The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1878-05-14
Full Text Of Mr.. Ferry's Speech in
the Senate Last Week.
He Indorses the Resumption
Act Now as a Measure of
Financial Relief.
EOIlow-No backward step
should be Taken.
A Speech that Every "Friend
of the Greenback" Should
Carefully Read.

After full consideration OF House
bill No. sos, which proposes "repeal
all that part Of the act approved Janu-
ary IA, 1875, known as the resumption
act, which authorized the Secretary Of
the Treasury to dispose OF United
States bonds and redeem and cancel
the greenback currency" your Com
mittes on Finance have deemed it in
expedient to commend such repeal.
and instead have recommended to the
Senate the adoption of an amendment
as a substitute for the bill, which en-
braces three propositions:
First. That United States notes shall
at once be receivable, the same as
coin, in purchase OF the 4 per cent.
Government bonds.
Second. That on and after October
!, 1878, United States notes shall be
receivable, the same as coin, for duties
on imports.
Third. That United States notes out
standing and in the Treasury on the
lst of October, 1878, shall not be re-
tired and cancelled, but be reissued
from time 10 time and form part OF the
permanent volume Of the currency Of
the country.
The inexpeaiency OF now repeating
so much of the acts of January ii,
1875, as provides for the resumption OF
specie payments on the lst day OF jan
uary, 1879, is supported by the fact
that United States notes are to-day
within three-eighths OF per cent. of
gold, and reached under the act sought
TO be repealed; haskned, no doubt, by
the beneficial effects OF the act to
authozie the coinage Of the standard
silver dollar and to restore its legal
tender character, which passed at this
session. The resumption act was the
result OF mutual concession OF antag-
onizing opinions and substantially
compromise measure. Gold on the
day the act passed held premium OF
Iii per cent. Public opinion was then
more or less divided upon the best
method to bring gold and currency to-
gether in value. Fixing an early day
for resumption and preparing for spe-
Gle payments by n rapid contraction OF
the currency and the accumulation OF
gold by the sale OF bonds was the
method pressed by those who consid-
cred less the distress and disaster OF
such means than the accuracy Of an
end which ehould base the measure OF
commercial values upon gold at what
ever cost 10 the people. This was an
tagoniZed by others, who protested
against forced resumption on any day
fixed by statute, and contended that II
could sooner and easier be reached by
the laws OF trade-ths forces OF sup
ply and demand. Against contraction
Of the currency and the boarding OF
gold at the expense OF an increase OF
interest-bearing debt Of the nation,
they contended. To longer discredit
United States notes by refusing to re-
ceive them for duties on imports, they
urged, WAS a serious obstacle in the
way OF the restoration OF the currency
TO par with gold.
confess, Mr. President, that as an
early advocate OF the receivability OF
United States notes for duties and
against contraction and forced resump-
tion, as the safest, spesdiest method OF
arriving at resumption, rather than by
naming day when specie payments
should be enforced, / reluctantly join
ed in the compromise measure OF 1870,
which / feared would entail upon the
business and toiling community incal-
culable woe. The universal distress
and unparalleled failures which have
followed these past years Of trial must
sadly record the severity OF the pro-
cess which has brought the country 30
near resumption and so close 10 fnan-
cial ruin. The reconciliation OF sil-
YER was tardy step in the right direc-
tion, aud though taken in the face OF
~. ..-oko.ta 81 forahol;nc,a - 20. -,
ponents, the measure has partly lifted
the burden and eItorted the confession
that it's aid 10 return OF commercial
confidence and national prosperity has
been, and is, undeniable.
The provision for the coinage Of
from 1900, 900 20 1000, 900 Of silver
dollars monthly. to swell the circulat-
| ing medium OF the country, has be-
come an efficient agent OF relief in the
current stringency. 1t is gratifying 10
notice how promptly the Secretary Of
the Treasury has provided for the exc
| cution of this remedy by having at this
early dny all the Government mints at
work coming the silver dollar. Over
e., 500, 900 have already been coined. -
| That the financial condition OF the
country favorable TO early resumption
NAV not be moderated, il may be well
TO consider, by comparison, the none
tary standing OF the country at the
passage Of the resumption act and
now, when . proposition 10 pending for
it's repeal:
| On the i4th of January, 1878, the
day the resumption act was sp-
| proved, the amount Of United
States notes outstanding and Ia
| the Treasury was eSs2 600 Oeo
Ws:'..... .....,.............-...., o7ss, 800
Amount Of silver coin and bull
lion was ........-......,...... s,Dso7S
Amount Of national bank note.
outstanding $500. oil. .......... 81, Sl, so
Making total OF ...........s sS04, ,7ud As
Gold was then At premium OF l2t
per cent. In this and other statements
/ make no mention Of the fractional
currency nor subsidiary silver.
The amount of United State.
notes outstanding and In the
1 Treasury MAY l. 1873 was. esq ssg on
Amount Of gold In the Treasury. i37 045, 80
Amount Of silver coin and bull
| Hon .............. 1879, 50
Amount Of national bank notes
outstanding g....--............ OF. .fVe,o oo9
Making a total of............ssoo.i7 Of. la, II,
Gold to-day is at a premium Of I OF
per cent, with els, 4l3, 22s more OF
currency and coin than on January IL,
1875.
To repeal the resumption act
would leave as the volume Of
circulating medium for the
country, the United States
notes outstanding and the
Treasury NJ present Of. ........ $50. 6st OF,
The outstanding national bank
| notcs-...ss... ..s......sssss-.... S2l, 100 .55f
= tota ui.sssssss rtnc. st0 81
To leave the resumption act opera.
tive, as proposed to be amended by th,
Committee on Finance, would give Ga,
country on the first day OF January
1879, when specie payments would b,
resumed
The amount Of the United States
notes then outstanding and In
the Treasury, say 49,. ........ $40 600 90.
National bank notes outstanding
| thtn tnsa44...4.s4stssssssss ssss...s alh Ofn ~.
Gold in the Treasury ............ $4,000 a.
Silver In The Treasury ........... 100000
A t.t.f - -. -. -.