The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-04-28

had done from too much money, but from TOO little
money al rea sonable rates OF interest. from tho un-
lar AMI unhealthy distribution of the circulation aud
from other causes which drying The resources
oil industry and were depicting private as sell ms
customs duties from s2l2,O00.0O0 in 1872 TO
SiZs,Oo0,0Oo In 1877. aud said that the House had
s,ner 20 resolve oravey TO restrict the government
expenditures within its to declare for an
increase OF taxation.
rlls BrGBgAn or RESUMPTION
~ Inc bugbcar Of rcsumpt banished from
tue cacuiaions OF the Secretary OF tho Treasury by
repeal OF The act. and the large gold now In
the treasury wero let loose thal could be utilized
Tor the current expenditures OF the government,
there would be no necessity for resort further
taxation. On the contrary. the internal revenue col
lectcd from Two o. tho great Industries OF the
try-whiskey aud tobacco-mlgDt be diminished
would be increased ' from M" bosn articles
BY reduction Of tho tax on wbiskoy TO
so cents gallon; on tobacco 10 l6 cents pound He
trusted that tho represen taons OF agricultural aud
laborng constituents would carcfulto SEQ that, II
any interest we're relieved IRON taxation. the relief
would be extended TO agriculture aud tho laboriog
classes instead OF tho BANKS and bankers, whose
monopoly was standing menace TO tho prosperity Of
the people. These institutions had grown plcthoric
by reason OF the exclusive privileges with winch Con-
gress nad surrounded them, by means OF which thoy
SION aud conspiracy with olhcr forms OF capital
aged TO destroy the market value Tor real estate and
had by hnaucal cunning and political i.gerdcinain
succeeded In increasing tho purchase power OF
money until that alone seemed TO possess any real
value.
THE POLICY OF CONTRACTION
Leaving out oil view the immense injury inflicted
BY the banks on the people IN tho depreciation OF
every OF property ana in the prosraion Ut all
BUSINESS throughsthc policy OF contraction, the usu-
rious practices OF tho banks had wrought demorai-
EATON many In business circles and had turned
tho hearts OF thousands into stone. II tho OF
history either OF Christian pagan countries were
searched such unmixcd monopoly would be found
granted TO any class OF citizens The history Of tho
banks was a chapter OF abominat,ons Tho tribute
winch they latd upon labor and the contemplate
manner in which they had exploited the government
and The people should arouse a just indignation
md ihau1 nf
soon as was practicable TO substitute legal tender
notes for national bank notes
=. BANK INFLCENCEs.
Tho American Congress Tor the last decade had been
controlled by bank Influences. 1t bank influence
mat had defeated the Currency Equalization oil OF
1874, which fell Dy the stroke OF a president al veto
~ was That influence which prevented rednction OF
which prevented the restoration OF tho income tax
IL was that influence which prevented modification
o. the productive system, under The blghting lr nu
ence oil which American commerce iangUished and
the energies OF tho country were being oncrvatcd \
How much longer, he asked, would tho banks and
bankers rule the American Cougress2
RESUMPTION
Coming to the question OF ino resumption specie
payment he said that II resumption meant redcmp-
ton and cancellation and consequent contraction Of
the currency 1t meant simply ruin. II tho legal tend.
were made receivable Tor customs dues aud were
required to be relssued fast redeemed thcn tho
evil oil the Resumption law would DO very much mtii-
gated But us TINT law now STOOD upon the statute
book It was standing menace TO the business IN.
tcrcsts and the commercial activities OF Tho whole
country. Forced resumption meant forced bank
ruptcy, both Of the people and OF the II
Congress would restore to the government us indis-
putable constitutional right to issue currency to tho
people instead OF dclcgating that important
trust to privileged monopoly Of Dondholdcrs,
and II tariffs wcro brought 10 tho revenue
standard there could BIO doubt OF the speedy
OF confidence and OF tho establishment OF that pros
perity for which tho great heart OF the people
donc and moro would be heard OF tho sed III rca,s
OF reputation. The American could least all peo
plc afford 10 Tx upon themselves tho brand OF repu.
diaton
A PHENOMENAL INSANITY.
phenomenal insanity seemed to have seized the
minds OF the people OF the Eastern States that
measures OF finances and taxation which would bring
relief to the West ana south would operate inuri-
ousiy 70 them. No greater dclusion ever bccoudcd
the judgment OF so enlightened people why was 1t
that distress and hard times were felt in
New York and Boston and throughout tho
Eastern cities although their banks were
iui OF unused capital nndheir business houses groan
Ing with unbroken stocks OF merchandise awaiting
purchasersY Why did labor seek IN vain employ
where there was so much capitaY II was simply be-
cause the mistaken system OF nnsnce and taxation
has Frustrated tho producing classes by reducing tho
price OF their products below the actual cost pro-
auction and thus curtang thor means OF consump.
thought proper TO allude thus TO tho financial policy
Of the government AMI 10 tho system 0f taxation
cause appropriations were intimately blended with
them. ln conclusion no sald:-
Wise craftsmanship should avoid cxtrcmes. Can't
tn, and labor are bo,n essential TO tho growth and
development OF all institutions aud neceksar-
| lily an,agonstic On tho contrary, they mutual
aids when governed and guided by laws which fecog-
tho Just rights OF BOTH One thing IL is very i'm.
portant Tor each TO observe. Capital should avoid
being hcdgcd about by class legislation monopoly.
while labor should sterniy set its lace against every
appearance or agrarianIsm and communism. Not
outstanding tho failures for the first quar-.
tor OF this year IRE much beaver Than
they wcro for the corresponding quarter OF
last yosr, yet every one feels that a propisIous
change is near at hand II tho rclief measures bave
suggested are adopted. Why not adopt them At once
ana give caso 10 the public npprencns,onsf Stop
contraction provdo for Tho reissue Of legal tenders
and make them receivable Tor customs dues ana the
work Is done. Confidence Will At onco take heart
pgain.
he bin was thcn read by sections for amen dments
After having completed tho SECTIONS in regard to
thc Legislative Depar tmcnt tho govern INT and
the SECTIONS Tor the support OF the Executive Depart
ment and tho State Department tho committee r0sc
without further action, and the House, twenty-five