The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1874-04-21
Written for The Spirit of Democracyl
Letter from Washington Ciiy,D.E
WASHINGTON Cry. April l3. 1874

Letter from Warrington Clty,O.G.
WASHINGTON CRY. April l3, 1874
Ed. SPIRIT: Having to remain here
everal days on business, and the differ
mt Departments Of the Government
,nly being open from 9 A, 81. to 3 P. NJ.
have considerable leisure time, part of
which now dedicate to your patrons.
Three great questions have monopo-
lied the consideration of Congress this
session. The first is the currency bills,
% relieve the public Of the present finan.
,ial crisis. The second are the investi-
cations of corruption, which frightens
he thieves, and the third is the ap.
propriations, to meet public expendi-
lures.
On the. first question, The one of vital
Importance to the people, Congress has
been at work for more than four months,
and yet it would seem that very many of
the members'havc, individually, reached
no definite conclusion, and whatever &C
ton may be taken in the final determina-
ton of the question, whether it be free
banking, expansion, contraction, or q
change from Nltional Banks to green.
backs land the latter is not probable
it will be more of venture, or expert
ment on the part of most members, than
a de6uite and certain conclusion that he
has done the very best thing The
question has been asked me daily and re-
peatcdly since 1 have been here, "What
do the people of Ohio want in this mat
ctr? Do they desire infation? Are
they in favor of free banking &c.
What we want and what we need may
be entirely different things. We need a
more rapid circulation of the currency
we need more confidence on the part of
monied men in the business of the coun-
try; we want something done whereby
the money of the country, instead of be-
ing boarded in the money centers, shall
he thrown into circulation. If expansion
will do this, we want expansion. If free
banking will do it, then we need free
banking.
Congress having indicated from the
beginning that something would be done,
munied men are holding back to see what
that something is. Thus on the wake OF
the panic last fall follows inaction, for
want of knowing what is to be the value
of money, and what is to he the volume
of the currency upon which the business
of the country is to be run. Had Con
gress decided last fall not to change the
volume of the currency, business would
have partially revived and proceed to
regulate itself in healthy action, and il
time business would have been restored
not perhaps as active as before the pan
ic, for then it was oyerdone, hence tht
panic. 1t was not the scarcity of none!
that produced the panic, but the want o
confidence in trade by the holders O
money.
Congress having proposed change
the people have been looking for it ant
confidently expecting it,and if the chang
is made then trade must and will con
form to whatever the change is, and
new basis will be established, to whic
basis business will conform itself an,
trade will revive. That revival will b
healthy or unhealthy just as the conf
cence it inspires corresponds with tn
necessities; therefore the necessity tina
whatever is done by Congress should b
done speedily:
Now just what Congress proposes do
ing is at present uncertain. Proposition
after proposition are being daily made i
the discussion of the question. 1t
not easy to see what, for the time being
Congress is unwilling to do, as ever,
proposition in the House shares the sam
fate, and is voted down; but / imagin
this does not show very much indicatio
that some Of these plans proposed wi
not eventually be adopted. BY the vot
on Saturday, the 1lth of April, the TEN
per of the house was somewhat in favo
of increasing the National Bank circr
|lation, by authorizing an increase of tn
number of banks in districts that hav
not obtained their proportion OF bank
and not requiring banks to hold as muc
in reserve as they are now required
hold, and to gradually retire greenbacb
until the circulation of greenbacks woul
be redaced to $500, 100000. This ha
not sufficient strength to prevail. A pla
to resume specie payment on all col
tracts after September l, shared the sam
fate.
If plan could be devised that wi
look to the gradual reduction of the pre-
minm on gold, and steady but gradu,
advance toward specie payment, it woul
be the safest way out of the difficulty
The pressure would be severely felt; b'
let it come when it will, and come it mus
lit will he asore trial on business; b'
when passed the chasm is bridged, on
once safe over, business has basis 9
which to stand.
AS we now stand, the West. more ths
any other part of the country, is suferir
from the financial pressure. We pay Oh
full share on the duties ON imports in tt
foreign products we consume; and in az
dition to that, the West is almost the el
tire producer of two articles that prodl
ces very large per centage Of the rev
nue., namely whisky and tobacco 7
the West, more than any other portion (
, the country, would result prosperity fro
return to specie payment, and to Il
West more than any other will result i
jury, any legislation that will increa'
, premiums on gold.
Business confidence is what we war
1t is the goal of our relief. 1t is link
> with our prosperity. AS it comes,
comes our relief; and not on any theo
: of expansion or contraction of the VIC
ume of the currency.
To-day Mr.. Carpenter and Mr.. She
y man had bout, in which Mr.. Carpent
said:
"Ifit was determined that this Kello!
0 usurpation was to be maintained, then,
course, it would be good policy to ha
no further discussion on the subject.
, could not conceal his sastonishment at t
u indifference displayed by Senators I
: the subject, the usurpation of State &C
1t ernment by fraud and force.
n IF the Republican party now, when
: friends were in the wrong ignored it,th
> they would be estopped from doing a
n thing if the Democrats should usurp
l. control of State. Last summer wi
. he was in Louisiana he had promis
= those people that if they would abst