New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-01-23

Wi than is, 1871 1883 gnan liz IN W"o
IL 40 and 1873 IS 100 Did not these facts
themselves considered demonstrate that In those iou
years we had MADE progress toward speciS Gentleman
did not attribute the the price OF gold IN
the act OF Congress passed then to srenst"o" '"0
Mr. BOUTWELL, replied that no attributed much OF OF
the cause OF the decrease to that act Wpon Eone
substantially that Of Italy, Spain, Turkey anu r ,h
IN 1888 e eTe d OF he steadily
rapidly advanced until in al the markets. o, E'opo, ~
on but the depreciation in the price OF gold was NOT
due exclusively to the passage OF that sc was I He
looked for an ultimate and far distant equaizaton
of paper currency and coin anu uu'l .."' ,o
paynents Would he frausht with the greatest danger
Mr.. GORDON Dem. Gal INQUIRED ~ inc so t ~ az
particularly that Of the increased as
the currency approached goid xaiae, country had
never enioyed such prosperity during tho past four
years III there had been lack OF prosperity
lev of the Government He called the gentleman from
Georgia to witness that the cities OF the soltn were
more prosperous now thah poiore 'no WAL anu w "
creased wealth and business .,o, .
MIR GORDON-That is true but my question was
Have the producing classes grown wcathierf . .
Mr. BOJIIWELL-When you have demonstrated that
a city prosperous you have demonstrated tne Iacs
that such a city situated in prosperous iabor-pro
dncing community There in the South large por
ton OF people both white and black VINO nave eh.creu
upon lands they either leased or bought ana are
producng larger crops than before the The aggre
gate products Of the South snow the amount much
Mr. GORDON said That the increased production OF
cotton due to any great facilities whSn nave
been furnished for IT, but due 10 the fact that new
fields were opened cultivation and higher ATTITUDES
heretofore given to and grain were now devoted
Mr.. BOUTWELL, said the general fact remained and
indicated that the South was as prosperous sectO vi
country had been in any previous period OF ts
history The Senator from Georgia demanded cheap
money. II he meant by that demand TO secure addl
cheapeninc IT, he fMr Boutwel would advise the Soma
tor hIr Gordon recall his own experience In the
South during war. whom they had cheap money ana
to market with basket full OF money 10 purchase
Mr., GORbON said that he did not mean cheap money.
the gentleman understood nun. but he meant cheap
Dir BOUTWELL, said that with imitation the interest
on money would continually advance. Money grew
cheap In New-York in July, when business men were
away in Europe the watering places, taking their
recreatOn but, as the Fall came on, the demand III.
and interest advanced. After the crops hau
been moved plentiful again, and interest be-
came lower These changes found TO OCCUR every
year. argued it possible to have depre,
nominally redeemable coin. He opposed the free
bankiOg system Under IT, the currency OF the country
would DO vastly increased, and, when the time came 10
resume specie payment, banks would DO unable
to respond lie also opposed to the proposition OF
his colleague tMr Sumnerl for convertible bonds, ana
expressed the opinion that II would result In contraction
and boarding Of money " the detrment oil the business
interests of the country. IL the currency was to DO
contracted means 70 resume specie payment lei IL
be done openly tnat every business man coud see
what going to be, and shape his business accord
ingiy. Was II be presumed for a moment that we
could go into the markets OF the world and purchase
coin with which redeem the legaender notes The
whole Bank of England and the money markets. Oh
Europe combined, would be arrayed against us:
Great fortunes, accumulated during the war Dy
individuals this country put 1t In the power OF Anew
men to organize themselves to prey upon the Govern
ment Ii was possible for In New York TO mass for
the purpose of speculation and control ten, twenty or
Ss Hy %S4 smmss should BE- ndpe those
would work ruin TO the Treasury by putting their
money into these convertible bonds wnen niosey WAS
occurred, when they would have them re-
deemed aud precipltato an additional at, ,o vol
n,u of
prices and dong great damage. ,.o,,
The plan of returning to specie payment year ron
now also very Objectionable. As no had shown the
Government could not get gold to do IT, ana II inc Time
for return should be fixed at year from now, the
ing fifty hundred millions the Treasury would have
to GOss its doG G s1v fon CSaq ho' pa oy
our notes, and it impossible TO get 1t from
Elrope The only escape allow the Secretary OF
the Treasury to 90 markets Of the country and
buy per bonds at the market price with mo
me Senator from Missouri r Schurzl In favor OF re-
Sumption him show how can be done lie tMr Bout
Well hnd observed disposition to put moro confidence
DAYS present. of which we do know.
Mr.. sCHURZ said that the discussion now was merely
mon the resolution directing the Finance Committee to
report bill upon the specific means for specie re-
sumntion When the Committee have reported such
hill ne would discuss specific There had been
an initiation of the currency now, amounting TO
So ona 600 II this process went on even TO the
sxtenI of the Sl4OcO,OOO reserve. he not
but that would be followed by events corresponding
with those in NewYork September last. He there
fore Thought il the duty of leeisate
dately TO prevent SUCH disaster. 1t was not III his
Judgment the true plan to borrow money return to
spece neither WAS IL right to issue bonds 10
raise the money He asked now, after struggle Of five
years i'm which he had performed humble
part if it was right to attempt 10 strengthen
the credit Of this country now, in the time OF
peace and comparative prosperity by going into our
own markets and markets of the world. begging for
money to pay the current expenses OF the country.
There is but remedy and one means TO ward OF the
evil and that taxation He would not say on what
but must be- or else the DISGRACE OF borrowing
money pay the expenses of the Government and as
between burden and disgrace, he would put burdens on
the peope OF the country before submitting TO disgrace
Mr. GORDON said that the Senator from Massacn,i-
ses spoke OF the prosperity Of the Southern
states, He begged to refer to the fact that the
cash value of farms III Georgia IN 1860 was
si57 10000 and in 1870 only s9i.00O0OO Thei value
OF all the real estate in Georgia, including
cities and farms was less in 1870 Than 1t III
1860 In 1860 Georgia raised 3lOjO0OO bushels OF corn
and In 1879 only half that quantity. In 1860 she
raised 900 head of hogs and 1870 only 9580OJ
The Senate at 4:05 y. M. adjourned TIL tomorrow.