The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1877-11-29
SPEECH OF
GEN, THOMAS EWING,
ON THE BILL TO REPEAL
THE RESUMPTION ACT.

On Thursday last the bill fer the
Repeal of the Resumption Act being
before the House O: Representatives,
Mr.. Patterson asked Mr.. Ewing to
weld to him to offer and explain an
amendment.
No objections being made he pro-
ceeded with some preliminary remarks
which were soon interrupted by OBJ
jections. ..
Finally he was allowed three min
utes by Mr.. Ewing and he went on to
say that his amendment, if accepted
by Mr.. Ewing, would make the bill
quite satisfactory TO his own side of
the House, and, as he hoped. TO the
other side. His amendment was to
strike out the first and second lines of
the bill, the enacting clause. Laugh
teri With that trifling amendment
he would be content.
Mr.. Garfield asked unanimous con-
sent that the time of his colleague,
Ewing should be extended as long
as he desired to speak. He thought
that that was a courtesy due to his
colleague. Objection was made.
Mr.. Ewing then commenced his
speech. lie said it was character
iZation OF popular government that the
people gave their exclusive thought to
one leading subject. Tins, before the
war slavery was the controlling ques-
ton. During the war it was how to
maintain the government. Since then
it was how to govern the Southern
States. Now, the question of para
mount interest was the question OF
debt and currency. 1t 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 the act OF
eXtortion of 1863 by winch cOntrac,
on which 81 ,6OU, ,OOJ,OOU OF public debt
was made was changed, 20 tho detri-
ment OF the people and to the advsn-
tage of holders OF public securities,
without consideration, to sum not
less than $500, coo, 900, and they would
have saved that stealihy and rascalIy
act for the decentralization of silver,
and the crOwning scheme of the money
power for the oppression OF the people
the resumption law. He went on to
argue that when the resumption law
was passed the volume of currency III
circulation was only $733, ,OO0, 600, and
that was only 50 so per capita more
than was in ciIculatiOn in 1860, which
his colleague, (Garfield) had held up
to admiration as year of sound busi-
ness and sound money. That act had
put in the hands of capitalists control
OF the indG stries OF the government.
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 the United States bonds
in coin. while Oh their face they were
to be paid in lawful money, would be
reputation and extOrtion, and vet,
within six months afterward he had
reported in the Senate that act Of re-
pudiatiOn and extOrtion falsely labeled
= an act to strengthen the public cred
it" Ii it were possible, Mr.. Ewing
continued, to substitute S354, ,OOO, 600 OF
gold for greenback money..here would
be no very great mischief done by the
resumption act, further than useless
increase of the bonded debt to the
amount OF S354 100000, but the trouble
was that to make $354, ,OUO,CJ0 in gold
take the p ace of green back money in
the currency is utterly impossible.
Gold could not remain in circulation
in the present condition of the country
and every greenback redeemed was so
much Withdrawn from the effective
currency, and its proporiionate effect
was the reduction OF values. He said
that before The greenback era there
never had been kept afloat in this
country more than S2l4 coo, 600 paper
money, with S2S5 5,O0O,0UO; aud now,
with $133 QUO 600 paper money, there
was not $l5O 10000 in gold in the
Uniied Safes. Since 1850 the mines
OF the country had produced S1.257.
O0O O0O worth OF precious metals, aud
yet there was not in the country thre.
iifths OF the little volume of coin that
there was in 1860. Where hao all the
gold aid silver gone. IT, had gone to
pay The debts OF this country. and
there WAS where would so all the coin
that could be scraped together in the
treasury or banks. This was the grea,
debtor nation of the world. No ma
ton owed outside o. iis own borders
halt the amount which America owed.
NJ ore than half the amount OF the bond.
ed debt o! the country was held abroad,
and there were state, city, railroad ami
other deb's due abroad, the aggregate
coin interest OF which ran from $780,.
0OU 600 TO $3.50 COO COO "A Year. From
So, ,OUOUOJ 20 $50,OO0GUU Year was
paid Tor shipping, and as much more
TOR the expenses Oi foreign travel, so
mat the annual draii of coin from this
country was from Sis 0o0 0OOto $500.
UOO,COU How Was that paid? Not
by the balance OF trmdt-as might be
said, because that balance for The last
seven years had been 81 GOO 600 az aims,
this country. This interest 0aa noi
AS rule paid in The balance oi trade
it was partly by shipping S5G, 600, coo
a year OF precious metals Discussing
the preparations Tor resump;ion, here
we are, said he,witEin thirteen months
OF resumption, with ST33, ,000,O00 OF
paper money To be loated, and with
less than $4,000 900 accumulated gold
i'm the Treasury and banks. He de-
cIared that ii this country was Tree
from debt specie paymen. could 40, be
resumed witOout contraction OF the
currency by at least one halt. Where,
he sked, wcie gold and silver to be
got? Could it be got in foreagn mar
kets?, That had never been done and