New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-01-22
BY TEL E 6 GRAPH,
CONGRESS.
Senate.


ferred 10 the Committee on Privileges and
Elections.
Mr.. Merriman. Of North Ciroiina. I'd.
dressed the Senate and said: Our country
enjoyed the confidence of ITS people more
than any other country OF the face % the
earth, and yet our currency had been Cess
valued than gold 10y twenty per cent. He
argued that it was impossible 10 make
paper currency equal to gold: it was c.iin;.
nal for Congress 20 undertake TO bring
greenbacks up TO the standard of gold. We
must puo ourselves Oh level with come
mercial nations, and 10 do this %e muse
have gold and silver currency. Until We
establish d medium of exchange based on
gold and silver, we can aever have the a6.
vantages of commerce. He advocated an
immediate resumption Of specie payment.
The people of the United States had lost
twenty per cent in al! their exchange from
the time the green back system began. in
1861. unuil now. II the greenbac6 system
continues, depreciation will conJipae, and
it is the duty OF Congress to rid the country
OF this. He was surprised that NOT a single,
de finite plan by which we could get back 10
specie payment had been proposed. The
fourth Of July, 1876, would be the centene
Dial of our Independence, and he trusted
that glorious events would transplre on that
day, one OF them beng a return 20 specie
| payment.
Let tho gold accumulate IN the treasury
over and above the amount necessary to
pay rhe interest on the public debt. if that
! would nnt be sufficient, pat i've per cent
bond On the market. which would bring
gold to par, and on the fourth OF July, 1876,
let every dollar Of green backs he redeemed
in coin. In the meantime, let the volume
of currency be increased. He computed our
| present circulation at s160,0Q1,c00, which
was not enough by at 'easI 100000, 900.
country. New York and New Englan were
| credit States, and had debts due them from
| all sections of the country. Money could
| be Obtained in New York; there Was plenty
| Of it there; but TO obtain IL collateral Sc
| curity was necessary equal - the money TO
| be put up.
He spoke of the unequal distribution Of
currency, and the pressing needs of the
! South on account thereof
| Mr.. Sherman said that the Controller Of
| the Currency had authority now 70 with
| draw SIS 0Gg, 900 from New England and
| give It to the Southern and Western States
which have not their proper proportions
Mr.. Edmonds-"How long wo4,G it stay
| .here 2
| Mr. Merrimcn replied that # lie money
| was down there it wcuid 20 back very slo WY
| il the banks OF New York and New England
| did not offer interest for IL. He denied
| that the currency was redundant as com
| pared with the circulation 0f France and
| England. These countries were densely
| populated and exchange was small. An
| other Slo0. .000, ,000 put IN circulation would
| revive the business of the country. Our
! greenbGck system, which might be termed
''bloated,' had manv debts contracted
| under it. The agreements were that these
debts should be Equidated N greenbacks:
| now il is proposed 10 contract The currency
| which would compel their payment in q
more precious medium than The enc
under which they were contracted. He
| would postpone the time for sUecie re-
sumption until July 4. 1876, on accoun.
3: Of the business of the country being
| based on this bloated currency. By
! putting it off until that time, the people
| seeing the money system devised by Com
! gresS would regulate business 10 that end
| SO that il would adjust itself 10 the system.
| He thought it vast monopoly founded
| wholly upon credit. aud essentially credit
| currency, and, therefore. twenty per cent
less valuable than gold. In the next place,
! every dollar OF the capital stock was IN the
! United States treasury, and the banks res
| ceive five per cent from The government OF
| bonds deposited in the treasury.
} He next spoke OF the rates Of interest and
J put it to the Senate and 20 the world to aDs
| swer. if industry could prosper and pay
| such a percentage for money, He main
JtlutI tIdl tDt Ndtut pI EuIItLty ttAlt uOS
| be controlled by politicians ard statesmen,
! and Congress should not therefore, under-
! take to regulate it; the merchants and buss.
ness men Of the nation would tX Il.
! The banks should belong 70 Jhe people
| and not to the government He wolld
| like to see Congress grant charter tor IA
| great national bank, and set the shares at
! S>5 each. so that the whole people could
. have stock U it. Let tue capital stock be
. 500, ,0Go 600 and directors he IN every sac,
la time of war such bank would come to
the relief Of the government, and would he
| Of essential benefit Sectional II tereet had
! once come near destroy y!Eg tue government.
| Unless Congress DO something 70 produce
an equilibrium in industries more troscle
would he the result
! Mr.. Edmunds inquired = tie gentleman
believed Congress could produce this .uui.
! lipriuin could il say how many t.c tos.
there should ue, where located, etcs
Mr.. Herrimon said Congress could Ass
r.ove the harbors and rivers Of the West.
open up the natural advantages, encourage
ship building, and thousands OF o.sies
things could he done 20 produce such an
equilibrium. But while we 90 on with This
sectional legislation, California with one in
.erest, New England with anothers an3
when they come II conflict. i will result IN
the clash Of arms. They dls g once, .Dd
| would do it again.
Mr.. Edmunds said he did not Use foe ;1s
purpose Of continuing this debate, aus
thought ehe natural tendency OF mones was
20 the pockets of those having a right 90 =.
He knew ds no eontNyancs by which g;u1.s
gress could keep aon<s - an. NsectiSss Oh.
| less the circumstances Of th%geopa q, G9 lcb
[ sections should enrltle %a,em 70, keep Che
( money. Money is always f1wing where 5
las the right tOfow9 Granting thst $50.
000,000 more ae given ., 9hs South snd
| West, it would settle ia '!Ie Socxets ss
| those entitled to it. He did2or believe tina:
there was dollar more n sermone man
.here would be if every Sans II The safe
! was removed D. louisiana EveSv slas -.
! titled 20 money would have X y his sockes,
and no coDtrivance ~ ieglslS ,oN eoulA
! force money sp geaaIs % Jhs
Wes. Or South, ntil bs issta,eg .nI
econ '.mr 'hs people s@.!d snti''e % ei..
selves 70 t-soms che ouns.s ~ %. osev
. awed 20 Tho Nes. Sk sIJ-s $3.50 . aL..e
j. be'.ns., and the same s'5s o,goa :h~
s,uth. If ,he Soush s-s~ Ss'e sonsla.r.
.he money must be see ellsse 9: GSSlevi To-
.he.e'oc. lsny policy whics sOSid COZ Je:
:he circulating medium % seinas 10. :le
section gs.thes Chan sn6Ges .Sas Ss es, p.5-
sloIitv.
Mr.. Merrimon said .le stsst": srss:...
mon. tEdmunds) went upa9 .he 2-inc.l e
ths. the commercial int@ee0 e .se cou..
Try were in normT conNunso sDers
were circumstances Which had :I. ceG
money from the Wess Ss6 SbusiA Ghe
South produced $3.50 900, go wc..G Of c..toD
annually. and the money eO see'su. Is
shonld be at the South. .shas 20 a. 'sa.s
ural course Of things. toos i. ss.rse YheI~
was something wrong sOiHswhtea e.'nc
false basis. If the people e .he s1IatA had
the capital they would buile up ci-ies end
towns, construct rairoaGs. opeN pines, and
Wall street. instead OF bnns il Sew snrk.
would be III Cnarlestds, s4rsa L o SpS Noss