The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1877-11-29


controlling question during the war 1t
was how TO maintain the Government
since then it was how to govern the
Southern States. Now the question OF
paramount interest was the question OF
debt and currency. 1t would have been
happy for the people # they had consld
cred these questions earlier. They
would have been saved, among other
things, the passage Of the act Of repudi-
alton and extortion of 1860, by which
the contract on 81 600, 100000 OF
public debt was made was changed to
the detriment Of the people, and to the
advantage of the holders of government
securities, without consideration, ofa sum
not less than 100000 900, and they
would have been saved that stealthy and
rascally act for the demonetizauon ot sllN
yer, and the crowning scheme OF the
Money Power for oppression OF the peo-
pie, the Resumption Law.
He went on TO argue that when the
Resumption Law was passed the volume
of currency in circulation was only
S733 ,ooo, 900, and that was only 50, 50 per
capita more than was in circulation in
1860 which his colleague (Garfeld) had
held up to admiration as year ofsound
business and sound money. That act
had put in the hands of capitalists the
control of the industries Of the Govern
ment.
Proceeding to discuss Secretary Sher-
mans construction of the law on the
subject of reissuing legal tenders, he said
that that gentleman was very apt to
change his views, because in 1868 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 lawful
money, would be reputation and eXtor-
ton. and yet, within six months after
word, he had reported in the Senate that
act of reputation and extortion falsely
labeled, IAN Act to Strengthen the Pub
lie Credit" If it were possible, Mr..
Ewing continued, to substitute $3.50, ,ooo,'
600 Of gold for greenback money, andif
that gold so substituted would remain in
circulation just as greenback money,
there would be no very great mischief
done by the Resumption Act further than
useless increase of the bonded debt to
the amount of S354ooo,ooo; but the
trouble was that to make S354,ooo ,oco IN
gold take the place OF greenback money
IN the currency was utterly impossible,
Gold could not remain in circulation IN
the present condition Of the country, and
every greenback redeemed was SO much
withdrawn from effective currency, and
its propoitionate effect was the reduction
Of values.
He said that before the greenback era
there never had been kept ahoat in this
country more than $2I4, 900, 900 in paper
money with $285, ,ooo, 900 coin and now
with S734,ooo, 900 in paper money there
was not $50, 900 900 gold in the United
States. Since 1860 the mines Of the
country had produced $I.25ooo, 900 Of
precious metals, and yet there were not
in the country three,hfths of the little
of coin that there was in 1860 Where
had all the gold and silver gone ? 1t
had gone to pay the debts of this coun-
try, and there was where would 60 all
the coin that could be scraped together
in the Treasury or the banks. This was
the great debtor nation of the world,
No nation owed without its own borders
half the amount which America owed.
More than half of the bonded debt of
the country was held abroad and there
was State, city, railroad and other debts
due abroad, tue aggregate coin interest
on which ran from one hundred to one
hundred and fifty millions year thirty
to fifty millions was paid year for ship
ping, and as much more for expenses of
foreign travel SO that the annual drain
Of coin from this country was from one
hundred and seventy.fve millions to two
hundred and fifty millions. How was
hat paid Not by the balance of trade
as might be said, because that balance
for the last seven years had been four
millions against this country. This in.
.erest was, therefore, as rule, not paid |
by the balance of trade. 1t was paid !
partly by shipping $4,000, 900 a year of
precious metal.
Discussing the preparations for re-
Here we are, said he, within |
thirteen months of resumption, with
S733 900 900 in paper money to be float
ed, and with less than $40, 900 900 of ac-
gold in the Treasury and the
banks He declared that if this country |
we're entirely free from debt specie pay.
nent could not be resumed without con-
traction of the currency by at least one
lalf. Where, he asked were the gold |
and silver to be got? Could it be got |
n the foreign markets That had never
been done, and never could be done.
The silver and gold mines Of the country |
could not in twenty-five years furnish all |
hat was needed even if the gold and sill
YER could be kept here. Whether this |
mad scheme Of resumption were repeal
I'd now, or were forced on until popular
tore it to pieces, resumption
had to be waited for until it became pos
,ible, and uatil a volume of coin had |
been accumulated in the country larger
han the volume of paper money.
would not be resumption.
Paper money might be brought to par
With gold, and still there would not be
assumption.
Replying to Garield's argument that
lone would want com on resumption day
md taking up Garfeld's illustration of
he farmer who sold his farm for $4,000
md would not take his pay in gold, but
n bills, he said; 1t is not a question
whether the people want gold or not it
S question whether the Jim Fisks, the
lay Goulds, the bankers, the brokers, the
the Savings Banks want il, land
hey certainly will want it faster than the
Of the Treasury will be able to
1--WE gold to them.
At this point of the speech Ewing's
lour had expired, and Garfield moved
hat his time be extended.
Objection was madeby Mr.. Chittenden
lnless proportionate time should be al
owed to the other side, but the Speaker
lecided the objection came too late.
Mr.. Ewing therefore PROCEEDED with his