The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1878-02-06
GEN. EwINGS COOPER INsTI-
TUTE SPEECH, AT NEW YORK.
He not only insists upon Remonetiza-
tlon of Silver, but advocates the
Repeal of the Resumption
The Latter as Necessary as the Former.


General Thomas Ewing, of Ohio, was
then introduced, and said that he had
come to discuss the expectancy OF two
IL easures now pending before Congress
the repeal of the resumption scheme"
and the restoration to coinage of the old
silver dollar, The struggle was not be
tween labor and capital, but on the one hand
between the class of holders of money and
moneyed securities who sought to restrict
the volume of currency to the narrowest
possible liuit, and to control. through the
national banks, the issue of all the paper
money, and, on the other hand, the mass
of the people, whose labor or whose means
were employed in industrial pursuits.
The act demonetizing silver, he said, had
! been passed by the Senate without the
package in which the act was enclosed
having been united, and for two years it
was a secret that one of the provisions OF
shat act prohibited the coinage of tie old
silver dollar. 1t was true that silver had
deprecated in comparison to gold but
with regard to everything else it had in.
creased in value. The silver dollar would
buy today more labor, more groceries and
more food than it would six years ago, not
| withstanding the cry of its depreciation
| Its decrease in value compared with gold
was simply because it had been demonet-
lied. The speaker felt that he was almost
wasting time IN talking, as the remonetiza-
ton OF silver was foregone conclusion
Two-thirds of both houses were in favor OF
it, veto or no veto. Within sixty days
that result would be accomplished. But
the speaker said, he was afraid the pas
sage of the act would disappoint Iboth it.
, friends and its enemies.
' Some one had said he hoped so. and The
speaker thought that would perhaps b.
about right. the idea of foreign bond
n holders was to make America, the grea
9 silver producing nation, pay her debts in q
metal over which they had no controI-tC
! hamstring the nation as it were. Their
= could not be added to the circulation be
> fore resumption day more than $4,000, 00
or $50, 100000 The country would no
! be flooded with silver from Europe. but o.
I the contrary the reconciliation of silve
here would tend to its reconciliation i
= Germany and 20 restore free coinage 10 tn
4 States of the Latin Union. But tn
I friends of the measure would be much dis
. appointed at discoveringsthat it would nc
= soften the times.
e THE STOCK OF SILVER TOO SMALL,
e But the stock of silver in the countr
d was too small and It's importations woul
y be too slight to justify considering cit a
y the chief means OF relief. The prevaiin
q distress arose solely from'the contraction {
:. the paper currency, threatened and accom-
n plished by the Resumption law. That la
e was impracticable and its execution woul
d be attended with untold mischief Tn
% agitation in regard to the Resumption la
d was leading to a readjustment of part
as lines, The time was coming when the re
IN publican party would represent the polio
N of forced resumption and the permaner
IN use of bank currency, and the Democrat
pr party would represent the opposite part
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