The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1878-07-25
RESUMPTION.

RESUMPTION.
xAeech os Gen. Thonaas EvvtnE. -.
livereA IN the Hloase 81 Repre-.
senfAtivcs. Thursdays JuEe 13s
1875.
On the substitute If The HeaatetOr the !
bill Oh. r.. No. 9O5) to ycpeal the
third Section of an act entitled an
Act to pyoridc for The Resumption
of specie payments"
Mr.. Ewing-Mr. Speaker, ON the 24th
of November last the House passed
the bill to repeal all that part of the
act of Jsnusiy IA, 1875, which author
::..s The Secretary of the Treasury to
increase the bonded debt or use the
aurplus revenues to provide for the
redemption In coin of Urited States
notes ON aud after JNAvsrys i 1879.
1ha Senate sends the Mi, back 70 sus
With 81 .er ;ae euactsg sceAnsc
stricken out end ~ith two wholly DIFF.
ferent prov .sions 'nserte ]. They are,
first, provision to make greenbacks
receivable n payment for four per
cent. coin bonds; and, second, q pro-
vision to make greenbacks receivable
tor custOans afser Dctober l. l85S.
| On Friday last, when the bisl1was
received back :rom the Senate with
these amendments, l moved to nom
concur, and asked . COMMITTEES. OF
Conference. The motion was de(eatsd
by nearly the vote. The gentleman
from l,liuois Mr.. Fort] now moves
to concur IN these amendments.
have q word or two to say why, IN my
opinion, that mo: ION should not pre-
vail. tgs -,
We are told we eau get no more than
| the senate now offers, aud II We fall
| to take this We Shssr get nothing. Sir,
that is not the spirit with which We
should me'utain the rights of the peo.
pie. II we are ready to accept 2 slight
concession in lieu of great right, We
viii henceforth be expected to petty
sacrifice important measures by com.
promises. The, Senate Offers. nothing
desirable in these amendments except
to meke greenbacks receivable for
customs. A separate bin for that sin.
gle purpose, now in the hsuds Of my
colleague, (Mr. Southard), win pass
the House to-day or tomorrow. Let
the Senate pass that bill by itself, and
not offer us this anubbin" ~ = condi-
ton OF scquiesceuce in the gigantic
wrong of forced resump ION.
+ The only other proposition IN the
Senate amendmcntsi is device OF the
Treasury TO promote resumption
That is the provision giving him
power to sell four per cent. bonds fol
greenbacks ut his discretion. There
arc two methods by which he hopes
to maintain resumption. One is by
hoarding coin to pay the sresnbacks
1 as they are presented for redemption
the other is 10 collect greenbacks from
taxes or sales of bonds and withhold
them from circulation, SO as to make
them scarce, and thus stop their fow
to the Treasury for redemption. To
the extent of all the surplus money!
in the Treasury. the grse1backs 90 70.
ceived are appropriated by the Re.
sumption Law to the uses of resump.
lion. -
/ The Secretary dOes not consirus the
act passed this session stopping the
further destruction Of greephacks and
requiring their reissue - ct AL limit.
ing the swesping provisions OF the
Resumption. Law appropriating AL
surplus moneys to resumption pur-
poses, As his telegram Of tG day TO my
friend from Ksnsas Mr.. Phi'lips) very
plainly shows. That eppropriatiou
applies to proceeds Of sales of bonds
a. well - to surplus revenues. As the
law now stands, he can only sell bonds
for coin. Give him the power 10 sell
them for greenbacks also, and you sh.
able him to lake legal tenders out Ol
circulation and horde them ii the
Treasury without any limit except the
popular demand for the bonds. The
greenbacks now in private vault.
throughout the country, awaiting . re-
vival Of business, would 60 largely
! into these bonds aud be boarded III
the Treasury, to bc paid out again
only when, in the language of Mr..
Sherman, they can be maintained at
par with coin." Hence, NO mattel
hsw great the business demand for
the reissue Of greeabaeks boarded by
the Secretary might become, the pso.
pie could only get them i'm circulstiou
again when their reissue. .in his opinion
would not endanger resumption,
We have already increased our bond.
ed debt 1900 600 to aid resumption
The Senate amendment gives the See.
retary new power aud facilities 70 In
crease It definitely for that parpose.
We have already coutracted our cur
rency $75,ON,Oo0 for resumption.
This amendment gives him new power
and facilities TO contract it. 1t 10,
theEsfore, only . dangerous and per-
nicious enlargement Of the powers for
mischief conferred ON the Secretary
By the Resumption Law.
But there is still further objection
to tbs ameadment. s1f kssbmpt,on
shall break down, ss am thoroughly
convinced it will, gold will mount to
. high premium. l would not be SUR
prised to see it 90 to fifty per cent
above par IN greenbacks. Suppose 1t
| s1oos than vva wiIl he soll;oer A uor