The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1874-01-22

draw So, ,000, 900 from New England
and give it to the South and West, or
States which have not their proper pro
portion.
Edmunds-How long would it stny
| there?
Sherman-That is another question.
Merriman said, in reply to the Sena-
tor from Vermont, (Edmunds,) that if
the money was down there, it would go
back very slowly, if the banks of New
York and New England did not
offer interest for it. AS these States
pay interest, the money goes there.
He deemed that the currency was re-
dundant compared with tho circula-
ton of France and England. Those
countries were densely populated, and
the exchange was small. Another hum
dred million dollars put in circulation
would revive the business of the coun
try. Our greenback system, which
might be termed bloated, had many
debts contracted under it, The argu-
mcnts were, that these debts should
be liquiduted in grecnbacks Now
it is proposed to contract the cur
rency, which would compel their pay
ment in more precious medium tlnn
the one under which they were created.
He would postpone the time for specie
resumption till July 4. 1876, on account
OF the business of tho country being
based on this bloated currency; but by
putting it of till thnt time, the people,
seeing q monetary system devised by
Congress, would regulate business to
that end. SO TINT it would adjust
He was opposed to the national banking
ofaSr Il !, 81, .,,t ~
founded wholly npon credit. and essen
tlnlly credit currency, and, therefore,
twenty per cent. less Valuable Than gold.
capital stock was iu the United Suites
treasury. and the banks receive five per
cent. from the Government Oil bonds
deposited in the TREASURY. He next
spoke of the rates Of interest, aud suid
he put it to the Senate-hc put it to the
world-to answer, if industry could pros
per and pay such per centage for money.
Hp maintained that the volume of cur
rency could not be fixed by law; it
could not be controlled by politicians
and statesmen; and Congress should
not, therefore, undertake to regulate it.
The merchants and business men of the
nation would fix it. The banks should
belong to the people, and not to the
Government. He would like to see
Congress grant charter for greut ma
tionul bank. Let the shares be at $25
each, SO the whole people could have
stock in it. Let the capital stock be
500, 100000 and the directors be in
every State. In time of war, suoh q
bank would come to the relief of tho
Govern ment, and be OF essential benefit.
Sectional interests had once come near
destroying tho Government, and unless
Congress does something to produce an
equilibrium in Industries, more trou-
BILE would be the result
Edmunds inquired il the gentleman
believed Congress could produce this
equilibrium. Gould it say how many
factories there should be, where located.
Sc?
Merriman said Congress could i'm
prove the harbors and rivers of tho
West, open up the natural advantages,
encourage ship building, aud thousands
of other things could be done to pro-
duce such equilibrium; but not while We
60 on with this sectional legislation
California with one interest, New Eng
land with another, and the South with
another. When they como in contact,
it will result in the clush of arms. They
did it once, and would do it again
Edmunds said ho did not rise for the
purpose of continuing this debut., but
he thought the natural tendency of mo-
ney WINS to the pockets Of those having
the right to it. Ho knew of no contIiy.
ancs by which Congress conld keep
money in any section. unless the circum
stances Of tho people in such section
should entitle them to keep the money.
Every citizen has the right TO put his
money where he thinks lie can make the
most out Of it. Congress. nor any
other power, could interfere with this
right of the people. Money is always
flowing where it has the right to rest.
Granting that S50.0O0.Ou0 moro be
given to the South md West. it wonld
go to the pockets OF those entitled to it..
He did not believe there was dollar
moro in Vermont now than there would
be if every bank in tho Stata was re-
moved to Louisiana. Every man enti-
tied to money would have it in his
pocket, and no contriyancc or Icyisla
ton could forco money to remain in til q
West or South, until, by industry and
economy, the people would entitle them.
| selves to become the owners Of it. New
England could not keep money which,
she owed to the West She must send