, 1874-01-17

tho request.
! MORTON ON FINANCE
| Searching for 4 noodle III Il hnymow is hopo-
| ful mud chocrfnl pursuit. compared with search
| Ing for MT argument In Senator Alorton's spooch
! OH The finances. Tho argument Ia as hard to
find and is not half MS slarp whom found. In
support Of tho Senator's assertion tint currency
contraction cannot bo tho way to roturt, toBpoolo-
payments, he presents sEx pointless points,
| First, tho poopo do not think Hot Tllia is on
| par with saying that two AMI two do not mako
four II Tho people think thoy mako Ayo. If hnlf
| the houses in city nro burned anl not rebuilt,
| tho whine Of tho other half rises. Clcagosfnas
! learned this. So If half tho papor currency OF
tho country Ia Withdrawn, tho valuo Of tho other
| l,alf rises. Both propositions arc true and al-
| ways will 10 truo. no rnattor what Ar. 1orton's
| constituents may think about thom. II
| tho Souator moaus tllat 1t is q politicians
pnrt to insist that white ia black, If tile people
| say 1t IL, ho may DO right Tito difference be-
| twoon politician and statesman ID TINT tho first
takes pains to hayo 10 dens of his owil. and the
second tales palns to hayo as many au may bo.
| 1t eaunof DO expected TINT Mr. Morton, at his
timo Of lifo, should attompt to know any moro
| than the pooplo 10.
Second, "England'a experience ia no guido for
! u.s." II tho sunator will road tho dobntos in
Parliament on the resolutions Of 1919 for tho re-
sumption of aEccio-paymonts, he will aee stated
| tloroln al tho arguments on both sidos Of tho
question TINT llavo beon used OIL this aldo Of tho
! water, IN Congress- and out OF 1t. Flo will dis
covor wlat lie Is apparently entirely ignorant Of,
TINT tho state Of affars III England at TINT time
was striklngly sinailar to that in this country
now. He will consequently" find that whether
Englaud's experience is any guido for us or not,
it is tho aamo rs our own experience, so fur "a
We have gone.
Third, "Englund, With her S1,O00.0u0 Of
people, has 5000. 600 currency, and tho
United States. With their 49, 600 900 Of poop}e,
havo only ss0o,ooo,oo CURRENCY" Why AIr,
Morton, after kicking England out OF court,
hauls hor back again, It is difficult to aeo. In
point Of fact ebo has loss than 520b 000 600 cur
rency
Fourth, tho most prosperous countr1os turing
tho last decade haye boon Austria, Russia. md
Italy, in MI OF which the currency is ut dis
count Ergo to mako country prosper, tlopre-
ciate the currency till it is worth nothing. Itisnn
impoasbj1ity to decide precisely which countries
hayo beon most prosperous in any given number
Of years during which there has been general
progress. The growth Of both Austria mud Italy
has boon caused by tho union Of thoir hitherto
hostile parts. undor ono pacific. tolerant Govorn-
| 1nent. at present, Austria is bankrupt and Itaiy
nearly SO. Both are running In debt Mt flightful
rato. In Russia, tho emancipation Of the serfs
and tho less frequent exercise Of arbitrary power
| by the State, lavo caused BONO progress. 1twas
lett to Mr.. Morton to discover that the primo
| cause Of tho three countries prosperity waB tho
dobasemont Of their circulating medium, and
| that wo can be Taught nothing by Englauds ox-
! porience, because We aro so unlike Englishmen,
| but can gathor rich stores Of wisdom from the
| experience of Austria, Italy, and Russia.
Fiftn, the recent papio was not cauaed
! by any dofcchin our currency. This may bo truo,
/! but how did our currency urect that panic when
| onco started AB it was of cortain fixed
amount, when people began to hoard it the
supply was aoon exhausted. The greater the
mood for money in circulation, tho moro it was
Withdrawn from circulation. So tho pauio was
prolonged for weeks, and scores of good houseu,
unable to pay thoir current obligations, were
uoedlcssy sacrificed. If We had had specie
circulation, We should havo Lad tho worlds re-
serve of specie to resort to. The demaud for
| gold would lavo brought us any amount Of it
from Europe, which, instead Of lying in bausers'
safos, would hayo flowed Mt once into the channels
oftrade until they wero full again. Then tho tide
tho country WINS left with Tho precise amount Of
money 1t could dproEtably use. An irrodoemable
csrronoy ia like water in n well. It can easily DO
MI drawn out, and then newcomers must 60
thirsty. A gold currency is like the Balne water
connected by pipes with IN inox]laustiblo reser-
yoir. Draw as much aa you will, tho we'll will be
rcplenishea. II our circulating medium wore u
natural one. Nature would do tho expanding mud
contracting, and do it only when IT was wanted.
Sixth, the "yiaons Of John stuart Mill arc
Of no use III settling tho question. Wc presume
that Mr.. Morton moana TINT it would be idle to
examine tho ripost thoughts Of pcrhapa tho H.
post thinker on economic eeionce Of this age
that atudy Of the question is vain that reason-
ing on it is vain aud that the random uttor-
ancos of " tho people" aro necessarily true,
though liable to ohango ut any moment. Wo
will do A1r. Morton the Justice to say TINT la haa
evidently praoticed whit he prenchcs. His
speech seoma to show tlnt lo has examined nei-
ther tue vaions Of alill nor anybody olso; that
lie has studied nothing aayo tho ast of dlvining
What will be popular for tue timo boing and
thnt he is as ready to change now aa he was
whenho advocated thopolicy OF paying tho bonds
In gzoenbacks.
/
MRS. L1NC0LNB PICTURE Or MR.. LINCOLN.
Tim t|Inr t,t,annp,1v ruuHhhtA which hnR hoe,