Ashtabula telegraph. (Ashtabula, Ohio) 1874-1880, 1877-11-23

S,,5 6s,,-la1psd 10 prosIuoe change from
IA js,-sIssf public opinion IN 1852
80 man knew the history Of the war.
Tl,s demonstrating necessities Of that war
- Ia the usn of 1861 to depart from the
s-.,,-ine of The fathers, but they bad not
,5s,,srte6 from it as matter Of sentiment,
6,,f ss a matter of overwhelming necessity.
All who voted for the greenbaek law in the
House and Senate had done so under pro-
test. and with the declaration that at the
earliest possible moment the country
should be brought back to the old safe ss-
tablished doctrine Of the fathers Lake
the companions of Ulysses they had lasneu
themselves TO the mast Of puohc 'reliS
when they embarked upon the stormy anu
hazardous sea Of paper money, so that the!
niOht not be beguiled by the siren songs
4b2ob might be sung to them When the!
- IN t6s wild waves. But times were
.banga5 new men were on deck. unly
e'reiys e,,.,IS Years had passed since the war,
-, With only six dissenting votes 1t was
resolved to stand again by the OLD ways, 70
b-ine, tbe country to sound money, and
1oW what was found? A GROUP CT school
nm and dOctrinaires, the latter unknown
| twelve wears ago, were found IN favcr OF
what they called absolute money, de-
elaring that piece of paper stamped zone
dollar" was dollar, that gold and silver
were part of the barbarism Of the, past
which ought forever to be abanuo1ileu' 1I
that resumption should never take PiaJSe' S5
and that the eras of prosperity "eLe -,ar- W.
paper eras. Coming back to tne I,Iopgb PtGlb
ous year of 1860 he asserted ina 500 mn
banking was free there was '-i.r;oD and
0o0 Of naDer money in clrcu "a -
I 49, - y sbo6 no OOO in coin. How mucn
alOuo J. s-;,o,',Istlon to-day? $72IOOO,UVOih IN
We rII-SaI,y ~ ~ fractional currency ana Ifac
| gree nO0oH1, oi13sT and about $9,OOO,OOO OF
l. llonaL IN ali S736, ,0OO, 600, exclusive OF
coI' 'ei7, eaip,ci,Iating on the Pacific coast; ne
goN - to the Judgment of the House
PuIS. IL in 1860. under free banking
VII m1I'-T No restriction, $407, 100000 was the
l;s;+ ~ ,,ossible currency in circulation,
nI-nost twice that amount was needed and
hardly enough in 1877. He put himself IN
tbe same category in which the
Gentleman from Pennsylvania Kelly
Rad placed the late Secretary OF
tbe Treasury, Hugh MCCULLOUGH. he
TKellvI had read Yesterday three lines
from an article written by that gentleman
and declared that the statement made IN
those lines showed either unexampled lg-
norance or unexampled mendacitY. What
tTos that statement? 1t was that every
grest financial crisis in this country had
been preceded by the enormous enlarge
meut Of paper circulation. de Clarified
affirmed that that was true, and he chal-
lenged any one to prove the contrary. 1t
had been assumed that specie payments
would injure the debtor class, and would
therefore help the rich. He denied that
proposition in toto he affirmed that a
vast majority of the creditors of the coun-
try were poor men, and that a vast major
ity of the debtors belonged to the rich
classes. In the first place the poor man
had to borrow money, and in the second
place it was the laboring man who placed
his surplus money in saving banks, and it
was the rich man who borrowed from sa-
wings banks. Thus did the poor lend to
the rich. In the name Of the laboring
man, therefore, he denounced the attempt
to repeal the resumption law. II it were
repealed the country would be plunged in
to the necessity of sailing over the same
tempestOus ocean, with uncertain result.
If it was repealed. and no substitute made
for it, the day would not be far distant
when Congress would look back from the
depths and horrors of the evils which
would surround the country. to the pres
ent time, and would earnestly regret the
day when the resumption act was repealed.
He did not undeTvalue the greenbacks,
but when the gentleman from Pennsylva-
MIA Kelly talked about the greenback
putting down the rebellion, If he Gar
field had been on the other side OF the
House he would have said, "0h no, Judge
We had a more liberal supply of that kind
of money than yours on your own prinei-
a l. ,,.,1 Gu -
after the independence of the Confederate
States, and yet that did not put you
down." Laughter. He did not think the
gentlemen who knew the financial policy
of the Confederacy would join with the
gentleman from Pennsylvania in his eulO-
gium of the greenback. The struggle now
pending in the House was on one hand, to
make the greenback better, and on the
other to make it worse. In the name of
every man who wanted his own when he
earned it he TGarfeldl demanded that
Congress should not make the earned wa
ges of the poor man to shrivel and shrink
away, but that the greenback should be
made better until the plough-holder's mon
ey should be as good as the bOndholder's
money. This was the era Of pacifcatiOn.
The States and citizens were equal before
the law. Let Congress make money equal
before the law, so that the motto of the
country might be ''equal States" equal
men" equal dollars" and complete pacifi-
cation would be achieved. The elements
were all now in favor of'resUmption. The
report of the Secretary of the Treasury,
yesterday, showed that he had SOC, ,000, 600
coin unpledged for any other purpose,
waiting as a reserve for the day of resump-
ton, and that he was adding to that stock
at the rate of So, 600, 900 a month. The
balance of trade was in favor of this coun-
try to the extent of nearly $500, 1000, 900 a
year. Exchange was flowing this way, the
harvests had been bounteous, the nation
was awakening to new enterprise, business
was everywhere reviving. There was no
danger except from the Congress of the
United States; there was the storm center,
there the point of peril. If that point could
beapaSsed and the act now threatened
avoided the country would be safe and re-
sumption completed. He referred to the
fact that two years ago his colleague Ew-
ingl, in discussion with General Wood
ford, had predicted that the silver curIen-
ey then proposed to be issued would be i'm
mediately absorbed and withdrawn from
circulation. So his colleague thought
that gold coin would be absorbed and
Withdrawn from circulation.
Mr.. Ewing explained that when he
made that statement the country was not
aware Of the rascally act demonetizing sill
veri and silver was then at a high premi-
um over greenbacks.
Mr. Garfield suggested that the trouble
about the explanation was that silver coin
was of twelve per cent. less value than
the old silver, so that there never was the
slightest danger OF its being bought up
for silver. The gentleman EwIngl thought
that there was some danger about gold,
out II an Eastern farmer removing to the
west sold his farm for $40, 900 was he