, 1874-02-12

tho great ourao OF philosophy wns theory,
and he (Ntorton) thought tho grcnt ourao
of our tinancos WIS theory. Thero was period
monts N s Could could not Ct % bo maintained. This county
could not maintain apoolo payments during tho
war. and had to resort to paper cilrronoy. It
would got away from that currency ns 1t got
away from tho roaulta OF tho war. There WINS no
was In scarcity Of food. As m abundance Of
food stimulates tho body, 40 an abundance Of
money sttmu]atoB bnbiness. Thorc Ind boon a
cry that to inoreaee tho currency would only MD
speculation. 1ie believed IN speculation. THO
nun who went to Colorado, laid ont q town, aud
iaotor: Speculation lad glvcn US
10000 miles Of railroad. Ho bollovoa that to
talso money away from Tho East would disorgan-
II thoro could bo no incroaac o,lrrency, o favor
cd tho passage Of thiB bill aud q redistribution.
Ho argued that an inorcaae OF National Bunk
notes would place no OBSTACLES IN tho way Of q
s4sg ssEn gpns t. sps9 p % a I { e Gf S Nons @
choaponed IN tho lonst, nor wo,lld thoro DO any
moro premium on gold. III 1870, afterl tito dis
tsibuton Of The Gonns5G5SSr a S o ct tho 70
since ' then. aud il. si0,o60,000 woro
REQUIRED at that timo to mako an equalization, at
least $50, o,oo0,o0o would bo required now, The
tatnly be put in n position to got incronsed cir
culatton If they wanted 1t.
Mr.. FERRY {Alich.) argued against an tn-
equal distribution Of tho currency. and natu tho
West waB far below what nho was entitled to.
ue was not hero to oroate any diyiBion OF Boc-
lions on this question Of finance, yet tt was tho
groat question which would divide tho sections.
riBiug above all party questions. II New En-
gland continued to protest III this mnnnor, tho
West would do1nand, and that dcnnnd would be
folt, Tho Woat must have money to develop her
1ir. STEWART favored the immediate roturn
Slr. MonhILL w. said until New England
ceasoa to bring forth moro maple.augar and 2;
oe ls so xod not eacapo n IN ths @
Chamber. He Aad been in tayor of this bill nnd
expected to Bee 1t pass without debate. We are
now eight years from tho close Of tho War, and
further OF than evor from specie resumption.
claimed tho fact that speculation had buit 80, 900
1niles OF ratlroad. and ho eaid let the
speculation 80 on: HID tho tho gentleman ganssne,
our grcat historian, now Minister
these railroads to-day do not pay their divi-
dends? Was that tho kind Of speculation
What the gentleman wantod was to apply the
thumb-Rcrow to Now England.
K1r. MORTON said he did not desire to npply
the thumb screw to New England. Ho hnl said
on all occasions that he did not wAut to tako a
dollar from that section but ho had argued
that the West aud South should have more cur
roncy.
initiating tho currency with infinite droad.
% Mr.. SHERMAN said 1t waa perfectly fair for
tho West to wish to have tho law carried out, and
get portion Of tho currency allowed that
section. The bill wonld not diminish tho bgnk-
ing estate Of Rhode Island one cent. He oil e9s
thought his friend 0lorton} had llttlo cause for
complaint against Now England. Ills own State
(Ohio) had none. Both Indiana and Ohio had
within small sum Of the amount duo them.
This bill Vas designed to moot tho local do
mands Of sections, aud givo reliof whore 1t waa
wanted.
nIr. EDMUNDs aaid in 1864, when the Gov-
ernmcnt was in infinite distress, Now England
came forward with her capital. When
tho United 8tates Treasury was empty,
md tho Government was appealing to evcry
citizon who had dollar in his pocket to lond 1t
to put down the rebellion, 1t was thon tho
banks Of New England came forward Tho old
State to National Banks, in order to uphold the
Government. The capitalists OF Vermont l,ad
advanced their money and ho would be glad to
know upon what System Of othics any Senator
could say tho peoplo Of hs scotion wero violat-
ing tho law by having thtB currency when thcy
had taken it In accordance with tho proposition
u4ada by representatives Of the National Bal,kH.
Pending discussion on Mr. Morrimons ntnond-
rnont to insert aeventy-flve In place OF twenty-
five, tho Senate adjourned.