The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1877-11-29
Gen. Gar6eld's Speech.
Especial Dispatch to the New-York Times.l

ten. Garnel0 Speecn.
WASHINGTON, Nov. l6.-Mr. Garffeld's
speech in the House to-day, in opposition to
the repeal Of the Resumption act, was ons
Of the ablest ever delivered in Congress up
on the financial question, and has been the
subject of general remark among both sides.
The advocates Of repeal are considerably
annoyed over this speech, as it has complete
ly broken down all the sophistries that have
been advanced in support of reputation.
In discussing the financial question Judge
Kelley, one Of the ablest laen on the inda-
ton side, has invariably quoted largely from
English authorities in support of his pecu-
liar notions. Mr.. Garfield referred to these
authorities upon which Judge Kelley has
placed SO much reliance, and showed that
Sir Archibald Allison, as a financial writer,
is utterly without credit in his own country,
and quoted from the records Of the House
tof Commons to show that the year in which
Sir Archibald says there was great prosper
ity in England, the expenditures of the
British Government exceeded its receipts by
1925, 100000. He showed from the same re-
cords that when motion was made to re-
peal the Resumption act the same argu
ments were used that are now being used in
this country, but the House of Commons, by
a vote of al to AZ, rejected the motion to
repeal. This action of the House of Com
mons, he thought, was a complete refuta-
ton Of the theories Of Allison and Doubleday,
who wrote their so-called history 80 years
after the events about which they wrote had
TRANSFERRED. Instead of the resumption act
being the cause of the distress inEngland,
Mr.. Garfield showed that it was entirely
owing to the corn laws, which induced the
English people to raise wheat in such guam
cities that it ruined the agriculturists of
that country. He argued that every great
financial crisis that had occurred in England
and in this country had been preceded by a
large issue of paper money, which had in
duced extravagant speculation, and natur-
ally resulted in great depression and pros
tration. He denied that the resumption Of
specie payment will injure the debtor class.
The presumption that the poor people are
the debtor class was erroneous, and he as
serted that the great majority of the credi-
tor class is composed of poor people, and
that the debtor class is the rich. A poor
man can't go into debt because he cannot
obtain credit. Credit can only be obtained
upon property that has a fixed value, and
this the poor man does not have. This class
take their money, which is the result Of
their savings, and place it where it will earn
something. He quoted statistics to sustain
this theory. and showed that in January
last there were over 400 savings banks in
the country, with deposits amounting to
s1,S76, 100000. This money was deposited
by $500, 900 people, who had thus deposited
their savings that they might be loaned to
business men to enlarge their business be-
yona their capital.
Mr.. Garfield also explained the assertion,
so frequently made in Congress and else
where, that the bondholders are capitalists
and wealthy men. He showed that in one
city, in which SAG, 1000 of Government bonds
are held by 1876 persons, only eight men of
the number hold over $4,000 each, while
1872 of the number range from $50 to $3.50
each. Sixty Of the number are widows, Is
guardians of minor children, and l21 labor
ers. mechanics, farmers, ministers, and
other men Of slender means, who put their
money into bonds that it might be safe. He
also quoted statistics from life insurance
companies to show that the poor man goes
into life insurance simply to provide for his
family after his death, and that out of about
300, 900 policies scattered over several States
the average insurance was only $4,000. All
the assets Of these companies are loaned out:
and the companies are simply the agents for
the poor. Applying these facts, he argued
that to do anything chat could LEI down the
value of the greenback would cut down the
principal and interest of all of these vast
sums invested by poor men for the benefit of
their families, and it would also cut down
their daily wages in the same proportion.
Is is estimated that there is daily due the
laboring men of this country $l20,000, 900
for their labor, and to cut down che value of
grecnbacks 10 per cent. would shrivel $l2,-
600, 900 of the earnings of the laboring class.
He denounced in severe terms legislation
that would produce such effects as these, and
argued that of all schemes to rob the poor
man, none was so cunning as that for the
issue and maintenance of irredeemable pa
per. He denied that the present depression
was owing to the Resumption act, but con-
tended that it was attributable to the issue
of paper money and the extravagant specu
lation that attended it. The war added
enormously to consumption, and reduced
the sources Of production by taking l,00O,-
900 men from the ranks of producers and
adding that number to the ranks Of consum-
ers. The termination of the war brought
things back to their normal condition, and
we have since then been gradually getting
back to specie basis. We must get back
to that basis gradually, and unless we are to
guide ourselves by law we will get down to
it by most disastrous fall.
Referring to the often repeated argument
that greenbacks put down the rebellion, he
said that il this theory held good some gen.
tlemen on the other side might answer, if
paper money had in it the elements Of sue
cess the confederacy would not have been
overcome, because they had more paper than
we had, and it had the the additional quail
ty Of not being redeemable until six months
after the recognition of the Southern Con-
federacy. Resumption was not intended to
discredt the greenback, but to dignity and
glorify it. When the greenback dollar is
made two and one-half cents higher we will
have two hundred millions OF coin to sustain
it. We don't want to make the greenback
worse, but to make it better, and the integ-
rity of the Resumption act is demanded by
public faith, the best interest of the country,
and our future prosperity, ard there is no
danger to the greenback except that which
threatens it by the Congress of the United
States.
Mr.. Garfeld's speech was listened to
throughout with great attention by members