, 1874-02-25


IS ]"cIi'i's io a::tlcfu tacann IL MD tllc,n. iI
tlnt!an wuuld htlll no tc1NrsH tho n.rcHlt,t1 nj
iaiclostH Ut lilo 3s,I. E,u WeH;, an tllnt IT.. IT,
est was Ito rI'lrf Hs'llrrn Ut ~enllh tc tlune
III ox,otp If na't,l"l I.nIi circulation, hit tho
tnsablhh.ncnt <of n.lo;ticinl National 1>anlr
In thu South md West won!d not remedy tho
OWL. Tho Equator f1om Indiana l.ni argued
tl'nt t,,o organization u new National llarlsh
would lo loaned iy thonl, mud lot,lrncd to tho
batiE nveiy thirty, uisty, md ninety daYa. THAT
nrgltinnnt waH laliauy. porsnnu to establish
t',cso hnls 1,llat Essy Tho bunsls II, Now York 10
tion. tl'ou' ald slo1fnr bond wonld cort et;1:0.
lilo nloEcy to ty tl,iH bond would DO snk:n ont
Of lsonio ejaculation, nn for tint sl.Uo0
bn,,a l.,,n1,o they sca! rot j"Ht s*9' cir. cir.
s.1'i 10 got g Geo. st snr freq T"a Tarc aosi ard
1t would bo worto FOR thu South aud Wcat tilan
ovor.. New York md Now England llad captta1,
ni'd, having thu lord- lllcro nlrcady could acnd
ttoin 10 washington and got circulation without
taking any n,oEey from their circulation 10 buy
on)y, strengthen tic Nraup Of Nov York a1ld Now
EnElalld upon tho Bol1tl, md West. lilo did not
want to bo understood as opposed to 1roo bank-
Ing o'tfiely. lIo wonll voto for sucIl system
If there uAonld DO coupled with 1t uomo practical
lie argued That my Initiation Of tho currency
would ftlc.rase. not diminish, tho rate OF inter-
CIT, n;ia i'id lo had latoly received letter Ion,
MI old friond III Elropo who wanted to retire
s3o0,00o Or 100000 from his husInesH, and
asked advice OF him {Sohurz) M to investing his
Monoy i'll tlid Untod Stntcs on mortgages which
would pay from to 10 per cent interest But
Lis friond feared to mako tho Investment on
account Of tho proposition to initiate tie cur
senaior from 1ndfnnn (ffurton) what npBwor he
would linyo rnndo to TINT 1ettcr2
h1r. NORTON aaid ho would reply to tho Sem
Mr. scHURz said rs an American citizen ,c
believed 1t to bo Ills first duty to bo honest, and
hc could not aslviao any ono to invost money
knowing It was going to depreciato in value.
hut lot us look to specie resumption, and he
would aay to hs friend "sona on your money j;
get your nclChbors to do it; heap it up noun
tail-higA antl invest 1t llere,"
Mr: CAMERON said the gentleman (Schurz)
would deprcCsnte tho credit Of his country by
such all answer. Roal estate waB increasing In
val,lo constantly.
Of roal ostatc don't Increase tho value Of the
mortgages on It, aa every child knows" Jap
plauso In tho ga1leries].
;, Tho CHAIR gave uotico that upon ropeti-
tton Of any demonstration he would order the
Ballatics cleared.
MI. SCHUltX rcsuming, said ho thought tho
remedies proposed iQr our OWLS by those who
favored imitation woro Quack medicine and worth
nothing. John Stuart Hill, Adam Smith, our
own Thomas Jefferson, Hamilton, and other
political economists wnre thrown aHide, nnd
new Rchool had risen up hero WHO would throw
all theories to tho dogs. IIo would remind Scn-
atora that III throwing theory to The dogs thoy
would throw tho honor aud credit Of country
to them ns we'll. The rich mon Ind the moana
to take caro- Of their own interests, but 1t WIS
on lliH daily earnings who would DO injured, aud
to initiate tho currency Of tho country would bo
10 rob the moor of portion Of their hard earned
property. ue doniod that tho American people
time, but would soon recover their ecnaeB. He
warned those who desired to commit the Senate
in fnvor Of their Echomca for imitation to make
hasto, or public opinion wo&2d be against thcm.
