The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-12-06
GENERAL EWING'S GREAT SPEECH.
RESUMPTION RIDDLED.
An es,Unexampled and Eloquent
Argument.

Mr. Ewing then comnlelioou4 G.
speech. He said it was chalao 49, 10 no n
tic Of the popular governmenS 1naI ~ t.
neople gave their exclusive thousnt ~ n
p pne leading subject. Thus before the h
,uar slavery was the controlnng .
nuastion. During the war 1T was now n
~ maintain the government. since i
tbon + was how to govern the southern +
States Now the question o, para. :
,nount interest was the question OF
+ha debit and currency. Itwould nave
heen happy for the people it they nad
considered these questions carrier. :
They would have been saved among
other things the passage OF the act Oh
renudiation and extOrtiOn OF 1907, Dy
which the contract on which $loO,ooo'-
600 Of the public debt was MADE WAS
changed, to the detriment OF Inc
neople and to the advantage OF holders
Of nublic securities, without consloeIa'
zion. TO sum Of not less than Sooo'-
600 900. and they would have Deen
saved that stealthy and rascally ac1
Tor the demonstration OF silver anu
the browning scheme OF the money
mower for the oppression OF tne
neonle. the resumption law. lie wehC
IN TO argue that when the rusumption
law was passed. the volume OF Tue
currency in circulation was only
s133 600 900. and that that was only
90 n ner CAPITA more than was IN
circulation in 1880, which his COZ
1aaone Mr.. Garfield had held up TO
ADMIRATION as year of sound business
ond sound money. That act had put
;n the hands of the capitalists the
control of the industries OF the gov
ernment. Proceeding to discuss
Secretary Sherman's CONSTRUCTION Oh
tho law on the subject OF relssulnS
local tenders, he said that tnat
Gentleman was very apt to change ms
4;aws because in 1853 he told the
neonle of Ohio that the payment OF
limited States bonds in coin, while on
their face they were to be palo III
lawful money,
wor1npE REPUTATION AND EXTOR-
TON.
and vet within six months afterwards
he had reported in the senate that the
act of repudlation and extortlon
falsely labelled an act to strengthen
the public credit. fit were possible
Mr.. Ewing continued to substitute
S354 .OOO. 900 of gold for greenback
money and if that gold SO substituted
would remain in circulation just as
Tho oreenback money, there would pe
No very great mischief done by the
RESUMPTION act, further than thf
useless increase of the bonded debt t(
The amount of 1884, 900, but TN
trouble was that an attempt TO max
1854, 100000 of gold take the place .
greenback money in the currency W"
utterly impossible. Golu coulu ~
remain in circulation IN the presei
condition of the country ana ever
greenback redeemed was SO niue
Withdrawn from the etfectlVe GU
rency and its proportionate eiiect Wa
reduction Of values. tie SAID 1hs
before the greenback era, there neVt
had been kept afoat IN TINS COUNT
more than 4,OOO,OOO or pap'
money, with $2S5,OOO,OOo conn., al
now with 1888, 100000 paper none
there was not $l5O,OOO,Ooo OF golu
the United States. Since looV u
mines of the country had produce
$l,257 100000 of precious metaiS al
vet there was not III the count
three-ffths of the little volume
coin that there was in 1850. ne
had all the gold and silver gone! 1t n
gone to pay the debts OF this count
and there was where would go all
coin that could be scraped together
the treasury or banks. This was
great debtor nation OF the wor
No nation owed outside OF Its o.
borders one half the amount VIII
America owed. More than halt
preenback era, there never had ne
kent afloat in this country more tn
$2l4, 100000 of paper money W
$685. .O00, 900 coin, and now with 90
OOO. 900 paper money there was
$50. 100000 of gold in the I'M
States. Since 1860 the MINES Oh
country had produced 81 ,2o' ,OVo,oot
precious metals and yet there was
in the country three fifths OF the II,
volume of coin that there was III Il
Where had all the gold ana sii
gomez 1t has gone to pay the uep.'
this country and there was WI
would 90 all the coin that coulo
scraped together in the tryasuf,
banks. This was the great gel
nation of the world. No nation o.
outside of it's own borders one nan
amount which America owed. NJ
than half the bonded debt or
country was held abroad, ana th
were State, city. railroad anu OF
debts due abroad, the aggregate
interest on which ran from $1,000
600 to 10000 900 year, $780, 900
to $4,000. 900 a year was paid
shipping. and as much more for
expense of foreign travel. so that.
ANNUAL DRAIN OF COIN FROM
COUNTRY
was from Sl75, 0O0, 900 to $3.50. 900,
How was that paid! Not by
balance of trade, as might be $
because that balance for the last ST
years had been 81, 600, 900 against
country. This interest was there
asarule not paid by the balant
trade. It was paid partly by ship
$50. OOO, 900 a year of precious me
Discussing the preparation for rest
ton. here we are, said he. vi