The New Orleans daily Democrat., 1877-11-17

|
prpnriation BILL and gave notice that he would
coll II up to,norrow afternoon.
After reading q hs The HoYse resumed
Messrs. Harlan and MrCook made brief
speeches In opposition to the repeal on the
ground that II would be blow at the credit oil
Nj. da,leld argued that this country had
eyer conducted . Its business e. on n specie basis.
the Treasury , Department from Hamilton q down.
had any other theory than that the prosperity
OF the country was based on coin. or on u paper
convertible into coin. In 1859 the overa
from the practice Of our fathers. They. did not
make this departure as matter OF senti-
XII who adsd paesng ss I o
1862 did 80 with great .reluetanee and recorded u
protest against The dangers OF, the act. From
member who spoke, aud from Fessenden In the
senate down to the humbest senator. all agreed
70 Re doctrine 81 or aer 2ha Whsa
the lazy authorizing green backs passed 1t was
linked with hooks Of steel TO resumption. and
ing It's redemption assured. The greenback
was IN the nature OF forced loan u was
f meet the owe s au e1a M % Of the
dressed VII bi@self 70 those WI Who ' believed
What are he R9b Obstacles tssf'h n he TSs s
urged is that there is not now enough currency
The ,o e2natrKE K and at hepef 81 great dtess
law. IN his. speech yesterday Judge Kelley
quoted two histerieal preeedents- France and
country. for II did not tran act its business as
81 dtd H. lls country. + had no banks but the Bank
| tho money passed directly from hand to hand
but in this country and IN England most OF the
business was transacted by drafts and bills. But
France to the government. After the late war
she commenced to retire her paper currency.
referring n u to Judge kelly's u anson to the ex;
that any American should, quote approvingly
| Archtba d Allison. q man who was n most un-
| compromising enemy of Republican institu-
| tions.
Doubleday was also drafted into SERVICE
| but bis opinions were so worthless that no
| penny-a-liner In England ever took tho trouble
TO review them. and yet those men are quoted ap-
prpvingly In the Congress of the United states.
The gentleman from Pennsylvania snid y,s-
tssrday ha # he asastsr n ENGLAND IT. In lsa5 was
was prepared to say that the resumption act Of
| 1919 was o blessing instead Of n curse. Tho
troubles that followed resulted from quito diff
Parliament did not believe resumption was u
curse. for they repeatedly refused to repeal the
act.
tho views Of ex.seeretary McCuIough. but il
MrH,allouEh M,, was Ignorant saa} In What he had had
mendaeious also. for he agreed with MeCul.,
lough. +, All great financial crises are preceded
by enlargement OF credit, ana undue expan ion
debtor GLASSES, and assumes That the
taarfeldl denied this and affirmed that the
vast majority Of creditors IN the country are
poor and the debtors are the rich. The poor
the nature Of the case, therefore. the poor man
cannot be the debtor. When the poor man. by
what he requires for his family he argues that
he says j Re viii make hut money s work. @ and he he
There are two and o half million depostors in
Swings Saving banks, and the AN amount Of the de- Dc,
national ne debt. These deposits come mostly W
from the poor and IRE loaned to the rich
,rhe rich man can take care of himself but the
Ioss tails on the poor man. who has only his
days labor TO sell, The country has made up
its mind that there is to be resumption in 1879,
be plunged into boisterous sea; If this act be
repealed and no other, remedy be applied. all
who advocate the repeal will look back from the
cast loose on the. country the danger that will
environ II; He did not undervalue the green
back. 2r the service It had rendered the ,coun-
hys That the s"uh
he tGaraelD had been on that side of the cham
had IL not 0 Conquered p 'esa on @ shat pr prnepie f
She had more money of that sort than the North
had; i must have been better money too. for
tion. the South had fixed the day to redeem at
six months after the Independence Of the Con
federaey. na @ me M greenbaek was good enough for
| currency one that would be recognized the
| world over. Coin is necessity. because all ex.
| trade therefore, demanded that the currency
should be international as well as national.
Unless yon on would . have no trade. commerce. or
The advocates of resumpti lon did not propose
to destroy the greenbnck, but to dignity and
volume ureenDnCkS
and make that bulk convertible into coin.
| While he did not personally believe IN keeping
| ernment. he was willing to keep the greenbacks
at $500 100000. Was that contraction ? Let those
Wao are are arad aod OF say keep
sum 1t all up the struggle is now on the one
hand to make greenbacks better. and
The resumption act makes them better.
| He didn't want the money to shrivel up in, the
hands Of the poor man, but wanted to make it
| to the bondhoders'. This was an era Of pacf-
cation; 1T was an era of equality among the
lars as> as well as equal rights. The resumption
| act .hould be passed-flrst. because the public
faith demands it; SECOND. because the great
it. and third. because the he future
prosperity, of the nation requires g solid basis
on on which M the country can unite. The signs Of Of
the elements were favorable. and there was no
danger except from the Congress of the United
He would vote to perfect the he act tic for r resump e
ton, but he would take no step for absolute re-
| peal. aad would appose it, If it should take
from him all the political eminence ever offered
| to any one by the American people.
Mr.. Buckner addressed the House in favor of
the committees bill.
The Speaker laid before the House message
from the Secretary of State in relation to the
indemnity paid by Spain for the execution of
Gen. Ryan and others in Cuba and in relation
t, the disposition of said fund. The amount
paid was 10000 Spanish dollars. equivalent to
SIT 977 in American money.
Claims to the amount of $685. 900 have been paid
and another of 500 600 had been allowed. but not
paid. The unexpended balance is invested in
per cenr bonds OF the United States as the heirs
of Gen. Ryan failed to prove that he was a citi-
ze nad Of Il the nea Nc money aaa oeea
| referred to the Committee on Foreign Affairs.
Mr.. Ewing moved that the House take re-
cess until 1880 D. M. and then continue the de-
bate on the resumption act. An effort was made
to .Ome to n Armament that the bill should not