The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-01-15

-Hs IN. schufS3 Mount tfA country should
understand these teachings each and profit By
rom massachusetts was most dangerous
because II bore some aspect OF plausibility, and
people who d1d not study deeply the question OF
finance. II was not proper for Congress to stand
still and lei the disease work its own cure. We
would present Q sorry spectacle to the world by
hiding our heads In the sand ana saying we are
AFRAID to move lest we break something. when the
it TO be his candid opinion that the present time is
the most opportune since the close OF the war TO
resume specie payments. II this time be lost we
would have to await another financial crisis and
overcome greater evils. Many OF the difficulties in
the way OF specie resumption had been surmOunted
are to return to specie payments and every sensi-
bic man will take care not to run in debt
more than Is absolutely necessary, when ne
knows that the money with which he is to pay
gued that the West and South had never been ben
ented by inflation but those sections would be
greatly benefited by resumption. Another diff
Guilty winch presented itself against specie re-
sumption arose from the sinking OF prices which
Guilty is less than ever now. the crisis having
brought down prices, and for months past mer-
chants have bought carefully, and the losses from
ever could be expected. The resumption policy
was opposed by three classes FIRST the honest
men who had formed erroneous opinions; second
men who think every move to increase the
currency cure popular ha.,,u and JON in e; and
that they might settle up old scores and set out
again in tul SAIL The first class could be convinced
by sound argument, the second by new breeze Of
pubic opinion, and the third, to-day, were FORUM
ately in crippled condition and would give less
trouble than ever. In conclusion, he argued that
the government ls, IN law, bound to redeem its
promises as soon as possible; that the crisis was
not produced by an lnsuniciency of currency; that
a sudden scare might be checked by increase Of
currency, but panic, brought about by over specu
latOn, could not be remedied by expansion that
an expansion of currency would divert apita from
the legitimate channels OF business and demoraiize
commercial as well as social he; that any further
expansion would increase the difficulty OF resump-
ton; that any addition to the currency would not
satisfy but excite the demand Tor more money and
put the country still further on the road to bank
ruptcy. Resumption now would lay q basis for
our new prosperity, and q sound one could not be
laid unless paper currency be done away with.
The nation hadsuffered the ills Of the crisis-now
let 1t reap the benefits. He intended to vote for
the resolution OF the minority ofYered by the
Senator from Delaware. and, If that failed would
support that reported by the chairman as the next
best. He hoped q bill would soon be reported pro-
viding for return to specie payments. The
Senators all said they were ready to return to
specie payments. Let there be little less protes
tation and more action. Where there is Will
there Is way, and he hoped that 1t would be said
when the way was found the will was not wanting.
Mr.. Schurz closed at forty minutes past three P.
NJ, when Mr. Lewis, OF Virginia, moved that the
Senate proceed to the consideration OF executive
business, which motion prevailed
At thirty-hve minutes past Jour O'Clock the
doors were reopened, and the Senate adjourned
until tomorrow.