The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-02-26

pudfation.
We regret exceedingly that Mr.. Senator
Schurz should have stopped from his high
place as the author of the most eloquent and
effective speech made during the present ses-
sion Of Congress to permit debate with Mr.
Senator Morton upon the foolish question OF
his nationality. Mr.. Schurz should remem-
Der that taunt of this kind always answers
itself. and all debate springing from it belongs
to the lowest level of politics. which Is saying
a good deal 1t is furthermore, curious
illustration Of the tone of our pubic hfe that
q debate could not come to an end upon
grave financial subject without Senators call
ing each other ''atrocious" and "disingen-
uous" 1t is this tendency to mud-throwing
and mire-wallowing that makes our Senatorial
debates so valueless and the influence of Con-
gress so limited in its effect upon the country
With this exception we cannot give too
high praise to Mr.. Schurz. He shares with
MIR. Senator Sherman the honor of having
made the most effective speech that has as yet
been delivered upon our finances. It is in
the discussion of these questions that the
finds its highest expression. We trust our
Representatives will compare his thoughtful
and philosophical analysis Of the whole ques-
ton with the wild Rocky Mountain states
manship of Mr.. Senator Morton, who begins
his argument with the maxims that America
belongs to solar system of its own
that it is an Irresponsible independent
universe that the wisdom and ex-
perience of centuries of civilization
can teach US nothing, and that in dealing with
questions whose importance comes home to
every citizen we must obey the mad and
ignorant clamors of prairie politicians who do
not see beyond their own horizon. Tho diff
is the difference between q statesman and q
demagogue. 1t is mournful that man of Mr..
Mortons vigorous and rude gifts, and of more
than common power, should identify himself
with measure that can only bring misfortune
to the country.
We may lay it down as safe rule that what
ever looks to imitation of the currency leads
to policy which will bring disaster to the
country. This whole question of finance is
too delicate to be determined by Rocky
Mountain statesmen, whose main function is
to abuse England at barbecues or accept and
preach whatever new fancy happens to be in
the air. The laws of finance represent the
experience and wisdom of centuries, the
growth Of society, the rise of commerce and
trade. the uses of banking exchange and
money. Upon their careful observance rests
the health of the body polite, just as the body
in which we live is controlled by the observance
of the laws of health. 1t may be laid down
as inexorable that when parliaments or
mass meetings or representative bodies
devote themselves to the amendment or dis
cussion of these financial laws, the result will
be mischief-chaos, perhaps When our Con-
gress clamors for imitation, to please the West
or the South or any section, it makes precisely
the same mistake that was made by the slave
holders when they ruled the country in the
interest of slavery, or by the ironmasters of
Pennsylvania, who demanded that iron shall
have protection, no matter what interests are
paralyzed. If this Union has any value as a
political symbol it is that there shall be no
legislation for any one section at the expense
of other sections for the result in the
end must be o sad one. The sections
are bound together by ties that cannot be torn
without misery. Imitation in the West means
another money panic in New York. A money
panic in New York means bankruptcy, mis-
fortune, ruin in the West. The way for the
body to gather strength il not to drink
Iv Gov ~ he do M oi,,r
ishing activity and power, but delirium ire
mems. When we propose to relieve the West
by cheap money we simply propose to recruit
a system recovering from dissipation with
strong drink, or to extinguish fire with
petroleum
The real trouble with the country is the
financial dissipation Of the war. We still feel
the effects of that mad time. All our cur
rency notions, our greenback fancies, our FIVE
twenties seven-thirties and ten-forties our
schemes to put down gold and raise artificial
taxation, our tariff laws, as incomprehensible
as the Talmud, were 30 many forms of inan-
cial dissipation. If we have fever and exhaus-
ton what else can we expect, and what must
we do to remedy the evil? The Rocky Noun
tain statesmen say, We are suffering from
imitation; let us cure ourselves by still
further imitation. The truth is there
is no real prosperity in paper circula-
ton. When we are told to look at
Austria, Italy and the other nations who
prosper with paper money we answer that
there is nothing in the prosperity of Austria
or Italy to excite the emulation of the United
States that whatever prosperity those coun-
tries may claim is in spite of the paper circu-
lation, which is regarded as an evil and to the
abolition of which the best minds of these
nations are laboring We cannot pay by
promises to pay. We do not discharge the
debt, but aggravate and postpone it. An ir-
redeemable currency is not an advantage to
the people, but to the Spectator in money
Ia Lox h<vx 49,