The Grange advance., 1874-04-15
ion "a ~ ~.
Ffnanoo - 70. 6chnrx.

We .re happy !. .etaov ledge the =:
containing the speseh Of Senator Logan
ia reply to Nj. Schurx. Its great
length prevents our1 laying Il before, ourI
readers. To say that this is an .ble
speech would givd but faint idea 81
the vast array Of well-selected facts
which it presents, Ind the crushing ont
logic brought to bkar against the cur.
rency-contraction, labor -rohbiug, false
pretepse. gold-rede5nption theorists
~ Tn. Tribune pretented Schurz' speech
as y pulveriziug Of John A. Logan, and
other alleged ind4tionists The reader
Of Gen. Logan's speech, by comparing
the two together, ,SSwill learn the different
meanings Of the Tribune's term. As ap-
piled by the Tribune, it means oatmeal
dust, ground out of the serf.making po-
litical economists of European despot-
ism, thrown into the peoples faces, in-
tended to blind them, while they are
merci)essly robbed by the promised bank
specie redemption, paper in6ationists.
But Logan goes down to the bottom Of
the question, and breaks in pieces
Schurz' conyl3merate 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 $27 80 ; circu-
latiou, per capita, $24.28.
In Germany, January, 1874, the
amount per capita was $31.56; circula-
ton, per capita, $26.60.
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 %6:72
per capita, thus by law cramphg Gown
the energies of the people, and rapidly
making them the mere prod{ {eerA AoNood,
and the raw: material to compete with
the barbarian nations Of the world, in
furnishing these products for the great
er benefit of tho three nations we have
named, who, though despotic, yet whose
more enlightened financial policies build
up their artizans at our expense.
There arc 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-witR which her duties are paid,
aud in Fraace 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 60 into general circulation,
but which adds to the money facilities
Of these nations, by not Withdrawing
such amounts fro,n 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 would
be an tn1aation," which would not fill
their pockets with gold.
Mr. Logan next presents an array Of
facts, showing the difficulties and inan-
cial endorsements 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. .tenths Of the labor and business
classes. j,
He next took up the State bankers
"speculation',' theory-of 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-
redeemab|e carrency-that this much
abused currency, though but partially
based on the Speople's. property, have
stood the test IF financial crisis better
than any, system which had aver been
iq this country. And he justly con.
tended that the most severe revulsions
in this countryshad been under the reign
Of the specie blsis system AS to those
abroad, they bad all occurred in the
specie:p aging countries, and had been Is
disastrous and = frequent as here. = =