Western sentinel. [volume] (Winston [i.e. Winston-Salem], N.C.) 1856-1886, 1878-09-26

| tight made in the 44th Congress,
taainly to remonetize silver and to
prevent lf1:rther contraction of the
Fcurrency, and the North Carolina
delegation and tltb Democrats frofti
the South and Southwest, with a
very few exceptions, were a unit
for this purpose. 1t will be remem-
bered that there was. comparative
prosperity until 1879, wlieh, Hy
reason of the CONTRACTION of the eir>
rency in funding legal tender notes,
all prosperity was arrested and fail
urcs in great numbers took place
every day. Govorntiienr bonds were
substituted for the legal tender
notes withdrawn and the terrible
panic of 1878 was upon us. But
in the year following, the records
Of the country show, and we all re-
member, that the business of the
country revived. In that year first
class mechanics received from So. so
to $50 per day in diany states,
and there seems to have been no
scarcity ofwork. In January 1875,
TIE resumption law passed. BY
this the greenbacks were to be fe-
deemed in January 1879, and this
could be done only two ways, either
byiprovidins gold enough for the
purpose or by contracting the cur
rcncy SO that the amount in the
country would at least equal the
gold. We could not get gold
enough to redeem the present
amount OF currency, because it was
mostly absorbed by gold interest
Eotes held abroad against our gov
erniiicnt aud our railroad corpora
tons. vt.... .....
On the 31st of Octotef; 1877,
after two years preparation under
the restilttption law, the Secretary
of the Treasury reported that be
had accumulated only $57,4360,71
IN gold, and if we deduct the inter
est due, to-wit, $24,S4O,O95, there
was left in the treasury only $32,-
595,97S in gold to redeem legal
tender currency of 1856, ,S43, ,592.-
This, of course, was hopeless to in
stire successfully the resumption. -
This history of speC!e payments in
all countries shows that there should
be at least So in gold to 81 IN cur
rency. The only other alternative
then was to contract the currency,
and this the Secretary Of the Treas
ury, in pcrsttanCe OF the Republican
f6liGy, proceeded to do. Then it
was that an effectual CHECK was put
TO all prosperity: 1t ttas a warning
to TIE banks to retire or surrender
their currcttcy, and to all business
men to withdraw their money from
their pursuits. AS money grew
scarcer it grew dearer and deaFef,
its purchasing power rapidly in
creased, and in the same ratio prop
erty diminished III value. Men
boarded money to bny property, dc
it dwindled day by day, when ii
reached. the bottom. Thus money
was withdrawn from circulation,
crushed out. The laborer had no
employment and his family nc
wages to supply their daily bread
This state OF things cstled loudly on
Congress for relief, and as the tirsl
great step in that direction a Dem
ocratic House bent all it's energies
to the repeal of the resumption law
the greatest financial curse, If moi
actual villainy, that was ever per
petrated upon free ,peopfE. Blu
Notwithstanding all efforts made il
every shape and form, it was defeat
ed in the Forty-fourtts Congress.
In tn, Forty-fifth Congress-, OF
the 31st of October, 1877, at the
called session, vers soon after thi
assembling of Congress, Mr.. Ewing
Dem, reported, from the Commit
tee on Banking and Currency, (
bill to repeal the resumption claus,
in the act Of the 18th of January
1875. Mr.. Fort, Rep, reborted /,
substitute, which was equally &C
ceptable to all, and more so t.
some, Thisr was fought fiercely
first by q motion OF Mr.. Conger
Rep, to lay the motion made b!
, Mr. Ewing Oh the table. Ewing
mo,ion WAS, to get It out of tn
: committee for speedy action in tn
. House. On Conger's motion tn
vote was: Nays, 1873: of whicl
number there were 26 Republicans ns
November Q: Mr.. Ru.o, Rep
i moved to lay the bill on the ta6le
, nays, lie. Mr.. Scales and th
! whole North Carolina delegation
! voted in the negative, tGrstis Con
ger and Hale, Mr.. Forts snbstitnt
Vas then agreed to, Nov. %.
, On the same day, Huhbeil, Rep
offered an amendments nniriendl
. to the bill, which was defeated b
mays l58, yeas 80; of the nays, 8
: only were Republicans tiHa27 adi
!. Otliet. amendments were ibtrc
e duced but were all defeated; an
: tlle bill as amended by the substi