Democratic Sentinel, Volume 2, Number 13, Rensselaer, Jasper County, 10 May 1878 — THE FINANCES IN THE SENATE. [ARTICLE]

THE FINANCES IN THE SENATE.

Able Speeches by Messrs. Ferry, of Michigan, and Voorhees, of Indiana. Mr. Ferry called up the House bill to repeal the Specie-Resumption act, and read a lengthy argument explaining the amendments reported by the Committee on Finance. He referred to the fact that United States notes and gold were nearly equal to-day, and argued that this was hastened by the passage of the act to restore the standard silver dollar. Alluding to the passage of the act of Jan. 14, 1875, to resume specie payments, lie said he joined in it as a compromise measure reluctantly. After explaining the amendments reported by the Committee on Finance, he said that if the bill should be agreed to as amended it would give the country a volume of currency of $990,000,000. He argued that the bill would restore commercial confidence. It would result in our own people holding the national debt instead of foreigners. The recent sale of $50,000, - 000 of bonds by the Secretary of the Treasury was an assurance of this and an evidence of the advancement of public credit. The Government should now turn its attention to upholding its credit with its own people. He next referred to the coin required by the Government, and said no fears need be apprehended that the Government would have to go abroad to seek coin to meet its requirements. The necessity for denying United States nates their rightful place in the circulation of the country had departed. He believed greenbacks and coin would be at par before the Ist of July next, and referred to the announcements daily made by business firms and banking associations, that they had resumed specie payments. Referring to Wall street, he said all the knowledge of finance did not dwell solely with the wise men of Gotliam. New York city, which hnd been so clamorous for specie resumption, now seemed to be the last to respond. In conclusion, lie argued that the passage of this bill would be to settle our finances upon such a basis as would relegate our financial difficulties from the halls of Congress to the marts of commerce.

Mr. Yoorhees then took the floor, and read a lengthy argument in favor of repealing the Specie Resumption act. The a mount of human misery, wretchedness and vice which lhe law had caused could not be estimated. It had overthrown property values Bimply beyond the power of language to describe. Ten thousand million dollars’ worth of property has been absolutely confiscated. He argued that the American people had been educated on the subject of finances during the past five years, under such circumstances as breed revolution, unless they were met by measures of relief. The greenback dollar, on account of the confidence the people had in it, had forced itself upon equality with gold. He referred to the goluroom of New York as a mob of gamblers, and argued that the Government could not redeem $50,000,000 with gold within a week’s notice from to-day. The notes of the Government had advanced to an equality with gold because the people had forced the Government to treat its own notes with respect. There never was the slightest reason why the paper money of this country should have become depreciated. He favored the adoption of an amendment compelling the Secretary of the Treasury to receive United States notes for duties on imports, not after the Ist of October next, but immediately. That would at once equalize our currency. To resume specie payment on the Ist of January next made certain a dark, perilous, and unhappy future. The farmers had mortgaged their property, and if specie payments were resumed these mortgages must be paid in coin. It was the duty of the American Congress to so legislate as to secure to the farmer his home and to the industrious mechanic living wages. The toiling millions who arose in the morning before light and worked until after dark were constantly being lectured on economy by dwellers in palaces, by masters of hired attendants. The poor were to give up luxuries wliich they had not in order that the rich might have more. Far was it from him to incite the people, but he would at all times vindicate them against the aspersions of those who first oppressed and then denounced tbem. He referred to Communism, and said that it was the advocates of extreme measures, those who favored resumption of specie payments, who fostered the spirit of Communism. In conclusion, he argued that the repeal of the Specie Resumption law would bring light and hope to many darkened homes. It would cut the ligatures of contraction, and activity and prosperity would revive. Nothing since peace was declared at Appomattox thirteen years ago would be hailed with such shouts of gladness. Popular relief would insure popular tranquillity, and turbulence in the labor regions would cease.

Alt, the female members of families residing at the Vatican are being removed from the palace. The Pope objects to the presence of women in bis premises.