The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-11-08
SHALL WE RESUME OR NOT?
THAT rs THE QUESTION WITH THE
FfNANCfERS or CONGRESS.
Another Days speechmakirg In the House
A Joust between Price or Iowa and kelley
OF Pena.yivansa-The Naval Deficiency RtII.

FpcrchWRETnN
A Joust Between Price or Iowa and X eitey
OF Pena.yivanta-The Naval Deficiency Riii.
WASHINGTON, Nov. Tho Speaker laid
before the House the resignation Of the Rev.
DIR. Posal. Chaplain.
Mr.. Stephens tDcm.. Ga.l offered n resolution
Of regret. Adopted.
Mr.. Atkins dem. Tenn said tho Committee
| on Appropriations did not desire to call uu the
Army hill.
The Speaker said that the regular order was
the bill for the repeal Of the Resumption act.
Mr.. Gardner u,cp.. Ohiol spoke in favor of
/ the bill. H. was not. he said. opposed to re-
/ sumption or in favor of imitation.
! Mr. Cox tRcp.. Ohio explained and advocated
/ the amendment offered by him yesterday. Tho
/ Democratic party had made il n grave charge
/ against the Republican party that the latter had
done nothing toward resumption; that the
mere naming Of a time accomplished nothing
| There was a certain degree ofwcight in that OBJ
/ lection. lie had offered the amendment as "a
means Of coming To- mn understanding about
resumption. Party lines could not Doe drawn ON
such question: Could not those who agreed
upon the policy Of resumption agree upon the
methods Of bringing it about2
Mr.. Blair tliep.. N. H. suggested 10 Mr.. Cox
that il the redemption Of legal tenders at n dis
count was proper now. the same thing might
have been done when legal tenders were not
worth fifty cents on the dollar.
Mr.. Cox said there was q distinction between
ordinary and extraordinary circumstances.
Mr. Blair-Would the gentleman have applied
! his principle when legal tenders were worth
eighty cents on the dollar. which WIS long after
the period OF extraordinary hurtuationsp
| Mr.. CoX-As n matter Of history, | began to
advocate the doctrine which | now state in
1867. when gold was at n premium of l6 per
cent. The innuendo is often made that we are
| breaking n contract. wish to Ice distinctly un-
! derStood ~ saying that do not believe in any
such logic IN regard 10 the currency The cur
rency il in the form Of u loan 10y the people Of
| the country to the Government | am entirely
free to say, r,sumptionist as | am. that II the
people of the United States lwho hold the whole
| OF the currency say through th"ir representa-
| tVcs in Congress that they do not want the
| Government Ia pay II IN 1850. or lS!O. or at any
other time they have the absolute right To- say
So. II il n question between the people and the
Government. The legal tender note is ON ifs
face contract TO pay coin. but the question
when CON shall hc paid Tor 1t has been dis
Mr.. Riddle tDem.. TENN spoke in favor OF
Mr.. Price tRep. Iowa. said he was opposed
to anything Ike gag Jaw. and believed that
error Two hundred and thirty-t three national
banks had voluntarily gone out Of existence.
not because 81 tn. passage of the Resumption
property was greater than the taxation of any
other properly IN The country
/ Mr.. Kelley lirp.. Pail beg leave to say that
the taxation of national banks has not driven
single bank ng institution out of existence The
national banks 81 phiudcphn have, luSt de-
| clared their srmi-annuM dividends. ranging
from ilV" To ten per cent. and have been adding
| Gently madr. not an annual. hut an extra divi-
| drnd of loo per cent. | say that the taxation
which allows such profits is not oppressive.
] Mr.. lrlcr-Ihern ar" exceptions To- all rules
| amt. indeed. exceptions prove IN" rule. ! rhul-
/ ,nse 'outradtt.on when say that the national
bank property of III" country pays more taxa
/ ton than any other sp"cirs Of property.
Mr.. kellry-ll 233 national nank- have retired
Tor somr camss or other. they have left "a sur
yyorsnpcf 1000.
Mr.. PhiIlips l..p.i Kanl suegcstc, that tho
was, That they r"nih not exact NOR" than ~ pr
cent. interest L. wh"rcus. outside of banks. they
could rNat per GO nt "a month.
Dir. Pricc-l want the country 10 stand 10y its
Mr.. Krllcy-was Il not tho argument Of Pool
! aud Kirnrdo. when the art Of 1919 WIS passed
that a. gold aud paper were then at less than
Per cent. difference. i was mere question Of
from 10 per cent. difn- d over four years
| What WIS IN" result Values were reduced go
| per cent. ana the elder Pool said t. his son:
Eohrt, Won hav" made tho fortune OF Your
/ family. hut you hnN" ruined your country
Three per cont. WIS enough to 40 hat.
Mr.. lrice-l do not know anything about tho
| older pncl'- opinion. and do not care ma IA
nb1 ut his sons. live IN IN" afternoon of the
ninrteenth century 10 not roripar. this roun-
try with any other. There is nD country 10
compare Il with. There is no place tu make a
country 10 compare It with. nMugNterl
Sir. k"lley-lig n~ tine country r.. the Ameri-
can eagle ran hap iis " ms over every acre and
scream defiance Ia hil 'lrhion, llhu-hierl II
how much the price Of Iowa wheat has gone w
in the last tire years.
Mr. prcc-lt il worth more thnn IL was three
years ago. ! am happy 60 say. We have got
better crop and It Is worth good deal more
Mr.. Kellcy--Mensurcd hy what2
Mr.. Measured 10y osilNord dollar which
Mr.. krllry-ls It ns measured lay cotton. iron,
or any other product of industry
Mr. prrc-My friends from tho South can
answer the cotton plri of the question. and tho
gentleman from Pennsylvania himself can
anrswer ne ir2n part q t. llaushierI p.
Mr.. Kelley Has rs price Increased IN British
sutrrcisns or French fran :
Mr. Irice-Wc do not take British sovcrciens
or French francs We take American dollars.
Mr.; Townsend rep. y. Yves. wheat is
worth NOR" than II WIS sixteen years ago.
whether measured in francs sovereigns. or in
Mr.. Kelley-Do you speak for Iowa? Laugh
Mr.. Townsend Yes I do; for l have wheat
and bullocks ~ Iowa To sell.
Mr. Kelcy-l never suspected that tho gontle-
man from New York was carpct-bagger.
Sir. Blair questioned the accuracy of Mr.. Kcl-
leys allusion To- English history.
Mr.. Kelley referred Mr. Blair to Allison = and
Duuhnday's historical works.
MIR. Harrison Dem, ll spoke in favor Of the
hNi. As to the argument Of plightcd faith Ia
sondholdrrs BE- snid That there was 20 rcspoct
for the faith plishtrd To- IN" peoule, There WAS
an implied obligation on the part Of the Govern
,nrni To- protect III" lab9r"r and the poor man.
II IN = thlng went on, he prorh'sird mat "a"
people of the West would never submit To- the
p"ople of IN" Enst rohhlng them Tor the sake OF
bouiholders.
The hll th"n went over until tomorrow.
Mr., Blnuni l)rm, Gal, from the Committee
on AUTHORIZATIONS, reported the Naval Dell
clcncy hill. ana SAID that he would nsk action
upon II as soon as the Army Appropriation bill
was pnfSrd.
Mr. Page Rcp. Call presented tho address ~
the people Of California ON the subject of chi
nesn Immigration. Referred 10 the Committee
on Education.
Mr. Wool Dem, " " offered n resolution
calling Tor Information as 4ihe eApenscs IN the
War Department. Referred.
The House then adjourned.
THE DEFICIENCY mn.