Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1874-12-09
The Currency.

In the House Of Representatives,, yesterday,
when the bill for the improvement OF the cur
rcncy and the reduction OF the interest on the
funded debt Of the United States was reached,
Mr.. Maynard, of Tennessee claimed to con-
troll it because he had reported it from The
Banking aud Currency Committee, but Mr.
| Kelley, the author OF the bill said it was not
the parliamentary custom to put child our TO
nurse with one who wanted to kill 1t.
The bill WAS then read.
Mir. Kelley said he had not expected to ad
dress the House on this question So soon, but
he was glad it had come ur, ior 40 time was
better han to-day, following a. 1t did upon the
Presidents Message. There was sentence IN
| that Message which should be written III let
ters of gold, aud that was III relation to the
debt we have abroad, and which Is payable III
gold. 1t is that debt which is tt!llng the aims
houses Of the country, which Is stripping the
industrious aborer Of his means, aud cUmpell-
ing him to dispose Of his humble home. 1t is
that debt which is causing the great engra-
ton from our shores to Europe. The Bill un-
der consideration would help the country in
al! It's material interests, and would enable Us
TO pay our interest at home. This is the whole
scheme Of the convertible bond proposition
All that the bill asked was the inauguration ut
system by which the honor OF the Govern
ment might be vndicatcd, aud by which the
people may be relieved Of the curse OF this
debt abroad, which alone lnter!creS with the
prosperity OF the country. When the Govern
ment first issued the grcenback 1t acted with
wisdom enlightened by history. 1t Was mis-
take to say that the interest should be paid IN
gold, and that customs duties should be paid
in gold. As a result, demand was made tor
gold, which it was beyond the means OF the
country to meet. For long time the paper
of the country was considered good enough,
but the capitalists OF the COUNTRY and OF Eu-
rope convinced the Congress and the Admlnls-
tration that il would rot be dishonest to cheat
the farmers and aborerS cut OF their earnings,
and the result was the passage OF acts which
tended to depreciation OF the currency. Mr..
KELLEY thcn argued at length IN favor Of his
three sixty fcc per cert. Convertible bond pro-
iect. He thought that when the greeuback
was received for au interest bearing lnvestmcut
circulation would be stimulated and money
plentiful, and popular confidence in the curren
cy restored. 1t would decrease the disparity
between greenbacks and goid as well Us uliuin-
isb the demand Tor specie. Ii it should be the
pleasure Of the committee to amend the blii,
he Mr.. Kelley would not take ofteuce. His
sole object was to relieve the country OF the
Incubus Of the debt abroad, held by people
who do not love Us or our institutions.
Mr.. Butler, OF Massachusetts,, SAID he had not
intended this early 10 the session, II at all. 10 oc
cupy the attention ofthe House except upon IN
cidcntal questions. But this was proposition
dear TO nlm. He wanted bill that would al
low the greenbacks to be funded, aud he bad
chosen the three sXty.fvc interest, because he
i ~, Il al EanI IN
hand. and the interest could be very readily
computed. But he had higher controlling
motive. He looked abroad aud he saw that
all the cold investments OF the world averaged
but an interest of three per cent, aud but Tor
the gold bords the average would be less than
that, and be wanted to make the grccnback
better than the gold dollar OF the world What
are We suffering from to-day? Why Is 1t that
siy,v thousand men in Massachusetts desire Ia
Dor and cannot GIT ii? Why is it that the mills
are stopped? 1t Is DOT Tor want OF money. ANY
member Of this House cau 20 to-day to New
York with his lands, aud get money on them at
call for three per ceut. While Il business men
want the money for thirty, sixty or Dlnety days
they must pay seven, eight aud twelve per cent
Why is this? 1t is because Congress and the
Executive seem determined te bring the couD-
try to a specie basis that never Was and never
will be. The reason why money Is so high Is
because such high rate OF interest is demand
ed bv the Government. He waited the Gov
ernment to go into the market as borrower at
a lower rate of interest, and il 1t does that the
general rate of interest Will come down
MIR. Butler alluded to the panlcs OF 1887, 1851
and 1878, and said that the latter WINS not pre-
cipated because OF a want Of confidence IN the
value of money, but oecaus: there was no GER
tainty of its ultimate redemption. MIlous OF
money are deposited 10 the savings banks OF
the country 90 call, and if the servant girl,
alone in Massachusetts were TO call In their de-
posits every business mau 10 the State would
be broken. Referring to the failure OF the
Union Trust Company, he Inquired who would
not rather get three sixty-hVe per cent, for a