Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1878-03-21

of coin which the whole world recognizes a,
money, and that all our foreign trade is meas.
ured in that coined money of the world.
Now, the gentleman did not need to tell us
that only balances were paid for in actual
money. Any one who has looked into the horn
books of finance knows that. But while only
balances are paid for in coin the value of
every pound of merchandise imported or ex-
ported IS measured i'll coin and that is the
ground on which | based my demand for
a coinage for America, a money for America
which can be used for international as well as
for national exchanges.
The next point the gentleman makes is this:
lie thinks my reference TO resumption in En-
gland was exceedingly unfortunate, and my
citations OF authorities inaccurate. lie has
consulted Alibone to find three line notice.
how great writer Doubleday was--and would
have us believe that because Alison wrote
history his views ON finance must be sound
But notice that neither the gentleman nor
his "coach," Mr.. Shuckers, who addressed to
the gentleman not less then twenty pamphlet
pages on the subject of my November speech.
mas been able to argue away the stubborn fact
that IN 1921. and again in 1922, the House of
Commons by vote first Of to and then of
6 to declared that the resumption act of
1919 did not cause the distress which then
prevailed When they have rovef that they
know more on the subject than the House of
Commons, it will be in order to appeal to AL
ison and Doubleday, and to assail me for sup>
posing that parliament in Great Britain is a
fair index of British opinion.
referred to a chapter of Martineau's His
terry of England, in which the causes Of the
distress were set forth as being those alleged,
and stated that Thomas Tooke in his History
OF Prices held the same opinion. The gentle-
man from Pennsylvania denies that Tooke
holds the same opinions | attributed to him ;
and Mr.. Shuckers disposes TO Miss Martineau
by saying she was "of all human animals the
most forlorn, woman atheist-whose narra-
ton is mere reiteration of Mr.. fooke's,
whose follower she was"
In answer to the gentleman's denial quote
from volume 2, page &c. Of ToQke's great work
Never indeed was there measure dictated by q
sounder policy than that by which Parliament deter
mined in 1919 that the triing divergence which then
existed between the paper and gold should speed
lily as was conveniently practicable be remedied and
the COW ertbity restored with the strongest sane
ton against Its being again suspended. So loudly
was that measure called for by every consideration
justice and good faith. and of the most .compre
hensive view OF the pablic interest, hat il for the
purpose Of carrying it into effect actual derange
ment ofprices and OF credit had been distinctly
tempated, the effect w0nd have been amply justif
cd by the object Rot there is not the ystage of
ground for supposng that the smallest part OF TIE
fall OF prices of the of credit 1919
or from 1919 to 1922 can according to any evidence Of
facts or any consistent reasoning, be
traced to the operation, direct or indirect Of that
measure The suiiicency Of the SEES, without ref
1913 and 1922. can hardly It is presumed admit of
doabt in the mind of any persoa Who unbiased by
, .meory VIII esam.ae carefully the facts
the fall OF prices.
For Tooke's analysis of the corn law, and
their effects on prices and panics, refer him
to the first sixty.seven pages of volume 8,
The main facts to which referred in regard
to resumption in England remain unchalIeuged.
My statement that no writer of cminence
could be found who takes the opposite view
was doubtless too broad. l have never said
that resumption was accomplished or ever can
be accomplished without some hardship. The
process is always more or less severe.
And perhaps understand the strength of
British opinion that the resumption act of 1919
produced some distress. But what did say
remains unanswered, and did venture to say
unanswerable. 1t was that the opinion of
Parliament, the recognized official opinion of
England, expressed in the most decided and
emphatic terms, was that the resumption of
cash payments was a great blessing, wise and
hCCCSsdfg dCt Va ICbtOidtiOu dlteC war.
That opinion is now held that has been held
for more than half a centuary by a great ma
jority of Englishmen.
The gentleman criticises me on another
point: he says there are not $65,00000O of
coin reserved in the Treasury available for re-
sumption, and that there are not So, 100000
month coming into the Treasury to add to
that reserve. Does he forget that what said
was spoken one hundred and nine days ago
What said was true on the day uttered it,
by the authority of the Secretary of the Treas
ury. But also said that here in Congress
was the storm-center of danger. Will the
gentleman deny that agitation we have had
here since November has increased the public
distress and retarded our progress toward re-
sumption?
do not revive the discussion of the silver
bill. / hope that question is settled, that the
agitation is GAINED, and that we may go for
ward into whatever of prosperity is possible
for u.s. and shall be glad if that measure turns
out to be wise. But it is poor answer to my
facts stated one hundred and nine days ago, to
say that the $5,000,000 of coin are not now
being added to the resumption fund each
month as they were then.
The gentleman says that the great trouble
with all our affairs is and has been the fatal
contraction of our currency begun outrageous
ly by Hough McCulloch in 1865, and continued
in 1866.
Mr. Chairman here is little history which
| wish to read. The years he named was 1866
and 1866. On the 18th day of December, 1865,
the following resolution was introduced into
the House of Representatives
Resolved That this House cordially concurrs in
the Jews o. the Secretary of the Treasury (Hugh
McCuoch) in relation to the necessity of contrac-
tion Of the currency. with q view to as early re
sumption of specie payments as the business inter
ests of the country will admit: and hereby
pledge cooperative action to this end speedily
practicable
Here are the yeas and nays recorded upon
the Journal of the House: 144 yeas, and
nays; and among the yeas / read the name of
William D. Kelley. Laughter and applause
Mr., BRowNE. Do you find the name OF Mr.
Voorhees, on the list
Mr.. GARFIELD. / did not look, but a gen.
tleman near me has the Journal and says it is
among the yeas.
This reminds me of a little scene that oc-
Cured here not many months age in the be-
ginning of the silver agitation, when we heard
the voice of the titular "father of the House"
denouncing the characterization of silver in
1873 legislative tr-r-r-ick. Laughter
And yet, when that bill was before the
House for action, that same gentleman, then
chairman of the committee that formed the
bill, assured the House that the committee had
considered its provisions carefully and were
satisfied thatit ought to pass, and that it was
useless to attempt to continue TIE coinage of
the silver dollar that they had dropped be.
cause gold fuctuated so continually that the
double standard could not be maintained.
Doubtless every man is entitled to change his
opinions, and it is often wise to change them
But these examples ought to teach the gentle
man when he assails his brethren here for
their opinions to look well to the house in
which he lives and see how many glass windows
it contains. Laughter and applause
Mr.. Chairman, his speech from beginning
to end was mere criticism of the little de-
tails of my speech. If everything he said
we're granted, it does not touch whatever of
small strength there was in my argument. In
the main he busted himself with fact here
and there, quotation, "a citation, or reference;
but it did not touch the marrow OF what
tried to present.
The central proposition of my speech was
that the greenback currency was debt to be
paid; that by all the solemn sanctions of Law.
of honor, ofduty, we are bound to make them
equal to coin, to redeem them. And it is
precisely that which displeased the gentleman
It does not answer my proposition to ramble
over the speech and pick up a morsel here
and there; to leave the line of debate and