The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1878-05-18
Specie Resumption.

ana SAID ne would seek to present
a single proposition which he had
no doubt he could prove, and that
was that ill-advise legislation was
the prime cause o: our financial
dispersion.
He referred to the condition of
affairs at the close of the war and
said one section of the country.
the North, at that tine absolutely
abounded in the evidences of a
genuine prosperity. The other sec
ton, although it lost more than
s5,O0O.0O0 worth of its property
by war, was recognizing and re-
gaining its industrial independ-
ence. Never had any country pre-
scented such spectacle of recuper-
alton as this just after war. But
Congress had taken the pruning
knife of repeal and Topped of a
paper legal tender branch here,
and silver legal tender branch
there, Until it had produced Il sup
ply of money just sufficient to feed
the few and starve the many. He
favored honest finances and re-
turn to specie payments. He had
steadfastly maintained that the
country should return to specie
payments at the earliest possible
moment, compatible with the in
terests of it's industrial classes.
He argued that the policy of the
country had been contraction, and
quoted from previous acts of Con-
gress in support of his argument.
Referring to the act of 1873 to de-
monetize silver, be said it was an
attempt to keep gold in the coun-
try. The flow of gold from the
country could no more be prevent
ed than the Great Eastern could
be stayed in the mid ocean during.
a storm by casting her anchors on
a passing cloud. 1t had been ar
'gued that the shortest road to spe-
Gle resumption was the best one,
and that road was contraction, no
matter how rough it Nigh be. lie
denied such a.fDroposition; at the
bottom of the financial structure
which Congress had been building
daring the last ten years WAS an
insufficient supply of money; above
that greater demand for money;
above that the discharge of Idle
laborers; aud above that the air
filed with the clamors of dis
treseed people for relief. The con
tractiomsts admitted that distress
followed the passage of their laws
but denied that they caused dis
tress. He spoke of the Importance
of this financial legislation, aud
said Senators discussed it as if tue
credit of the Government was the
only question involved. Very true,
the credit of the Government was
an important item, bnt it would
take care of itself if Congress
would only see that the interest
on the bonds was paid at The time
and with coin named i'll the con-
tract. The great interests of the
people was a question of equal i'm
portance. he referred to tie
financial history of England, France
and Italy, and argued that France
under one policy, by which the vol
ume of her currency WAS doubled
Just after the close of her war with
Germany, and in May following in
creased to $40, 100000, and there
was universal thrift. Here was
the United States under the policy
of contraction with her busy wheels
stopped and her industries at "a
stand still. Not a single prophecy
made by the contractionists in the
county had come true. He had
never been able to understand
why it was not better to save the
country by common sense than
ruin it by science. He could not
see why salvation according TO ex-
perience was so much less desira-
bic than damnation according to
Ricardo. Laughter aud applause
i'll the galleries.
He argued that policy of con-
traction planted SEEDS not of. re-
sumption but of considerations OF
the vitals of the country until it |
swept all our energies and enter
prise away. Would Congress take |
warning by history, or would it go |
on bringing this country from one |
degree of distress to another? |
AIDnli - r,<, IN, f,,llo.p.,.r tba Ia