The Republican journal., 1874-02-05
Democrats and the Currency

The New York Herald saws that the
men held a meeting last week TO consider
the finance questions. Ii reports the pro
ceedings as follows
The meeting was largely attended Mr..
| Niblack, Of Indiana, was unanimously
elected permanent chairman, and Young
of Georgia and Parker of New Hampshire
were elected secretaries. The only mem
bers of any note absent We're Wood, Pot
ter and Cox Of New York, and Beck of
kentucky. The chairman stated that the
caucus was called to elicit the views of
| the democratic and conservative members
III relation to the great questions now be-
| fore the people OF the country, the great
est Of which he considered to be the sub
.iect Of finance. A general discussion
| took place, which did not indicate so great
a diversity of views as at first seemed
probable. Mr.. Whitehouse of New York,
spoke in opposition to either contraction
or expansion and was strongly in favor of
| deprlvlng the Secretary of the Treasury
OF the power Of producing either He
was followed by Mr.. Durham of Ken
lucky, member of the Committee on
Banking and Currency, who was in favor
OF allowing things to remain as they are
Mr.. Randall, also of the same Committee
| made very able address, He declared
himself i'll opposition to imitation, but in
| favor Of the 400, 900 900 Of legal tenders
and thought that whatever OF this amount
still remained unssued should be in ma
| tional currency. Mr.. Cook, of Georgia,
favored increasing the currency, and said
that the people of his State lacked the
necessary means to transact business and
move their cotton crop, and in this he
was endorsed by all the members present
! from his State. Similar views were eN-
pressed by Hereford of West Virginia :;
Mr.. Grassland Of Kentucky. and men,
| bers from the West. Mr.. W. r. Roberts,
OF New York, spoke strongly in condem-
| nation OF the present national banking
| system. lie said that in no other country
| i'll the world was there a similar nstitu-
ton; that OF all the monopolics that curse
the nation this was the greatest; that it
was like a gigantic leech, draining the
very life blood Of our commerce and our
agriculture. He favored the gradual can
collation. Of the bank currency and the
| substitution OF Il national currency and
the passage of a law which would
| prevent the Secretary of the Treasury
from expanding or contracting the curren-
| cY at his pleasure, and to fix the volume
of the currency at $500, 100000 Mr.
Shoemaker of Brooklyn, followed in de-
fence of the national banking system and
IN favor Of allowing affairs to remain as
| they are. Mr., Hamilton, of New Jersey,
expressed like sentiments. Mr. Holman
OF Indiana, made a very able speech
lie took the same position as Col. Roberts,
in opposition to the national banks and in
favor Of a national currency, and declared
that the only salvation Of the democratic
party was in opposition to the present and
past financial policy of the government,
and he said that any party which endorsed
it could have no hope of a future. He
offered a resolution embracing these views
not he said, for action tonight but for
future consideration. On his concluding
the caucus adjourned, subject to the call
of the Chair The session was entirely
harmonious, and, though the views We're
warmly presented and vigorously urged
spirit Of harmony permeated the entire
discussion. The desire was to agree upon
some basis for future action, and another
caucus will soon be held
charter has been petitioned for The
company will offer, for consideration, to
insure the fidelity of persons holding posi-
tons Of trust like bank officers, cashiers,
agents, &c. The company will have to
| l. IL I'M fn