
impossible. Gold could not remain in circulation
in the present condition Of the country, and every
from the effective currency, and ITS proportion.
nte effect the reduction Of values. He SAID that
money with $2S5 U0U, 900 OF coin. and now, with
$685. O0o.0oo Of paper money, there was not
$780, 200 OF gold IN the United States Since 1880
the mines Of this country had produced ST. 257 OO0
the precious metals and yet there was not In tho
country three-altns OF the little volume Of coin that
there was in 1864 where had ali the gold and silver
gone? 1t had gone TO pay the debts OF this country,
and there was whcro would 60 all the coin that could
be scraped together in the Treasury or banks
-DxByoR NATION or THE WORLD
This was the great debtor nation Of the world No
amount which America owed More than half OF tho
bonded debt OF the country was held abroad and there
were State, cty railroad ana ether debts cue abroad
$780, 600 900 TO $780, 600, 900 year. Thirty TO hity
million year was paid Tor shipping and as much more
for the expenses OF orosn travel SO that the annual
dralk Of from this country from 900 600
70 $3.50, 000 0O0 How WAS that paidY Not by the
baancs OF trade las might be said), because that
balance Tor the last seven years bcen S4 000 600
against THIS country. This interest was, therefore, as
rule not paid by the balance OF trade was pald
partly by Shipping $56 0V0 year OF the precious
metal.
Discussing the preparations for resumption, bore
arc said he within thirteen months Of resumption
with s7ss, ,Ooo 600 u paper money TO be aoa.ea and
with less than $40 900 OF accumulated gold In the
treasury and tho bank he declared mat II TINS coun;
not be returned TO without contraction OF currency
by al least one-halt Where, he asked, were the gold
foreign markets. that had never been done and never
could be done Tho silver and gold MINES Of tue
ali that was needed. even II the gold and
silver could be kept here whether this mad
scheme Of resumption Was repealed now or was forced
until popular indignation tore II To pieces, resump.
ton had to DO waited tor until became possible and
until volume of coin had been accumulated In The
Equalization would not be resumption. Paper money
might be brought 70 par with gold and still there would
Replying TO Mr. Garneld's argument that no one
would coin resumption day, and taking up
Mr. Gariieds ILLUSTRATION OF the armef who sold his
farm $40, 100 and would not take his pay Ia gold
but IN bills, he said IL was not question whether the
people gold or not; IL ~ question whether the
J,m Fisks the Jay Gouds the bankers, the brokers,
certainly viii want faster than the Secretary OF the
Treasury will be able to give the gold to Them.
: ENGLISH RESUMPTION.
Passing to the question 0l English resumption IN
1919, that there great difference between
the England OF that day and the United States OF TO-
day. England thon the great creditor nation Of
the world. She had her commerce whitening evory
sea. America was the great debtor nation Of tho
world anu she had hardly any trade except In the raw
products OF the soil. the resources OF tins country
were drained more than any other nation had ever
known. Instead OF gold flowing into America as did
flow England poured out from every oil Lhd
United states The English statesmen sf tnat day
might be excusablo ior that Resumption act but no
American statesman would be held excusable Tor iorc
ing this country into that mad career from which
they warned SO plainly by English history
AT this point oi the speech Mr.. Ewng's hour ex-
pred, and Mr. GARFIELD moved that the time be ex-
Tended. Objection was made by Mr. Chittendcn Of
New York tunless proporuoaa.e time should oe
the objection came too late. Mr. Ewing, therefore,
proceeded with uis speech anu spoke Of tue enor-
nous depreciation OF values, which he estimated at
oneth.rd OF the whole He characterized the Resump-
ton Law as Q practical conhscativn by law OF
$3 500 900 900 OF property. Threeourh OF ali classes
OF the people OF his country wero debtors, aud s
was their hard earned accumuiatons that were bcing
wrested from them by this robber law He spoke Of
10 so' $4,000. 900 a day or 5000, 1000 600 year;
and mentioned statement made to him recently by
The President OF the Dayton and Railroad
Company Ohio, TO the effect that hundreds oi men
had been offering 10 work on the road for bread aud
Nothing, said he, for clothes; nothing fos
wives children; nothing TO lay up IN store for
winter; merely enough TO keep the poor human body
that doing the labor able TO exercise the necessary
force .Oh, God! that bread should be so dear and
flesh and blood cheap" (Sensation and applause.
Tho law he continued was not going 10 stop with that
TALL Of valuea Whoever huggsd the hope that the bot
tom had been touched had only 10 look At The acs 10
know that lower and lower ground had to DO
reached. A further TALL OF values had to be
an increase OF poverty and suffering the practical
conncaIon Of property and the reputation OF large
par, OF sns public debts o. Tue Sosn' od hs
Ineir scheme OF inlatuaton. Had tney not heard
enough to warn them that they had better stops
LABOR TROUBLES.
What was the meaning Of the labor riots-that all
most civil war-six months agoY ihe meaning Of
them was that labor had been srampled upon much
as IL could stand Go. SAID ne 10 any OF our cities and
the hundreds and thousands and tens o thousands
Of pale, wan, ragged aud hungry people have seen
al nignl-men who wont there hoping to lis
down on the grass and get little irosh air and
pusSs as ass as sIO MI last @
was pronounced very slowly aud emphatcaliy.l }
What are TO gam by INJECTING such losses on our
Industry ana labor? What Is the great advantage 10
be accom- psned? II costa this country IN the loss Of
productive industries, In the unjust transfer oJ
wealth from TO the creator, in the unjust
increase Of taxatiou IN the loss OF labor lhan
all the Of the rebellion combined, and what are
we to gain by adding adding 70 ,ns aS,a enormous ls.
nce even more stupendous Why, we
are to get back the banking system which
existed before modified litile little better
In one respect than the old State bank system, but
system tue very genius oil which viii DO panc sys
TEN which, in the very nature OF things, cannot DO
stable. He spoke oi The law for the pay inent OF tho
bonds IN gold as an act VI Reputation OF tho
ST. 900 000 600 OF contracts whose rested ON II,
aud declared that the repeal OF the law and put
ting back Of those contracts to what was the UNDER
standing OF the parties at the time they were made
act demanded By every CONSIDERATION Of indi-
vidua and Of national honor IL the repeal OF
that law repudaton the hapess sufferers would
be- the people at large, but the men probably VINO
lnstIgated the passage oil tho law.
CITIZEN THE CREDITOR
He quoted Edmund Burke 10 the elect that s TO
the property OF the citizen and not 10 the demands OF
the the state that the original faith Of the
nation is given and That the claim oil the citizen ~
PRIOR In time, paramount in tito and superior IN
equity.
In conclusion he NO greater question than
this ever presented TO an American Congress Tor
It's action IL touches the happiness, the prosperity
the future Of three.iourtns oi the men, women ana
children in this land. Thousands oil men have been
driven by the Resumption law TO INSANITY or suicide ;
hundreds oil thousands have been cast down
from competency 10 poverty; millions nave
been deprived oil employment Tor their labor, ON
hich rests the dependence Of their families 1t Is
now 100 late right that wrong; but we may avert
any greater wrong from them and other millions by
factio IN al "A he presl