The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1878-05-10
rms FINANCES N rME SENATE.

Aais ~v~sehSs ~ M~.s.s terry. ~ Mrh'.
san. Mna Ss~ssh~ss. ~ tasssAnA.
Mr.. Ferry called NJ The Honre h,ll 10
reteal the Specie. Resumption net, anil
real lengthy argnmrn, explaining ihe
amendments reported l,y the commits..
IN Finance. H. referred II tie fart
that United states notes and poli uer
nearly equal to-day. AMI argued TIM, this
was hastencd hy the passage II the act
10 restore thc standard silver dollar.
Allnsling 10 the passage of the art of
ian. ia. 1876. to resume specie pay.
mrnts, he sail lie joined In IL m 4 com
promise measure reluctantly. After ex.
planning the amendments reported lay
the Committee on Finance, hr sail TINT
II the bin should be sgrcci toms amcnd-
cd IL would give the county volume
III currency of S.alD, ,utlD. ON. Hc argued
that the 6ill would restore commercial
confidence. II would result In our own
people holding the national t,chs instead
of forcigncrs. The recent sale of Siu. O0O,.
ono of bonds by the Secretary of tho
Treasury was an assurance nf this AMI nh
evidence III the advancement IL public
credit. Tho Government should now
turn its attention To npholling iss credit
with its own people. He next referred
10 the coin required ny the Government,
and sail no fears need he arprchcndcd
that the Gov. rnmcnt would have TO 90
abroad 10 seek coin 10 meet its require
mcnts. The Necessity for denying
United States n,tes their rightfml placc
in the circulation of the country Ind de-
parted. Hc believed grcenhacks anil
coin would bo ut par before the lst of
July ncxt, and referred to tn announce
ments daily made by business hrlnA and
banking associations, that they Ind r.
snmed specie payments. Referring To
Wall street, hc said all the knowledge III
finance ,lia not dwell solely with thc wise
men OF Gotham. New York city. which
had been 10 clamorous for specie resnmp-
tion. now seemed to be- the liant IT, re-
spnnd. In conclusion, hc argued that
tin passage II this bill would be- to set
liz our finances upon such basis IN
would rclegate onr financial difficulties
from the halls OF Congress 70 the marts
ef commerce.
Mr.. Voorhees, then took the hoor. aud
rena lengthy argument In favor " rc-
pealing tile Specie Resumption act. Tho
amount ~ human misery, wretcheslnesS
and vice which lhe law had caused could
not be estimated. II had overthrown
property values simply beyond tic
power of language 10 describe. Ten
thousand million dollars worth of prop
erty has been absolutely contisentc..
Fl. argued that the American people
had been educated ON the subject Of
finances during the past five years, un-
der snch circumstances IN breed resolm-
tinn. unless they we're met by measures
of relief. The grcenback dollar. on ac-
count Of the confidence the people had
in il. had forced itself upon equality
with gold. He referred 10 the gold
room Of New York IN mob Of gamblers,
and argued that the Government could
not redeem s5n, ON, 600 with gold within
weeks notice from to-day. Tho
notes of the Government had advanced 70
an equality with gold because the people
had forced the Government to trent its
own notes with respect. There never
WA the slightest reason why the paper
money III this country should have hc.
come deprecated. HI favored tho
adoption Of MI amendment compelling
the Secretary of the Treasury 70 receive
United States notes for duties on i'm
ports. not after the LIST of October next,
hut Immediately. That wonld Mt once
eqnalixc our currency. 10 resume
specie payment ON the Int Of january
next made certain dark, pcrilouS, and
unhappy future. Tho farmers had
mortgaged their property, and II specie
pay menta were resumed these mortgages
must be paid In COIN. II Was the duty
Of the American Congress 10 NJ iegislatc
m 10 secure to the farmer his home and
10 tho industrious mechanic living
wages. Tho toiling millions who arose
III the morning before light and worked
until after dark were constantly being
l.cturcd on economy by dwellera ~
pnlacca. by masters III hired attend
ants. The poor were 10 give up
Injuries which they hnd not IN order
that tho rich might have more. Eur wAx
il from him 10 incite the people, but hc
would at all times vindicnte them against
the aspcrsions Of those who iiret op.
pressed and then denounced them. lie
referred 70 Communism, aud snil that II
was tho advocates of extreme measures.
those who favored resumption of specie
payments, who fostered the Hplrit of
Communism. In conclnsion, he argued
that the rcpcalo Of the Specie Resumption
Inv wonld bring light aud hope - many
,larkcncd homes. II would cut the liga.
lures VI contraction, and activity and
prosperity would revive. Nothing since
peace was declared Al Appomattox thir.
teen years ago would bc l,ailcd with
such sLontA Of gla4lncss. Popular re-
lief would insure popular tranquility,
and turbulence In tho labor regions
would cease.