The New York herald., 1877-11-15

the whole amount OF gold and silver bullion
IN ihe entire country was o3ly s1sG. 600, 0C0 IL
was therefore, unquestonably clear that resumption
~ tue present time woula b. impossible and II was
not within roach OF human power 10 show that 1t
would be possible Al The liked By tho Resumption
act Resumption did mean The appreciation OF the
icgai tender notes to the value OF gold. but u did
mean depreciation in tho value OF gold with an &C.
companyins decrease tho value OF ali kinds OF
property, and reduction OF tho pay OF the aborrDg
man Tor all OF which things The country not pre-
pared No question OF Reputation involved IN tho
present BILL either directly indirectly The question
was whether the law which arbitrarily liked tue Time
ior resumption should he repealed. ne concluded by
saying that II resumption possible IL would
es-sriy Withdraw from circulation (alrcady Compare
livcy smalp an amount that would ieave the people
wnhouI the means OF Laying debts and carrying on
aHairs OF life that II would appreciate gold and drive
that II would SO reduce the value Of property and oi
labor as to destroy the and tho oincr ana
thus ovcrwhem the country N bankruptcy and ruin.
- mo country could dc saved from the run which ihc
Resumption act was preciptatng by the early repeal
Of mat act ana II American statesmansnip Up was equal
10 emergencies, there would be tle difficulty in
turning 10 specie payments within II few years.
SPEECH OF MR.. FELTON,.
Nr FELTON,, (dem.) OF Ca, lavorsd the repeal OF the
Resumption act. He inveighed against class legsi,-
ton He was opposed to strikes OF laboring men.
Labor had right to make war upon caprai because
cap'l was rs necessary as !abor and strikes were
wise and destructive 10 the best interests Of both.
when these labor combinations rcsortca 10 vio-
good citizen; but II was equally wrong for
capital 10 conspirc against labor. The financial
of deliberate conspiracy Of tho creditor class
aud impovcrish the debtor class. tho act demoncuz-
famous strikes which had recently startled ana
alarmed the country That act demonet,zng silver,
WAS the most deliberate aud nexcusabie attack upon
labor ever known IN legislative history but that did
not quite make New York ana New England tho own
ers OF the cotton helds Of the SOUTH and therefore,
tho black scheme OF contraction had been cunsu M
mated just AS the Wild dciirum OF war wus subsld-
ing into reason all encouragement was withorawn aud
financial ruin cnsuct. During tho war the bankers
10Tk-LnOSe
had spent every dollar not expended in
and they became clamorous Ior CONTRACTION. They
cared no; Tor resumption OF specie pay ments Ihat
was hut prctsncc Thcy had trinmphsd and tho
agitation had sent down the price o labor to
ton wages. Tho gentleman from New York (ar.
Chittendcn) had sad yesterday from his perch tnc
clerks dcsk) that gam and oafers aud bunKrupts
demanded tho repeal oil the Resumption act The
gentleman from New York must nave kept ledger,
man who owned $50 900 or s4O0, 900 in government
securities ON the other sie, tho side which grl
ing down the aooring man. encouragement on the
democratic side
As soon as Mr.. Chttcndcn heard h,mssli alluded 10
In Mr. Feon's remarks no crossed over 10 the demo-
cratic side Of the House order TO hoar more dis
tnctly what was said about him, ana he made several
attempts to hterposs remark, but was not permitted
10 do So as he himself gave noco yesterday that
would not allow any intorruption.
ME FELroN went on with his denunciaton OF
capitalists addressing himself directly 10 Mr. Chit
tenden, who was standing IN OF tho usles on tho
democratic sdc the hutt Of and laughter that
side. He sad-And yet you undertake to comfort
right themselves. Yes know that these
things will right themselves when they have touched
the botomless pit OF despair and poverty Look yon
der at that stormdrven ocean-hurricane and dark
ness are upon tho deep, signal guns are firing every
minute SHIPS are going DOWN Dy tne hundred, thou
midst Of nil the ruins there (pontiug over TO Mr. Chit
tcnden) stands the wrecKer toutburst OF laughter and
applause on tho democratic sde) waning Tor the sp0s
and assuring those in peril OF destruction that all thcso
things WI! right themselves Continuation OF ap-
plause on tho democratic side.)
al q
chambcI) asked minute to reply 10 hr. FELTON,.
