The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1877-11-23
Ewing on Resumptioa.

In the House on Thursday, when the
resumption bill came up, MIR. Ewing took
the floor, aud began by ailuding to the
universal interest in this great question.
Had the people considered it early they
would have been saved the passage of the
act of Reputation and extortion of 1869,
by which a contract on which $l,6O0,O00,
900 of the public debt was made was
charged to the detriment of the people
aud to the advantage of the holders of
public securities, without consideration, to
a sum not less than $500, 100000. He
alluded to the demonstration act as
stealthy aud rascally, and to the resump-
ton law as the crowning scheme of the
money power for the oppression of the
people. When the resumption law was
made the volume of currency in circulation
was only $733,000 600. or $3.50 per capita
more than in 1860, which Mr.. Garfield
had lauded as year of sound business and
money. That act had given capitalists the
control of our industries. Discussing Mr.
| Sherman's views, he said Mr.. Sherman
was very apt to change his views. In 1868
le told Ohioans that the payment OF
United States bonds IN coin, while their
face ca cd for lawful money. VI u,d be re
pudiation and extortion, but six months
aiterward he reported IN the senate that
act o. reputation and extortion falsely
| labelled IAN act to strengthen the public
credit Ii it we're possible to substitute
$354,000, 900 of gold for greeDbaeks and
keep it 10 circulation, the resumption act
would be harmless except to increase the
bonded debt 1854, 900 600. but the substi-
tuition was impossible. Before the green
back era there never had been over $2l4,-
100000 paper money ahoat aud $285, ,0O0,,
600 coin and now with $733. 100000 oil
paper money there was not $l50,000. .00(
gold ID the United States. Since 1860 the
country's mines had produced $l,257 900.
900 of the precious metals and yet there
was rot in the country 3-5 of the little vol
ume of coin. there was in 1860. Coin hao
gone to pay the debts of the country
where all procurahle coin would GO. NJ
nation owed outside its borders half wha
America owes. National. city, RAILROAD
and other bonds are largely held abroad
and the interest of 100000, 900 to $780,
000.00 yearly goes out. Thirty to fifty mil
. lions annually are paid out for shipping
as much more for foreigc travel Tht
balance of trade could not pay thi
!
: ton, he asserted that within thirteeI
months of the time liked We have bu
SAC, 200. 900 of gold to redeem, $733, 900,
900 Of paper. IF this country wer,
entirely free of debt specie payment
} could not be. resumed without contraction
, OF the currency by at least one half. Wher
were gold to be got? Could it be got il
} foreign markets2 This had never bee
done and never could be done. The silve
and gold mines of the country could moi
in twenty five years. furnish all that wa
needed, even if gold and silver could
. kept here. whether this scheme Of re
sumption Ewere repealed now or wer
forced on until popular indignation tore
: to pieces. Replying to Garfeld's argt
? ment that no one would want coin 0
+ resumption day and taking up Garfield
/. illustration of the farmer who sold b
!, farm for $4,000 and would not take b
s pay 10 gold but 10 bills, be said it is not Ii
0 question whether the people want gold {
0 not. 1t is question whether the Jil
Fisks. the Jay Goulds, the bankers. Ii
{ brokers, the importers, the savings bank
want it, and they certainly viii want