The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1874-02-13

have no positive legislation either In the direc-
ton Of early resumption or OF any great mia
ton. But we certainly shall have imitation to
the extent Of the s44,0O00 900 reserve, which
has already dwindled to less than $4,000, 900.
As Mr.. Richardson regards himself as pos
sessing the authority to pay this whole amount
out, and as the House will prevent tho passage
Of any resolution restraining him, and can also
80 delay any measure Of proposed taxation "a
to force the Treasury INTO falling back upon
this resource, 1t is safe to conclude that the
$4,000 900 will follow INTO general circulation
the S26, 00O, 900 already disbursed. Probably
this will end the matter and there are some
indications that in the end Congress will give
the warrant OF law to what the Secretary OF
the Treasury Is now doing without any author
ity in the opinion Of the best lawyers who have
examined the question. The Senate may con-
sent to go thus far and by way Of compromise
acquiesce in what it cannot help, but We do
not believe that It will pass any measure pro-
viding for the issue OF more irredeemable
notes.
While no little satisfaction is to be found IN
the increasing probability Of our escape from
the perils INTO which the expansionists are
seeking to lead us, we gravely regret the GER
tainty OF the Issue of the reserve" We do
not regard MIR. Richardson's action as author
lied by law, and 1t undoubtedly postpones the
day Of resumption, carries US easily back over
q rugged path that must be again traversed
with great difficulty, has already stimulated an
unhealthy speculation, and must tend to the
serious Generalization OF the tone Of public
sentiment upon this subject. Ingenious theo-
RES may be devised and plausible schemes may
be set on foot to improve our financial condi'
ton, but they cannot affect the force OF the
great monetary laws that an irredeemable pa
per currency is an evil and that its only cure is
It's restoration to q specie basis Daniel Web
ster devoted his powerful intellect for thirty
years to the study Of this great question, and
his weu-weighed opinion was thus forcibly
stated:
"A disordered currency is one Of the great
est Of political evils. II undermines the vir.
tines necessary for the support of the socia
system. and encourages propensites destruc
tive Of its happiness. 1t wars against industry
! frugahty and economy; and it fosters the evl
spirits Of extravaganza and speculation. or al
the contrivances for cheating the laborine
! classes Of mankind, none has been more effect
ual than that which deludes them with paper
money. This is the most effectual Of inven-
tons to fertlize the rich mans field with the
sweat of the poor mans brow. Ordinary tyran
n.y. oppression, excessive taxation, these beal
lightly on the happiness OF the mass OF the
community, compared with a fraudulent cur
rency, and the robberies committed by depre
ciated paper
Truer words we're never uttered, and they
should be read in every cottage and farmhouse
in the land. And in the same connection lei
us quote from Senator Schurzs recent speech
these torcible paragraphs which emphasize to-
day the dangers spoken OF by the Massachu
sets statesman years ago:
Least Of all is the agricultural interest ben
Gifted by our irredeemabe and redundant cur
| rency. It is, on the contrary, most previously
! injured by 1t, because the farmer must pay ex
! travagant prices for all he has to buy, while
the prices of the principal products he has tc
sell are regulated by a foreign market un
touched by our home imitation and controlled
| by the competition of the world.
"These evils Will be increased by every fur
! ther expansion and consequent depreciation OF
| the currency, and the idea that the agricultural
interest and those sections OF the Countrywide
! West and the South-whose prosperity depends
on profitable cultivation Of the soil, can bt
really benefited by further expansion, l.,
/ therefore, faacious in the highest degree.
ION the other hand the agricultural interest
will be vastly benefited by return to specie
| payments. because resumption will greatly re
duce the price OF commodities the farmer hal
TO buy. while II will not, IN proportion. reduce
the price Of the principal products ne has t
sell, thus adding greatly 20 the purchasing
power Of his income"