II my public man cxrectcS to rido into tho
White House on tho intlntion aclomo ho would
bo mistaken, us the bubble would burst before
1876.
III conclusion, ho saii ho Ind spokcn longer
tflnn lo expected, aud hoped his remarks would
not ho without influence upon tho vote about to
iu takcn. Ho would rcscrvo his viewa al to
other points until q moro nlatured bill should 10
reported.
alr. MORTON said Mt the close of long de-
hatn tho Senator Ind como forward with a care-
fully prepared written speoch. OF COURSE he
aas to tss t t. aossbsr nS be t ey s 81 9 or
actcrlzed az IN oxaggoration. He {Morton) de-
nied that ho had bet aeiao nuy theories except
those which did not aPply to our country. The
cheapest Of all political learning WAS TINT OBJ
men as ignorant as q llorso who would get three
or four old political speeches and cra,n them
selves, aud thon 60 upon tho stump and malo D
flaming speech. Many OF tho doctrines Of tho
old countries Of Eutopo woro not suited to ours,
~ wo aro rapidly growing and developing. Tho
Senator (Schurx) did not Beem to comprehend
The country III which ho lives, but was wl,at tloy
called u Franco political litteratour. Tho Son
ator waB mistaken in BuppoHing otllora had
not read and studied as vol ns hmnolf.
FREQ trade. o stnnll volume OF currency,
low wages aud direct taxation went baud III
hand together. He did not understand what
answer tho Senator had sent to his friond III
Europe in regard to the advice he sought us to
Investing $500, 600 or $A00, 600 here.
Alr. SCIlURZ said he had not anawored yet.
but ho would tell his friend, 80 long as there was
prospect Of initiation, to wait; but aa soon us
there should be steps taken to return to spocie
CnYueutB, to pilo up their money mountains
high, and send it over.
Mr. MOlTON-Well, his friend will bo much
enlightened when llo gots that reply. Tho Scn-
ator (schurz) was ignorant Of tho country in
which ho lived. and Ind done Linn honor Az
the business Of tho country incroascd the cur-
rency should increase a!ao. Senators Ind road
from travels in China aa to tho evils Of paper
currency. That country wnH finished thousand
Years ago, and q wall built around it. Should
tho doctrine of the Souator prevail this country
would soon bo finished also. lie denied that
speculation flowed from currency, because 1t wac
irredcomable, but said 1t had been caused in
places by money being suporabundmlt. Tho
greatest speculation which over took
place happolcd in England on .
specie busiH. He {hIorton) wauted Bomo reforms
III the National banking systonl, by which banl,a
should bo compelled to keep their reserves mt
home and not send them to Now York. Our
currency WIS the best tho world over saw Of itH
lslmd. uo argued that specie payments could not
bo main mined now, as we owU about 81 800 000-
bo1,ds and 2400 100000 in railroaa and other
Bccurities. The interest on these bonds Ind to
bo paid in gold, thus drnintng tho country Of
$50 600 900 or $4,000, 900 ovory year.
Under this present currency the country had
prospcrod moro than it ever did before, and tho
system would admit OF expansion of the ctlr-
roncy whon necessary.
NA1LMoAD BILL.
1Ir. SpRAGUE, from tho Committoe on Pub
lie Lands, reported favorably bill to extond tho
timo for completing the Wisconsin Central 1ail-
read. Placed OIL the calendar.
1lr. MERR1nl0N obtaiuod the floor to speak
on tho financial question, but rolinquiahodi it to
hir. Sargent, who mado motion that tho eonate
proceed to tic consideration Of executive b1,si-
neHH, which WIS agreed to- md tho Senato wont