The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-18


Of Washington st. Louis needs no more
than Jefferson City or st. Joseph Business he
says can be done without much money; II can
and certificates through clearing houses. The
senator imagines himself In London or New York,
and f0rgets that he claims to be from Missouri,
He seems to imagine banks and a clearing house
at every village and crossroad in the West. He
tells us at one time that money VIII seek the best
market; at another that the East Is already bur-
dened with an excess. Yet he argues that II we
the South and West to the East as water fows to
the ocean, He tells US, also, that II We authorize
North Carolina to establish banks the more she
will have in circulation In other words he says
TO the South and West, "You do not know what Is
Is your proper employment. You don't know any,
thing about money matters Leave all that mat
East and borrow from them. Your business is to
work Tor them and take the wealth OF your Sec
ton 10 pay interest 70 them. Your increase in
manufactures and wealth Is perncious to your
welfare"
INCREASING THE BURDENS OF THE PEOPLE
He argued there was remarkable similarity be-
tween the arguments and Illustrations OF the Sena-
tor from Missouri and those OF Eastern capitalists.
made by the Senator (Mr. Schurz), and said that
no similarity existed between the money
sad the ana and sophsms The
Senator from Missouri might be considered
simply as attempts to amuse II 1t were not for the
grand scheme Which appears to lie at the bottom
OF this onslaught upon greenbacks and cutlery for
specie payments. Every plan they offer embraces
interest ana substituting In their place interest
bearing bonds, payable in gold without the power
them in circulation. thereby imposing upon the
necks o OF the people an additional Duraen Of
ior whose benefit TO enable the Eastern money
holders TO have secure place to loan their surplus
funds, and at the same time to get additional in.
way to drain the Treasury OF It's gold and thus
have the whole monetary power OF the government
in their hands and at the mercy of Eastern money
holders. Is 1t any wonder. then. that che West and
South, who understand this thing, should look
upon 1t as a movement to strengthen and per-
petuate the money monopoly which the present
legal restriction gives to the East 1t may not
nocv bu what are to n
see western Senators IN the very front OF this
movement9
THE CLASSES THAT WILL RESIST
Is the present movement among farmers, me-
chanlcs and workngmen without significance
wages reduced to o mere pittance without a
severe strugglef II there are labor strikes and
STORAGE OF business now what may we
currency so that wages will not purchase
preadS He said we bad more money during the
must supply the wants OF the whole country, with
a circulating medium, to say nothing Of the TACT
that 900 of people, formerly slaves, are
now free, and must be supplied with medium of
exchange.
1t is said that speculation in railroads was the
induced by an abundance of money. Where did
these railroads sell their bonds to raise the
al taken Serei No, SIR Many were based on gold
ana sold in Europe. Therefore this mania for
do with sSs a G has a nSS
m mania ' with the money 81 Holland or she Darenn
90 to Europe to sell railroad bonds and pay inter-
est to foreigners Simply because we had not the
money here, and If Senator schurz is allowed to
lead the senate Ill this matter, we will still con-
tlnue to pay tribute to Europe.
THE POVERTY OF THE BANKS.
He presented table giving the conditions OF the
New York banks for five years past, showing that
these bear no evidence OF unusual loans immedl-
souri, had said that the poor men OF this country
have s95O,oOO,OOO on deposit In the savings
in the United States, and sufficient /! run should
be made, to drain every bank and the United
States Treasury Of every dollar This VIII Ger
New York and other cities, and, while this scheme
of contraction is before the country, these poor
people would do well to look alter their money
TAXATION AS COMPARED WITH THE VOLUME OF
LOCAL CURRENCY.
Mr. Logan then presented tables to show that
New England had S110 0O0, 900 national bank Crcu-
iation and Illinois less than $4,000 900; that iii.
nOs paid SIC, OOO 900 OF internal revenue taxes and
New England but $50O0,0O0; Illinois had to
pay back to the government each year an amount
nearly equal to her bank circulation, while
New England paid but one-twenty-second part.
In conclusion, he called upon the Senate to adopt
tuaC llDcral pOuCy VI Tree Dauklu&, WulCu properly
guarded, will not only do justice to all, but will
develop the latent resources Of the South, which
lay dormant under former mistaken policy, and
which will utilize the water power OF Virginia and
the power locked up IN the vast coal fields OF Indl-
ana and Illinois, the iron mountains Of Missouri
and the agricultural resources OF the whole country
policy That will put our manufactures again In
operation and iron foundries in blast, and give
ducers and happiness TO the whole country. He
warned the moneyed power OF this country that
II they attempt to impose further burdens upon
q
power altogether. He would stand by the rights
OF the people, 40 matter how the moneyed monopo.
lies might attack HIM or the metropolitan news
papers abuse and crticse him.
The Senate at hall.past five O'Clock adjourned