The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1877-11-17

49, hSN WI euS btuEmI huu uuA
ardous sea Of paper money, 90 that the,
might not DO beguiled by the syren song
which might be sung 10 them when the,
were on the wild waves. But the time
were changed now, and the men were OF
deck. Twelve years had passed since thI
HouHe, with only six dissenting votes
resolved to stand again by the old ways
and bring the country TO sound money
and now what was iound2 A group o
Gchooimen and doctrinaires. The latter
unknown twelve years ago, WerC
formed 10 favor OF what they
called absolute money" declaring thai
a piece Of paper stamped "One Dollar
was dollar; that gold and silver wers
part Of the barbarisma Of the past, which
ought forever TO be abandoned; that re
sumption should never occur, and thai
the eras Of prosperity were paper eras
Coming back TO the prosperous era ol
1850, he asserted that although banking
was free there was but S207 ,0O0, 900 o.
paper money in circulation and about
$500, 100000 in coin. How much was in
circulation to.day7-$727, 100000 10
greenbacks, fractional currency and sill.
yer and about 100000 in coppers, In
all S73G,00O, 900, exclusive Of the gold
circulating on the Pacific coast. He put
!. to the judgment OF the House whether
II in 1860 under free banking, with no
reatrictioas) S407 100000 was the limit
ot the possible currency in circulation,
almost twice that amount was needed
and hardly enough in 1877. He him.
self in the same category in which the
gentleman from Pennsylvania (Mr.
Kelly had placed thA late Secretary
Of the STfeasury, Hugh McCulloc6.
He kelly had read yesterday three
lines from an article written by that zen.
tleman, and had declared that the state
ment made in those lines showed either
unexampled ignorance or unexampled
mendacity. What was that statement ?
1t was that every financial crisis in this
country had been preceded by the enor.
mons enlargement Of paper circulation.
He (Garfeldl affirmed that this was true,
and he challenged any one TO prove the
contrary. 1t had been assumed that spe-
Gle payments would iniure the debtor
class, aud would therefore help the rich.
be denied that proposition in toto. He
affirmed that a vast majority Of the credi.
tors OF the country were poor men, and
that vast majority Of The debtors belong
ed to the rich classes. In the first place,
it was not the Toor Fmana a,who had
to borrow money, and in the sec.
ond place, it was the laboring man
who placed his surplus money in the
savings bank and nots the rich man,
who borrowed from the savings bank.
Thus did the poor lend 10 the rich. In
the name OF the laboring man therefore
he denounced the attempt 10 repeal
the resumption law. Ii It we're
repealed the country would be plunged
into the necessity OF sailing over the
same ienpestuous ocean with an uncer.
tain result. II it were repealed and no
substitute made for it, the day would no,
be far distant when Congress would look
back from the depths and horrors Of the
evils which would surround the country,
to the present time, and would earnestly
regret the day when the RESUMPTION act
was repealed. He did not under value
grrenbacks, but when the gentleman
from Pennsylvania kellogg talked
abouL greenbscks putting down the re-
bellion, il he (Garfeld) had been on the
other side Of the House, he would have
said, oh no, Judge, We had more libsr-
al supply ofthEt kind OF money than you
had. II Was better money than yours
on your own principle, for It was to be
redeemed ak years after the Independ.
ence Of the Confederate States, and yet
that did not put you down. Laughter. |
He did not think that the gentlemen who
knew the financial policy Of the Conied.
eracy wonld join with the gentleman from
Pennsylvania in his eulogium on 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,
II true that every man wanted his own
when he earned it, he (Gartield) dem and.
ed that Congress should not make the
earned wages Of the poor man to shriyel
and shrink away, but that the Ereenback
should be made better, until the plough
holders money should be as good as the
bondholder's money. This was an era OF
pacitication-the States and citizens were
equal before the law. Let Congress make
money equal before the Law, 50 that the
motto Of the country might be, "Eaual
States, Equal Men, Equal Dollars" and
complete pacifcation would be achieved,
The elements were all now in favor Of re.
sumption. The report Of the Secretary
OF the Treasury yesterday showed that
he had sixty six millions Of coin, un.
pledged for any other purpose, waiting as
areserve for the day OF resumption, and
that he was adding to that stock at the
rate OF fSe millions q month. The bal
ance OF trade was in favor OF this country
to the extent Of nearly two hundred
millions year. Exchange was flowing
this way rapidly. The harvests have
been bounteous; the nation was awaken.
ing to new enterprises, business was eve.
rywherc reyiving, there was no danger ex.
cept from the Congress OF the United
States. There was the storm centre: there
the pointOi peril. II that point could
be passed and the act now threstened
avoided, the country would be sale and
resumption completed. He referred 10
the fact that two years ago his colleague
(EwinRl, in discussion with General
Woodford, had predicted that the silver
currency then proposed to be issued.
would be Immediately absorbed and with.
drawn from circulation; so hia colleague
thought now that gold coin would be ab.
sorbed and Withdrawn from circulation.
Mr.. Ewing explained that when he
made that statement the country was moi
aware Of the rascally act demonetizipp
silver. It was then at high premium
oyer greenbaoks.
Mr. Garfield suggested that the trouble
about the explanation was that silver
coin was OF IL per cent less value than
the old silver, 40 that there never was The
slightest danger OF itS being bought up
for silver. The gentleman (Mr. EwinTI
thought that there was some danger
abont gold, but II 40 Eastern farmer re-.
moving to the West sold his farm for
$4,000 he was not likely to load himself
with 40 ponnds weight Of gold or $40
pounds weight Of silver. Wonld he NOT
rather take his pay in ten $1,000 bills
and carry il West in that convenient
formG
In conclusion, he said: The moment
your greenback Is equal to gold I. Is bet.
ter than gold, for it is more convenient,
and IA lhnO M thA nahnla d.a;sn Z. a.