The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-02-13

uistrcss prevahing tnrougnout the country ana
argued that tho depreciation IN value in properly
iessened the ability Of the people TO pay their debts
He referred 10 tho shrinkage In values In his own
city 1ndanapolis) and said as a general rule they
were in no worse condition than their no,ghbors Of
the Northwest. Any measure which would
tend IN any degree TO uphold the value
s @, p'op: .nS.,s prevent us ,or,nsr dsprs
He entertained the conviction that the izaton
of silver and placing II In the arteries oil trade and
commerce would do something toward reviving pros
pcrity.
RETURN 70 SPECIE PAYMENT
To attempt TO return 10 specie payment upon q
single gold standard would preciptate an overwhelm-
ing bankruptcy such as was never witnessed before,
Tor. He had always opposed the specie Re-
sumption act and would vote Tor It's modidca-
ton or repeal The demonstration OF silver was
the only door through which could re-
sumo specie payment Another reason why
he favored the remonet zaiion was the tact that
were It's largest producers and should do everything
increase its and value Silver com hun,cd out
the smaller channels oil Trade Tor circulation. The
gold dollar was worthless as coin tor crcuIation
But lew had ever been coined. aud probably no
moro ever would be. He thought 1t was time that
Inc Treasury notes should oe receivable tor
tarin dues, and thus their vauo would
Increased He opposed the free coinage feature
OF the House bill and lhoug ht any gain segniorage
Into the Treasury oil the United States Tor the benefit
oil tho whole people should majority Of the Sen
ate, however isvor The House bill be would vote Tor
II also, anu he hoped that future Legislation would
remedy any defect which might DO found.
The Senate then, al TWO O'Clock p. ~, proceeded In
body 10 the hall Of the House OF Representatives. to
participate IN Inc ceremony attending the lorna pres
cntation OF Carpenters picture SignIng the Emanci
patton Procamation," anu upon returning TO the
CHAMBER at quarter past three p. NJ. Mr. JOHNSTON
Of Virginis, moved that tho Senate proceed TO the
consideration OF executive business. Rejectsd-Yeas
81, nays 20.
Mr. BUTLER, tdem.) Of $. c., moved TO adjourn.
Rejected.
sPxmcH OF Mr. x'pHKRsoS
Mr.. MCPHERSON. tdem) OF n. j., ihen took the floor
ana spoke in opposition 70 the Silver biil He said
the questions Of law and morals in regard TO The re-
monctization OF silver having been iuly discussed
the only question tor him TO consider was the expedl
ency OF remose.izat,on; that was tho ques.
OF the country. He believed the friends OF this
bill had suggested policy which would
inimca the best Interests of the country and that
the remedy they offered would increase rather than
mitigate the evils from which they sought TO be
heved
or BusiYAss DISASTERS.
The statement has been mado UOluiy, repeatedly and
with much emphasis upon the floor vi the Senate and
elsewhere, until The popular mind Is almost yinced
II Is true that the demonetzaon OF silver withdraw
ing or Withholding IL IRON the currency, together with
the liking Of definite time for The resumption OF
specie payments, Is the cause OF all our wide
spread business disasters. II this assumption
BIO uue fearful weight Of guilt anu responsibility
Posts upon those instrumental shaping the Policy Of
the government charged with dirs results That
II IL not true rs my purpose TO prove. WHAT, then,
caused this universal pr0straton OF this de-
sruction of values which has effected the whole peo-
pie. transformed tho honest and Wiling iaborer
beggar and forced him 10 sock bread from door TO
OF silver. Tho silver dollar did not exist, or
at best had no place IN our currency. II
could not have been the hxtrg of definite time for
tho resumption OF specie payments That
done until 1875, and tho crash took place 1879 IL
could not have been lack oil sufficient circulating
medium, called money, Tor The volume OF that
was greater than ever before. The Circulation,
from 1870 to 1873. increased nearly $53, 900
Sigh. aecrosss in 1875. Therefore a lack Of
sufficient circulating medium could not have pro.
