The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1874-02-25
Forty Third Congress- First Session.
SENATE.

reu, including one OF letter carries for increased
pay.
Messrs. Schurz and Oglesby presented a me-
mortal from merchants Of Chicago against anv
Iurtner issue of irredeemable paper Currency.
Mr.. Logan presented petition of 1867 bust
ness men of Chicago asking for an increase of
currency. The other petition from the same
city to day numbers about 500.
nifty to the Seminole Indians was passed
ferred.
The Senate resumed the consideration of the
ollI equailzlng the distribution of currency, the
penuIhg question being the motion of Mr.. Buck
iusnan 10 recommit with instructions to report
600. ''~-'''''0'
MI. DAVIS renewed the amendment for free
banking, which was ruled out of order as it was
once rejected. 49, -
Mr. Schurz spoke in opposition to new is
sue sue ot reaeemable currency. He argued that in
tne business centres, money at present was
abundant If not superabundant Gentlemen
mad asserted that this abundance had been
caused by drafts ON the $44, 900, 900 reserve. OF
thls AMOUNT something less than million had
g go1S ? 3; and West, nearly all Of it being
me- 10 Boston, New York and Philadelphia.
IDere was an abundance all over the country
caused by large crops and by the crisis having
orokeD down In great measure in speculation
ana gambling, thus releasing large amounts of
money formerly employed in such speculations
ana now used in legitimate channels of bust
tam u was true this gambling and specula
tlon was being revived to some extent but it
was Delng carried on by different class of
persons. 1t would be revived still further by
every increase Of Irredeemable paper In leg-
timate business scarcity of paper was some
LINES Ieit, tut there was no necessity for infla
tion ana IL was fundamental error to suppose
that real scarcity of money was at the bot
tom OF the initiation scheme. Suppose one or
two hundred millions of irredeemable paper
currency should be issued would it give relief?
he Thought not. Th+re were two ways by
which this money would be put upon the coun-
try, one by defrayiLg the expenses of the gov
aud the other by purchasing bopds of
the United States in New York city, The lat
ter means would BIZ resorted to of course and
the consequence would be the additional
amount OF currency would be thrown into the
very vortex of speculation How would North
Carolina or any other State south get its share
of this additional currency. BY purchasing it,
She would have to offer her products to the
market where the additional currency was and
the currency would 60 TO North Carolina Just
as it does now only to the extent that products
were offered for it. An increase of irredeema-
BILE paper currency instead of giving greater ia
cilites for the transaction of legitimate business
would increase the wants of business The
premiums in gold would run up, prices would
increase and 1t would require greater amount
of money for exchange. Issue more paper cur
rency and it would go where there was need of
it just as slow as it does now. 1t could not be
forced in channels of legitimate business nor
out OF the channels of speculation, and he
would say to Senators that they We're indulging
in dangerous and childish delusion if they
thought they had the power to prevent new is
sues from seeking the same channels as old
ones had. An inflated irredeemable paper cur
rency was not the peoples money but the
spectators. 1t had always been so and always
would be ard the sooner the American people
make up their minds upon it the better it will
be for the honor of the country.
The Senator from North Carolina, Merrmon)
had said that his people needed more currency.
That was fatal delusIon. They needed more
capital and should understand the difference
between capital and currency. The people of
the South, as well as of the whole country, had
gone through wasteful war and thus the
capital of the South especially had been d.
That waste had been increased af-
ter the war by very bad governments in those
States, and the people there had to make up the
deficits. 1t could not be made up by promises
to pay. They must create wealth by industry
and productions, and would lose very precious
time as well as waste their energy and influ-
ence by looking to artificial means to aid them.
Imitation would still more depress the agricul-
tural interests of the Soath and West. and that
interest vas the chief source of wealth to those
sectiOus.
1t was true the New England States had no
excess of national bank circulation, but the es
tablishment of additional national banks in the
South and West would not remedy the evil.
The Senator from Indiana had argued that the
of new national banks would be
to increase the currency, as money would be
loaned by them and returned to the bank every
thirty, sixty and ninety days. That argument
was fallacy. Persons to establish these banks
must buy the bonds in New York to deposit in
tie treasury in order to get their circulation. A
$1,000 bond would cost $112O. The money to
buy this bond would be taken out of the home
circulation and for that $1,000 bond they would
get 5000 circulation, so that it would cost $1120
to get $500. Est blish free banking and it
would be worse for the South and West than
ever. New York and New Englank had the
capital. and having the ponds there already,
could send them to Washington and get the
circulation without taking any money from
their circulation to buy the bonds. The free
q Rev Ydre a1a New England apan The
South and West. Again, free banking would
virtually authorize an unlimited issue of bank
notes without any practical system for redemp-
ton. 1t mattered little whether mutations con
sist of national bank notes or greenbanks.
Either would run up the general price of COM
mOdities and prepare tie way for new disasters
and crashes. He did not want to be understood
as opposed to free banking entirely. He would
vote for such system if there should be coup
ton. He argued that any imitation in the cur
rency would increase, not diminish the rate of
interest.
Mr.. Schurz in conclusion, warned those who
desired to commit the Senate in favor of their
schemes of initiation to make haste, or public
opinion would be against them. If any public
man expected to ride into the White House on
the imitation scheme he would be mistaken, as
the bubble would hurst before 1876.
Mr.. Willard of VT, opposed the bill, and its
modification to review the franking privilege.
The bill proposed in fact though not in terms
that each member put their hands in the treas
ury and take out $4,000. The members might
light houses as the documents.
One of the promises under which the Repub
lican party came into power was that it would
do away with all special favors then. AS to
the economical view of the question where
they were cutting off private carriages and
servants, and trying to bring every department
down to an honest working basis. They were
asked to restore the franking privilege, with it
a large expenditure for publishing documents.
How could gentlemen justify that on any priu-
ciple, or indeed, as the bill proposed setting up
every member of Congress as a congressional
book peddler9 1t was notorious that members
used these books and public documents as pri-
vate parqurstes. This was not justice nor
Mr.. Stowell of Va, favored the full restora-
ton of the franking privilege and made argu-
ment for the pending bill.
MI Albright also favored the bill, taking the
ground that the use of special stamps was but
another name for t. e frapking privilege, and
that all officials were furnished with these
stamps except Congressman.
Mr. Cotton opposed the restoration. prefer
ring to stand by the platform of the Republi-
can National Convention which declared that
the privilege ought to be abolished.
Mr. Potter of N. Y, was disposed to have the
law as it now stands being satisfied that the
free circulation of public documents was a
mistake. He thought it better not to have any
documents printed for free circulation, and
that they should only be furnished at actual
cost of printing to those who desired them. He,
however, favored the free circulation of the
Speeches of members
Mr. Giddings of Texas, favored the bill.
amendment relative to distribution of public
documents
Mr. Robbins of N. c., advocated the bill as
his constituents clamored for light and iEfor-
nation. They said to him Give us the frank
ing privilege; give us documents; give us every
thing" Naughter.)
Mr.. Hazelton regarded the opposition to the
Dill as an attempt to abolish the agricultural
bureau. Nothing could be more untimeiy and
uncaled for than such blow at the great in
dustry of the nation.
making free diStribution of weekly newspapers
within the county where published to apply to
all newspapers
Mr. Phelps opposed the bill and all amend
ments which proposed to reenact the Thanking
privilege Day after day he said bills had been
INTRODUCED and there was not a man OF them
that did not cry for economy, but they never