Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1874-04-13
TIE STRUGGLE WITH INITIATION.

4
The determined stand made by the New
England delegation in Congress against
the attempts OF the infationists to flood
the country with debased currency is
worthy of the highest praise. One New
England member in the Senate and one in
the House make the sum total of all the
strength the indationists have in this sec
ton, and they vote and act directly against
the opinions of their constituency. Thurs
day and Friday were days of intense in
terest in the House. On Thursday the
free banking bill led the way under the di
rection of Mr.. Maynard, but motion by
General Butler to postpone further consid-
Grafton Of it until the next Tuesday pre-
vailed BY a vote of 1873 yeas to l2l nays.
The purpose of the infationists in post
poning the free banking bill was to bring
up the bill which had already passed the
Senate authorizing an additional issue of
currency. A motion to reconsider the
vote postponing the banking bill followed,
and pending that motion the House ad-
iourned. During the proceedings able
and telling speeches were made by mem
bers opposed to initiation, warning the OPP
position Of the consequences should the
volume of the currency be increased
On Friday the battle was renewed, But
Ter opening the contest by motion to
table the motion for reconsideration of
the vote postponing the banking bill. This
was done in order that he might bring up
the Senate bill, as he declared in the de-
bate which ensued. The yeas and nays
being called on his motion. the result was
tie vote, 126 to 1876, when Speaker Blaine
gave the casting vote for the nays and But
ler's motion was defeated Every vote
from New England except Buffers went
against his motion.
This was the eliminating point in the
struggle for that day. The banking bill
then came before the House. and amend
ments offered by Negley and Kelley were
rejected, but no farther important action
was taken. Mr. Maynard's bill must now
be disposed of before the Senate bill can be
reached, and this is precisely what Butler
and the leading inf1ationists did not desire.
1t involves them in serious difficulty, and
ieopards in some measure the main
scheme they have in view, although they
have an undoubted majority in the House.
1t is evident that the earnestness and de-
termination with which the opposers of in
fiation contest the ground is telling upon
their adyersaries. The infationists trust
to the strength of numbers, but their ar
guments are weak, indicating a feeling
that they are not engaged in very re-
spectacle business. If the anti-inflation-
lists continue the fight as they have begun,
employing their best skill and endeavors
to defeat the plans Of their antagonists,
they will succeed in preventing the adopt
ion of extreme measures if NOT in over
throwing moderate expansion.
We trust the battle will be fought to the
bitter end by the sound currency men.
The country expects the honor and credit
of the government to be sustained Bust
ness will wait ii necessary to prevent a
deluge of worthless paper-it can afford
to wait. Initiation will give anything but
stability to business. If stability is what
is desired in business we must draw
towards, and not away from, specie pay
ments.