Mr. DOUGLAS, ldem.) Of va.-No, not hall minute
to the wrccKcr. daughter and noisy demonstration
Mr.. TUCKER ldcm) oil Va, proposed jocuiarly to
have recess OF few minutes until some rrstorativcs
be applied 70 the corpse oi New York tmeaning Mr..
Chittendan).
Mr. Cox, (dem) of n. Y, interposed in behalf OF his
colleague and asked that he should have lair chxnc
10 answer the gentleman from Georgia.
Mr.. HARDESBkRGH, (dem.l OF N. j. who was entitled
70 tho floor, yielded hve minutes Of MS time to Mr.
Chittcnden
REPLY OF MR.. cuIrrENDEx.
Mr. CHIrrkSDEN speaking from his own seat,
said IL will not return 70 the argument There Is
NO man who knows my life who docs know that
when went 10 that unusual place the Clerks dcsk)
to speak yesterday went there TO speak tho truth
according as Understood IT, The gentleman has re-
fcrrcd 10 me AS capitalist; as owning government
bonds and, therefore, as interested In this matter
II 10 than eight years since have been able
hold or own government bond, and although spoke
yesterday of national banks, l parted wit. the last
share OF stock owned in national bank Ave years
ago do not make this statement TO concilatc an y
body, but make II 10 explode and expose TO the
| world that Idea. Tho question before the House
is before tho world IL Is question whether tho
credit and honor aud integrity oi the American people
shall before all mapkind DC sunk Into bottomiess
PIT ! therefore, say that any man who aims blows
at mo ms no holder OF government securities, as being
interested in national bank, mistakes his marx.
have not come here and dared TO utter anything on
that subject which have not considered. II had
tho time could expose tho ailacies, the misstate-
ments tho errors tho nonsense o. mo last speaker
Ing an honest judicial opinion on any great question
can possibly make any mistake about H. There never
| .olth etvn ,nau
shown this discussion, SO much Of ignorance, so
much OF passion, SO much OF that spirit which viii
surely destroy the integrity OF this nation. SO much
that was absolutely wrong. absolutely ruinous ana
leading only 10 uttor dsnonor Applause on the re-
publican sidc.)
Mr.. HARpExBERGH, OF New Jersey, sad that il
seemed 10 him extremely unwise that The Two great
questions OF specie resumption and the remonetiza-
ton OF silver should bo brought up for final action
without that dolberation which appertaincd TO ma
tionai legislation The act hxing date for specie
rcumpt ION he could not but believe be Injudtcous
but tho date having been liked tho currency approx
mating gold In value, tho honor Of tho government
having boon gwen that on that date, 1t would iuin It's
obligations. TO crush all that by hasty blow would
shock tho country 10 its centre. his appeal
ber Of tho Banking and Currency Committee for
national honor and national faith. IL would be poor
spectacle TO give 10 the world that a government
founded upon the liberties OF men was unable TO rc-
deem It's promises and It's plightcd faith. Congress
must build up and not destroy.
Mr.. BACON, (rep.) Of N. Y, said that he tor re-
sumption pure and simple and was for tho mainte.
nance OF tho Resumption act lie was surprised 10
that OF tho New YORK delegation Zone OF tho
States which stood up for honest money had voted
the other day Tor the silver bill, that Silver bill
which, nkc Richard Ill. had been 'sent
into this breathing world before It's tlmc,
scarce half madc up" but (Which had been
| rushed through tho House by relentless majority
The country has had more currency during tho last
three years than II could make profitable Of Con.
! traction iuetcad oil niation was what tho country
| had needed. Tho country was now In condition to
resume. IL was marching along stcadily toward 10,
and " obstacle wore lnterposcd u would
that uch desired resut
| Mr. Cox, oil Now York, asked Of his colleague
| whether he considered that the House going IN
tho line OF resumption away from when Il passed
the bill and whethcr ne considered that tho govern
ment was bound 10 pay bonds only gold although
they wero payable coin and whether silver
| sido OF the word coin.
Mr.. BACON made no direct reply, but, continuing,
said that II any steps wero taken backward tho
| question OF resumption could tell whom tho
country would again bc in such favorable con-
| dtion for that resumption.
SPEECH or MIR TOWNSEND
Mr. TOWNSEND. ofNew YORK, said he did not under
stand that the silver bill Was under discussion. Hc
understood tho question 10 DO what would be tho
effect on the people oi tho country aud ts pros
perty u, on and after the 1st OF January, 1879,
| tho government paid it's bills IN specie. Thoy had
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