Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1878-07-11
ESTABLISHED I'm 1s4a.
VOL. Sc, NO. IS.
SPEECH OF HON. GEO. o. HAzELToN
On the Senate Amendment 10 the Bill (H X. No
sO5) nepealing the Resumption Act.

Mr.. Speaker-The House bill which
had for its object the repeal of the re-
sumption act, which authorized the
Secretary of the Treasury to dispose
of the United States bonds and re-
deem and cancel the greenback cur
rency, and which passed this House
some time since, comes back to us
from the Republican Senate today
with an amendment adopted by that
branch of Congress as substitute for
the original bill Instead of concur
ring with the House iii the absolute
repeal of the resumption act, the SEN
ate proposes an amendment that
from and after the passage Of this
act United States notes. shall be rel
celvable the same as coin in payment
for the 4 per cent. bonds now author
lied by law to be issued; and on and
after October l., 1873, said notes shall
be receivable for duties on Imports
This amendment passed the Senate
by vote Of As yeas to Is nays, COM
handing the. generous support of
many Senator'S who had formerly "a
vored an absolute repeal Of the re-
sumption act .-1ts.i'.J 9a3 = I aa@
The Fort bill, which provides
That from and after the passage OF this act
It shall not be lawful for the Secretary of the
Treasury, or other officer under him, to cancel
or retire any more of the United States legal
tender notes. And when any of said notes
may be redeemed or be receiyed into the
treasury, under any law, from any source
whatever, and shall belong to the United
States, they shall not be retired, cancelled or
destroyed; but they shall be reissued and
paid out again, and kept in circulation Pro-
Uided, That nothing herein shall prohibit the
cancellation and destruction Of mutilated
notes and the issue of other notes Of like de-
nomination in their stead, as now provided by
law aqEF8 s4e Ass E--tus,rg.7gB I
has already passed Congress and be-
come law, thereby securing the cir
culation of at least three hundred and
forty million United States legal
tender notes " to the people, to the
commercial and business interests of
the country. dmul Aoy sasrl .Lhn /
This much is accomplished, and if
we shall concur in the Senate amend
ment now under consideration, as we
ought to do promptly and without
dissension, we shall have enacted into
law that which cannot in my iudg.
ment fail to merit and command the
just approval Of the American people.
First-United States notes shall at
once be receivable the same as coin
in purchase OF the per cent. govern
ment bonds. This proposition has re-
ceived the sanction of the Secretary
of the Treasury, the sanction of the
Republican Senate, and meets the APP
proval of the Republican party in
both branches of Congress and, if
defeated to-day, the responsibility of
its defeat must and shall rest with the
other side of this Chamber, with the
very members of this body who pro
fess devotion par excellence to the
greenback cause and who now have a
full, fair, and practical opportunity to
exhibit their good faith-if they have
any-in putting the greenback on a
par with coin in the purchase of Gov
eminent securities and in promoting
the equality of the coin and paper
currency of the country. You cannot
justify your clamorous opposition to
this amendment here to-day upon the
ground alone that it emanates from
the Secretary of the Treasury whom
you hate, or because it is brought for
ward and supported by the Republi.
can party in advance of all measures
on this subject. That will not satisfy
the people or exonerate you from the
responsibility OF its defeat. States.
manship demands higher and broad
err and purer motive in the great work
of law-maklng for free people.
Second. A Republican Senate in
vites us aow TO legislate with them
that on and after October l, 1878,
United States notes shall be receiva.
BILE the same as coin for duties on i'm.
ports, and you are prepared to reject
this proposition also. For sixteen
years has the government pursued the
policy Of excluding its own paper in
the payment of duties on imports in
order to obtain the coin to meet the
accruing interest upon its bonded in.
debtedness, negotiated at home and
abroad, to furnish the nation one oil
the " great sinews of war" by which
to raise and maintain armies, create
and sail navies for the national de.
Tense, the national life, and the ma.
tional honor.
For the year 1862 the average gold
value of the greenback dollar was
sS.3 cents; for 1868, $50; 1864, 40
cents; 1865, 63.6 cents; 1866, II
cents ; 1867, Y cents; 1868, Tie
cents; 1869, 1872 cents; 1870, 81
cents; 1871, S95 cents; 1872, So
cents; 1873, $40 cents; 1874, 80.
cents; 1875, $50 cents; 1876, 50.
cents 1877, 95.5 cents; thus gradu
ally approaching until 1878 it has
reached within a mere fraction of .
cent the full measure of a dollar il
coin.
We but anticipate its inevitabl,
destiny few months when we fix by
law the LIST of October next as the
time when all legal discrimination
against its full force and effects ,
money for all purposes shall be re
moved without impairing the publ,
credit in any degree, and give it re
cognition on par with coin. rea(
from the admirable speech of Senator
Ferry his views on this subject
which are worthy of the most careful
consideration +:
BY the act approved February %, 1852, i
was provided "that all duties on importe,
goods shall be paid in coiE or in notes payahl
on demand heretofore authorized to be issue,
and by law receivable in payment of publ
dues" These notes referred to were Treas
ury notes payable on demand TO the amour
of sixty millions, issued and made receivable
in payment of public dues under the acts ap
proved July II and August 5, 1861, and Feb
ruary II, 1862. It was a fatal mistake tina
the policy of receiving United States note
was not continued under subsequent statutes
that the country might have escaped the mis-
fortune which has followed its denial. 1t was
however, the Judgment of our lawmakers il
the midst of a civil war, when eleven States il
rebellion threatened the ACKNOWLEDGMENT q
| the TTuion and the national credit as n conse