Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1874-01-20
Continuation Of the Debate in the
Senate on the Question of
ReSuming Specie Pay
ments.
Speeches OF Senator's Wright and
Logan in Favor Of the Infia-
tiOn Of the Currency.
Imitation in the House Rejected
Franking Privilege Defeat
ed-CustOms, Etc.
SENATE.

| SENATE.
WASHINGTON, January l9.-After
some new bills and petitions were pre-
sented, the senate resumed the consider
alton of the resolution reported by the
finance committee, when
SENATOR WRIGHT ON SPECIE PAYMENT.
Senator Wright addressed the senate,
in substance saying that hehad listened
attentively to get light on the subject,
but feared that the words had only dark
ened his course. The chairman of the
| finance committee, so furious for the re-
sumption Of specie payment, says him
self that he ventures,,n no opinion nor COM
mits himself to any theory. In one
| school Of these tinanciers there seemed
TO be entire unanimity, as they ascribe
all their troubles to an overdose of cur
rency. In his judgment, our currency
had no more to do with the monetary
arrangement than the balance-pole Of
all acrobat or a last years bird
nest. He mentioned that our
currency had deprecated during the
panic. II our currency was dishOnored
now, it was technically dishonOred a
week after its issue. Was the nation to
be adjudged bankrupt because it failed to
pay gold for these notes-one kind of
legal-tender for another? Every particle
of property in this vast couRtry is
pledged for the redemption of these
| notes, and they are as good now as they
can be made. The nation had not VIOLA
ted its pledge, and there was no truth in
the clamor of blighted faith. The real
inquiry now is,
is TT PRACTIBLE.
having due regard for the rights of
the bill-hOlder, and the interest of the
| government, to return to specie pay
ment? He thought not, and defied any
one to show that the government had
departed from the purest morality.
When we have that prosperity and
trade which all should labor for, then
that grand fact of specie resumption will
be accomplished. Why ali this struggle
to get back to specie payment? He had
been answered, because it is the worlds
currency. He thought the world would
get over some of its old notions on this
subject. Nations were becoming more
intimate with each other, and working
together more harmOniously. AS this
system increased, they would adopt q
currency not so cumbersome. He did
not favor a substitution of demand
notes for greenbacks. He would have
but
ONE PAPER CURRENCY.
and that issued directly by government.
The national banks were an organiza-
tiOn Of necessity, and inquiry was wor-
thy of attention. If there was further
need of them a suitable time should be
given to wind up their affairs. If we
could not have one currency issued by
the government, then he favored free
banking, with the adoption of the Eng
lish rule, making stockholders liable to
the extent OF his means. His prefer
ence, though, was for one currency By
the government, upon which no inter
est should be paid, and the receipts
OF q certain per centage Of those
notes by the government in payment
of import duties. Further, he would
change the form Of the note, ard instead
of .smaking it promise -tO-pay, swOuld
simply have the denomination stamped
upon it the same IS on gold and silver.
The people Of this country are active
and enterprising, and need q great vol
ume of currency, sometimes more than
at others, especially in the fall and in
the winter for moving crops, etc. Again,
four millions of people in the south, late
~ hCl AANN1 04O INV CnkdACu
trial pursuits, and this
DEMAND FOR MONEY Is INCREASED
He therefore thought it advisable to
have currency elastic with a converti-
bic bond at q small rate of interest at
about 8 65-l00. He favored a small rate
because the nation was paying too much
interest, both public and private. No
nation had been so much impoverished
as ours by the payment Of extravagant
interest. If We return to specie payment
now, we must reflect that our greenbacks
will be bought up by capitalists at depre-
ciated value, and held for gold until the
millennium, thus increasing the monetary
arrangement and crippling of business.
Nothing should be done to contract, but
we should go right ahead steadily. If
there Is furnace idle, encourage it to be-
gin work; if any mechanical agency or
industry is stopped, bid it go to work,
and all will be well. In conclusion, he
denied that the voice Of the people was
for a resumption of specie payment and
no expansion of the currency.
SENATOR LoGAN's VIEWS.
Senator Logan said it was necessary
10 relieve the present stringency by
placing currency on secure basis. He !
did not oppose an ultimate return to
specie payment, but considered such a |
return at present impracticable and un-
necessary. He argued that specie pay
ment cannot be reached through
forced contraction without danger of
national bankruptcy. The present
amount of currency is mani
testify inadequate. The only way
M s.aaoIa navuant Ia the further /
contraction or Legislative procls-