The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1874-04-13
without a lander

Despite the warnings of history and the
teachings of experience, two-thirds of the
House Of Representatives are intent on a
further issue of paper money. Nevertheless,
numerically strong as they are, they have
made little progress towards their desired OBJ
ject thus far, for the apparent reason that
majority of them cannot agree upon meas
ure which will secure the surest ana Sreates'
expansion of the currency. They want inote
paner money. but they seem to have no
thouobt of its kind or value so long as II Is
printed on paper and will serve TO innate the
empty pocket book. So fiantic have thes
Congressman bee ome on the currency ques-
t;on. aud so determined are they that their
constituents shall have plethoric wallets, that
we actually believe that they would support
a bill to allow each Congressman to spend
his vacation in printing money for his con-
stituents if currency in abundance can be
easiest and quickest obtained in this way. In
their present madness these expansionsts
have no idea of value as connected with
money, else they think there is intrinsic value
in the vote by which they create paper dol
lars. They never consider purchasing pow
err, they are satisfied with paper dollars and
frown upon any measure looking to the most
distant resumption.
With these notions of money, one would
suppose that two-thirds of that body might,
in a few days, carry into effect the most reck-
less of measures so that The national printing
presses might now be hurried with their new
orders, but such is not the case. They have
an idea: more greenbacks, more bank cur
rency, heaps more, but they seem to hest
tate how to get it. One day they follow Mr..
Maynard and bis free banking bill. Next
they see something more lavish and inviting
in the ''audaclty of turpitude'' displayed by
the only New England expansionist, and now
they yield him their votes. The next day,
apparently distrustful of such leadership, a
part of them leave Butler and join Mr.. May
nard. They stand by Mr.. Maynard, Chair
man of the Banking Committee, while hs
mutilates his own bill by striking out the Sec
ton providing for the redemption of the
month after two years, and another section
providing for national banks without circua-
ton, leaving it little else than free banking
bill which makes the national bank system
absolutely free; releases banks from keeping
a per centage of legal tenders as reserve,
but requires deposit of five per cent. in the
Treasury to pay the expenses of redemp ton
requiring one bank to pay another interest
on deposits; and requiring country banks to
keep one-fourth Of their reserves in theil
vaults.
1t would have seemed that the in1ationists
could have round limit enough in this bill,
and so Mr.. MAYNARD thought Saturday MORN
ing, but not so with the paper money rabble
which had now supported and now again de-
feated him. He refused to allow amend
ments and they in turn refused to demand
the previous question, so the House is al
afioat again and it is quite probable that a
majority are now ready for Gen. Buffers
leadership and the Senate bill At any rate,
as Improbable and stale as it is, the country
is likely to have more currency talk, but let
us be thankful that talk, now things have
come to such pass, is batter than voting.