Buchanan County bulletin. [volume] (Independence, Iowa) 1869-1891, 1877-11-30
HON. +. ". BURDICK.
A Full Exposition Of His Views on the
0uestiOn of Resumption

HON. +. w. BURDICK.
A Full Exposition Of His Views on the
Question Of Resumption.
Hon. Theodore W. Burdick, member
Of Congress from this District made
speech in the House on the 23d, on the
financial issue, from which we make the
following extract:
The question then with me is. what
effect on the business of the country
will be produced by the repeal of the
resumption act? IF it would restore
confidence and quicken industries. en-
courage enterprise and employ labor.
then | would most heartily advocate and
! support the repeal. But I can see no
such result flowing from it. On the
other hand it seems to me the great
need OF the day-of the hours stabili
ty and confidence. Let it be established
that the money OF the country shall
be brought up to a specie standard by
gradual steps and there maintained. and
foundation-stone will be laid on which
permanent prosperity can stand and
build. "N'
10 absolutely repeal the act of 1873
and put no declaration of the Govern
ment in its stead would seem like weigh
ing anchor and drifting out to sea away
from landmarks erected by the expert
ence OF all the commercial world. 1t
would certainly depreciatc our currency
and impair public confidence. Believing
as | do that the Government cannot
without extraordinary effort in the
meantime put forth, or by an increase
OF the interest bearing debt, resume spe-
Gle payments in 1879 and maintain the
same thereafter, would vote for pro-
position to extend the time for resum-
ing l would bring the currency of the
country to specie standard by steady
and continuous steps in that direction;
but would deem it unwise for the Gov
eminent to attempt forced resumption
which it cannot maintain. The necessi-
ties OF the nation in time Of war and
peril gave us the greenback currency,
and none can deny but that it possesses
all the elements of perfect circulating
medium, save and except that of CON
vertibility. When it shall have attained
to that, when tho promise Of the nation
to pay a dollar shall be worth dollar in
the money of the world, then will have
been accomplished one Of the principal
objects sought to be secured by the re-
sumption act of 1875. Had the act of
1873 authorized a more extended prepa-
ration Tor resumption, either by the sub
stitution of currency sufficient for the
demands OF trade or the accumulation of
the necessary col N reserve, then resump-
ton might have been possible in 1879,
and no necessity would now arise for
any modification in the act, or any ex-
tension OF the date for resum ption. But
while we put the legislative hand to the
act, to remove or modify the date, let it
not be understood that there Ia any de-
parture from the fixed established poll
cy OF the Government to appreciate the
currency of the country to par with
gold. There is not, nor can there be-,
any other true or undeceiving standard
of values than that fixed by the CONNER
cial nations Of the world. We may for
the time being erect false one, but de-
rengement to business will as surely fol-
low. The business Of the country to-day
suffers by reason of an inflated, irredeem-
able currency; but this condition of af-
fairs has not been one of choice, but of
necessity. Have We not endured these
evils long enough? Is not our currency
OF to-day-worth as it is more than
ninety-seven cents on the dollar-pref-
cradle as a circulating medium to the
currency OF five years ago; Of ten years
ago? We may not be able to make it
better at once, but let us not make it
worse.
Admitting the fact that we cannot
now, Gr as soon as Jannary ], 1873. re-
deem the legal tenders in gold. the OBJ
legation remains to give them those
properties that will enable them to cir
culatc on as near par with gold as pos
slble. In doing this we must not tax
and overburden the industries of the
country; but rather let us do what we
may to inspire confidence, and looking
to speedy return to specie payments,
prevent unnecessary fluctuations in the
value Of currency. In furtherance of
this policy | can see no evil or dishonur
nor danger OF decreasing the purchasing
power of the greenback by reasonable
extension OF time for redemption, l
have chosen, Mr. Speaker, to be an
exception to the rule, and have not pro-
posed, nor do | now propose, any legis-
tatlon that will be panacea for all our
financial ills or commercial troubles; but
have referred to such general principles
as have occurred to me, which, in nv
judgment, ought to guide us in dealing
with this question of finance. A 70 m
CT distinguished Secretary of the Treas
ury has said:
'lncontrovertible paper currency be-
gets the delusion that the remedy for
private pecuniary distress is in legisla-
tive measures and makes the people un-
mindful Of the fact that the true RENE
dy is in greater production and less
spending, and that real prosperity comes
only from individual effort and thrift"
For those amendments, then, sir,
which 90 not propose to discredit and
depreciate in terms or by effect the
United States notes, though in proyid-
ing for an extension of time and contin-
uing them in use as the money of our
country, can cheerfully and conscien-
tiously vote, believing that in so doing
the resumption OF specie payments will
not be deferred beyond such time as the
Government can resume without embar-
rassment to itself and distress to the
business interests of the country.
But for the adoption of the bill pro-
posed by the gentleman from Ohio,
Mr.. Ewing as well as the amendment
thereto submitted by the gentleman
from Illinois, Mr. Fort both propos-
ing the unconditional repeal of the re-
sumption act and consequently the i'm
pairment of the public credit, l cannot
vote nor give support
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