The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-02-07
CAPITAL NOTES.
CONGRESSIONAL raoCEEDiNGs.


CoNGREssIoNAL PR0CEEDlKGs.
Tlae senate.
WAsHfrarer, Feb. s-Mr. Thu rman proceed
ed to address th = Senate in support Of the ell
s s I to hs ss ssa9n @ n re es tbe tbe
country he said Il was impossible for $50 ooo ,o9o
of silver. to- drive out $soo. 900, 900 OF gold At
Unless Unless SS, iii, gold was In exeess of tie require
nients ot ths eeuntry Hs, did not believe that
Eanoe ea a rspss sgad ..s asonet5s sas her
and make It equal to gold. Gertnany's seo,ooo-
e Which II ys ~ n1 saa Sey weSd come e hsIe Ase
far al Germany could SPARE 1t.
He denied that there WA an ,lnvarying stand
ard OF value, There was NJ production OF the
shere s misn had never Mi been more prosperous eoan
try than the United States from 1889 10 1880, and
yst No haa b-metals % errenoy g. aold na and .st
No American statesman ever proposed the
abolition of one oil the measures.
Tae cy q astssss was heard a r. ons ron oWn
1T had been said that our eemmeree. would be
diajointed by the RECOMMENDATION OF silver. III we
had carried ON our business for the past six
it Vas hardly posslble that 4 double standard
as L was was alleged would Be- 9he case, our
bonds are sent back they would sqon 2 be re.
es Il hsy @ t bons naa pc
Ies Ii tie s fsct Thai their bonds we're held by
He ifasisted tlsat snecie payments could more
readily be sustained by haying the two metals.
and that the suspensions. which must at times
ards were used. redeemable paper currency
could not be, permanently maintained on the
And the reason Why he favored the bill was,
that It would put stop to the demonet sattnn
Of silver by other countries If the demoneti--
natons Mea Is
The way to secure. that cempaet was to place
ourselves alonRside the bi-metallie nations. and
He favored the ,bili because silver. was one ,of
the products of oir country. We were the
greatssI silser produeing seanry n ths world
OF the government In crushing thai Industry,
ee asroa be capital coSnas ana
hi examination he could give the subject failed
woaa brss e he esnss psops Il
the conntry. TO him solid, substantial and
unchanging currency seemed TO be necessary to
No business community or commercial In
terest could thrive with fuetuating and con-
made thai Ne had he Best currency ns yin IN The he
world but where are our busine 80 interests to-
day and wbat brought them here9 Becre ary
5 one way to commercial prosperity, and that was
10 come back to the commercial standard OF the
v NArld. 70 reach that standard. Qcngress on
sary Of the Treasury 70 retire the fractional
currency, and during the time between that
az wsre r e bat no s nanea ne
barrassment followed after the act OF February
4 ssa lses .,e -. x,.s ..,a,,,.s .,oro ,o,,,,.o,
wild schemes of speculation to make money
Without labori to make money on the rising
In 4 collapse In September. 1879.
M shs before IL ss crash 4 & sps@es put
iteould have had no effect In producing the lat
result turn around, and In another I part re ot their
speeches state that the passage OF the act was
not known Tor two years after lite passage. II
would not 40 to avoid the issue; a fuctuating.
trredeemable paper sy stem. broke down In the
hands Of Its friends. Neither was the present
depression owing to the resumption act OF Jan
half before that act was passed. and Il was from
this collapse that the country was suffering.
the ne Of silver roi
would cQntinue to huctuate between eighty
nine and ninety -1ve.. and being the cheaper
q assa L ss vss ssss4 s
the only standard. II silver was made the coin
in which Ereenbacks are redeemaele at some
backs below the value OF silver. and make silver
Mr. Ghrlstianes advocated the adoption of his
coinage Of silver dollar Of. 4si grains the gain
Of such coinage to be paid into the treasury.
me n % to be inyessea IN bnon The
act to remain in force but one year. unless re-
newed by Coneress,
ent prostratfon were too numerous to review
In single speech. The great cause was the
duc!ion. but were engaged In the destruction Of
the result no fst In
war. But the crash had to come, though it was
postponed to period longer than might have
The national debt left by the. war was in itself
very formidable burden. and he could never
see how any one could expect that there could
which must follow. Imitation had led to peeu speeu
lation, and the debts 81 the nation and of COR
porations were looked upon as capital, and the
would always continue. This to him appeared
like period OF disease; lust when all looked
brightest and al was gold that glittered. came
cry that the Nortsarn Pacific had ealapsed. ''-e
This was the signal for gentle tumble, and
aes 8er 9 the
and other corporations failed, the iron men
found their bonds worthless, and, witha large
was no market, they were compelled to reduce
their laborers or suspend work entirely. Other
mRnufactu ers were forced to do the same and
thus the labor of the country was left with moth
Ing to do. 1t was owing to this, and not to q
want OF currency. that there was 80 much dis
trass in the land.
Had there been any amount Of currency in
the country It would have gone. into banks or
the, hands OF capitalists. for the masses had
chance for it. 1t was. he said. fallacy to say
that. demonetixation having depreciated silver,
value. We're there no other conditions, this
might be true: hut since silver was damonetized
In this country the production had been enor-
nous and Il had been demonetized by other ma
uons, entirely changing the relations OF supply
and demand.
In reply TO an argument that Rold had not
been driven out OF the country sby an inferior
paper carrenc7. and that therefore Silver WAS