The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-02-12

in that section, because 0ther states IN the south
had greater deficiency tnan those. 1t was not
very pleasant for the people OF the West TO come
here and have to beg Tor simple justice. This I'M
equal distribution OF the currency was a manifest
iniustce and bitterly complained OF by the people
OF his section. When they asked to have the in
Emo land "YOu would not take 10 when we offered
IL TO YOU, ana it is not good for you TO have'
Mr. AETHONy-Who SAID SOP
THE NEEDS OF TIRE WEST.
MI MORTON-It has been said on this floor
OF times. His friend, Mr. Anthony, opposed any
withdrawal OF currency rom E1ode Island and IN
in the last few years had Increased at least
10000 three-iourtbs OF which was in the West.
all. It had been said that the West would not
take the money when II was offered her.
S sIeas Recognize the TACT that the Vest Vest
was growing. and the question was not what she
was able to do Ia 1885, but what is she abe to do
VIII does she want now Lord Bacon had said
that the great curse of philosophy was theory, and
he INF. Mortonl thought the great curse OF our
history of every country when specie payments
could not be maintained. This country could not
MAINTAIN specie payments during the war,
II would get away from that currencv
as 1t got away rom The results OF the war. There
was 40 more sense In a scarcity OF money than
there was in a scarcity OF l0od. As an abundance
of i0od stimulates the body so an abundance OF
money stimulates business. There had been a cry
that to increase the currency would only aid
speculation. He believed IN speculation. The
man whos went to Colorado, laid out
a speculator, but he was a pubic benelactor.
Speculation HAD given us $4,000 miles
OF railroad. He believed that to take the money
away IRON the East would dsorgaulze busine as
there, and he was opposed to 1t; but il there could
be no increase o. currency he favored the passage
Of this bin and redistribution He argued that
an increase OF national bank notes would place no
obstacles in the way OF a return to specie pay
ment, and Il iorty, iiity or sixty millions should
Creenbacks would not be cheapened in the
least nor would there o- be any increase In the
Of the $54 600 600 the Comptroller Of the Currency
said 1t still required $40 100000 to equaze the cur
rency. Four years OF unprecedented growth have
passed away since then, and ii $40. 600 GOO were
required at that time to make equalization at
least $so,ooo,ooo would be required now.
is to be no increase IN the volume OF the currency
he would urge a redistribution; otherwise there
would be no excuse for taking dollar from New
England. 40 his friends from the South he would
say when the war was over they had no money,
but they were rapidly recuperating now, and, Is
OF establishing then II those sections Of the coun
try did not need the increased circulation they
need not take 1t, and no harm would be done; but
they certainly should be put In a position where
they could get 1t II they wanted IT.
CALIFORNIA; SOLID MONEY.
Mr.. SARGENT (fep. Of Cal said that fortunately for
his state during the past ten years 1T mad CURRENCY
peculiarly Its own. 1t had been charged that the
action OF his state In not establishing national
banks and taking currency was unpatriotic; but
he did not think so. They had no imitation, no
panic and scarcely notable failure there. He
on ' an independent footing ' on THIS guess %as
ton, and mad listened TO the discussion
attentveiy and imDar,iaiy. He believed there
pOhtic the same as too much iOod would injure
the human body, inflated currency would lead to
unwhOlesome speculation. lie ADMITTED there was
much justice in the GAINS or Senators that each
community should have its snare OF circulation,
and while there might be justice in the claim that
the theory was not good one. He was opposed
to any nIatiOn or the currency, and would there.
fore favor the passage 0i this Oil.
Senator LOGAN said, 10 confirm the statement he
made q few minutes since as TO being able to pur
tile capital Of the whole State OF Rhode Island into
u single county in his State he would read rom
the figures Of the Internal Revenue once, and they
showed That in 1868 the First distrct Of Illinois
paid $les4s, 800 internal . revenue. while Rhode
paid over 81. 000,006.
Mr.. ANTHONY said his statement was that In the
year in which the largest internal revenue was
rendered his State paid ~, 100000 He was not SO
green as to declare that his state paid more reve
nue. than Illinois. when there was not single dis
tillery nor TOBACCO mandatory in 1t.
Mr.; FERRY, trep9 of Mich, said the increase in
Rhode Island, as shown by the census OF 1870 was
but $500, 0O0, 100, while that Of Michigan was
$7l9, 0o0.Ooo Yet Rhode Island had more clrcula-
ton than Michigan. He argued against the I'M
West was far below what she was entitled
to-. While he was opposed to increasing
national bank notes, and favored the issue OF the
whole volume OF currency by the government. He
was willing to waive all other questions for the
present, and have the increase OF national bank
currency, believing that 10 be the vital question to
the people. The Vest now asks the government
she helped to defend to distribute the currency in
the same ratio " that which the New England
states enjoy.
IF NEW ENGLAND PROTESTS THE WEST DEMANDS.
Mr.. WADLElGH, trep.l OF n. LIVE have gwen
you men to populate the West
Mr.. FERRY-Yes, and you deny TO the people you
sent there the rights they would have enjoyed had
they stayed at nome. He (Mr. Ferry was not
question OF finance; yet IL was the great question
which would divide sections, rising above all party
questions. If New England continued to protest
demand would be elt. The West must have money
to develop her resources.
SOUND SENSE AND SOUND SPECIE.
Mr.. STEWART, OF Nevada, said this bill might do
very we'll but he could not understand the argu
ment OF southern and Western senators that to
give them more money would better their cOnd-
ton. 1t was very evident to his mind that the
more the currency was inflated the less money we
would nave. Money Is bound to go where the sur
plus profits accumulate. The people who speculate
in the currency live in New York and make
their millions every year. The Gold Board in tnar
city produces Its millOnnares every year by specu
laJlOn in our nuctuating currency. The farmer
could not keep track OF them, but they could easily
there would be richer harvest in wall street next
year. The only way to relieve the country was to
60 right back to specie payment Let every
would then know how to measure the difference
between the price OF their wheat in Illinois and Liv
erpool. 1t would be question OF transportation
who devote their attention to 1t make large for
tune out of this mystery. Let gold be the standard
Of value, and not paper money not convertible into
gold at the will Of the holder.
Mr.. MORRILL,, (rep.) OF VT, said until New Eng
land ceases to bring forth more maple sugar and
more pretty girls than any other state in the
Union she would not escape reprOach in this cham
Der. He had been in favor OF this bill, and ex-
pected to see 1t pass without debate. The senator
from Indiana (Mr. MortOn) had discarded all other
theories Of the past and came forth with new one
for the issue Of paper currency without any metal
lie basis.
MI. MORTON said ne never denied that the
normal condition OF currency was gold, but there
were periods when specie payments could not be
maintained, as during our late war.
THE FINANCIAL THUM BSCREw.
Mr.. MORRILL-Yes, sir; and we are eight years
from the close OF the war and further of than ever
from specie resumption. The gentleman (Mr.
M0rton) proclaimed the fact that speculation had
built $500 miles OF railroad, and he said let
speculation 90 on. Had the gentleman read
the last document from Mr.. Bancroft, our great his
tOrian now Minister 10 Germany, wherein he says
that fity.eght OF these railroads to-day do not pay
their dividends? Was that the kind OF speculation?
What the gentleman wanted was to apply the
thumbscrew to New England.
Mr.. MORTON said he did not desire to apply the