National Republican. (Washington City (D.C.)) 1872-1888, 1878-02-05
Silver in New York.

The remOnetizing Of silver and making
it into coin, to be respected with gold rs
part of the currency Of the United States
for the payment of debts, is not very fash
ionable yet in the State Of New York, but
soon will be, after that metal is stamped as
dollar under the authority of law. Gold
has great power in that State, and
the fight for its continuance as a unit, and
hence as the controlling power in monetary
affairs, has been no child's play. But when
the time shall come that the popular voice
of the nation is heard and respected, gold
will gracefully succumb to the popular wish
and become only the equal partner Of sill
| yer us n coin factor in our currency.
One Senator in the Legislature of that
State has had the courage to stand alone,
amid the ieers and taunts of its opponents,
and declare for the silver dollar of our
fathers. The Hon. L. B. SESSIONS, of Chau-
tauqua, made q speech which is bold,
manly, and strongly intrenched in fact. He
presented the question of resumption with
| gold as the only agent of redemption in n
very forcibe light, and showed conclusively
that it is simply impossible. He cites the
history of England in support Of this propo-
sition. He says on this point
In 1877 England suspended specie payment
and remained IN suspension for twenty -four
years, or until lS2l.
| In 1919 Parliament passed an act to resume
| in gold coin after a period of four years.
| The people protested just rs they do now.
| They said it would I've disastrous to all indus.
trial interests, but the bond-holdes and gold
manipulators were then, as l fear they are
| now too strong for the people, and the policy
of rcsuming in gold triumphed.
Now, mark the result, and / call as wit
| nesses some who voted for the resumption act,
and all who are perfectly cOnversant with
| what followed the resumption in gold.
NY first witness is ROBERT MUsHET, land
General GARFIELD in speech delivered in Con-
| gress in ls6S, said he was one of the ablest
| of English writers on fnance,) who said THE
apparent prosperity of the country seemed to
vanish with the first measure of the Bank OF
England to effect resumption" And he shows
| most clearly how contraction OF nearly fifty
per cent. took place in the price of products
| and labor before the work Of resumption was
| cOnsummated, although at the commencement
of resumption gold was at premium of only
five per cent Bank Of England Issues, by X
| MUsHET, p. 80
Sir ARCHIBALD ALISON says "Tho effect,
|
soon apparent. The industry of the natior
was as speedily CONCEALED as a flowing stream
by the severity Of an arctic winter"
Lord LANsDowNE said Wages fell in al
the great stations OF cotton manufactures one
half in period of six months after the ro
sumption act was passed TO resume in gOld.'
Sir ARCHIBALD ALISON, in his history o
Europe, second series, vol. 2, chap 2, said
Great numbers of artisans and laborers wer,
thrust out of employment and the suffering
they endured finally brought them almos
to the madness Of open rebellion"
MATTHIAS ATWOOD in speech In the HOus'
of Commons in ls22, said The prices Of al
commodities, alike Of agriculture and manu-
iacture, were broken down upon an average o
80 per cent, and factories stood idle and land
untitled"
LORD BRoUGHAM, in a speech In the Hous,
of Lords, February 10, 1889, after some ffteeI
years of terrible experience OF gold rcsump
ton, said that "the restoration Of the currenc,
on IA gold basis was almost Us bad rs the de
probation, aud that although he had supported
the resumption bill, he had always deeply re
GREETED having done sO.'
But why need multiply examples The!
are the fngrr-marks Oh the guidc-board o
resumption in gold alone, which should prov
q timely warning to our Government not Il
b. travel in the same rugged and difficult path.
/ Mr.. President, we are nothing, parties ar
nothing, but the voice Of the people is onl
second to Him who weighs the nation in Hi
balance. And any man or any party that nj
tempts TO stihe or hinder the honest con
victions of an injured people by paying i
gold this vast debt, which of right was to b
and is to be paid in gold and silver will b
, bsnished away with the same facility that tn