The Louisiana cotton-boll. [volume] (Vermilionville [i.e. Lafayette], Attakapas, La.) 1872-1883, 1874-02-04
THE FINANCIAL QUESTION.


| Fp bSSaVhtCs
In tho senate, Inst week, resolution
| from the finance nOmmi tee being before
that body, Mr.. Schurz spoke rs follows
He said the iBauo now R00mod TO be
between resumption aud initiation. HC
thought the doctrine Of proCrastination
in redeomlng the legal tenders an alarm
ing and dangerous one. He was sur
prlsed to hear the statement of the sec
RtOr from MassaClusetts CBoutwolD
about France, since the credit of that
country has not been impaired He
(SOburz) thought the public credit would
be seriously impaired wheE the govern
ment adopted the doctrine of tho gon-
tlOman that the government redeem it's
promises to pay only when it pleaaes to
do 80. Mr.. SChurz Expressed his dis
approval Of re-isRuing any portion of
the forty-iour million reserve, md went
on to give his views nR to the CAUSE Of
tho recent panic and continued ::
We have Mother n foreign war nor
domestic rebellion Mt our gates to-day,
nor any other disaster upon us, to cause
nm increase Of our currency. This
proposition to invest tho government
With such power meant it should exor-
else the power mt it's discretion, to issue
any amount of irredeemabIe legnl ton
der paper ms money, or, in other words,
it placed all the private fortunes in the
country at the mercy of tho federal
government. Did senators think the
American people would ever invest any
branch of the government with this
great power? None but d0spotio gov
ernments ever claimed such power. Tt
was virtually debasing the coin of the
realm, and he hoped congress would
consider well before it adopted any such
measure. If the currency should be ex-
panded to ten thousand millions, the
people would complain of insuffioienoy.
Why? Because an excessive issue gen
orally effected rise in tho prices in the
commodities of living, while n return
TO specie payments decreased the prices
of those articles. An irredeemablo cur
rency always diverted capital from le-
gitimnte business enterprises. Hence
the continued and Unsuitable demand
for more. Tho more the currency is
expanded, the greater will this evil be-
come.
He did not hgree with his colleague,
Mr.. Bogy, that new national banks
should he started in tho west, or That
the issue Of these should be increased,
as he did not believe that the money
issued by them would stay there and
benefit that region. He argued that
the relief sought by M initiation of
the currency would be mere illusion.
Let it be supposed that every individ- |
ual in the country could wake up in the
and find ten dollars IN bis |
pocket in place of ono the day before. |
What jubilee there would DO among |
the fools Did any sane man suppose
the wealth of the country would be in
creased Not in the least. Or wealth !
OF any citizen be the greater2 Not q
particle. For, on going to market next
morning he would have TO pay ten dol
lars for what one dollar would have
purchased the day before. Every con-
sideration of good faith and sound pol
icy seems TO urge us to put an end to
this iniquitous system i'll regard to
return TO specie payment. He said he
desired to enter his protest against two
plans: That presented by the senator
from Michigan Ferry, to first expand
The currency and revive the posterity Of
The country, and, second, that proposed
by tho senator from Massachusetts,
.BoutwelD, to donothing, but let things
remain as now. Return to specie pay
ment must be preceded by severe re-
in public and private ex
by prudence in our business
by a recognition Of the
ruth that honesty and productive labor
q the true source of wealth. He thought
hat If the plan of the senator from
Michigan should prevail, it would be
yood-bye ratrenchment Good-by
economy Let imitation prevail AS to
hat OF tho gentleman from Massachu-
jett (Boutweln, he said il was # do
nothing policy, and the country had
llready seen the evils of it. The gen.
leman had adhered to that policy faith
ally while he was secretary OF the
reasury, and his successor had followed
he same course. He (Schurz) thought
he country should understand these
eachings and profit by the lesson. The
,lan of the senator from Massachusetts,
vas the most dangerous, because IL
,ore some aspect of plausibility, and
gould present itself rs feasible to
arge class of people who did not study
leeply the question of finance. II was
tot proper for congress to stand still {
nd let disease wo-k its own cure.
We would present sorry spectacle [
o the world by hiding our heads in the
and and saying we are afraid to move
est we break something, when the
ireak down has already occurred. He !
eclared 1t TO be his candid opinion that
he present time is the most opportune {
ince the close of the war 10 resume !
pecie payment. IF this time be lost {
o would have to await another finan- [
ial crisis and overcome greater OBJ
tacles. Many of the difficulties in the {
,ay Of specie resumption has been sur [
lounted by the crisis. Let it be under ]
tool that we are 10 return to specie {
aymeats, and every sensible man will ]
AXE care TO run in debt no more than 8
absolutely necessary, when he knows q
bat with which he Il TO pay such debt {