The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-09
THE ASSASSINs OF CREDIT.

Vain Efforts Of the Imitation Advocates
to Convert sophistry Into Logic-Con-
characterization Demagogues Endea vor-
Ing to Reconcile Folly and Righteous
ness-Mr. Beck's Bill to Abolish Ma
tional Banks.
WASHINGTON, April 8, 1874.
The House, at quarter to two, resumed she
consideration OF che Currency bin.
Mr.. CoBURN, trep.) OF Ind., made a speech in
favor OF the bill. He denied the assertion that
what the South ana West lacked was not currency,
but capital. He maintained the contrary. that 1t
was not capital they wanted, but currency. The
census tables showed that they had wealth and
capital In abundance; quite enough to COM
mand respect and to silence those who insolently
made such q statement. He could see no safety in
contraction and none In standing still. The Dill
passed by the Senate was now the Speakers
table. SO far as 1t went 1t was measure
OF relief and his advice would be to
adopt that measure Without amendment as the
best that could be done at present. He argued
that the banking system OF the country was estab-
lished and could not be safely changed. The with
drawal OF the bonds and the calling in OF the bank
loans would ruin business. II would be better to
add $780, 900 to their circulation than overdraw
them.
THE GREAT LESSON OF THE PANIC
was that there should be reserve OF currency Ia
the Treasury, within the reach OF the people The
value or currency depended not on its redemption
In coin, but In the ability and Willingness OF the
people to pay taxes and to supply revenue to pay
the debt and interest. The way to resume specie
payment was to keep up the prosperity Of the people,
and this could be done By moderate expansion.
specie pay menC was myth everywhere. The banks
always suspended on o run. Time and credit
would WORK the government out OF debt and
bring up the currency to the gold point. At the
close OF the war the paper circulation was twice
Its present volume and the people did not suffer,
but prospered. The pains Of contraction had been
had increased and more currency was needed II
contraction was necessary why did not the great
ia SssseFm wa0 urged r. set the example
were the likelihood OF the nation In war and peace
With them wages has risen nifty per cent IL was
rency. Tor 1t gave him good prices and home
market
Nj. TOWNSEND, rep., Of Pa, opposed the bill as
render Of the great provision OF the constitution
safe currency for the people and to regulate The
value thereof The House would be recreant to lts
duty y ia JAILED 70 kseP stern grasp on the cur.
and running into imitation. TO show the necessary
consequences or innation be exhibited q diaaram.
~ On ss Ss the
and fall OF the circulation at various periods show
ing that wherever circulation attained its greatest
panic. he warned the author Of the bin mr. MaT.
nard, Of Tennessee) that this bill was
This condition Of things had been predicted > nm
years ago, when Virgil wrote 'F6CQts descens,ls
Ace1ns sed rerocnre Q,adun htc est labor, hoe opIs
that the gentleman from Tennessee might provide
for the issue OF large mass OF snlnpIasters, but
tnsm lie argued that ts 70 S ce
render specie payments indefinite and would prob
ably postpone them forever. There was but one