, 1874-03-18

Of Stewart as Chairman waH Irregular and said
right. urlosH specially authorized by tho Senate
to appoint Chairman Of any Committee What
over.
Alto, ronarls In similar atrafn by otLor Som
atota, tho Ohalr (Carponter) huid lo Ind no do
sire now, nor Ind ,o my intontion, to us,lrp any
ar:hority. Tho origlunl resolution provided TINT
Joint Committee bo rnisod, and tho opinion OF
tho Chair was, without mitch roflcotton on tho
subject. that tho power whicl, tho Honnto pos
slr. THURMAN moved TINT tho journnl Of
March Is be corrected by tho appointment OF
the Senator from Novada (stovartj rs a men,
bor Of the Committee, instead Of tho Chairman
Of the Committee. AHrood TO.
THE CURRENCY n1LL.
Tho 8ennto tlon resumed consideration OF tho
bill to equalizo tho distribution OF the National
Bank currency, and AIr. Logan being entitled to
tho iioer 1ddrossod d M tho scn9to 49, To-
From r'1ts sssu t. ts sns nss' and d ss s S'DsSs e
Senator irnaginos himsolf in London or
New York, and foYgots that ho claims to be from
Altssouri: flo sooms to tn,ngino banks and a
c'earing.houHe at overy villago md cross-roads
in the 1Yest. Ho tells ,,a at ono tno tint money
viii sook the bcat market; at nnother tnat tho
East ia already burdoned with an oxccse yet lo
arg',oa that II wo increaso tho volume Of eurrot-
f. ~ + 1;t VII ilow from the south aud West to
us also that il we authorize North Carollun to
establish banl;s, tho moro alo puts into tho
operation tho lean currency she will have In cir
e,,lation: 1n ether words, io says to tito soutl,
for yourselves. Go on tilling tho noi!,
Which is your proper employment you don't
know anything about money matters. Lenyo nl1
that matter to moro Intelligent moneyod men Of
the East, and borrow from them. Your business
il to work for them, and Take tho wealth Of your
section to pay iutorest to item. Your incronse
in manufactures and wea9th ia pornicioua to your
welfare"
Ho argued TINT there was remarkable aimi-
Of tho Senator from Missouri and tlloso Of East-
ern capitalists. Every plan of1crad by those
opposed to increase Of currency embraces tint
Of retiring: t:roonbacks which do nit boar
Interest," and substituting In toir place interest
rcconvetsion into greenbaols 10 us to iteop them
in circulation. thereby imposing upon tho necks
OF tho people all additional burden Of twenty
millions pcr annum aud for what purpose and
for whose benefit? 10 onable, tho Eastorn
their surplus fu1lds, and at tho same time to got
additional interest upon these bonds. They
seom to want sotno way to drain tho Treasury Of
its gold,and thus have tho whole 1nonetpry powor
at the .mercy Of Eastern money!
holders. 1s it any wondor, thou, TINT tho West
md South, who understand this thing, should
look uppn 1t ns movement to strengthen md
porpotuate tho money monopoly which tho plos~
ent loyal restriction gi7eH to tho Eaat2 1t may
not surprise uB that M Eastern Senator should
ndrocAtc this policy; buE what uro wo to think
when wo Bce Wostorn Senatoru in tic worry front
of this movement? Is tho present movement
among farmers, mechnnicB, and workngmon
without Bigniicanco2 Arc sse 10 silly AZ to sup
pose they will ECO their wages reduced to nero
pi:tanco without sovero struggle? If there
are labor strikes aud stoppagcs Of business now
trha %lnf may naso..o wo expect if We under. !,a.
vagos viii not purchase broadi ifio aaid We lad
more money during the time when tho Whole
South wns shut out from it's uso than we hive
now, and yet q less amount mlat~ supply the
wants Of tho wloo country, with eleven millions
moro of people to be furnished with circulating
| medium, to Hay nothing Of the fact TINT four
millions Of people. formerly slaves, are now free,
aud must bo supplied with tho medium Of OK
! chango. It il said That speculation IN railroads
was tic caslse of the pa,ic and that this specn~
houds to ratsc tho $50, 900 annunlly
used by them7 Wore theso MI tnkoI,
here No. blr Many were based on gold
| speculation spokon Of, Inns nothing to do with
tile amount and character Of our curroucy. Why
| do We 60 to Europe to soil railroad bonda a1ld
| pay interest to foreigners? Simply because VIC
is allowed to load tho scllato in this matto,, we
will still continue to pay tribute to Europe. The
Senator. from Missouri had referred to tho in.-
| mansa N,nouut OF Inoloy poor reuplo lAyo OIL
deposit in1 savings banka. Ho CLogan) thought
that while this scheme Of contraction il before
tho country, the poor people would do we'll to
| look aftar tloir money littlo.
In conclusion, ho ealled upon tho Sonata to
adopt tllat iberal policy Of FREQ banking, which.
properly guarded, viii not only do justice to
al, but will doyo1op the latent resources Of Tho
South, which lay dormant under tho former
mistaken policy. and which will utilize the
wntor-powcr Of Virginin, and the powor lochod
ZIP In tho " 1T coattlo1s Of Indlann and Illinois,
tho iroI mountains Of missouri, md tho agri-
cultural resources Of the whole country !;
policy that will put our mauufactorloa
again in operation md our tonniries
hands, property to producers, aud happiness to
tho wtolc country. Ho warned tue nloneycl
power Of this country TINT iftley attompt to fa-
poao further burdens upon tho mageos Of tic
people thov will iInaliy lose tholr powor alto
gother. lie would stand by tho rights Of tho
people, no matter how monoysd inonop0los
might attack him, or metropolitan newspapers
abuse aud criticize him.
The Sonate adjourned.
rry1AT ATft1I