The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1877-11-20
Gen. Garfleld's Speech.
An Unanswerabie Argument for Hard
Mohey-Why The Pledge of Resumption
should be Kepf-The Financial Doc
trine of Honest Men.

Money-Why The Pledge of Resumption
shonid be Kepf-The Financial Doc
trine of Honest Men.
we are engaged in debate which has lasted
in the Anglo-Saxon world for more than two
centuries; and hardly any phase of it to which
we have listened in the course of the last week
Is new. Hardly proposition has been heard
on either side which was not made seventy five
years ago in England, and almost hundred
years ago in the United States, so singularly
does history repeat itself on questions of this
sort.
That man makes vital mistake who Judges
of truth in relation to financial affairs from the
changing phases of public opinion He might
as we'll stand on the Bay of Fundy and from
the ebb and flow of the tide judge of the gener-
al level of the sea, as to stand on this floor and
from the current of public opinion in any one
debate judge of the general level of the public
mind. 1t is only when long spaces along the
shore of the sea are taken into consideration
that the grand level is found from which all
heights and depths are calculated, and it is only
when long spaces of time are taken that we
find at last the level of public opinion, which
we call the general judgment of mankind; and
from the particular ebb and flow of public
opinion Of to-day I appeal to that general
Judgment of mankind on the question of cur
rency, which is the subject-matter of our de-
bate.
suppose it will be admitted on all hands
that 1860 was year of unusual general busi-
ness prosperity in the United States 1t was at
time when the bounties of Providence were
scattered with liberal hand over the face of
our Republic. 1t was time when all classes
of our community wers well and profitably em-
ployed. 1t was time of peace; the apprehen-
sion of our great trouble had not yet seized the
mind of our people. Great crops North and
South; great general prosperity marked the era
In which we then lived. If one thing were
settled above all other questions of financial
policy in the American mi0d at that time and
Onward for year, it was this: that the only
sound, safe, trustworthy standard of value was
coin of standard weight and fineness, or
paper currency convertible into coin at the will
OF the holder. That, take it, was the almost
unanimous opinion of the American people in
that era, and had been for a long time previ-
eusly. And the opinion of 1860-6 was the ag-
gregated result of the opinions of the foremost
Americans who ever thought a1d wrote upon
this subject. make this statement without
fear of contradiction, because / have carefully
examined the list No man ever sat in the
chair OF Washington as President of the United
States who has left on record any word that
speaks of any safety in finance except based on
convertible paper, paper convertible Tito COIN
Every President that ever left record on that
subject has left ii without qualification in favor
of the doctrine l name. No man ever sat in
the chair of the Secretary of the Treasury of
the United States who, if he has spoken at all
on the subject has not left on record an opinion
equally strong, from Hamilton down to the
days of the father of my distinguished COL
league (Mr. Ewing) and to the present mo-
ment. Now, Mr.. Speaker, it seems to me that
the general judgment of all men who deserve to
be called the leaders of American thought
ought to be considered worth something in an
American House of REPRESENTATIVES on the dis
cussion of great topic like this.
What happened to change, or to make de-
partnra from this general level of public opi0ion
IL 1861? Every man knows the history. War,
the overmastering necessities of war, led the
men of 186l-62 to depart from the doctrine of
the fathers; bat they did not depart from it as
matter OF sentiment, only as matter of over
mastering necessity. Every man in the Senate
and House in 1862 who voted for the greenback
law announced that he did it with the greatest
possible reluctance and with the greatest ap-
prehension for the result. Every man who
spoke on the subject, from Stevens down to the
humblest member in the House, and from
Fessenden to the bumblest Senator, recorded
his vote against the dangers that might fellow,
aud declared with all his vehemence that at
the earliest possible moment the country
should be brought back to the old safe and es-
tabllShed dootriue of the fathers. When they
made the law creating the greenbacks they
linked it with hooks of steel to the most solemn
pledge men could put into writing that they
would come back to the doctrines of the
fathers. The very law that created the green
h2nr da1 EAr ZEE DIN~1
ment, and every time the necessities of war re-
quired an additional issue new guarantees and
new limitations, solemn in their form, were
put upon the new issues to insure their ulti-
mate redemption. They were issued with
every pledge that the number should ba SO
limited forever that under the law of the coun-
try the courts might enforce their sanction.
The men of 1862 knew the Dangers from sad
experience IN our history, but like the COM
panions of Ulysses, lashed themselves to the
mast OF public credit, when they embarked
upon the stormy and boisterous sea of inflated
paper money, that they might not be guided by
the syren song chat should be sung to them
when they were on the wild waves
But the times have changed. New men are
on deck-men who have forgotten the old
pledges; and now only twelve years have passed
(for as late as 1866 this House, with but six dis
sentng votes, resolved again to stand by the
old ways and bring itself to sound money, }
only twelve years have passed and what do we
ind? We find group of school men and doc
trinaires We tiud some who advocate what
they call "absolute money" who declare that
piece of paper stamped dollar is a dollar
that gold and silver are part of the barbarism
OF the past which ought to be forever aban-
dOned. We hear them declaring that resump
ton is a thing which ought never to take
place. We hear them declaring that the eras
of prosperity are the paper eras, aud they point
US to all times of initiation as the periods of
blessing to the people and prosperity to busi-
ness, and they ask us to vex their ears no more
with any thought of resumption. Let the
world of financial literature that has sprung
into life within the last twelve years tell how
widely and how far we have drifted. We have
lost our old moorings-have thrown overheard
our old compass. We sail by alien stars, look
ing not for the haven, but atoat on shoreless
sea.
NO LACK OF CURRENCY.
Now, what are the obstacles to resumption
in accordance with the law we have passed?
The first great obstacle stated by gentlsmen who
have argued that question is this: that we have
not enough currency in the country for its
business, and that some measure of contrac
tion will be likely to attend the further execu-
ton of the provision of the Resumption law.
Before 1 enter directly on that, 1 desire to
put plain question to the gentlemen who hear
me. In that prosperous era of 1860, when there
was free banking in most of the states, and the
banks were pushing all The currency they could
into circulation without limit, there were just
$207, 100000 of paper currency, and that was
the largest volume that this country had ever
known. Now, nobody estimates the amount of
coin 10 the country was more than 500, ,000-
900 or $250,000000 at the very outside; bus as
suming it at $500, 900 900 and add that to S2O7,
100000 Of paper circulation and you have
$4O7, 100000 of currency, of paper of silver, and