The Grange advance., 1874-04-15
From Industrial Age.
Finance ce-Loaan vs.. Schurs.

We are happy to acknowledge the re.
ccipt Of the " Congressional Record" -"
containing the speech Of Senator Logan
iu reply to Mr.. 2Schurz. Its great
length prevents our laying it before our
readers. TO say Chat this is an able
speech would give but faint idea Of
the vast array of well-selccted facts
which it presents, and the crushing out
logic brought to b ear against the cur.
rency-contraction, labor. robbiug, false
pretense. gold-redemption theorists.
The Tribune presented Schurz' speech.
as a pulveriziug Of John A. Logan, and
other alleged inaationists. The reader
Of Gen. Logan's speech. by comparing
the two together, will learn the different
meanings Of the T'ibune's term. Asap-
piled by the Tribune; it means oatmeal
dust, ground cut Of the serf-making po-
litical economists Of European despot-
isu,, thrown into the peoples faces, in
tended to blind them, while they are
r,erci)essly robbed by the promised bank
specie redemption, paper inlationists.
But Logan goes down to the bottom Of
the question, and breaks in pieces
Schurz' cons slomerate mass Of bank
dynasty sophistries, and exposes the false
hoods BY which their reign has been
sustained and is attempted to b'perpet.
uated.
Logan first shows that the three great
sert::labor nations: England, France and
Germany, have much larger volume Of
currency and money, per capita, for their
serf populations, than the United States
have furnished for intelligent and enter
prising treemen.
In England, April, 1871, the amount
OF money per capita was S27 80; circu-
lation, per capita, S24.28.
In Germany, January, 1874, the
amount per capita was $3l.56; circula-
ton, per capita, $26.6O.
In France the amount of money per
capita is $34.62.
While, on the other hand, United
States furnishes for intelligent men, who
own the soil, and the business classes Of
such people, only $31.72 per capita.
and an actual circulation Of only ~$1672
per capita, thus by law cramp3ng down
the energies of the people, and rapidly
making them the mere prodqeerA Aomood,
and the raw material to compete with
the barbarian nations Of the world, in
furnishing these products for the great
er benefit of the three nations we have
named, who, though despotic, yet whose
more enlightened financial policies build
up their artizans at our expense.
There are one or two facts bearing
upon these statistics, which we do not
see that Logan has noticed, and which
we will here mention. The first is, that
England issues exchequer bills to the
banks-with which her duties are paid
aud in France it is the business Of the
/ Minister of Finance to aid the internal
exchanges, by funds from the Treasury
department; and these two systems fur
nish money for those specific purposes,
which do not go into general circulation,
but which adds to the money facilities
Of these nations, by not Withdrawing
such amounts from the general circula-
tion. But in the United States the wild
cat paper patriots must have the Treas
ury used to glut their ravenous appetites
| for gold, and not to be used to facilitate
the exchanges of the people-that would
be an infation," which would not fill
| their pockets with gold
Mr.. Logan next presents an array Of
facts, showing the difficulties and finan-
cial embarrassments under which the
farming and general business of the
country were now laboring, for the want
of more currency, or money-in this he
did but present the united experience of
nine e-tenths of the labor and business
| classes.
He next took up the State bankers
speculation" theory-ol the people
producing and trading too much, and
he gave this subject thorough airing.
He shows that if speculation has been
ripe here, it has not come out of an ir-
redeemabIe currency-that this much
abused currency, though but partially
based on the peoples property, have
stood the test of financial crisis better
than any system which had aver been
in this country. And he justly con-
tended tnat the most severe revulsions
in this country had been under the reign
Of the specie basis system. AS to those
abroad, they had all occurred in the
specie-paying countries, and had been as
disastrous and as frequent as here. In