ducsd The OWLS OF which We complain. Tho iruo
cam Ia Thp rngh cam nm heru
had reached point In production lar IN OF the
capacity Of tho people 10 consume This true OF
according to the census OF 1870 had not Increased
per cent IN improved acreage from 1860 1870, or
improved lands from 1850 to 1850. rho agricultural
Interests OF the country have suffered least because
with low pricos the demand Tor these products was
practically without limit But sir. tie labor, wealth
ana genius Of the country ignoring abandoning tho
Held OF agriculture ~ process or road 10 wealth
too slow Tor the spirit OF the times, souna occu-
pasion in other walks OF Industry promising
rich returns and larger rewards, and with an
expanded currency oil deprecated paper noated into
wealth and happiness without any thought Of tho
future The abundance and uncertain value OF tho
currency stimulated TO an extraordinary degree the
development Of mncs oil coal and iron, tho erection
Of smelling works and ioundries, with all the appll-
onces inventive genius coud devise, TO keep
tho prOauc ,.S an, and supply equal to the de-
mand which the insanity OF the times
seemed require Railroads were built far 10 excess
of the present or possible iniurs need. Workshops
and manu- factories wore nllcd with products OF indus
Try for which no compromising market could DO found
Money without limit sought Investment IN Wild
schemes OF speculation, and in the opinion OF the
laborer the mlen NJ UNI had surely come Add TO this
the sum OF all our minor Industries, mimic in va
rety and character OF production, scattered all
the country, representing material, capital and
labor governed by Tho same rules and Subject like
conditions In respect 10 demand aud supply, and the
picture Is indeed frightfuL Is IL any wonder, then,
that capital withdrew from tho neld OF laoor and
enterprise, impoverishing one and stransiing tho
othcrf As remedy Tor the evils OF imitation you
offer US more Initiation.
IMPORTANT STATISTICS
He quoted from Statistics which he said had been
furnished him by tho Hon. Galusha A. Grow, OF Penn
=. vsnia to the effect that built from 1865 to 1869
s,3l7, miles Of railroad from 1869 70 1872 butt
"a, 6o5 miles, and during tho tour years ss66
miles, Now, many of those lines paying no divi-
dcnds amt others mad legal proceedings pending
against hem. He then referred to the increase 10
tho production OF iron, and said It's production from
1871 to 1872 creator than for the preceding ton
years The total production OF coal In 1872
1882, $50 TONS ana IN 1873 was 2l,es9,95o tons.
showing an increase in this one year greater than
tor the ten Proceeding years. This increased
labor, aud when tho production decreased
importation Of foreign goods argued that the pco-
pls had been cxtravagant. he argued that the bill
before the senate would result m max ing silver
tho only STANDARD OF value and the only IN
this country Reerringto tho act OF 1873 demonstz
ing SILVER he said It was seen then that shortegged
ferred to the arguments that the government tho
right TO pay The bonds IN silver, and asked, Was 1t
less than dollar? Grant, for the sake Of the argu.
ment, that the bonds were payable IN gold silver
at the option of the government had not the govern
mcnt by the act OF 1873 demon silver potcd the
world II elected to pay tho bonus in gold. The en-
actment OF this bill into law would drive gold from
the country make silver the only standard OF vaue,
and uncertainty aud auctuatIon would enter into all
the affairs OF trade, whilo capital sought other
nolds He hoped Congress would take no step back
ward He was charged TO remonstrate against this
bill by largo maturity OF the people oil New Jersey,
VINO would not tolerate reputation IN whole or Ia
part 10 vote In iis avor would % 10 iasiy tho
timent OF the people OF that state
BIT. Mernmon, dem oil N. c., then took the floor
but yielded 10 Mr. SARGENT, OF Cal on whose mot ION
the Senate went into executive sion and whom tho
doors reoIoned. at halt-p,st six O'Clock, adj
journsd until 10 morrow.
House OF REPRESENTATIVES,.
wAsHISGroS, Feb. IL, ls1a