The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1874-01-22

.nuctuatlrg 1rredeemabte paper currency
was the most extraVagantl which could
possibly be invented Every considers
tlon of good faith and sound policy urges
us TO pat an end to thisiniquitoas system.
In regard to the return to specie pay ment,
he said he desired TO enter his. protest
against two. pians-thst presented by the
Senator from Michigan ( Arlo Ferry, } to
first expand the currency and revive the
prosperity of the country; and, second,
that proposed by the Senator from Massa-
ehusetts Mr.. Boutwell,, to do nothing but
let things remain as now I he return to
specie payment must be preceded by Sc
we're retrenchment in our public and pri-
vate expenditures by prudence in our
business enterprises, BY q recognition OF
the truth that honest and productive la
Dor Is the true source yof- wealth. He
thought, If, the ,plan7of the Senator from
Michigan should prevail, lit. would be
good-by, retrenehmentib goOd-by, eeono-
myzl letinhation prevail As 70 that of
the gentlemAn2fr0mi Massachusetts, MIR.
BeutwellA he said 1t was a dO-nOthing
policy rand the country hadsalready seen
the evilszofsit: s5Ihe gentleman had ad-
hered to 4hat policy faithfully while he
7asa Secretary Of cthe- Treasury, and his
successor had followed sthessame course.
he Mr. SchufZg thought the country
should understand thess teachings land
proht hs0y theI lesson The bplan lofsths
Senator from aAIassaehusstttss zasg most
dangerous, because il. bore some aspect of
plaasibility and would present isseI an
feasible toIa large class Of people who.did
not study deeply the question of faaIes.
II was not proper for Congress TO stand
still and letfthe disease work it's own cure,
We would present a sorry speetaoieto the
world by hiding cur heads Ia the sand
and saying we are afraid to move lest we
break something, when the break down
had actually. occurred He declared it 60
be his candid opinion that the present
time Is the most oPpertune since the close
of the war to resume specie payments.
IF This time be lost we would have 10
await smother financial crisis and -eYer-
come greater evils. Many of the difheaE
ties in the way 'ef specie resumption had
been surmounted by the crIsis. Letit be
understood that we are to return TO specie
payments and every sensible man viii
take care not teirun into debt more than
absolutely necessary when he knows that
with which he Is 70 pay such debt will
daily appreciates IN V&lJe He argued
that the West and South had never been
benefited5by inhatIon; bat those sections
would begrsssly bsnef ted by resumption
Another -dIfhc Guilty (which. presented itself
against specie resumption arose from. sthe
sinkiRg prices which would accompany
such resumption. That difhcultylis less
than eyer now, lthe crisis: having brought
down prices, and for months past mer-
chants have bought carefully, and the
losses from shrinkage IN prices would now
be, lighter than ever could be expected
The resumption policy was opposed TO-
three clesses First, the honest men who
had formed erroneus opinions: second
men who think every move to increase, the
currency popular and join IN it IT and
third, a set of thoroughly reckless gamb-
lers and speculators, who wanted imitation
without end, that they might settle up
old scores and set out again in fell san
The frstaclass could be convinced by sound
the second by a neWIbreeze of
pubic npiaion; and the third to-day
were, foTtunaielys in a crippled condition
and eIXe=less-tFoNblez than ever.
In conclusion heargued that the Govern
ment is in law bound to redeem its prom I
ises as soon as possible; that the crisis
was not produced by an insuffciency of
currency + that a, a,sudden scare might, be
checked. by increase of currency but a
panic brought about by over-speculation
could not be remedied by expansion; that
an expansion of currency would divert
capital from the legitimate channels. of
business and demoralize commercial : as
well as socisl life :. that any, further ex1
pansion, would increase the difficulty of
respmption; that any addition to The cur
rehcy would not salty but excite the de4
mand for, ,money, and put the country still
farther, on the road to bankruptcy. Re4
suptien now would lay a basis for our new
prosperity, and sound ore could not be
had unless this policy of ofirredeenable pa
per currency be done away with. The ma
tIon had suffered the Ills of the crisis; now
let it reap the benefits. Heintended TO vote
for the resolution of the minority, offered
by the Senator from Delaware, and II that
failed,would support that reported by the
chairman as the next best. He, hoped a
bill would soon be reported providing for q
return to specie payment, Let there be q
little less protestation, and more action.
Where there is a, viii there is way ) and
.hs hoped that it would be said when the
way was found thelwiil was not wanting.
MIR. -Schurtz closed at twenty minutes to
four P M, when -Alr. Lewis (Ya.) moved
that the.SeRate proceed to the oonsidera-
ton of executive business, which motion
prevailed. ..-s--
All. thirty five min utes past four o'clock
the doors were reopened, and the Senate
adjourned nntil to- morrow.