The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-11-23
House OF Representative. /.

Mr.. Crittcnden Dem, MOI asked leave to
offer resolution calling upon Rutherford b.
Hayes for Information us to the Union Pacific
Railroad. Objected to.
Mr.. Phillips Rep. Kan.l made like request.
Objected to.
Mr.. Hale (Rep. Me- as question OF privi-
lege. offered a resolution discharging the Com
mittee on Elections from the further consdera-
tion Of the contested election case of Belford
agt. Patterson from the State Of Colorado
Mr.. Stephens tDem.. Ga.) thought that the
committee should report at n very early date.
He suggested that the resolution be amended
so as to diroct the committee 10 report by Sntur-
day next. or be discharged from the considera-
ton OF the subject.
The resolution having been amended as sue-
Gested by Mr.. stephens. Mr., Sayler pem..
Ohio moved 10 lay II on tho table. Agreed to-
Mr. Wood Dem. y. " gave notice that he
Iomrnment on Monday.
The House then resumed the consideration
OF the Deficiency bill. and the motion to recon
slider the vote rcJecting the amendment offered
by Mr.: Waddell dem. n. c.. .approprintine
mails. was laid on the table, yeas IN nays III
The Speaker said that the special order. the
bill to repeal the Resumption act. now came up.
and that the gentleman from Ohio tMr Ewingl
WIS rs entitled pn, to an @ hour te close the ddoHte
H..
Mr. Garfield tRep.. Ohiol asked unanimous
consent that the time Of his colleague (Mr.
Ewing should be extended indefinitely. OBJ
Mr.. Ewing Dem. Ohiol said that II was
characteristic OF popular Government that
the people gave their exclusive thought TO one
leading subject. Before the war II was slavery
during the war. the maintenance OF the Coy
ernmeni; since the war. how 10 govern the
southern States. Now the question Of para,
mount interest was the question oi debt and
currency. II would have been happy Tor the
people If they had considered these questions
earlier. They would have been saved.
among other things. the passage of tho
9ct Of reputation and eX'or,ion Of
Il 500 900. 600 of the public doIt had been made,
was changed 10 the detrmont of the people.
and 10 the advantage of the holders Of public
securities. without consideration. to sum OF
not less than s5OO.O00op0: and they would have
been saved that stealthy and rns ally act for the
s,hem" ot the money power Tor the oppr Ssi ion
vi the people. the Resumption law. The bin
further execution Of that law. aud e. leave to
the future changed condition which would then
exist, after the industries of the country had
vvcd. the whole consideration oi the question
as TO the time and method OF resumption, No
grenter injury could bc inflicted on people by
its Government than the reduction of thn volume
Of currency 10 which the business and ,nlnns ~
the country were adjusted No man could engage
probably in merchandise while tho values
which he was handling were falling. When the
Resumutlon law was passed. the volume Of cur
rency in circulation WAS only s733 900 900. only
" % ler capita more than was in circulation in
1860. That act had put in the hands OF capital
lists the control Of the industries OF the country
Secretary sherman in 1868 had told the pco-
pie OF OHIO that tho payment Of United States
bonds in coin. while on their face they were to
be paid in lawful money, would be repudiaton
ward he had reported in the Senate that act OF
population and eXtortion. falsely labelled
An act to strengthen the rnhllc credit"
III IL Were possible To substitute s3ji 900 900 Of
gold for the grecnback money, and ii that gold
would remain in circulation there would be- no
very great mis- chief done by the act further
than the useless ln'reas" OF the hondei delt To
the amount of 1854 .OOO,O 900: but thc trouble was
that II WIS utterly impos-li le Gold could not
remain IN circulation III tho pit sent condition
OF the country. ana every grccnNa'k redeemed
was 50 much Withdrawn from the effective cur
rency Before the grecnhack era, there never
had been kept ailoat in this country moro than
of coin and now, with t73j OlOOUO OF papor
United States. Since 1860 tho mines of H. .
country had produced sl,2j7 ,O0o.oo0 Of the pre-
clOus metals ana yet there WAS not in the cOun-
try tnree-i!lths Of the little volume Of coin in
1860. Whore had all the gold and silver sonef
1t mad gone to gay thc 4 ITS of this country;
and there was where would go AN hecoin that
could be- scrapcd together in the Trusury or
banks. This was the great debtor iniion of the
world, No nation owed outs ido OF It, own bor-
ders half the amount which America owed.
The annual drain Of coin from this country was
that paid Not by the balance of trade; thnt
balance for the last seven years had been
si,O0O,0OO against this country. 1t was paid
@
precious metal. We are within thirteen months
Of resumption, with s733, 900. 600 of paper money
to he ilOuted, and with less than so 1000 900 of
accumulatcd gold IN the Treasury and the
banks. II this country were entirely free from
debt specie payment could not be returned to
without cont'action OF currency 10y at least
One-half. Whore were the gold and silver
to be gotf Not in tho foreign markets
The mines OF the country could not in twenty
five years furnish all that WAS needed. oven II
the gold and silver could be kept here Whrth-
er this mad scheme of resumption was repealed
now. or was forced on until popular indigna-
ton tore il to pieces resumption would have TO
be waited for until II became pOssiDlr--until "A
volume Of coin had been accumulated in the
country larger than tho volume of paper money.
money might De brought to par with gold, and
still there would not be resumption. 1t was not
"a question whether the people would want gold
or not on resumption day; it was a question
whether the Jim IisAs, the JAY Goulls. the
bankers. the brokers, the impOrtnrs the saw
would want il inster than the Secretary of The
Treasury would he able to give il to them. Tho
English resumption in 1919 was not Il safe pre-
cedent; there WAS grcm difference in the con-
ditions, NOAmerlcan statesman would be- held
excusabie LOr forcing this country into that mad
career from which they were warned 50 plainly
by English history.
Mr.. Ewings hour having expired. Mr.. Gar
field moved that the time be extended. ObJer-
ton was made by Mr.. Chttenden kep.. NJ ",
but the Speaker decided that the objection came
too late.
Mr., Ewing pointed out the depreciation Of
values, which he estimated at One-third of the
whole. The Resumption law was practical
conilscation OF $36OO.OOO.OO0 OF property.
Three-fourths Of all classes OF the people OF this
earned accumulations that were being wrested
from them lY this rODD0r law Vlo loss OF the