Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1879-02-24

the date Of such call, and all United States
notes received into the treasury shall be re-
issued and kept in circulation without change
in the aggregate amount of the several
denominations existing on May l. 1878, and
it shall not be lawful to issue legal tender
notes of larger denomination than one thou
sand dollars.
Mr.. Ewing spoke in favor of his amend-
ment. He said the Senate amendment to re-
peal the bill which authorized the secretary of
the treasury to receive greenbacks for customs
would bring into the treasury $13O00O,O0O in
greenbacks every year. In that way $3.50, 000,-
OUO of paper money, which was an active,
mobile money of the business, would be taken
into the treasury and held for three or six
months, until the time came around to use it
for the payment of interest on the public debt
Though he felt that the provisions would in
terfere with the business of the country he was
IN favor OF it because he wanted to dignity the
greenback and give it all the powers of money,
and because he wanted legislative declaration
| after declaration that the purpose of the re-
sumption act to destroy the best money the
people ever had or ever would have had been
defeated forever, and that the greenback
| should 60 down to posterity as the most promi-
nent and useful money in the country. The
| amendment offered by him providing that
called bonds should bear interest only thirty
days after date Of calls, would save to the peo-
pie the interest of sixty days upon the bouds
but the main point in his amendment was that
| which prevented further sale of bonds of any
denominations for resumption purposes.
Referring to the scheme of resumption he
said that the people could not get chance to
obtain gold. There was only one counter over
which gold was passed and then in sums of not
less than $50. This country was in condi.
| ton of practical ens]avement to foreigners. No
| less than 81, 200000,00O of its debt was held
| abroad. 1t had to pay no less than $1,000, 900
year to foreign shipping in this way, and by
In0 OF RI oh~@o
| travelling abroad, there was drain of $l5,
100000 year from this country. It was that
drain which threatened the heard of gold in
| the treasury. Compared with that drain the
$141 600, 600 of gold in the treasury was petty
| and contemplate provision on which to base
the tremendous industries of the country
| which were to live or die according to the sue
cess er failure of the resumption scheme. The
pile OF gold in the treasury, although it might
be fenced against the people of the United
States, could not be fenced against the for
eigner.
In conclusion he said: Now, fellow citizens,
(roars of laughter which for some time served
to discomfort the gentlernan) if did believe it
desirable that resumption should be maintain
ed just as it is. would still put stop to the
power of adding to this hoard in the treasury,
and thereby adding to the calamity which will
come from the withdrawal of green backs to
procure gold for this foreign dream. That is
| the purpose Of the amendment reported by
| the committee on banking and currency.
MIR. Phillips supported the amendment offer
ed by MIR. Ewing. He said in order to nam
tain legal tender currency at par he thought it
| well to adopt the Senate amendment that legal
| tender notes be received for customs duties;
also to adopt the amendment submitted from
the committee on banking and currency.
MIR. Townsend spoke in favor of a PROPOSE
ton which he desired to offer amend
ment to the effect that in the payment of obi
cations of the government not specially re-
CURED to be paid in coin, gold, silver and cur
rency should be used in equal proportion to
the amount of these forms of money then in
| the treasury.
Mr.. Kelley declared himself infexibly opposed
to an increase of the bonded debt, and also to
the artificial contraction of the volume of cur
rency to which prices and business had adjust
ed themselves. The increase of the bonded
debt under the present administration was
over $10O,OOO,O00.
of the debate as a solemn occasion, on which
the unburied rumors of that old subject which
had been supposed to have been laid away in
its last resting place had wandered back to
these halls revsiting the glimpses of the morn.
1t was sort of belated ghost. 1t brought
back either of the old currency debates in the
fortieth forty-frst and forty-second Congresses.
Those of his associates who, like himself, be-
lieved in resumption, might possibly have been
| excused for saying little now and then about
its success. British nen-of-war never passed
Copenhagen without firing broadside, in COM
memoration Of the bombardment of its for
tresses seventy-eight years ago. So the friends