Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1874-02-25

make the investment on account OF the
proposition to initiate the currency. de
lSchurZl would inquire OF the senator rom
Indiana MortoDl what answer he would have
Senator Cameron said the gentleman
[Schurzl would deprecate the credit OF ms
country by such an answer Real estate Was
Increasing in value constantly.
Senator Schurz-Yes; but an increase IN
the value OF real estate don't increase ,IsiS shS
value of mortgages on IL, as every enlio
knows. [Applause in the galleries. The CHAIR
gave notice that upon repetition OF any de-
mOnstration he would order Inc gal4eries
cleared.l
Senator Schurz, resuming, said that he
thought the remedies proposed for our eVlis
by those who favored infiationt were quacK
medicines, and worth nothing. John stuart
Mil, Adam smith, our own Thomas EMERSON,
Hamilton and other political ec4nSIssS, Pro .'ss
up here, who would throw all theories 10 the
dogs. He would remind the senators that in
throwing that theory to the dogs they would
country to them as well. The ricn men had
means to take care OF their own interests, Dut
1T was the poor man who lived from hand to
mouth on his daily earnings who would be
injured, and to initiate the currency OF the
country would be to rob the poor 81 portion
of their hard earned property; he denied that
the American people wanted Imitation. They
might be led away for time, put
warned those who desired to commit
the senate in favor of their schemes for
initiation, to make haste, or public opinion
expected to ride Into the White House on the
Initiation scheme, he would be mistaken, as
the bubble would burst before 1876 In con-
expected, and hoped his remarks would not
be without influence upon the vote
about to be taken. He would reserve his
a more matured bill should be reported.
Senator Morton said he would reply TO Sen
ator Schurz that, as an American citizen he
believed it to be his first duty 20 be honest,
and he could not advise any one to invest
money, knowing 1t was going to depreciate in
value; but let US LOOK TO specie resumption,
aud he would say to his friend, send on your
money; get your neighbors to do it; heap 1t
up mountains high, and invest 1t here. He
said that at the close of this long debate the
senator al come forward with q carelully.
prepared written speech. or course he could
not reply TO it now, point by point, but
thought that, take IL altogether, IL might be
characterized as gross exaggeration. He
denied that he had set aside any theories, eX-
cept those which did not apply to our
country The cheapest of all political
learning was that obtainet from crammtng.
He had known OF men as ignorant as horse
who would get three or four old political
speeches and cram themselves, and then go
upon the stump and make a lowing speech.
Many of the doctrines of the old countries Of
Europe were not suited 70 OUTS, ss we
are rapidly growing and developing.
The senator LSehurZ did not seem to
comprehend the country in which he lives,
but was what they called in France q potiti-
cat hteToteHr. The senator was mistaken in
supposIng that others had not read and stu
died, as well as himself, free trade. A smell
OF currency, low wages and direct taxation
went hand in hand together. He did not un-
dsrstand what answer the senator had sent
to his friend in Europe In regard to the advice
he thought best as 70 Investing three or four
hundred thousand dollars here.
Senator Schurz said he had not answered
yet, but would tell his friend, 50 long as there
soon as there should be steps taken TO return
TO specie payments, to pile up their money
mountain high and send 1t over.
MOrfnn-Wall. friend
much enlightened when he gets that reply.
The senator [Schurzl was Ignorant OF the
country in which he lived and which had
done him honor. As The business OF the
country increased, currency should increase
also. The senator had read from travels in
China as 10 the evils OF paper currency. That
country was finished thousand years ago,
and wall built around II. Should the doc
trlnes OF the senat prevail this country
would soon be finished also. He denied that
speculation flowed from currency because it
was redeemable, but said 1t had been caused
in places by money being suPerabundant.
place happened in England on this basis. he
fMortonl wanted some reforms In the ma
tional banking system by which banks
serves at home, and not send them to New
York. Our currency was the best the world
ever OF its kind. He argued that specie
payment could not be maintained, as we owe
about thirteen hundred million dollars In
Europe, nine hundred millions in government
bonds and four hundred millions railroad
and other securities. The interest on these
bonds b sd to be paid in gold, thus draining
the country of sixty or seventy millions of
dollars every year. Under the pres
ent currency system the country
had prospered more than ever It
ever did before, and the system would admit
of the expansion of currency when necessary.
senator Sprague, from the committee on
public lands, reported favorably a bill to ex-
tend the time for completing the Wisconsin
Central railroad. Placed on the calendar.
Senator Merrimon obtained the floor to
speak on the financial question, but rel1 u
quished 1t to Senator Sargent, who made a
motion that the senate proceed to the oonsid-
Grafton of executive business, which was
agreed to. The senate then ~ ent into execu-
tive business, and soon after adjourned.