The New York herald., 1877-11-30
THE CURRENCY CONFLICT.
Obstacles to Immediate Resumption and
Dangers Of the Effort.
A PARALLEL IN BRITISH HISTORY.
General Garfield's Recent Speech
Sharply Criticised.


the national currency and resumption Mr.. J. W.
schuckers prints elaborate review OF Mr.. Garded's
speech delivered In the House OF Representatives on
the 17th inst He says
NY old friend General Garfield, In the course OF his
speech the 18th inst IN reply 10 of the 10th,
1919 for resumption OF specie payments in Great
Britain had produced the tremendous evils and dis.
tho resumption period, and said he appealed every
writer OF acknowledged reputation N England tor the
House OF Commons 1921 that PEEPS bill was
not tho cause OF the distress, and 1922
vote IN tho former year being l4l TO ~, and In
the latter 1872 TO 80 He alleged the British House OF
ion as England knows" ana that the House oil Com
MONS In 1921 and 1872 ssmust be assumed TO have
moreover, that their resolves were passed alter the
lustrous knights of English hnance had vanquisned
whs, American could lake pride In quoting Sir Archi-
bald Alison, an ultra tory whose hatred OF repub-
can institutions was conspcuousy deep ana strong.
sumption period, and the account gwen by Mr. Tooke
in his "History OF Ppces"
HISTORY OF BRITISH RESUMPTION.
General Garfield IS particularly infclicitous IN his
appeal 10 English history, as bret statement of the
facts Will STOW. Lord Liverpool became Prime MIN
In 1872 and continued ut the head OF the govern
ment until 1927, that the whole resumption
| troversy arises under his administration. Not long
alter battle Of Watorloo-so soon, indeed, IL
was known that the regn Of Napoleon was hnay at
end-lhe agitation for return to specie pay menis
began Great Britain was at that time afflicted us
America is now, with what Edmund Burke calls the
| .'most dangerous class the State-an ex-
| tensvc disconlented moneyed intercst''-and a
large supply Of political economists, VINO were
also restless and disconten'ed Tor the ap-
latter class that Frederick the Great sad that II he
wisned punish a refractory Province he would
tanly them II as It's ruler Lord Liver
pool wns friend OF the metallic system from hcred-
itary NEUTRALITY-SUSPICIOUS. TO Sir John sinclar-to
the doctrines his father had taught In his ESSAY
Coin" Mr.. Huskisson was also in favor OF tho
| turn to specie Payments, and no member Of the
tenn, although Lord Liverpool IN his speech PEEPS
! bill. admitted that .thc commercial world would
speech .here could be doubt OF the tagcs
which the paper system had produced during the
IL had enabled the country 10 make Efforts to which S
| means could not otherwise have been equal Ana he
readily admitted that In peace also the system afforded
facilities commerce which IL would not otherwise
enjoy" But, adhering TO the doctrines of his
iaherwho, oy the way according TO Lord Ashburton,
preetreu Sery so'd 90 ~ which %
richest country IN the world should have the costiest
metal"-Lcrd Liverpool made the return a govern
ment measure, ana Il put thr ough the Com mons,
according 10 William Cobbett amid pandemonium Of
| excitement
The effects Of the act were instant Miss Martneau,
| TO whose history General Garfield commended public
attention, approvingy quotes Mr.. Wyudnam Ward (who
seconded the usual address TO the King at the opening
oi Parliament III 1873 as giving glowing picture Of
the condition oil the country that time Wages
| were good employment plentiful, imports and
exports had Increased, the revenue had improved,
ana confidence had returned among all cassesgreaty
disturbed, | may here remark, by unsuccessful
effort 70 return to specie payments made IN 1916.
Charles Knight in his History OF England says Of the
| same period, that tho excellent condition of the
country could not fail TO Withdraw from tho dsnlcctcd
tho princpal means OF iomentng the spirit Of dis
content Tho peace and tranquility OF the country,
no said were restored. But with The first measures
for mpton, In 1919, says Robert Aushet (whose
ackno elged reputation n writer on finance Gen.
