New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-11-17


not adapted tho OF banks we usc Them m nc
wings deposits Of Franco IN savings banks nc
not equal to the savings OF tie poor people
ms blnks of New York city alone. II the
sr1eJf couniins nf neone who have any trade with
France. that you cannot pay merchant In Paris by
and checks The business of tnelr country is done
hand TO hand. by the use Of cash, ana thc}
need FIVE times the amount Of gctual currency TO
transact business ne the AngoSaxon communities OF
England and the United States need
How Is ii in England statistics which no one wln
camille transactions OF England are done by drafts,
checks and commercial bills, ana only . per com ny l
actual use Of cash The great business Of commerce aud
trade is done by drafts ana bills Money IS just now
only the small change of commerce ,.,
habits OF England Al d not OF France in this regard IN
1871, when was chairman az the committee on DUN" IN
ing aud Currency maue an CAP 'ln'eni; ho' tnc
Controller Of the currency 70 issue an order, naming
fity-two banks which we're to make returns. Nc Sc
lcctcd three groups Ihe htsi group were tnt V9 "aha
not however Tie ClCaung-hOu banks, hui the great
city banks. They were The ~ Il group Ihe second Were
tie banks of ceS tine size OF ioi' 90 ana Gay loh I c
state OF OhiO-countJ banks. In the tmId gl4nI;
II may CON word. selected the conntricst mIkS
the smallest that could be found al points away ron
railroad and telegraph communication. The order was
that all tOSe banks should analyze their receipts ior
siX consecutive DAYS pliuny INTO o"c s' an lh4 can G
called cash. either IN CON- .alk noie5 on couios, anu
cAccks OF cohmeIcHh pi's- "utt Va ooo ,,cre
suit Daring those six days Sl1IOUoOO0 WeIs
received the counter ~ Those ttvwo banks, Ina
OF tnat amount Sl9S7O,O0O wa in cash-l2 prr cent
only IN cash aud * per cent Of that yasl amount repre-
country was done IN cnccks. drafts, and commercial
pills. Does country that does lis business IA IhaL way
country like France W thOu banks without savings IN
sutuuons, and whose peOpl Keep their nons! III ho!rs
that wear. before the began. France Lad sol
C00OJ0 Of PAPER circulation Of the Bank OF France ana
So 100000 Ji coin from the same hank Wen th" "iI
bros out tbcy were compelled immediately toissue more
nam and make il a irgaltendrr Iley t"ok pattern
low as from cir necessities, and issued paper un IN
November 10 ST3 four year, ag0 next Monday thcy
lad 500 600 600 AZ papCr issued by tie Bauk ~ France
] 81 .
MAS over ley id what ! cOmm,nd TO the
Gentleman from PENNSYLVANIA (Ar K,lcy). They
commenced to reduce their paper circulation aud IN
year reduced 10 almost SlUOCOoOOU, and increased
the coin circulation Sl20OOoOO0 In the wear 1876 thcy
had pushed INFO circulation S2Oo,O00,0po OF com, ana
retired small notes II tndt amount Ih.y are Quay
within hity days Of res lnipu"n oi Npe c paymehls.
Under the law, fly days from to-day, France passes
again INTO the iiustrloHs ne ol nations MO Utele VI
sound curleucy ana comment 10 the eloquent sthU,
man nom Pennsy wanna hI. kelIej), the example OF
RESUMPTION IL ENGLAND n 1900.
The uvcrwho Inning and fyc1 opinion OF England is that
the Cash Resumption Act OF $40 blessing and not
a curse. and That tire evils which England suffered al
that time dd not arise from the sumption Of cash pay
menis but from entirely distinct from That
appeal to every great writer OF acknowledged character
in England the trutl. OF THIS proposition but lwH
! NO; leave it simply as a matter of opinion. Will give
two or three reasons why think His
In c first place, appeal 10 the opinion of Parliament
itself The House of Commons, which Is a. sensitive an
indication Of public opinion England knows Wncn
they were within about egetoen months OF resumption
Of specie payments. a motion made Oike the mo-
ton Of my friend from Ohio-Mr. EWING that
the Resumption Act Bin be modified because
10 was producing distress; and number Of
gentlemen ibe floor OF the House If Commons
made speeches of the exact spirit OF those which sc have
heard here this floor within the past week. Tie dis
ross among the people, the crppng Of business, the
alarm of the mercantile classes III were paadcd in the
House OF Commons ana were answered by those knights
of finance whose names have been lIs'uous in Enghsh
history end Of long debate or that PROPOSE
[ uun the lin OF April, 1s@2 vote was
afcn, the proPo,it.ti0n utterly rejected 'y
vote Of III 10 q IT, Other words lya vote Of lil 10
-. tire House Of Commons resolved that their act for
tine resumption OF specie payments was not causing
Ci-tr> 2uO ought not 40 ht ~, called ana ou hI no 10
be- modified, except to make il more "hcruIc. bnt
that Was not enough A f cash payments were
Ie~umed motion WIS l15 lie ~ M W ION in
sumption Act absolutely produced distress That WIS
challenge To the pubic mind If England gwen ~ ne
Other debated. and at the end oi that long debate
tho proposition Was roi Only voted dow" Dnt tlis was
oi Great lan WI not change tbc standard 81 value.
