The Baltimore County union. [volume] (Towsontown, Md.) 1865-1909, 1874-03-28
4 Good DQN'S York.


Congress began the week well on Monday
Both Houses did what the country has been look
ing for them to do for three months past and
what they should have done long ago, that is to
settle definitely what they propose to do concern.
ing the financial questions agitating the country
The Senate had quite discussion over the COM
promise bill Of Mr.. Sherman which practically
proposes to fix the legal tender issue at 1882, OOO,
900 and to provide for free banking, but the legal
tenders must be retired as rapidly as bank notes
are issued. In the House of Representatives Mr..
DAVIS, chairman Of the Committee of Ways and
Means, secured suspension Of the rules in order
that the bill fixing the legal tender notes at $780,,
100000, might be taken up. Mr.. Dawes then
moved an amendment fixing the amount at $685.
100000, which was rejected by vote of l72 to
10. Then Hon. Ellis Fl. Roberts moved an
amendment that they be limited to $685., 900, OOO
This was also rejected by vote of 172 to IA
The original bill fixing the amount at $500, OoO,-
900 was then passed by vote of l6s to II. The
Maryland delegation, except the recent "Great
Seal, "who was not present, voted against in6a-
ton.
This action is what the country had right to
expect long ago, that is definite action. People
have not been so much agitated about. what action
Congress might take to relieve business as it was
about its refusing to act. Until it was known
what might be expected from Congress business
was unsettled. Men who operate largely did not
know what to depend upon and could not take
any steps with safety or certainty. The action
of the Senate, and perhaps that of the House. was
due mainly to the calm, solid advice OF Senator
Conkling. He stated that Congress should not
lose another hour in settling what should have
been settled long age-whether it would have in
hation or not. When the vote was taken mo-
ton was made to reconsider and that laid on the
table, which virtually settles the question. Now
business men Of all classes know what to expect
and they can make their arrangements according
ly. We lay no claims TO being prophets, but
we are inclined to the opinion that the spirit Of
speculation that has been rife in our midst will
not be fostered. Business gambling in transac-
tons of large Importance will not smbarrass the
financial operations of the country as they did
prior to the panic. We should have contracted
the currency. We think that is the only safe
road back to a specie basis, back to where we
were before the war placed US in the condition
we are in financial point of view.
France was thrown into political and financial
commissions in 1870 quite equal to ours in a CON-
parative sense. Since her war that terminated
so disastrously to her, she has been obliged to
raise large sums of money to redeem her soil from
German soldiers. In comparison with her pro-
auctions and business the money her people put
in her Treasury by the purchase of her bonds was
by far greater than that put in the United States
Treasury by our people by the purchase of bonds.
Yet France is already on the road back 10 specie
Since November 18th she has contracted her pa
per circulation from $780, 900, 900 to $53s, OOO,-
900. From October Both to March 9Th the specie
in her Treasury was increased from $l45, 900, 900
to Sl9l, 900, OOO Thus her specie accumulated
in the Treasury is about thirty-fve per cent of
the amount of her paper circulation. The conf
dence that is cherished in paper money is based
upon the amount Of specie that stands behind it,
The larger the proportionate amount of specie to
paper the more confidence the people will have
in the currency and business. The public now
know what to expect. Let business revive upon
safe-not hazardous-plans, upon economical
not ravagant-enterprses Industry, econo-
my, caution and honesty-and not more paper
dollars--are the talismen that will bring us
through our difficulties all right.