cra GARFIELD will not depy), tho prosperity Of the
country seemed to vanish aud by the middle Of the
year 1919 the condition OF the Kingdom of ex
tensye turbulence and disorder, great that the gov
already resorting TO severe measures Tor
the preservation oil the puolc peace
As you alleged In your speech the Bank OF Eng
land protested against PEEPS bl-pcnuingf It's dis
cussion in Parllament--with great anu Impressive
earnestnchs, as also did eminent bankers and ner
chants oi Lond0n and other Cities Every one OF the
evils which resulted from. the operation Of tho bil
were distinctly explicitly foretold; but the bull
ionsts SAID he trouble Was that nature, BY sudden
and, they ought 10 have added, mpudent, expansion
OF her powers Of production had entered the lists
aeieat tho prophets Of OWL bv herself making good
their prophociesl II was certainly most strange,
most rare, most wonderful and confoundng
circumstance and coincidence, the like OF whcD,
unneara OF before, has never been heard OF sincel
resumption began here at homo. Yes; the people oi
| Great Britain had at that tmo much to eat. to
and TO wear, that thousands and tens OF thou
sands OF them suffering ior OF clothes and
shelter and food, for tho very that tnoy had
produced too much OF theml The logic IS perfect OF
| course ana characterisiic The real truth Is how
ever tnnt contraction Of the currency, neccs-
sary TO resumption. that during hrce years made the
British Islands a scene OF m isery as drendfu MS n
hostile armes had Decaguored their shores every
| side
rHs ss.ssIrIvR INDEX"
Mr. Schuckers nnalyzcs tho composition Of the
House Commons OF 1921 In reference to It's repre-
sentation OF British public opinion, showing that out
of population OF 81 600 coo only 4ooo 900 voted Tor
members, while the Duke OF NoriolS represented
by eleven members, Lord LonsdaIe by nine Lord
Darlington by seven--iorly-thrcc members represent
ing SIX persons The House had $50 members and OF
| this number the votes quoted by Mr. Garfield as
indorsna Pecl's bill we're cast by only los members
on ono occasion and by 222 the other.
| OPINIONS WRITER'S
General Garfield says again thai lie appeals to overy
writer OF distinguished reputation England sus-
tam him that the dstresses not occasionod BY
| Peei,s act General GARFIELD assurcdiy viii not denv
the distinguished reputation Oh Robert Mushet, and
Mr. Mushct distinctly ascribcd the suncrlngs OF The
| period 10 the Resumption bill Lord Liverpool him.
sell said in 1926 that The task OF restoring speco
standard had been ''hercuiean one" by which hc
meant, If no meant anything ut aii that
hardships. General Garfield viii not deny that
Sir James Granam was writer OF distin-
| guished ieputatVL--aitcrward member OF SIR
Robert Pce's admnistration-yct Sir james de-
nounced tue act with the Utmost bitterness
bong the cause OF The suffering General Garfield
VIII not deny the distinguished reputation Of J. X
McCuoch, who said that the contraction had caused
greater miscniefs than tue deprecaion; the former
extending through period OF three years, anu the
latter through period oi twenty; IN other words,
more than twenty years Of mischief crowded INTO
threcl General Garneid VIII not deny the disin-
gushed rel utation OF Lord Overstonc who sad that
tue work Of restoring deprecated paper cur
restoration IN 1Sly23 had produced extensive private
suffering, arrangement OF property, disturbance In
the operations oil trade and injustice TO extensive
Glasses OF people. These were ali English writer's vi
undoubtedly distinguished reputation. Jean Baptiso
Saw omincnt Fronch economist. closes review Of
the resumption period England by declaring that
the privileged cInses, the public functionarlcs, tho
OF the State ana tnc iund dnolders prohted
by the resumption act, but that " had Iald
n burden upon tho masses Of tho people
| aud upon industry that 80 rich aud indus
| trtuus a nation, and one so admirably admin
stered In other respects could alone support Daniel
Webster had dstil gulshcd reputation. He said that
| n contraction OF the currency even II not sudden,
contracts business, discourages enterprise and
| strains tho commercial spirit He said that sudden
coutract,on aggravated these symptoms, and, apply
ms his principles, SAID that Peol's had been
great shock great disress that Il had vi0ently
aeranged tho reatons o. aeeor ana creditor throush
writer OF distinguished reputation. lie stid IA his
speech 10 the senate in 1902 that II was impossible
10 resume specie pay ments without tho sorest
Iresa "Io every person., he said, except capitalist
out OF debt or saared officer nnuitant, IL
period OF loss danger asstude of trade, tall Of wages
snsnension OF enerprso, BANKRUPTCY and dIsasler,O