New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-11-17
THE TEXT OF THE SPEECH.
nN TELEGRAPH 10 TIE TMBUNE.l


We are engaged in debate which has lasted in the
.nelo-Saxon world for more than two centuries; and
iarv phase of II 20 which have listened IN the
lourse OF the last week is new. Hardly proposition
,as been heard either side which was not made sew
nty-fvo years ago IN England, and almost nun
fred wears ago the United States so singuiary docs
SstOry repeat itself on questions OF this sort
That man makes a vital mistake who judges OF truth
n relation t. financial affairs from the changing phases
,f pub c opinion He might well stand on tue bay OF
Sundy and the ebb aud flow Of the tide Jndge OF inc
E-uera level Of the sea- % stand on TINS floor ana
rom the current Of public opinion III any one
sebato Judge. OF the general level OF the pub
&c mind. 1t is only when long spaces along
.he shore OF the sea are taken into consideration
nat the grand level found from which ali heights and
aeptls are calculated ana is only when long spaces OF
dine are taken that find last The level OF pnblic
opinion which we can the general judgment OF maukinj
lid from &c particular ebb and fow OF public opinion OF
.oIay appeal 70 tbat general judgement Of manAind
81, the question OF currency which is the su1ecmatter
our debate.
suppos, il will bc admitted on all hands that 1850
Sas year OF unusual general business prosperity IN the
.Jnited States. II al time when the bountles OF
Providence scattered with liberal hand over the
ace Of our Republic. II a time wncn al GLASSES OF
Jur community were well and probably employed IL
was a time Of peace; the apr ehension OF our great
trouble had not yet seized the mind OF our people Great
crops North aud South; great general prosperity
one thing were settled above all other questions
Of financial policy tie American mind at that time
ind onward year, ii tns that the only sound
safe trustworthy standard of value coin OF stand
ard weight and 1ueness. paper currency converi-
ole into coin al the will OF the holder That take IT,
was tie almost unanimous opinion of tie Ameri-
can people IN that ERA. AID had been for
tong time previously. And the opinion OF ls6O-
81 was the aggregated result OF the opinions
If the foremost Americans who ever Thought
and wrote upon this subject. make tins statement
without fear OF contradiction. because have carefully
examined the list. No sat in the chair OF WASH
ncon - President United states who has left on
record any word hat speaks of any safety n finance eN
copt bas convertible paper, paper converuoie mo
coin Every President that ever leta record on That
subject has left 1t without qualification III favor
OF the doctrine / name. No maD ever sat
i'm tire chair Of the Secretary Of the Treasury
Of tie United States if e has spoken at al on the
subject has left record opinion equally strong
from down 70 the days Of the father Of my dis
tnruisled colleague tNr Ewing. and TO the present
moment Now. Nj. SPEAKER Il seems 10 lie that the
general Judgment all men who deserve TO be called tho
leaders Of American thought, ought 10 be considered
worth some. hing American House of ReuTescnt1-
tiycs. on discussion OF "A great topic like this
What happened TO change TO make departure from
tins general level OF puohc opinion III S6lt Every man
knows the history War. the oycrmasterng necessities
Of war iel c men Of 81 depart from the doc
tue OF thc fathers but hey did not depart from rs
amatier Of sentiment. only matter OF oYcrmaster
Ing necessity. Every man IN the senate and House III
1sG2 vino voted for the green 1ack law announced that
Dc dd IL with the greatest possible reluctance ana with
tn greatest apprehension FOR te result Every man who
smoke on the subject. from Stevens down 20
tn. Aumblcst III tnc House ana from FesNenOen
L the humbicst senator recorded his vote against he
daug-rs that might follow. and declared. with al his
Ven, ucacc thai at the earliest possible moment The
country should brought back the old safe ana os
tab.hed doctrine OF ire fathers When they made the
law creau. the cIecnoacSs tHey had ~ with hooks u
steel 90 the pledge men could pu into wiling
that thew would come back 90 the doctrines OF the l
theirs The very law that created the lIcc"ach provided
f0I lis rclcu puou and retirement, and every time ihe
necessities OF wa required additional Issue ne" guar
autee. and new limitations solemn in their foiIn
PM up the ucw ISSUES TO insure thclr ultimate Iedemp
uOu. They were issued with every pledge that the
number should be so limited forever that undr the
law OF tao country the might enforce their sane
ton The men $50 knew tie dangers frOIh sad cX
perience IN our history, but like the companions Of
Uvsss dashed themselves the mast Of public credit
When they embarked upon The stormy and bosterous sea
Of Inflated paper money that they might not be guided
by the syrcn song that should be sung to them when
they were on the Wild waves
Iu, the times have changed. New men are on deck
men who raveiforcotten the Old pledges ana only
twelve wears have passed 0or a- late as 1850 TINS House
with bat six dissenting esOyed again 10 stand DY
the Ola wa,s and bring itself 10 sound money!, only
twelve years have PASSED and what go wc Ind! We ma
a aroui 81 school men and toctrnancs. We find some
Who advocate what they call absolute money" VINO
declare than piece al paper STAMPED "a dollar
f. dollar that gold and silver are part Of tie ifD3-
IsIn oi tie past cu ought 10 hc forever abandoned
We near declaring that umption Us tuinS which
ought never place. We hear them declaring that
OF rosrcrt> are Tie lai 80 cas ana 'S lOul
u 70 all times OF initiation a. thc pclio Is of blessing 10
the people and prosperity 10 business ana ty a-H MS 10
vc1 them cars Wild any Thought Of Ie>Whplon
L. the Wor d of hLarc. literature thd las slrW7 ihO
iar we hav, driflef We have lost old noolings-
have thrown overheard our Ole compass. We san by
alien stars. loobins moi Tor the Aayen bat "i'at on
so LACK OF CCRRE>CY.
Now what are the obstacles 90 resumption In accord
ancc with .he law We have passed. Tie first great OBJ
sace stated by gentlemen who have argued taj queS
tiou j. this that have not enough currency III the
county for It's business and that measure Of con
traction Will De likely to attend the further execution OF
The provisions Of the Resumption law.
Before enter directly That, desire 90 PIT plain
question 10 the gentlemen who hear Ia that pros
Porous 1860, when there was free banking III most
OF tie states, and the banks were pushing all the cur
rency they could circulation without limit, there
were iust 2O7 900 OF paper currency, and that
the largest volume that this country had ever known.
Nov nobody estimates that TIE amount ofc com IN the coun
Try in $50 was than S2O3 0O0 600 S2JO0O0O0O
al tine very outside; but assuming 30 at S2J00OOOOO
and add that 10 S207 COCOON OF paper circulation, and
you nave $fO7 100000 Of currency, o. paper, OF silver
and gold How much have we to-day rn.s day. or
rather the first day Of tins month. We Aai S7Z8OOOOJO
eeonbacks banking ties, fractional currency aud f2
tiona silver: AID n you add the o9OoOOOO OF copper
ana nickel Won have IT wOud make S75GOOOUJJ OF car
reney. counting no gold Wal I'i ai'"o"e" 'He racine
coast uses a large amount o. 8"ld. . 81.
Now mt IL to tne Judgment Of this House y, under
free bankiug ana restriction IN lsbp, r4O1tOoOOJ
was fc limit Of pOssib. currency That cOdld be Kept
GU In crcualIOu how can gentlemen siy thil almost
twice that amount Jnccdcd ana IS AAId1 CHo"~H Vi
THE EXAMPLE or FRANCE.
Now In connection with this view we are met by the