The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1874-01-22
aNLll.s1Sci,;;n4RN,l'a. MIS- {;
Senator Sehurz on the Rssumptioh OF
I5rag ~ Specie Payment. ~ = -
lWAsHNaToF, January a, lS7
! THE FrNANcIAI sl4uATIoN.


a. THE FINANCIAL sITUATIoE.
I The morning hour having expired, ths
Senate, proceeded to the consideration
of the resolution from the Finance Com ]
: Mr., Schurz (Mo.) addressed the Senate
He thought the object Of the resolution
was ito call out the opinion OF the Senate
upon the general subject and not for the
discussion OF a specific method of resumpi
tion, The issue now seemsd 10 be bet
tween resumption and imitation h e tho t
the doctrine of -procrastination IN redeeth4
ing legal tenders an alarming and danger
Gus one. Business, mon could not conduct
their affairs In this manner as the courts
would compel them to pay. Did1he Sen
ators desire to place the Governmet of the
United States IN that position 2 He was
surprised to hear the statement Of the
Senator of Massachusetts, (Mr Boutwell,
a few days since that the Credit of the
country had not been impaired. He Mr..
SchuTzl thought the public credit would
be seriously Impaired when the Govern
ment adopted the doctrine OF the gentle-
man, that the Government redeem It's
promises TO pay only when 1t pleases to do
80: Within the last few months So, ,000,- I
600 had been added to our dishonored
promises to. pay by the issue of that
amount Of legal-tender reserve, 1t had
been but lew years since the great lead
ers of public opinion considered 1t unconr
stitnti01al to make anything legal tender
/ except the precious metal Those on the
floor of the Senate who or posed specie
payment repel the name of infatiorists,
yet theycare in favor of the reissue of the
| $44, 100000 reserve or increase In the
amount of legal tenders, which amounts
to infiatlonaA Thus the issue-befere the
Senste was resumption or an imitation. 1t
wasstrue that panic surrounded us, but
he differed WITH the gentleman from lndl-
ana Ar: Mortenl that the panic was an
accident 1t was caused byzcapital being
diverted from the legitimate channens Of
business, men being carried away by, tile
greed of ggip. A jfrightful system ol
SPECULATION the premature construction
of railroads. a wild system of stock gam
bling by men desiring to get rich hurried
! lys instead of relying on honest labor,
luxurlant extravaganza in private life,
visionary schemes to develop the resonr-
oes OF the country started without being
called for, all combined to produce the
panic. We have neither foreign war nor
domestic rebellion at our gates to-day,
nor any other disaster upon US TO cause an
increase IN our currency. THIS proposition
to invest the Government with such pow
ersneant that it should exercise the pow
beE ct its discretion 10 issue any amount Of
Hredeemable legal LENDER paper money;
lsoriin other Werds,5 1T placed all the private
fortunes in the country at the mercy OF the
Federal sG9Yerament, Did the Senators
think the American people would ever
invest Rnys branch of the Government
with this great power? None but despos-
10 goyeuments ever claimed such powell
1t was virtually dsbasiRg the coin Of the
realm, and be hoped Congress would con-
sider wef-before 1t aGopted any such
.haasitEH II HStR E1rfe1cH sh6ntd be ex-
pauded to- SIG aee, zee, ,0ee, the people
Wopldreonelain Of, insnfheienoy; WhyR
Because an excessive issue generally eff
feeted q rise.in the prices of the commo-
sdiies of living, while q return to specie
payments decreased prices of those arti-
cles. An IRE sdeenabte currency always
diverted capital frem legitimate business
enterprises hence a continued and lnsa-
table demand for more. The more the
currency is expanded the greater win this
evil beG6ma4 2 HeGlid R0tagfeeA with his
cOlIeagneg MF. Begyr rLthat- new national
banks should be started IN hesiWestl or
that the Issues of those. there should be
increased. as he did not.belieYe the money
issued by them would stay there and ben
eft that section.1 He argued that the re-
lief 5sougbLobyothe initiation of the c1rFen
cyoWeuld .beomeFe illusion Let 1t be sup
posed that every Individual IN the Hcoan-
tryaicould Wakesnp I'M th e morning and
,fIrd 81 in. his pocket or safe IN place oE
the day before Mhat- a jubilee there
wouldebelspeHg IeeLs IDIdla any sane man
suppose the wealth OF the country would
be increased by it2 Not the least. 4 Or
the wealth of the citizen any greater
Note particle for on going to the mar
ket-ths next morning he would. have 10
pay $40. for what one would have pur-
chased tie day cpTSy4ous.n- He was conf
dent the people Of the icnnatry would un-
de1stahd, II thy did noE if!readY5 thsst q