, 1874-03-25
THE $44,QoO,o BILL.

Tho HOUSE OF Representatives, aftor fou
months Of delibcration and debate, havo actct
on tho question OF initiating the currency. Tho,
have axod tho aum Of Sl00, 600 as tho max
imun1 amount Of lcgal-tcndoru. It will bt
remembered TINT In u former act Of CougrosE
authorizing tho iHsuo Of lcga1-tondcrs tlo na.
tional faith was pledged TINT tho amount SHOULD
never exceed sloo,o00,010. In 1906, Congress
authorized tho Secretary Of the Treasury tc
redeem and cancel these notes at rate not OF.
ceoding 34,ooo,o00 month, and, under that law,
Secretary McCulloch redeemed md caucclod ai4.-
0o0,ooo, leaving outstanding s356,000,000. rho
circulation remained at that amount until 1872,
! when Secretary Boutwell, allowed himBclf to bo
persuaded that tho s44 4,oo0,o 600 was q "reservo
fund" and VAS induced to deposit several MILL
ions Of it in tho New York banxs to saro lot of
epoculatorB from deserved bankruptcy. In
short timo he Withdrew this over
issuo, hut last full Secretary Richard
son again issued it, and at this Time
and for some wesks back tho amount outatana-
lug las been about B2.000,o 900. Tho House
has now legalizod this reissue Of the notes paid
OF and cancelled sevcn yeara ago, but bus ro-
poased the declaration that the issue shall never
exceed 100000. 30 the matter stands pre-
clsely where 1t did twelve years ago.
Nevertheless, tho act is ono Of inflation, go far
as itgocs. It will bo accepted by tho world as IN
actunprocolontcdi In the history Of Governments,
There is no example Of milton in timo of pro-
found peace, In tho midRt Of general prosperity,
free from informal dissonsion and external men,
AGO. rcsorting to forced lonn Of S44, 600. 600.
This issuo Of irrcdeomablo paper, in the abBonco
Of any national daugcr, peril, or necessity, will
stand in history as q perpetual reproach to tho
intelligence and patriotism Of tho Congross that
authorized it. And, aftor all, the result at
taincd Is not worth tho trouble taken to reach
it. Tho imitation, In point Of fact, is less than
s20,0oo,000. Tho Secretary had already wrong
fully issuod $2o,o0o,o00, but, 30 long rs that
over-issuo was not sanctioned by law, the credit
OF the nation was not seriously impaired. Never
theless the Intuition to that oxtont was fact.
aud now, though tho othcr $4,000, 900 aro to bo
issred, and by authority Of law, It falls many
miles short of tho dcmands OF tho spoculatprs
who lavo beou clamoring for more currency. It
is 80 small that they will mover feel the dilfor-
once. Tho settlement Of tho question wil!
doubtless hive favorable effect on business,
but tho expansion will iu 10 wiso moot tho wants
and nccesBities Of tho men who have been
clamoring for It. Tho actual imitation
($l8, ,000,000) will hardly exceed tho orai-
nary average currency balance kept in tho
Treasury. The increased issue will be but
drop in the initiation bucket, and, while IL will
sorvo to exasporate all those who know t|1ut
wealth cannot 10 created by multiplying bits Of
paper; and that injustice Is sure to bo committed,
It will not satisfy tho othor sido So that, aftor
all tho labor the House has resolved to impair
tho national credit by making e. forced loan IN
tilno of peace, and yet has dono nothing to
appeaso the appetite Of those who want to pay
60 cents On tho dollar, and has douo this n direct
violation OF the platform Of tho dominant party.
Willie the action OF tho House il to be greatly
regretted, the country perhaps las reason to DO
thankful that tho action was no worso,