, 1877-11-24

CRITIC orntor from Ohio, delivered his long
expected speech III tho House Of Reproscn-
tntiyes on Thursday, in favor Of the repeal
of tho Resumption net. That A1r. EWING Is
mn eloquent and forcib1e apenker cannot he
questioned, but tsMs MI Ew,sa's advocacy
of any measure OF finance Is oftou calculated
to 10 injurious to TINT measure Ia also tr,,o.
This is due to tho foct that A1E. Ew1Ha is m
arrant dcmagoguc, and TINT In Lis arguments
no las total disregard Of facts and
fignres, and Ills statements Aro 80
wild md extravagant that thoy throw
t,isc1eait upon all he has to Say.
h1r. EWING is ono Of tho origsna! inventors
aud pntcutocs Of tho policy Of m unlimited
issue Of grccnbaeks, the payment of the pub
lio debt in that cnrroncy, md tho eventual
reputation Of the currency itself. Tint
policy, SO far rs tho payment Of tho debt
IN currency, has been necessarily abandoned
since thu refunlling of tho debt, but tho ILL.,
limited ,ssus Of greenbaeka with view to i
cheapening them is still moasuro to which
he clings desperately. Ills advocacy Of the re-
peal Of the Resumption law, in order TINT tho
further issue ofgreenbacks may. DO pressed. is
OF course objectionable to mu1titules who fa-
vortherepeal Of tho time fixed for resumption.
His attempt 10 couple tho Notwithstanding
scheme wltha postponomont Of resumption is
consistent with his general ideas OF states
.nanship; it Is impossible for lin, to cease
to bo .1cmago8uo. hr. Ew1So, for instance,
stateu that tue acs OF 1859, called tho "publo/
Credit net" whereby Congress pledged shd
national faith tlat tl1a public debt, including
tls grecnbacks, should 10 paid, cost
tho American people $500, o,ooo,0oo. This
faiso statement has been worn thrcadbaro
by sucl. rantcrs ~ SAM OAnr md other
| inaationists, and its falsity has been go thor
oushly exposed TINT ita repetition In Con.
| eress by man Of Ew1xo'A protentions might
havo been omitted, Whatever was strong
mad pertinent In his speech WAS obscuretl BY
reckless aud untruthfut statements, Us that
thoro aro nt present $133, ,00o, ,000 Of paper
money to bo lloated. Tho amount Of paper,
bopk and national, ia about $C7l ,U0O, 900,
which III largo enough for tho purpose Of
argument without atding SEQ, ,o00, 600 moro
to tho figures. Nor could llo resist tho i1l~
clination to refer to tho strikes and disturb
anccs Of Inst July, and tho distress Of the ut1-
employed people, antl falsely attribute 1t tothe
passago OF tIle Resumption law OF 1876.
His throas that tho working people Of the
country would not submit my longer to be
ruled on they hal been was a specimen Of
tho cheapest c!ap.trap, such Ms tho speaker
might have found effective at a hummer
wartl meeting, but wholly ont Of place In q
apcccl on this Resumption bill.
blr. EwrSo sec1nad 10 resent the advance
In tho value Of groenbacks as m act Of con-
lacation. The advance ~ tho valne OF
greonbaeLs is not due 10 tho Resumption
net, but to tho improved condition OF our ex'
ports to Europo. We hnye now annually a
heavy bniauce OF t.ado in our faYor,-our en-
ports leave largo amount to our credit In
Europe. Tho result Ia TINT exchange o.
London Is plenty. abundant, aud gold hat
proportionately fallen. Ho long as foreign
exchange IL in cxccss OF tho demand, 1t mus
be sold for what chi be got for It, so foreig1
cxchaugo, or gold. Inns fallen, and green
, backs have appreciated This fact is 50 no
torious and self-oyident that Ew1Ao's arraign
melt OF tho 1lesnmpsion bill for having add
cd 10 OF IL cents on tho dollar to tho value o
the greenback, thereby conaacating 30 much
of tho proparty Of debtors, renders himself
10 ridiculous TINT discrodit attaches to eyel
thoso parts Of hts speech which hare somt
pcst'henos'
Il Tue Resumption law a. " a'aaaa u sa'
I nes@o!o enough wattout resosttag 10 taort
4 cations or distortions OF TACT. Inc Jaw III
y ing Jan. !. 1871 tor tho redemption
r grcenbaeks In gold ought to 10 rapealed be
+ cause 1t cannot be executed ond because.
! the attempt DO made TO execute 1t, that al
] tempt will prove disastrous failure.
o might bs shown that any sudden OF sertou
t contraction of ths currency must bo moi