Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1877-11-23
CONGRESS AND FINANCE,

The small amount of business transacted by
by congress this extra session has been done
with an eye TO the peoples interest. Probably
they will now adjourn after the many theories
suggested for the final settlement OF finances
upon some solid basis 10 make our money
equal 10 that Of other countries without
adopting anyone of them. This non-action is
perhaps better for the present as the majority
of the people favor resumption of specie-and
even they are divided, some want to resume
at definite time, while others want to resume
when a dollar is worth dollar in any cur
rency-and congress is divided into groups of
three or four men upon the same method of
adjustment of this seemingly abstruseq question.
We agree in the opinion Of that level-head
ed journal, the Baltimore Sun, that "whatever
may be the case in other parts OF the country,
we have no hesitation in saying that here in
Maryland the question Of specie resumption is
neither geographical or party question:
There may be here and there individual con-
verts of the silver lunatics and advocates of
unlimited greenbacks, but the popular sent-
ment OF the State, without distinction of par
ty, is Overwhelmingly and honestly in favor
OF resumption, while on the silver question we
believe Governor Swans vote against the
Bland bill-the solitary vote from Maryland
recorded for or against that measure-correct-
~ represents the enlightened public opinion Of
the Staien
1t looks as if The party is being sacrificed to
geographical interests Gen. Ewing has plant
ed himself in opposition to Democratic hard
money doctrines and has becom the mouth
piece of the paper money party, while Gen.
Garfield, Republican, in this particular is ably
advocating the Democratic doctrines.
One OF the most effective portions Of Mr.
Garfeld's speech in his answer TO the dema-
gogical argument that specie resumption will
operate 10 the injury and further impoverish-
ment of the workngmen and others, as being
the debtor class. We quote from the report
Of the speech in the Congressional Record
at is assumed that spesie payment will in
jure the debtor class Of The country and there
by Cypress the poor; in other words the en-
foTcement of the resumption law will Cypress
the poor and increase the riches of the rich
II is assumed that the aboring men are in debt
and that the rich men constitute the crediting
class. deny this in toto. | affirm that the
vast majority Of the creditors of this country
are the poor people; and the vast majority Of
the debtors of this country are well-to-do peo-
! pie, in fact, people who are moderately rich
AS matter of fact the poor man, the laboring
man cannot get heavily in debt. lie has not
the security 10 offer. Men lend their money
on security, and in the very nature Of the case
| poor men borrow but little.n
So far from being the debtor class, the peo-
pie of small means, argues Mr.. Garfield, are
if anything, largely creditor class. The ST.
| 3T7, 900, o00-a sum equal 10 nearly three
fourths of our national debt-deposited in our
savings bank of the country by two and a-ha!f
millions Of citizens represents the savings 10 a
great extent of men and women of small
means, laborers, widows and orphans. "They
are the lenders Of this enormous aggregate
The savings banks as their agents lend ito
whom? Not TO the la1oring poor, but to til e
business men who wish to enlarge their bust
ness beyond their capital. Spectators some
times borrow it, But in the main well-io-do
business men borrow these hoardings. Thu,
the pour Lendto the rich" With equal force o.
reasoning and felicity of illustration Mr.. Gar.
field refutes the fallacy that ii is the rich only
the capitalists and "Wall street people," who
have au interest in the maintenance of The
public faith and in keeping the pledge of re-
sumption. He says
"Gentlemen assai the bondholders Of thu
country as the rich men who Cypress the poor
Do they know how vast an amount of The
public securities are held by the poor people
| took occasion, n few years since, to ask the
officers of bank in one of the counties of my
district, rural district, TO show me the mum.
Der of holders and the amount held of United
States bonds on which they collected the in.
terests. The total amount was $4l6, 000.-
And how many people held them One hun
dred and ninety six. OF these inst eight mer
held over $50, 900 apiece. The others ranged
from $50 up to So, 500. | found in that list
fifteen orphan children and sixty widows, whc
had a little left from their husbands or ia.
theirs estates, who had made the nation their
guardian. And | found one hundred and
twenty-one laborers, mechanics, min listers men
of slender means, who had kept what they
had and put il in the hands of the United
States that it might be safe. And they were
the 'bloated bondholder against whom sc
much eloquence is Illuminated in this House.