New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-02-25

under healthy conditions not increase in proportion
70 the increase Of wealth and population "Thns"
said tho total circulation OF Greatrain was actually
do@ had doubled" And here the to what the
Senator says about the requirements OF our own
S we admit as we may that what applicable
TO the compact domain and dense population OF
and sparse settlements. yet the general principles
cover The law of money Is the same everywhere.
Its opersons NAV be affected by incidental clrcuin-
stances but its IL the same. But et me lake De
Senator own resso ,I n re es,ssS witch e estimate
although must regard IL as ekiggeratea ~ p
creased ffth and our population by soOoOo well
the first be made tho test ~ would require aYolume OF
U %"o S Aud yet in point Of fact We have
si0oOo0oo. and the Senator proposes TO ano 70 II VIC
Whole nInonnt Of gold necessary 10 naa no oo ~
double his OVID estimate Of what existed 10 years ago.
THE FALIAcr OF SENATOR MoEToS's Arguments
The aaoy OF these arguments Ia, that they make no
OF the value OF the currency They treat II as
something which Is needed to the full extent to which II
can be absorbed by the country when In fact it can be
absorbed to almost any extent, Its value be disregard
ed They ignore the vital aud fundamental consideration
that currency il u standard Of value and medium OF
desirable for ITSELF and that It's volume increases It's
yaue dlmnshes. They fall TO consider that tho true
hut It's relation To the fixed standard. They espec
tally sno The principle mat our 6% s S W
the natural Laws of distribution, before We can
cpe Underlying this question has been stated by one OF
the distlng ushed political economists ia the iouoW-
lug clear aud compact form , -, -
ported to Ssi s -. se s'sR ~ .s ae"ss S for
sgs STATE pr % s.v 1s os Su aosd IL shows coz
eust as too much payer has been Issued and 'H i 'ae
Now. while have not the highest hope that we can
readist the debt upon the most favorable terms unu
hiye reached sound monetary condition, can sup
port the mDn features OF this hil IL is wen 70 place tne
authority In the hands Of the Secretary lie should nave
ie prescTt bill may be improved think in tho
only The reduction Of interest wlich 1t would l-
yove, but becauso II would put an end to the ehnor
which threatens 10 violate Ia. pubic ia'tn ana winch
tends 20 Impair the public credit
Mir President, perhaps ought to ask pardon Of sens'
tors occupying much valuable Time In this discus
sion on the 9Th 81 January, and AGAIN to-day. but 1
The country ngltaed bv This financial controversy
rec II drifting along without adequate effort as II has
seemed me, safe anchorage or protecting
haiDor see 1t LETT almost to take its own course, not
80 much because dGer regarding the specnc meas
proposed as because they diBer regarding the Rt
eral principles involved We must, hFst Of an st Wy
Tie true ciaIt and settle the general direction win
ths View have dwelt rather upon principles man upon
measures CHANGING ut what have SAIL ,epva' va,
DEPRECATED, and inconyertibe currency ara Us resloI
Si And wbocsone nierest; that he determination OF
TIE amount OF currency demanded Dy Tue whte oi
Hnt ptOb!em-lnHaIion, on the one ni"u, cau'ink
such Ilsc Of prices That tbefe Wouiu sooh pe . e
han o saIson'y % ,o 5ccl,no ~ 1,rIees that the
smaller volume would entirely suffice; that the volume
will adIuft Itself when We adopt correct prhepSs anu
start upon the right path; that the true situation 70
when specie payments may be resumed ana hhntdIhcu,
nnd ntally that This condition Is Impossible upon our
present. expanded currency. have also endeavOreu 70
ma utnin thIt while the scrdpuOus obseFNaheo ol tue
nulic aifh IA clearly euuincd upon us, a successful
r uU .ciiene Win neS cuarai,;ics asserted. would
.ud this result; aud hsiy, that the reduction OF tax
atom 4, gly Important relief " the country dur
ing Ills period Of shrinking values, crippled Industry
ard inert tredc, aud that this 10 not inconsistent w
sdo0uate present revenue and payment 81 The haohai
al, [ a A.
are the principles e.scht IN the steps 40 uAe 'o""iu
rguud and healthy financial lie.
Nj, PNtTEI,5JN dep " IL then delivered speech
upuu financial topics. IN winch ne eb9Neu me he0sey
OF circulation, which should either DC gold or redeem
eiie tn Gold and that there national limit TO such
cIrcuat1n that OIer-sue OF paper deprecated us
yaiuc and increased prices. sud That Dy the creation oi
rurrruces uf different values an engine Tor htcua
ton started. aud that return to specie pay oh,
tU soa The dc-aby OF establishing system OF tee
banks hy funding the greenbacka ahu solu m
ard also ssfurdIE the sane s.Suri.es wA',h az U
held the banks az tie rate 81 y ,i ee1I n
II The present value OF our Ghts'ah,ng ~, %
with that ~ oar proposed securities hlt1Ss,u ~ P ,
hty That tho former would be exchanged lur the lator
| N ihnso who held them were not willing TO ek-
| change. the proposed loan could be put upon the
narEe ana all that part Of the old loan which was re-
a. IAN ,.i M the biii would likely be taken
alter tho rst exhausted. 10y reason OF our having
erhsiig. tna Des tbere would Ice a sa Wing
OF S3IOU00oO annually % The Government Interest ahu
this placed sinking fund would ulrchafee ne sos ~
% years; and 4 the Governments bal ous S ~
the debt IN Lulo over gencr tloh. ,ne ne. roar
might euabo reduction of taxation 10 the extent "
400 90 co. which now constitute the surplus revenue
Iie vould recommend 80 escaping nieAsuIc' ~
,.s-s. .gi DC a-t to rs'Ss iRs ISeatisdde:
| THE CAsE or mn. RENLLs BEsUuED.
Upon the CONCLUSION 81 Mr. PaitersOn's remarks the
| Mississippi subject then taken up the question
bcus upau the motion Of Mr. Stockton Dem, n j. Ia
refer credentials Of Mr. Eeye!s 10 bbe judiciary Com
| IuIltce.
| M SALISBURY Dctr.. DelJ discussed the question
OF the ALLEGED and the evidence OF t, nud said lao
supported the proposed recrcuco upon tue higher ahd
broader ground which entertained by his political
the Srurtr, ,hLt under tho Constitution he
tReyri-l eligible to cat IN the Senate, on tho
| gfuuhd ~ "A want al citizenship.
| Mr. DRAKE (kcp., bul. during the remarks or Dir.
saul.burv mado the that RcyelS was neither
"A gro nor tIulattO but AN uciorUon, ana thdt ne
made the statement out Of compassion Tor the mental
hruerugs Of his freud Mr. salisbury upon the proOa-
Jy OF being compelled 70 associate IN tho senate Win
| letb!ick ucsrO.
| Mr. SALISBURY replied he was not aware Of having
mpue.tcl any feeling Of suffering ia regard to the Hd
| M. ion of the proposed Senator
| MIR HOWARD us.p., MIchD believed the proof OF Mr.
Rayr election bo conclusive, and that the only issue
nov was upOu the acceptance rejection OF hun
! member oH account OF tne color OF his skin.
Mr.. CAMERON Rcp., PENN narrated the particulars
OF AN interview between himself aud Jefferson Davis
Senate during which he declared to Davis his con-
vicun that slavery would cease from the moment the
rt fred upou the flag OF the country, and that
his (Diys) seat would some day. IN tho justice OF God
be occupied By negro. Adjourned
HOUSE OF REPRESENTATIVES,.
THE CASE OF Mr.. wHfTTEmoRE.
The proceedings opened in tho House in the