, 1874-01-15


\ s1r: MolsR1GI Withdrew his amendment, and bad II
refetrel to the totltnttco on Post-OccH and Post
Roads as resoutoh directing TINT such bill Ia ro-
pGsite'M H. MORRILL, {s1o thought thu posu,.sorv,co Of
tho country Ind grown to great extent unnecessarily
md in tftcoe tcs Of rotrechnont every effort shou1
II M I'D + p
at Tho ratco hi characterization Of cad.woight freight
the ostalsorv1cs had beon converted Into IN oxpScss
aysten Yet, tho carsYfB bf regular freight was 400
pcr cont cheaper thnn fot carrying intelligence. Tho
whoo service embarrassed u tho express systcn
~ 10 wea after tho Charna,l Of tho Committee On
Post-bt1iccs and Poat-lsoatls The wholo thing had
grown MP under him: lLaaghter,l
Tho morning hour having expired, tho scnnte pro-
ccctlcd r. tho consideration Of resolution fru to
sao m ssd eF ooea 70 e sn9
resumption and initiation, lie thought tho doctrine Of
s IN on s @ Sn ill.,
stasmcnt Of .he scnator from Massac,,,ae.ts tDon
wep few as seg tat tao credit Of e e.. .sont1y
ernaent adapted tlo doctrine Of lilo acntIcman that
yhentt 4 pleasant 10 Do TO- Afr. Bchurx expressed
diaapj1royal Of tho ress.le OF any portion OF tlc
taoooo reserve, and went on 70 gtye lis Views
- esusfs 9v II r1r e nnoExE PANIC,
no tlonealo rcboll}an, at our gatca tolay, nor any
other disaster ~ 3ko increaso to the currency,
This proposition to invest tho Government with such
discretion to Issue any amount Of -
ht1lfprEMAnLE LEuAI-TENnEn
on1 % 9 10 enss wofs r. ssd l. 81 a tho r.
osal Government. Dill thu enatot think the AmerI-
can people would over invost nny branch Of tho aov-
Governments over claimed ach power. II WA yirtn.
ally s'cbasing the coin Of tho rea.a, and llo hoped
t s snsrsney ms so e. S0f aS
sns TO Bstao Bs1s "s on assssss ssn ss 81 IT,
Of commoaitles q living while Iot'rn TO sp6to pay-
deenahlo currency awas sartc 'Ss espa1 M iron ' iis
Legitimate basis, hence tho etinned aud insaab'e
t for @ The Grs strsng t. expanded
with Ply colleague {Dogy} that no now National panks
shou4 10 started in thu Wont, that the ISSUE. Of
tie monoy nsasd by them world stay tlcre md ben
Gilt tlat secsGi: 1o argued that tc relief sought by
au Initiation Of tie currency would bc
Let It DO supposed that ,esorS individual in the
country could wake up tn tho 1nofltuE nnl nul s10
what jnhilce there would be among fools. Did any
aano n,a9 suppose the wealth of the country would bo
increased? Nqt tho least or tho wealth Of the citizen
ing IL woud have 10 pay sl0 for whit 81 would have
purchased Tug day previous. Every consideration Of
thia tniquitto,s systcin. In rcgard to return 10
spccis payment he said 10 desired to onter his protest
ylys lho prosperity Of the country, and sesond Tint
prossa BY the sonator 5 f. from pon
Tho return to spcce payment must bc be preceded by
BEvEnE hErnENoHMENr
in onr public null prlvate expenditures BY prudence
in our 6nsinesa entcrnrises; BY rscogntfon Of tbs
truth that honeAt aud productive labor iB tho trno
a Ss %s.u FL sae a1yv IT, pan S s ee sn
pys e as' s1 from fR% sse
sctts, he Bail 1t was
:Ano-vor,1so i po,,cy.
aud tho country had already sccn tho evils Of It, Tho
say vDs % ss S Saesos1v e e tha @ Rsy
s ssar,s. Me lsshqs.5 thoSsst S" the ~ eosatTy y
ths lesson. TIo plan of tho Senator from Sllssasppl
wa the moa. danRerous because 1t bore aspoet
large class ii people Who dia not study deeply tic
question Of finance. It wna DOT proper for CongresB
We would present aorry spectacle 10 tho world BY
holding our Aean OIL our handn and saying wo arc
afraid to uloye lest we break Eouetlilsg, Wien the
breakdown had already occurred. uo declared 1t to
bo Ills candid opinion that =
TIE pAEsENr TIME is THE Mosr APPROPRIATE
sfltee ths close of tho war to slccie payment
II this Time bc lost, would hayo to await another
financial crisis nnd overcome greater evils. hany Of
s y 81 The %sy syF q i h
that are to return to specio payments aud every
sehsibe man viii take care not to run in dobt
which ho Is to pay such dsL will duily appreciate n
yalae Me aEguea M that tho West sua South hui nevsr
pEtA GGuGntCu ny tnHauQ0. Qut tAcHD EGCtiQQH NDGt
be greatly benefited by resumption.
ANOTHER DIFFICULTY
which presented itself ugains; speeie resumption aroso
such resumption that tho dithculty u lesa than over
now. tho crisis having brought down prices, mud for
losses from a1rlnkage III prices would now 10 lighter
than over could DO expected. The resumption policy
tof'ued erroneous opnions Non WHO thinE n every
moya to increase the currency popular, and Join It
ss sa s ct sa :, ;a 5etSss sn
full GALL Tho first clsa could 10 convinced by sound
ion, md tho third fortunately III crippled con-
dition, aua would give iesa trouble than over.
IN conclusion he argael that tho Government Ia In
nounn 70 RnpEKm IT'S rnoa1sEs
aa Boon as possible; that tho crisis not produced
by any insufesncy OF currency; that sutlleu
lght 10 checked by tho ncroaso of the currency but
lauo brought about by oycs-spoculatlon could not
valid ID Ser eaa m it, esae csn.
nels Of bIlainc8g, and delornltze commercial well
a. social Afe; tliat any further e1pansen would IN
to tho currency would not satisfy but excite the de-
mAld for moro money, aud put tho country still
would lay tsss for our new prosperity, and sound
Gnu could not 10 laid unlesB
1aAEnEEAAnIs PAPER CURRENCY De DONE AwAx
let reap tho beaea.s LIZ intended to yoto for tho
from Delaware and II Tint tailed, would sapport as
reported BY tho ohar,nal as tho 1e3t best. Hohopod
specie puyn}orts. Tho Senators ull said thoy wore
rpay to roturn to speclcpay1nen; let there ba little
ets sa os aI . s5 w9 pSss s
when tue way WAS found, the will not wanting.
n,. ExEogEvE nus1s1sa, Y,.;nt
tue Senate proceed to tho consideration Of Executive
husiucas Tho motion prevailed At 1880 tho doors
were reopenGa, and tho Seuuto adjourned.
JJNTIHE oF rEpriEsENTA ArJura