The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-18
THE CURRENCY DEBATE IN THE
SENATE.

Mr.. Logan's Speech in Reply to Mr..
schurz-The scarcity and Monopoly OF
Money-The Causes of the Panic-Inha-
tion the Only Remedy-The Increased
Financial Wants of the Country.
WASHINGTON, March II, 1874.
In the Senate the debate on the finance ques.
ton was resumed to-day in a speech by General
Logan, which occupied over four hours In delivery,
favoring an increase IN the currency circulation.
The Senators could not be kept in their seats for
fifteen minutes at a time, with the exception OF
dozen or so who seemed to retain their places and
sit out the rehearsal OF reiterated theories of
finance out Of the sheerest compassion 80 that the
speaker should not too painfully and papably feel
that he was addressing vacant desks II Senator
LOgan's speech was intended for the ears of the
opposition it failed OF that, because, with the ex-
ception OF an occasional spasmOdic presence Of
Senator Sherman, none of them were there. 1t Is
probable that General Logan will be followed by
Senator Sherman tomorrow. to whom he paid his
respects, and also by Senator SchurZ when he
shall return.
USELESsNESS OF FURTHER DEBATE.
The Senators seem tired beyond endurance with
the fearful pertinacity with which some Of their
number cling to their purpose of further discussion
on this financial question, and many OF them when
asked how many more speeches there will be and
when vote will be reached, shake their heads
despondlngly and say, with sad sigh, 81 don't
know" One Of them reverently referred your
correspondent to Him who knoweth all things for
q correct answer. But strong effort will be made
to get vote this week, for 1t Is evident that
less that Is done some different subject OF legis-
lative importance Is introduced 1t will be mpossi-
be- except by the aid of the Sergeant-at- Arms to
keep quorum in the Senate. The loud mutter.
ings OF dissatisfaction heard throughout the
nd at ms nifa sfod hora nt
seem to deter our worthy and patriotic Senators
from further prolraction Of this now more than
unnecessary debate which il continued, although
notice has been given incidentally more than once
py Senators that they are as ready to vote now as
ever, and hence the sense Of the Senate might as
well be taken at once as to further postpone the
SPEECH OF MR.. LOGAN.
Mr. LOGAN quoted additional statistics to show
that his former estimate OF the amount Of money
in England, instead OF being too great was, in
TACT, too small. He charged the contractionlsts
with relying wholly upon a theory not applicable
to the state OF things in our own country, and
making no effort to contradict his facts and fg-
ures. He referred to the speech OF the Senator
from Missouri (Mr. Schurz), and said that the
arguments Of that gentleman against an increase
ali consisted In ringing changes the cry of spec
ulation produced 6y redundant currency II the
gentleman MR. Schurz) was correct, a redundant
currency caused the panic; otherwise his whole
argument mad no force or applicability whatever.
AS England and France, according to wealth and
population, have larger amount Of money than
same cause ought TO produce the same effect here.
PANIC CAUSED BY SCARCITY OF MONEY.
wall street to AFFECT the standing of our currency
showed that the panic did not In any way result
from the character of this currency. II there was
an excess OF currency at the time the panic came
on why did the price OF gold fall, and why did
New York bankers and merchants besege the
President ana secretary Tor more money! II they
were overburdened with II, how did 1t happen that
three Western cities absorbed twenty -four out of
twenty five millions issued IN 1877 They moved
earth ~ tut
now that the West Is IN want they give her the
cold shoulder and oppose her appeal and the Sem
ator from Missouri assisted them. If there was
such an abundance OF money, how was 1t that
twenty millions Of certified checks were Issued Dy
the Bank Association during the panic to supply
the place OF money! Did not the Senator from Mis-
souri, INF Schurzl know that during the wear 1878
s33, s72 1862 Of cheeks and certificates based in
great part upon laitn passed through the New
York Clearing House; while the transactions OF the
London Clearing House Tor 1872 amounted to
$50 900 900, 900, nearly s4,o0oooO00o less than at
New YORK. II there Is an abundance OF money
why does interest range in the West from twelve
to twenty-lour per cent? Why are petitions from
thousands In the West pouring inty Congress ask.
ing an increaseS Why are the papers OF the West,
including those whose interests the senator from
Missouri Is supposed TO represent nearly all speak
ing out for an increase oil currency in some formS
Nlne-tenths Of all the people outside OF the money
lenders and large merchants desire and need an
increase OF currency. The senator lMr Schtrzl
took good care not TO appeal TO his own state Tor
evidence. He says inns currency has exerted
Has he been taking Rip Van Winkle sleep during
That time that tie mas failed 10 mark our
PROGRESS AND PROSPERITY
Is the wonderful increase In wealth and mann.
featured products of Missouri one OF the perncious
Influences he so much deplores and repretsY The
manufactured products oil st. Louis alone are tour
times as much as those OF the entire State In 1850
nS Senator IRON Missouri gave an entirely new
prinp.De in political economy-one OF his own in
ventt0h. He says that the increase in business
wealth 6nd poNllation does not require q
tainIy MS own fhveltOn, and-the whole credit OF
It vs. due to him. According 70 thus new theory