New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-09-14
IMPORTANCE or A SVUED CURRENCY 10
LIBORiNG MEN.
From a Speech he Hottse If Representatives. Ncr 1O
1877. Jy Gcaerdi James 1. GdUed.

| T~y.g ~ Ng
| ls77. BY General James /. G@Ued.
As mnttor Of fact, The poor nan, thu laborng
man, cannot get heavily in debt lie has nor tne
security TO offer Men lend ther money 90 , 's.,
can borrow but little. what then. do poor men 10
with hoir small earuingsi When n"n has earned,
out of his hard work. hundred dollars moro than
| he needs for current expenses, ne httons
thus: II o9nnot 30 into bnsireas WIN o
hundred dollars; | cannot embark, n trade
but, Us | work. want my money TO work" Aud 80
| he puts h!s small gains where they VII 90 some
| thing. He lends his money 10 wea.thier neghbo'
or puts II into y savings bank There were ~ re
| United states on tho Is of November 1915, 4,47j
savings banks ard private banks of dePo-it, and
their deposits amounted to $l.3II 100000 81,
most thrre-fOurths the amount of our Nationa!
o of the '' citizens ~" Of the Taicd state;;
were ,lcrositcrs In some States tho deposits did
not average more than $3.50 each. the great maI,
of the depos,Ors men ana women ct small
mcans-laborsrs, widows, and orDhai.s. icy hro
! the lenders Of this enormous aggregate. ING saw
iuCs banks as their AGENTS. leud ito whom Not
10 the laborirg poor. but 70 The bus 'c's men WHO
wish TO enlarpe their nt. mess beyond tter capital
| Spoculafors sometimes borrow Ii. Bat n the main
! well-to-lo bu ines men borrow t"ese ho'rdlng5
! Inns fbo moor lend ~ the ~cr
Gentlemen assal tic 51Hj, CO ~r' 81 the country
! ~ the rich men WHO oo,-e.i IHc yo.E 10 thry
! know how yas- ar amount Of t1e public securities
! year. slrcr 80 r-lt iH olc5rs 90 bhhb "a OF"
| OF tnc conn. Ot mV district. lI.l Us
| and amouri- held q inaod SIaics bondS on
which they collected tue ~ ct"s IIc toiat |n'un
was "a COCO. And nov wauy people bod tnem
! One huLjrou and n!nfty-~ K. o. Oc-ff Jul ci-ht
men hcr rom 80 COZ 70 80 go each; tho other
| 1888 r.u4cl from $50 ~ = $1,000. found IN
! that iist fifteen orphan child .en and sixty
! widows. WEO had a llt'ie lett them from thor
fathers o. hlsban is estes, and had made te ma
tion thor guardian. Ana found III iahoreIs,
mechanic, minister. men Of sienGet means. VINO
had saved tbeir earnings ard mi thcn ~ In" hands
of the United Sraies, tDat tney might 30 sale. ana
they were jhe "bOlIcd ooudnoiCers. against won
so Iuuch eloQuenre - fdi. minated III tbs House
There j. aNCtIci W"N a. Wh.cd po.i iith dispose
of heir money, d uan says, ! con Ke'p lr, ste
md baA!r. from Starving while I've and have NY
health ont il u'e ;he, may DO comp sea 30 20
over the hill 10 ,ae poOT-hOuse; arG a%onIl 81 ley
tina, thought. &c saves OF ms hard enDings enough
to take ont and keep alive sw1u Ito
! Insurance po;cy. So that, If De dis. tl.le may
! De something ieil. provided tDo IHSlrdn;o
company which 10 lntrnSis ne money IS hoNesr
enough 10 keep ls pied~es. And now many m'l %
YOU tlinG nave done .la. 10 Inc Dnl,ed S-"ttSI
| DO DO; know the number lor tHe whole country;
! but 90 ioT tts. ,nai i:"n ia'e report 81 lho
jpalIrlrrc commissioners 81 she state OF New loi,
! il a.Dcars that tar companies doing business IN
| that state had 7Tl.O25 policies IA iorce and tho
| face Veius % tne.o policies Was %j,9@%,OJOD,O
n1G, bN lOoAM& p,IIIn tuo lVtuluS' 'i''s
! IL NY State there are $4,000 policies outstanding;
| In renpsyivauIa. 74,UCO; IN Name, ILOoU; IN
| Maryland. -, GOO &rd ~ The state o. NtW-4o'A
60. 'OGO here are. az cours", som" Iich men IN
sur.c IT. resc companies; out tAr la;l rCV arcpoOr
| people: for the policies do nos aver gn more than
s. 2Oc ctcn. nat j. done with 30 asset> u tcoo
! companlcl. " hIch amount 20 S4-J.OHD,ou0t thfy
! are leaned out Here again she c.eultor class -
/
agents oi me l"of 4" Icic ti'ti' hoNNl -p' i.'u II
| would be dishonGrabic for Congress 10 eglsiate
her for the debtor class or FOR h' creditor class
ao le We ought - ioslsia;e Tor the " hoe country.
