The New York herald., 1878-03-06

on" and animating the enthusiasts Of both soc:
nons Of the country. The sun Of 1860 had
want and reneral ruin. The coming wai
lad cas-. IT'S shadow on that year Il in lseo that
the night following that event the eadng cities Of tho
South had been illuminated honor Of this acl II
was In 1860 that Anderson found safety Tor tho nag
anu the troops OF tho United States against the as
saults OF the army OF South Carolina by psssirg
eoverly in the darkness oil The night from Fort Moul-
year OF unusual prosperity, he tho answers
series Of Inquiries propounded by him to the
he also read tho report Of th. phadoph,a Msrcan
tile beneficial Association for 1860 show that that
was not year Of commercial prosperity. In further
corroboratou OF his position no referred to fact
that in the leading savings institution OF Philadelphia
there were on the ls Of January, ls60 81 265 depos
January. 1861, The number o; depostors bad shrunk
to y, 662 ana tho amount OF deposits 10
immigration, OF railroad building, &c. and concluded
that Mr. Garfeld's description OF the year 1850
not correct He then proceeded TO show that in a
financial point OF view tho year 1860 far from
boipg prosperous one and said hat there air
Of exaggeraiion in Mr.. Garlcids statement about H.
In reply TO Mr.. Garneds assertion that President
statesman Ind favored any more money but stand
ard gold and silver. he said that Jefferson and Mad
son werc exceptions 10 that sweeping assertion
ana that Alexander Hamilton had favored q resort
10 gree nbacks under the name OF Treasury notes. He
also contradc,ed tho assertion OF Mr. Garfield as to
the hesitation and unwilllngness OF Senators and
members to pass tho Legal Tender act and he quoted
Thaddeurstevens. Mr. Hooper, of MASSACHUSETTS,, and
He denied Mr. Garhelds assertion that the grsenback
currency was forced loan and said "a forced loan
debt Ii the gentlsnan's assertion mad been made
In 1862 Il would have been denounced az the kissing
Of aveaomous copperhsad."
SPECIE RESUMPTION.
Coming down 10 the question OF specie resumption
he said that with 500 oo0 600 In gold The Treasury
with none IN the hands of the people and with
$500 000 900 10 be rsdec mod, the proposition
measure Of insanity. Il was a proposition tho en-
iorcenenl which was driving the people 10 paupcr.
lunacy ana
creating "A moneyed oligarchy, whose wealth.
compared with Win me, inc SSdy o. the people, would
England As 10 tho prosperity Of England (hudcd 10
by Mr.. Gar6ed) he said that ths exports from Eng
ana that whio want ana starvation (pauperism did
not cover the word was spreading among the labor ng
dividends during that fatal ycar Of 1877.
He defended tho reputation for financial ability OF Sir
Archibald Alison ani Mr. Doubleday against the anrs
made against them by Nr. Garfield, which, he sad,
part0ok moro OF the lncoherence oil an rato and
Illogical hshwoman than that ot the argument oi I
statesman IN tho councils Of the hrst nation Of
Tho world -
DoLHYuL PICTURE
In conclusion he said -
Thc elements referred to as with us are against us
No returning wave Of prosperity carries the nation
forward are being welea In Tho slough ot despond
,inue TO shrink, wages 10 fA employ for skilled
unskiiled labor becomes moro difficult 10 obtain
gloom than has ever ovcrshadowed it since
the gontemans other prosperous year Of 1860
This sad condition VIII continue aud Will from month
10 month Intensity, untnthat menace to conhdence :
tho Resumption aci-shalt BIC repealed. II cannot bs
otherwise Tho silver bitt wasa act OF JUSTICE Iot
OF rclleL Its sood influence cannot be felt apprec
ably until restored confidence Will justify enlarge
mcnt OF tho circulation vi money and credit Bond
have not fallen nor gold risen since ITS passage owe
the Prcsuents impotent vctU. its enemies beer
con founded by experience, and too Will its ircnd
be the Resumption act be permitted 70 disgrace ou
statute books" '-'.t'- t'f
Mr. KELLY spoke ior two hours but much Of hi
time was occupied in reading extracts Mr. GARrIELI
to reply MIN, ana will nave an hour Tor tha
on tho bill '',''t't''
Tho committee rose, and Mr.. FoRr, OF Illinois, In
troduced bill 10 authorize the preparation Of fn
silver bars Of tho vnue 500 aud 81 0O0
the deposit Of the same In tho Unted States Treasury
and tho issue OF certificates thereon Referred TO th
Committee on BANKING and Currency.
The House then, at quarter TO six o'clock, I'd
iourned. .f .7i EE.