The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-02-02
S l LV E r..
Mass Meeting Of the Friends
Of demonstration.
GENERAL EwING'S SPEECH
He Advocates the Repeal OF the
Resumption Act.

Institute .ro demand the remonetizaton or silver
ana insist on the same money for the workinGmap
and the bondhoder." Tho hall was died with men
apparently OF all classes and conditions, and
they were deeply Interested In The subject
and evidently In favor OF the opinions cx-
pressed by the speakers Mr. Marcus Hanna,
President OF the workngmen's League. in calling the
meeting 10 order took occasion 10 nerce!y attack
some of tho daily papers tor their defence OF hard
money. Mr.. James B. Colgate, bullion broker OF
Wall street. was then called upon 10 preside.
In taking the chair Mr.. Colgate generally reviewed
the whole question. Nations, said be. could take sill
ver and gold as a double standard OF money: they
could do without god but nation could DO without
silver or the So OO0, 900 people IN Great Britain,
2s 900 never handled gold sovereign. The rea-
lively small production OF gold IN relation to that OF
silver was another for belcving that there was
not enough gold the world to meet the demands oil
trade and the amount OF silver was more adequate
10 these demands. The cause of the decline In silver
he attn buted TO legislative acton-its demonstration
BY Italy Austria, Russia and Scandinavia. He thought
that II IL should be remonetized it would increase In
price until It would be equal oven more valuable
than gold
The following resolutions were thon reaa ana
adopted, but with great many dissenting Voices
esovea That the citizens New York here assembled
in mass meeting. without distinction Of patty earnestly
nssTs in 1 se unissa states Senate
Position . the Sepee to the
1879 and that We urge the majority o. 10 xos S tho
ns .ns ana It the silver
Its due rank money w me M p.one
use OF one Of ns % oS
Resolved That nasmuch Congress did in 1862 pledge
"S hS s *. aSs
lawful coin Of this 1t the time OF said pledge
i o % @
well unjust for tho OF the
bonds to eamor their payment exclusively in gold
As ss
% ss & G sa
On the the advocates Of silver money desire bet
sr s" ss H%a would - the
a.Fs 81 To ss' Sm J"
sns s saf Hn o1 the aud capitalist
With on bs UTE, .n. OF Confidence revival of bust
ness. steady remunerstve employment for the now
Quent upon the demonstration OF silver
GENERAL EwING's SPEECH.
General Thomas Ewing, oil Ohio was then intro.
ouced and said that he mad come to discuss the ex
pedicncy OF measures now pending before Con-
eress-the repeal OF the resumption scheme" and
struggle was not between labor and capital. but on
the one hand between tho class OF holders OF
money and moneyed securities who sought 10 restrict
the volume OF currency to the narrowest possible
limit and control. through the national banks, the
issue OF ali the paper money, and, on the other hand,
The mass of the people, whose labor or whose means
we're employed In industrial pursuits. the act de-
monetzing SILVER, he sad, had been passed oy tne
enclosed having ever been united, and for two years
It was secret that one OF the provisions
OF that act prohibited the coinage OF the old silver
dollar. 1t true that silver had deprecated IN
comparison 10 gold. but with regard TO everything
would buy ts-day moro labor, more groceriaa- and
more food than It would Blk years ago. notwihstand-
ing tho cry OF It's oep,eca, no was ,masv
because It had been demonetzed inc speaker
felt that he was almost wasting time IN talking as the
demonstration OF silver foregone conclusion.
Twotbrds OF both houses were in favor OF IT, veto or
no veto Within sixty days that result would DO ac-
complished. tApplause.) Bul, the speaker SAID. no
was afraid the passage Of the act would disappont
both It's friends and lis enemies.
VocE-l hope SO. Great laughter.)
Some one had said he hoped SO, ana the speaker
thought that would perhaps be about right The idea
Of foreign bondholders was to make America the great
silver producing nation pay her debts In metal over
which they mad no copirol-to hamstring the nation
q, It were There could not be added 10 the circu-
Ia,ou before resumption day more than $50 DOC, 600
or $4,000 OOO Tho country would not be
Hooded withxilver from Europe, but on the contrary
the demonstration OF silver mere woua 'ena 20 LIS re-
IN the States OF the Laln Union. But the friends OF
the would be much disappointed ut discover
ing that 1t will not soften the hard times.
THE STOCK SILVER TOO SMALL
But the stock OF silver in the country was too
small and importations would DO TOO slight TO JUS
tify 1t as the chief means OF relief The
prevailing distress solely from the contraction
OF the paper currency threatened aud accomplished
by the Resumption law. That law was impracticable
and its execution would no attended Win untold mis-
cnie rho agitation in regard to the Resumption law
was Leading TO a REIMBURSEMENT OF party lines.
The time was coming when tho republican party
would represent the policy OF forced RESUMPTION and
tho permanent use OF bank currency, and the demo-
cratic party would represent the opposite party IN
every State the Union. The lenders OF tho demo.
cratic party in the New England statos cried out that
In opposing tho radical scheme OF resumption their
were abandoning the faith OF Jefferson
and Jackson. Tho times IN their days were very
different There was no great public debt and but
little private indebtedness, and the Treasury was
plehorc with surplus revenue. The business intor.
ests OF the country then could no more measure or
determine the wants OF To-Day than the wagon
canal boat of sires could transact the business
which lightning and steam diu To-day But Jelcrson
declared in favor the suppression OF national bank
issues and the substitution of treasury notes bearing
no interest," not rcdeemablc in coin but receivable Tor
The public debts. Tho ultimate aim OF the pon
scheme place the control Of The paper currency
OF the countey-that Is Of iour-hths OF the money
with which business was done-in tho hands oil the
Incorporated money power. To the government alono
belonged the power to mako money. II was not right
principle to clothe any evidence OF debt OF private
corporations or individuals with government
Amounted Amounted TO abou. $50 600, 100000. This whole
amount was measured ny little moro than
one one-hundredth part of It's sum IN money. Tho
Increase OF fifth In that sum oil money increased
tho ra,abo value of the property $40 Ooo, 1000,
value Givo the oney changers OF the country such
power over the currency OF tho country and they
could mako hard times by contraction or good times
by expansion ut their pleasure.
PURPOSES OF RESUMPTION
The purpose OF the Resumption act was to destroy
yhe grcenback currency IL had been repeatedly so
interpreted by the Secretaries OF tho Treasury. Re-
sumption gould not be accomplished without mas
OF he business OF the country. As the currency
was contracted values OF all kinds had dmin.
ished, and the loss already accrued 10 tho
country from The threatened resumption OK
cceded the stupendous sacrifices OF tho civil
war. IL brought distress TO taxpayers and
enforced idleness and starvation on millions OF la
bore O nat n
redecmablc In coin voume OF pnpor money equal To
the volume OF coin IN the country. Ia European
States there were from Two TO three times much
CON In tho country paper. THIS necessary In
order to mako redemption safe. Yet here II
was thought that ono gold dollar could redeem
three OF paper. II could do just long
the gold wanted. but in seasons Oi panic,
when the coin demanded, the bubble always
burst. There was probably less than Sl5O,O00000 OF
gold the country and $780, 000,0O0 of paper TO be
redeemed on next Now Years Day. To resume specie
payments therefore, at least $500, 00o 600 oil gold