But when gen .elnrn al tmpv 20 Hdoui c,Gre sCni.
nent agaiDs. tie Resumption get by saying It Wiil
he.p the rc AID lUr, tIo pooi, tey age over" helm
! ingiy answered Dy the Ia'ts.
Suppos- 1cu nndo Tho work that Con.
gress has atterptsd-to Iesrms specie pay
! Il enf-wrat VIII resultl lOa WI depIe-
| c.a.e tnr Value of tie Decnaack. sup
| pose it .a g. 90 cents on the do.. You VIII have
destroy 40 per cenr Of the value Of every deposit
il the SAVING, Banks, luper ,ert o. every lfa nsui,
ance policy ara iI'e Insurance. policy, OF
every pens'on to t,5 so 'ier, and 81 evtH
dIy's wages Of every IaHpTer IN Inc
In the census OF 1870 IL was estimated that on
any eiNr,i ,ar there ore 3 20 900 900 cue 10 tho
laborcrs FOR their unpaid wtges. That is "A small
estimate. Leu tu' Gteenback dollar cone down
| 10 per Ccui ana you take $4-UCO.UUO Ioln
the name Oh "'iy interest. c"uF''tl
/ with t.c poor man, ! denounce this effort 10
prevent resumption. Dame webster never uttered
greater Jutn ID finance tnau Wien ne sald hat ~
| ali contrlYauces TO cheat the laD3rng classes Of
| mankind zone So -hcrfIVr rs thdt Wllch de-
! ludea th.u with irfcl-omabe paper money. In.
rich can Jahe care of themselves; but the dead
| weight oi al the fnCtuatlon and los falls uit-
inatolv Oh the DOC, who has only bis days
work 10 sell.
admit tGat by tho passage from peace 10 war
! thee Was a great loss to class of tho cOmmu-
| nifty, to the creditOIsj and IN the return 10 tho
basis OF pe1cc some los - debtors Was inevitable,
This Il justice unavoidable. The loss and gain
did NOT fall upon tbe same people. Tho evil could
not DO balanced nor adjusted. The debtors on 1862
| go are not tho debtors Of 1877. The
most competenc judges declare that tno
average hte OF private debts in the Unit
! ed Stntes is not more than two years.
| OF course. Obligations may be renewed. but the
average Ite I private debts IN tails country ID not
more than TWO years. Now. we have already gone
two years on the road to resumption, and the coun
try has been adjusting itself 10 ne new condition
! of things. The people have expected resumption,
and have already discounted most OF The hardship5
| ana sutierngs luCidcnt 10 the change. The agony
/ Is almost over; aud II We low embark agaln
| upon the open sea. lose all that has been
gained and plunge the country into the NECESSITY Of
J trying more the same b0isterous ocean, with
! all its periis ana uncertainties speak the deepest
convictions of my mind and heart when say that,
! should TINS Resumption act 10 repealed ana no
eilcctual substitute be put IN ATS place. the aaY is
distant when all OF Us, looking back on this
umo rom the depth OF the evils which sure %
result, VIII regret with all our power to regret tho
day when gam let loose the O.EgeIs Of initiation
! upon .he country.