The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-11-08

the silver Dcmonetizslioa act or February Il, 1879
which, no Alleged mad cost tho people at leas
s5oU.Ooo, ooo Also the Resumption act, which, h
alleged mad eniailed loss on tho people OF AT eas
was responsible Tor all these laws and main,aincd
that all the financial legislation OF the goyerEmeuI
that OF 1865 had been ia The ,nterest OF tuo
creditor class and against the debtor class. argued
that Tho irregularities OF that Legislation should he
rcdrcssed by the repeal OF the Kesumn,ion law tho
rcnonclzaion Of silver and tho enlargement OF III.
currency He also presented earnest plea In favor
Of equaily in the Imposition OF Inc burdens
of the government and IN the OF liz bcnu-
its IN all future legislation.
Az IMPORTANT NATIONAL ISSUE
Mr. PRICE, (repl OF Iowa, said that had voted To
take the bill out ol the morning hour because o
belle we'd In the doctrines OF the bill but because ho
opposed 10 anything like gag law or The suppress.
sion OF discussion and also because no believed that
truth had nothing TO fear in the discussion with
error. lilo did not mean by This last remark TO say
positively which side OF this question all truth
or all the error lay. Tho question when
ngitaed the whole country. IL needed discussion. II
wanted some hight shed upon II, ana probably some
light would be shed upon 1t IN this discussion II had
been alleged yesterday bv Tho gentleman from Kansas
(Mr Pniipsl that the contraction oil tho currency aud
the financial trouble oil the country had brought
about by the Resumption act and that tho retire.
mcnt of SO many national banks would have taken
place except for tho passage OF the Resumption act
IL that gentleman would examine the history OF the
country Tor the last Two years he would change his
opinion in that respect SO many national banks had
retired their Circulation and wound up Their business
simply and solely because the tayution OF national
banks Is so burdensomc. Two hundred and thirty.
three national banks had voluntarily gone out oil exist
cncc. Not because OF the passage OF tho Resumption
act but because taxation OF national bank property
creator than tho taxation OF any onor properly
in Me country.
TAXATION or NATIONAL BANKS.
Mr.. KELLEY, lrepl OF Pal beg leave to say that
the taxation OF national banks has driven n single
banking institution out OF existence. Ny attention
called this morning to the fact that the national
banks OF Philadelphia nave just declared their sem-
annual diviaends, ranging from 1--we to ten cont,
and have been adding TO their surplus, aud, as init
Gently made, not an annual, but an extra dividend OF
100 per cent And say that tho taxation which allows
such profits Is not Oppressive or calculated 70 drive
a n he Gel IN n
must look Elsewhere Tor the cause.
Mr.. PRIcE-rherc are exceptions 10 all rules, and
indeed, exceptions prove the ruie. There may DO
half dozen banks in Philadelphia and elsewhere able
to declare dividends; but speak OF the system
as IL stands all over the country aud challenge con-
trndction when say that the national bank properly
of tho country pays more taxation than auy other
species Of property.
Mr.. KELLEY-l desire 10 apply the gentlcman's own
assertion that tho exception proves tho rule II go
national banks have retired tor somo cause othef
they have lett a survivorshp OF 1000 The banks
that have retired arc exceptions and only prove tho
tact that the banking business Is the most profitable
business In tho country.
Mr. PHILLIPS, trep) OF Kansas, suggested that tho
reason why Western banks went out OF business was
that they could not exact moro than twelve per cent
interest, whereas outside OF banks they could
two pcr cont month
No REPUTATION.
Mr.. PRICE replied TO Mr.. Phillips and criticised the
statement made BY the latter Yesterday as to tne
prosperity oil France under large circulation. In
conclusion he said IL want the country 10 stand by
| its promises. do not want u 10 give out to tho
world that we caunot do anything. What have
ever tried TO do which We could not dop We stand
to-day on the highest pinnacle of honor. wc stand
tho peer OF the prouccst nation on the globe point
OF honor, IN point, also. Of financial aoil-
ity. In tho lexicon OF this young CLAN.
OF tho West "Ihero's no such word rs faiL'' II We
true 10 ourselves We viii accomplish all VIC have
promised and we snail continue 10 DO what are 10.
| day-tho admiration Of tho civilized world. zap.
pauscl
compshed that which - possible prove It can accom-.
/ plish the impossblcy
| Mr. PaIcE-1 should like to know what sort Of
! question that isY tI.aughierl
Mr. KELLEY-lt Is "a very direct one, which be
Mr. PmIcE-Whcn no shows me anything which is
impossible TO this nation snail DC prepared to
swer his question.
