The St. Cloud journal. [volume] (St. Cloud, Minn.) 1866-1876, 1874-03-26

W.8.MITCHELL EDITOR.
Thursday, March 26, 1874
DAD PATH AND had POLloY.
The House Of Representatives, on Mon
3 day committed i'sslf,by a large majority,
70 tho policy of further initiating The
currency. The bill fixing the amour,
Of legal tender notes At $400, 000, 900,
insssad OF $s56,o00,000, w.s passed
BY vote Of 167 70 r.. Efforts to 6x
the amount At $s56. 600, 900, or to 70.
dses il 70 1885,, 600, 900, the amour, Of
legal ssadss nov ont, failed BY about
the aams vote q thai BY which this bill
M passed. The Indications are that
possibly the Senate may refuse to go
beyond tho $3s2,o00,00o, and tho
Rosss may b brought to agree to this
- . compromise. But this would be
only lessor evil. The whole policy
il wrong. Every step taken in the di.
rsetion Of IN increase of the volume of
the currency is long step away from
the resumption Of specie paymeut-it
h . violation Of tho faith Of the Gov
srnsat which stands pledged to its
sssditors, BY solemn aot Of Congress,
TO make provision At the earliest
practicable moment for the rsdemp.
tson Of United States notes in coin"
Is3aAios, like the descent 10 Avernus,
isaay, but the WY back u long and
vsosiseos.
d IAaa he business Of the country 70.
qsisss more money, - il claimed, il
-. t,us. The reports Of the New
York hanks show that the deposits for
the week sadips March l4,h, 1874,
ware ~. l73,1L0 create. than for the
eo1ssPoadisg week in 1873. The glut
Of nsaey in that city il % great that
ths hans increased from $252, 000, 900
for The week sading December s, 1878,
10 $3.50, 000, 900 tor the week ending
March IA, 1874. In Bos.on tho banks
efos ths lmnsass surplus now
lying idle j. their vaults T. thei. Gus.
tonss-slnoss urge Il upon them
u vssJ Low rate Of interest aud on
snyth,ns IKE safs ssssrisiss. The in
srsass would b swiftly drawn into
these great money oeaters, and used for
purrosss OF speculation. There is
money enough already, and more than
snoash, for the business that is to
b done. The trouble is that the
oountsy hes not yet recovered from the
effects Of the September panic. In.
dsst,iss have not yet revived, and the
staglation in tho usual channels Of
trade comes largely from distrust.-
This dissrust will be increased by the
further addition to and consequent de-
probation of the currency. Trade may
be stimulated by inaation, but there is
nothing healthy 10 it. The relief is but
temporary At the best, and much more
sppsrsnt than real. The effects Of
. great disaster, suoh ~ the panic Of
lhst fall, cannot bs recovered from in
. day, OF . month, 0, = year. Bot with
sosad, honest Management the recovery
IL certain, aud the wrecks to be cleared
up sfs those Of the frat crash. Inas.
lioe dspssssss 90 already weakened
system, iadsasissly removes the day Of
recovery, aud snssttlss tho foundation
Of almost every business.
Il must be evident 10 every mind
that whatever paper money Is Issued
beyond what derives an actual and no.
changing value from coin, is just 10
much that is irsedesmsbla. The $685..
100000 already authorized by law is
irrsdesmsble; and the proposed in
crease Of $44,0o0,o0o will make the
whole bulk still more irredeemable, and
therefore the less valuable. Congress
can % we'll increase the amount to
$s00, 0o0, 900 - to $4oo, 900, o0o-and
. bill ,eas offered in the Senate by Mr.
Ferry for such an inorease-and can as
we'll double that, and 80 on, until gov
sRnmsat notes will be the cheapest
thisg in this eountry-antil every man
can have bis pockets, hat and boots
full Of them. This would be only car.
syisG out tue present policy Of. Con
gsasG somewhat to % extreme the
psissipls 10 The Same, and it is prinoi'
pie most pssnieious in it, effects on the
business sad business morals Of the
soustry. II makes gold exslusively az
sstieIs Of nsEehandiss, and encourages
Ne widest speculation and gambling
When the government violates its faith
With these who, on the strength Of col.
ssn pledges, have Invested in it, e.
ss,itiss. the public cannot be expected
h ,iss 70 . very high plsas Of buslusel
morality. Good faith, good morals
ed sesd policy al protest sgsinst this
dsp,ssission Of the currency, and call
for such legislation on the part Of Con.
gssss ~ will reduce the volume Of legal
tenders md hasten tho time whom .
dollar will be what It olsims to be.
In the United States Senate, on Tues
lay of last week, Senator Ramsey pre-.
rented The memorial of the Legislature
Of Mipsssoaa il favor Of an appropria.s
lion ior tbs inpsovsnsnt Of the Mis-
river from st. Anthony Falls
10 Seuk Rapids, which was referred to