The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1874-03-31
CONGRESS AND INITIATION.
THE VOICE OF THE WALL STREET MONEY
SHARKS.

THE VOICE OF THE WALL STREET MONEY
SHARKS.
lFr m the New York Tribune, 74th.l
The business of this country is henceforth,
! until the paper money bubble bursts, to be
carried on without standard Of value! The
vote in the House of Representatives ycster-
day, on the motion of Mr.. Dawes to restore
the legal tender circulation to its legal
amount Of three hundred and fifty-six mil
lions of dollars, demonstrates that Congress
is determined to legialate in favor of the
prejudices of the ignorant and the dishonest.
1t is folly to expect the Senate to make any
eftectual resistance against the vote of sew
enty to one hundred and seveuty-One, by
which imitation is decreed. Brute force and
british ignorance are to legislate for this
country until Dame Experience with her
scourges teaches even the most besotted that
national dishonOr can net co-exist with Ma
tional prosperity. This will certainly be the
work of years, and perhaps Of generations.
To show that tho Senate cannot resist the
imitation madness, we will insert here list
Of the illus riOus converts which "cheap
money" has made within two months.
January 10Th, Mr.. Wilson, of Indiana, moved
some resolutions setting forth that the true
financial policy lies in increasing the "circu-
lating medium" to revive business, relieve
the people from additional taxation, ETC.,
and instructing the Banking and Currency
Committee of the House to report measure
of imitation without delay. There were
then found ninety-eight gentlemen enlight-
ened enough to vote against this. Yester-
day but seventy were left! The following
named twenty -four Congressman are en-
titled to the honor or disgrace of voting
against imitation on the 10Th of January and
for it on the 23d of March: 81
"Messrs. HathOrn, Duell aud Plat, of
New York Scudder and Ward, of New Jer-
sey Myers, Smith and Spear, of Pennsyl-
vania Rainey and Wallace, of South Car
DINA; Caldwell, Of Alabama; Darrail, OF
Louisiana; Giddings, Of Texas; Milliken, of
kentucky; Maynard, of Tennessee; Ram
ming, Foster and Smith, of Ohio; Burchard
and Eden, of Illinois; Williams, of Michi-
gan and Cotton. Kasson and McDill, of
Iowa."
Gentlemen who are to take part in the
meeting at the Cooper Institute tonight,
there is no man living who can make but
the widest guess at what the legal-tendeI
dollar will be worth three years hence.
From the World.
Yesterdays vote of the House of Repre-
sentatives to increase the currency limit to
$4OO, 100000, which will doubtless be in
dOrsed by the Senate, is a victory for the
inflationists. One of two things is its inev
liable sequel. Either it is step to be re-
traced, if the country is ever to reach spe-
Gle payments again by fulfilling its broken
pledge to redeem it's paper in coin, or else
it is another and irreparable step down hill
to the abyss of reputation. No man can
suggest any other result than one Of these
two. In either event, therefore, it il vote
of folly and disaster. 1t disgraces even the
ignorance and the cowardice Of the Forty
third Congress. 1t dishonors the United
States.
1t will be said by some that the proposed
limit, when approved by the Senate, will
merely give the sanction of law to the limit
at present fixed by the Secretary of the
Treasury in violation of law, but without
it is also true that the conduct of the Sec
rotary of the Treasury IN illegally increas-
ing the sum of irredeemable paper, and of
Congress in hitherto tolerating and now in
dOrsing that increase, are alike in contra
vention of the pledged faith of Congress
AVID of the party which rules in Congress-.
When promises to pay were made legal
tender, the constitution was violated by its
sworn guardians. The coinage power con-
ferred upon Congress, as the Democrats OF
New York have truly declared, is an explicit
denial of the power to curse the people with
currency inconvertible with coin.
That first infractiOn of the supreme law
has been defended upon the plea Of neces-
sity. With what plea shall we hear defend
ed this unnecessary repetition OF that origin
al crime !. Then we were at war. Now we
are at peace with one another and with all
the world. 1t was, indeed, never necessary,
and they are neither statesmen nor tinanciers
nor enlightened economists who say that it
was necessary. On what ground Of necessity
or of law or of expedient policy can for one
moment be defended this superaddition to
that original wrong-this aggravation of the
difficulty of returning to specie payments it
it be not the beginning of a glissade to re-
pudiation