Mr. KELLEy-was Il not tho argument OF Messrs.
Peel ana Ricardo whom The act OF 1919 passed TINT
gold paper thon at less than live per cent
difference, II was nero question Of from three
cent dinuseu over four years? II tho gentleman
| cannot answer that question -lIaughtcr)-I shall
answer IL in tho affirmative What was the result OF
overcoming that from thrce 10 ivc per cent? valueA
sixty per cent, and the elder Peel said
TO his son, "Robert, you have made tho fortune OF
/ your family but you have ruined your country"
/ Three per cent was enough TO do that.
- oDIous COMPARISONS
Nj. PRIcE-I do not know anyihns about the elder
Pecl's opinion aud do not care much about mrs sonx
live Ia the afternoon OF the Dinctcenth century aud
iegsating for the people who live in the sornoon
OF the nineteenth century, and while have the lamp
OF experience 10 guido my feet IN tho path Of tho iu
iuro | am pretty sac so long as keep in H.. While
values in England at that time may have got down
sixty per values hero have gone up because gold
has gone down from $50 TO 103 DO not compare this
country with any other. There is country COM
pare with. There 10 no place TO make country 20
compare It with. Qaugh,cr.) In England you may
take railroad car In tho morning aud start oue
in q straight line and before the sun sets you
i will over tho edge. Applause and laughter
4 You cannot compare mole hs with mountains You
may contrast them, but you cannot compare the m.
step out from yonder Eastern limit ana see tho King
/ OF pay shaking The water from lbs wings lie akes
his course westward, not GOO miles only, nor 600
miles, nor 1000, nor 5000 miles only, but he has
travcrscd nearly 1900 miles when ho sinks 10 resi-
behind the golden waves OF the Pacific daughter and
appiause Or taSe your stand up at tho frozen Morrill,
where tho leo King reigns aud oiow down through all
degrees OF latitude uutli You have reached the land
| OF the orange aud tho pine, and then you nave u
country which for diversity OF cline ana products has
equal on tho globe continuous laughter aud ap-
/ pIause)- and you cannot make such country any
where cls0 for there is no other place TO make IL
ton, flag and ono destiny, and purpose so far
my ability extends TO Keep II In the pathway Of
duty until u shall arrive at the goal aud tho capsons
shalt BIO put upon II In time Shouts OF laughter anG
applause)
Mr. KELLEY tironically)-Blg us tho country Is, the
American eagle flap IT'S wings every acre and
scream defiance to AL creation. liaughter II is y
great bird want to ask the gentleman las he says
We havo raised vaucs) how much the pricc Of Iowa
wheat has gone UP IN the last three years.
Mr. RicE-lt Is worth more than Il was thrco years
ago am happy 10 say. We have got better crop
! Mr. KELLEy-Measured by whatr
Mr. PRicE--Aeasured by tho slivcr dollar which wo
remonctized tho other day.
Mr. KnLtEY-Is II as measured by cotton. iron or
any other product oi Industry
Mr PRcg-My friends from the South can answer
the cotton part OF The question anu tho gentleman
Il
| OF II. (Iaughtcrl
1 Nr KELLsY-Has its prco increased In British
soycrcigns French frincst
| Mr. pRicE-We do not tako British sovcrsigns or
French Traces we take American dollars. CLaughtcr.l
Mr. TOWNSEND, (rep) OF " Y. Umpetuousiy)-Yes,
wheat is worth moro than It was sixteen years ago,
whether measured IN francs, sovercisns or IN our own
gold
Iowaf Q.aughter
| Mr.. TowSsEsD--Ycs, | do; for have wheat and
buIocks IN Iowa 10 sell
| Mr. KELLgy-I never suspected that the gentleman
from New York "A carpet Dagger. (.aughtcrl
Mr BLAIR, OF New Hampshire, controverted Mr.
Keicy's historical auson 10 England, aud asserted
That the troubles OF those times did not commence
until after tho actual rcsum pton OF specie pay mcnL
| Sir. KELLEY sustained tho correctness of his
position, and referred 10 Allison's and Doublcday's
| histories In support oil IT.
Mr. HARRISON, tdem.) Of Ill deprecated the tone OF
Mr. Frees remarks IN so lar as they assumed that
this country subject the general laws OF
trade other and advocate the passage OF
the bill AS to The argument OF pghtcd faith TO bond
holders he said that there respect Tor tho faith
IL