New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-08-30
THEGREENBACK QUESTION.
ss,ech b The House Of Representatives. Nor. IT,
IRON ls77 oy scnerai james A. Garfield.

ss,ech b The House of Representatives,. Nor H.
m" "is77sy semerai james A. Garfield
.l, c,o TO tie country; but when the gentleman
kn pennsy ania Mr.. Kelley spoke Of the green
t t"S as Dea the thing that put down the rebel,
pa pa thougt IL had been on the other side
n HOW have aid I'VE had much mors liberal
wo ''nIv OF paer money than you had why did il
W. mt You iowni ILaughtor.l Jur money was
better than purs IN one respect. ior ours set day
yyinsndence d the Confederate States should be
ssseg.rnowedget" ILaughtcrI | think, sir. that
NJ cenfl cnrn who ara familiar with the financial
MOS Of the Confcderacv would not join the gem
slsnan in MS uogy on paper currency which is cut
sanse from the com standard.
w0sr country needs not only national but an In
Sensational errency. Let me state fact of vast
;nnortance il this discussion. The foreign trade
81 this county-Its exports and imports-amounts
% II 500 0oOD00 in value; and every dollar OF
~ trade mus be transacted in coin. We cannot
hin ourselves. livery article Of export We send
ahroad is measured by and sold for coin: Every
article of inpow we must pay for in coin. We must
sranslste thesccoin prices into our currency and
very auctuaton in the value of the greenback
falls supon US and not upon the countries with
-L;c6 we trade. Therefore the commercial inter-
VS. of America demand that the international and
"tioual value of money shall be one. so that What
i dollar in ohio shall be dollar the world over.
nrr money mast be international az well as
at;onal unless wish to isolate this country
and have no rade or commerce, or GLORY on the
sea- troule with our creenback dollar Is this: il
has two distinct functions. one purchasing power
and the othera debt-paTing power. AS debt pay
Inc mower II equal to one hundred cents that is.
g. nay an OH private debt. grecnback dollar
IN nv law discharge one hundred cents of debt.
pnt no law give II purchasin power IN the gen
cral markets of the world unless it represents a
tnown STANDARD of coin value. Now, what we
~snt is that these two qualities of our greepback
dollar shall be made equal-its debt paying power
and It's general purchasing power. When these are
equal the pIopien VI JUL euiionoS 10 S"i'eu' anu
NJ We Who defend the Resumption act propose not TO
destroy the geenback. but TO dignity 1t, 10 glorify
II The las tlat defend does not destroy it. but
preserves It's volume at $500 O00, 900. and makes 1t
'oua 10 and convertible into com. | admit that
the law is mt entirely free from ambiguity. But
the Secretary of the Treasury, who has the execu-
ron of the law declares that section 1913 of the
pcyised Statutes is in full force. namely.
.When any United States notes are returned 10
the Treasury. they may he rcissued from time TO
Time a. the cXigcncies OF the pubic interest may
iIthourb do not believe in keeping greenbacks
A. permanent currency in the United States. al
ibourh do not ms self ,hclIeve III the Government
becoming a permanent banker, vet am Wiling,
Tor one that III order to prevent ne shoeh 10 Dusl
ness which gentlemen fear. the 1000. 900 OF
1reenbacks shall be allowed to remain IN circula-
lion at par "a long as the wants OF trade snow
USnifestly that they are needed. Now, IL that
treat contraction. Is il a contraction at all
Why gentlemen. when you nave brought your
reenhacks up two and One-haf cents higher IN
salue Won will have added to your volume 0f money
koO0 600 900 of gold coin which cannot circulate
,util greenbacks are brought TO par; Let those
who are afraid of contraction consider TINS TACT ana
answer IL. -,
summing il all up in a word. the struggle cow
sending in this House is on the one hand, TO make
he green back better and on the other, TO make III
gorse The Resumption act Is making II better
very dav. Repeal that act and you make II IN
definitely worse. In the name of every man VINO
sanIs his own when be has earned it. | demand
mat we do not rake the wages of the poor man
,hrivel in his hands after he has earned them; hut
hat ms money shall be made better and better,
,ntil the plough holders money shall he as good
me cnd-hOcrs money; until our standard 10
me and there is no longer one money Tor the rich
and another for the poor;
This II The era of paclfication. We believe in the
,sc6catOn of the country. That 49, we seek to
aass out OF the storm-ccntre Of war Ghat RACED over
ms country so long. and enter the calm circle 81
peace. We believe in the equality OF States, and
The equality of CITIZENS before the law. In these
we have made great progress. Let us take one step
further Let Us have equally of dollars before the
.w 80 that the trinity Of our political creed shall
be equal states equal men, and equal dollars
throughout the Union. When these three arr
realized we snail have achieved the complete pacln
cation of OuT country.
We are bound for three great reasons to maintain
The RESUMPTION OF specie payments FIRST, because
he sanction of the public faith requires II; second
because the material prosperity of the country de
nands II and third. because our future prosperity
demands that agitation shall cease, ana tnal tht
country shall hnd a safe and permanent basis Ioi
financial peace.