q, tEC business interests o. the couutr, require is
! House of Commons ought al least 20 kno" soinethuC
! about tAe condition 81 Lne.and.
wac caused 10y Resumption Act in spite of az English
Wiz a. Took. vo M ui. is.ary of price. PA l..-
! land. gone over THE ground mr>t thorough
~ ana fully. lie says 70 VAS The Corn La" when
produced tie great evils from winch tn-iaud
suffered IN those days. law HAD been pas
providing LAT corn. thal is wheat ahoAd never ie a.
owtt go 40 btlo" eiah} aii4"es ieI GArteE aud u
got below thai Ii -u' al. impefiations IRON abroad
should be- STOPPED mini the riicr got back a2ain III
ot4ct words. Ing gland ToToscd H. bId I4ucs, wall
Ound Inc island ana 90 ua-e wheat on" ol tlc most
p!oh.:hir crops IA Tie "'iId {" l"'er CNtcI ln' lp
tcc-on Of tuaj Corn Law the agilcu uls;s OF Eng
land Iun into tire business OF raising whea every whre.
ic most enormous o"t! IN tDr l"sic Va" "l '1'Ht
mo ,teace, ON The pa>sI-c OF ina. la" ANA n
r jhrc Special years 1870 ie2I ana Ie!3 N" largest
crops Europe ever kne" were irtd a4d ~ sine {" ne
lass Ub,fi went down go a.. 3I2 ger quarter ~ zee
their cXuecdt "n. ana u rune" "i iLt "sE.r.-',l' pr
pie of ENGLAND Win distress so sh"t ") terrible is al
Now, before quitting that subject, beg leave al
10 put myscfin tnc category to which the gentle
tie Treasury. Hugh Mccuilpcn. He re3a three INES
FROM partroi Mr. McCuiioch IN ihe t0rh inerica"
ECGetr, AID said that D. Was an example az astonishing
n,'ii fat WIS 80 ignorant on so mend io!st IL wa mat
eycly reat crisis ~ ts county las Docn Pec ded By
fat 10 be- rue and challenge controversy INV any man
10 wastrJe in England always, Il has Dceu tldc ia Is
coHuuy We rd great crisis IN lTJ7. another IN LIZ,
another 1897, another ~ 1SJ7, ana one last ia 1873,
almost oAac.ly twenty ycgis apart. They are periodic,
and return as tie result OF causes slria-Ls up any nS
the uss Of onf business people; and they Lave an berh
preceded bv an enlargement col credits, ah undue cApI-
SION ar the Instruments "l credit ana u,} nave hi e
suliCl in the same sll uniformity o. misery That has
followed The elimination o. collapse.
THE POOR MEN TIE CREDITORS.
Inow proceed to notice the second general point that
has been made mere III favor Of this bill 10 is assumed
that specie payments Will uiure The debtor class OF ths
country and thereby Cypress the poor other words,
that the carrying ont Of the Resumption law viii DE or
prcssive 70 the people of this country the assump
ton that they the people debit that Therefore, IL
Will help tie rich who are the creditor class. II is
this proposition TO which / wish to address my
sell for moment deny The proposition
"a tyf0 affirm tina, vast majority Of the creditors
o tins country Gc Tue poor people; ihat nc vast major
jas o tac debtors OF this country Weilto-do people,
and in fact moderately rch. Now ak the cOnsiderl-
As d matter Of fact tnc poor man, the laboring man,
o. Etf n