Spirit of the age. [volume] (Woodstock, Vt.) 1845-1913, 1874-04-02
Initiating the Currency.

tary McCulloch. How much beyond
the 100000 greenback limit it
would he willing to go may require
additional evidence by actual voting.
As there were $3S2,O00,00O already
out, there would be but SIS,0O0,00O
more to issue yet it is to be noted
that the $26,OOO,O00 reissued is most
ly accumulated at the money centres
and there lying unemployed. The in
hationists naturally manifest great
Joy over this partial triumph of their
plans, and do not hesitate to promise
that the action of the Senate will be
in harmony with that Of the House.
The bill reported to the Senate from
the Finance Committee proposed the
retirement Of SS2, 1000, 600 greenbacks,
which was to please the contraction
lists, and the issue to all banks that
may be organized in any State or
Territory not having proportion Of
circulation to population and wealth
equal to that of the State of New
York, Of an amount Of currency which
shall give them that proportion. This
part Of the bill is evidently an offer to
compromise with the in1iatiopists by a
proposition to cqualize the bank-note
currency. The running debate be
tween Senators Schurz and Morton
was wholly characteristic, and gave
evidence of all the old vigor and
readiness of the Missouri Senator He
quoted upon Mr.. Morton his past pro-
LESSONS in favor Of an immediate re-
turn to specie payment, which was so
far appreciated as financial remn.
isccnce by that Senator as to induce
him to reply with the very pertinent
remark that Mr.. Schurz had turned
his back on the Republican party.
Although the bill passed by the
House declares that the legal-tender
currency shall be limited to $780,
100000, that will no more prevent an
increase beyond that limit than the
order to cancel the $44, 100000 which
was retired has prevented its reissue
and partial legclzation, The house
has gone very wide Of the mark in
this crisis Of the finances. 1t would
be as sensible in a physician to apply
plaster when it is the blood that
demands his care. The issue more
greenbacks cannot restore shattered
crellt. 1t cannot arrest the progress
Of a general liquidation that is going
on. There is an inqu!sition every
where into the values of securities and
the promise OF ente. PRISE. 1t IS be
lieved that there has been oyer-exer-
ton i'll every branch of business, the
producing as we'll as the trading. IN
til men know where they are, conf
dence cannot be restored; and until
confidence is again restored, there
will be no need of more money.
More aper currency cannot produce
the means for its profitable employ.
ment. That must be sought in the
actual condition OF the country,
which is not at this time condition
Of confidence. Credits are not there
fore in demand, and consequently
money is a drug. 1t was from no
lack Of currency that the panic over
took the country. There was as much
in the country on the 18th Of Sep
tcmber as there had been during many
preceding years of active prosperity.
1t was distrust that caused the panic.
not want Of currency and unless the
issue Of more currency will restore
the country to its former state, it is
arrant quackery in Congress to lend
itself to any such meaningless, though
mischievous, operation. - b. Post
The New POPULAR History OF THE
UNITED STATES. Of this forth com
ing work we find the following favor
able notice in Boston Exchange,
which we most heartily endorse and
gladly transfer to our columns:
The name of William Cullen Bry-
ant in connection with new enter
prise Of the well known publishing
house of Scribner, Armstrong e. Co.,
gives assurance that we shall at length
have popular History of the Uni
ted States" worthy Of that title.
There is, indeed, no lack of historical
treatises on this subject, covering
some one period and some another,
more or less full and exhaustive; but
there is none having at once the
scope and the thoroughness Of de.
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