Year: 1877

After the passage of the deficiency bill, |
Mr.. Eden otft red substitute simply re-
pealing the third section Of the resumption |
act, aud providing that there shall be no
further issue of national bank notes except
to replace such as are mutiated, worn or
destroyed.


Mr.. Chit,euden took the floor and sent
to the clerks desk, and had read a
memorial of the national board OF trade
aud the draught of a substitute for the
pending bill prepared by that body. He
then stepped to the clerks desk himself
and addressed the house. Holding up a
ten dollar legal tender note, he said he
was much mistaken if the bill before the
house was not downright Reputation;
this note in his hands was promise OF the
government to pay him ten dollars, but no
date was fixed for the payment; the note
was issued in 1875, and on the 18th day Of
that year congress had enacted law de-
claring that this debt of the government
should be paid on the 1st of January 1879;
the government must keep its promises
| faithfully, or it would become the leader
of all repudiators in the land, including
every defaulting town, city and state. The
question of honor was the central aud vital
point in the discussion. He criticised the
opening speech made by Mr.. Phillips. say


ing the contraction Of the currency under
the resumption act had no more to do with
the present suffering of the country, than
it had to do With the frozen feet OF the


Turks 10 Snipka pass. The Limitation of
paper currency should be left to adjust it
self under free banking system, guided


by the eager, intelligent. aggressive enter
prise of the people. There was but one


alternative, an exclusive greenback cur
rency, subject at all times to the caprice


of congress The pending bill was hurt
full, discreGitable, and without excuse
The country was now shaken by the wild


blast of a grand currency illusion which


had swept over the plains CT the south and


the prairies If the west, carrying the house


by storm, and threatening TO engult the


national integrity. The greenback was the


most powerful enemy the country had


ever encountered, slavery alone excepted.


1t was fraud, il was a sham, it familiar


ized individual and public consciences with
shams, it had muddled all the springs OF


honest thrift and solid enterprise, had con-
confused and misled the public judgment,
had sapped the federal treasury, aud had


given immense comfort to demagogues.
Mr.. Monroe assumed that the whole
country would be glad to see the green.
back dollar equal to the coin dollar in value
: and yet all the Legislation the country haG


which tended to bring about that equaliza


ton was repealed by the bill under con,


sideration. He quoted from the St. Louis
q platform, which denounced the republican
i party for not having taken any steps to-
g ward resumption. and yet the democratic
+ party had brought in bill which repealed
!; the only step taken toward resumption
, He also quoted from the republican plat
:, form, showing that that party also favored
!, resumption.


I Mr. Kelly suggested that ali republican
e did not stand together upon that platform
G He himself had gone under high ofhcia
d auspices to indiana, Ohio and Centra
q Pennsylvania, and expressed to every au
II dience he addressed his protest agains
7. the financial doctrine of the republican
y party and the views expressed by Haye
D. and Wheeler 10 their letters Of acceptance
q aud that was the year when Ohio had bee
ID won and not lost.


e, Mr.. Monroe, continuing, said it neede
sr but little more patience and the victor
n o. specie resumption would be achieved


If the present bill passed. feeling of dis


couragement would prevail through th


land. 1t would be hard to find NOR


favorable time for the resumption of speei


payment, and if specie payment was no


reached under present circumstances, th
[. country might well despair of ever reach
&c ing it.