The daily Argus. (Rock Island, Ill.) 1873-1877, 1874-04-11
KEEN SATIRE.

in a legislative body was offered by Senator
Schurz in the U. s. Senate on Monday the
9th. After every effort had been made by |
the friends of a sound and honest financial |
policy to prevent the Republican party |
from regulating its pledges in relation to
return to sound currency, and when
the vote was about to be taken, and it was
apparent that bare majority would vote
to debase our currency still further, Sena-
tor Schurz burlesqued the whole round OF
specious pretexts for imitation put forth
by Morton, Logan & Co., as follows;
From the Congressional Record.
Mr.. Schurz.-Unless some one else de-
sires TO amend this bill shall offer last
amendment IL seems we have now ar
rived at the end OF the debate butt would
suggest to Senators of the majority that
this bill lis incomplete; tits by no means GER
tain to accomplish the objects which they
desire TO reach. They will remember that
at the beginning OF this debate we had
some discussion as to the manner in which
the $lS,0O0,0O0 should be set aflOat so as
to be sure TO flow into the business chan
nels of the country. The Senator from
Michigan this afternoon said that the 500.
100000 already put into circulation had
reached those business channels, on which
i am sorry to disagree with him Those
S26,OOO,OOO are in the vaults of the banks
OF New York, Boston, and Philadelphia,
Now, you undoubtedly want this additional
issue TO go where it will do the most
good You do not desire it to stay in the
eastern banks you do not want it to be
come mere food for the gamblers you
want it to accomplish something good
you want it especially to go to the West
and South and yet no way has been sug-
gested in which the Secretary of the Treas
ury is 50 to issue this additional currency
as to make sure the desired object In or
der TO cover this obvious and fatal defcien-
cy, shall now suggest an amendment to
be attached To the last section of the bill
1t is as follows
And the Secretary of the Treasury is
hereby directed. in putting into circulation
the full maximum amount of S4OU, 600, OOU
OF United States notes, to take such meas.
ur,s as will not fail to prevent any addition
al issues Of such notes from falling into
the hands of the spectators and stock
gamblers of the country, and also from re-
manning in the Eastern States. laughter 4
but he will cause such additional issues
OF legaltender currency to be fairly and
lmpartally distributed among the people
OF the West and South and then when
any community in the West and South
desires TO establish a national bank the
Secretary of the Treasury will furnish theul
an ample supply of United States bonds, on
which they may obtain the proper proper
ton of national, bank currency.
And the Secretary of the Treasury is
further directed to see to it that the cur
rency be not deprecated by expansion. but
that 1t be elastic in volume and strictly
stable IN value, laughter ; or if that can
not be accomplished, he will So iudiciously
arrange the depreciation of the currency
that the debtors Of the country be relieved
OF as large as possible part of their bur
dens, while the creditors shall not suffer
any loss, Laughter: but the Secretary
VIII take care that among the debtors so
benefited shall not be those who by over
trading or reckless speculation or gambling
involved themselves in heavy liabilities. and
who now desire to pay less value than
they owe.
The Secretary of the Treasury will take
especial care that the laboring men and
the men OF small means, to whom the trust
companies, savings banks, national and
state banks, and employers owe over 81, 20
QOO'OOOOOc IN deposits and unpaid wages,
do not suffer any loss in the value of such
debts due them, and that the two hundred
and nifty thousand manned soldiers and
soldiers widows and orphans. who receive
S5lO1WOUO OF pensions annually, be not
robbed OF any part of the value of such
pensions through such depreciation of the
currency
And the Secretary of the Treasury is
further directed to inquire on the first dav
OF each month whether there is an ecu;
distribution per cdpjt0 of the currency, as
between England and France and the Uni
ted States, and also in the different States
and Territories Of this Union, Laughter I
ana whether every citizen Of the United
States can get his notes discounted at a
conveniently low rate of interest and If he
hnds that such is not the case, the Secre
tary OF the Treasury is hereby authorized
To make further additions 10 the currency,
untll the circulation per capita, as above,
Is fairly equallzed, aud until every citizen
OF the United States can get his notes dis
counted at such rates Of interest as he de-
slres. Laughter
And the Secretary of the Treasury will
steadily continue such additions to the
currency until every citizen Of the United
States has enough, and until the country
is entirely relieved of its present public
debt, and OF any further necessity of Dor
rowing money abroad for the construction
ofrailroads and other public improvements
laughter so that all the interest now
PAID on such debts may be kept ut home ;
and when this is accomplished, the Secre-
tary of the Treasury shall forthwith re-
sumo specie payments without any schock
to the business of the country" Laugh
ter
Now | am sure that this embodes all
the objects which the majority design to
reach: know it is not exactly legisla-
tive shape, but throw it out as sugges
tlon 10 the majority, who may put it in the
better form
Mr. Wright ask for the yeas and
nays upon that amendment. Laughter.
The President pro tempore. The amend
ment Is not before the Senate The cues
ton is, viii the Senate concur in the
amendment made as in Committee of the
Whole
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tlnT upiul,Inps 1nup I