Wilmington journal., 1874-01-23
HEADQU >Ri'ERS.
WAITE UNANIMOU SLY CON.
FIRMED.
POWERFUL SPEECH FROM sen.
ATOR MERIMON,
HE ADVOCATES THE RESUNP.
TION OF SPECIE PAY
MENTS AT THE
CENTENNIAL.
THE NATIONAL BANKING SYS-
TEN A MONOPOLY.

TIE NATIONAL BANKING SYS-
TEN A MONOPOLY.
WASHINGTON. January 2I-Noon. -
SENATE = The Finance Committee re-
ported iavorabiv ou the bill to appoint
a COMMISSIONER /" investigate as to the
n1ann!ac.nra and traffic in alcoholic
liqnors.
The President approved the salary
bill to-day.
Pinchback is AT the White House
to-day.
WASHINGTON, January 2I-Nigh. t.
y ~1te has been unanimously confirmed
as Chief Justice.
ietitIons for women suffrage are now
referred to the Committee OH Irivile-
yes and Elections.
The Camden Board of Trade do net
want the bankrupt law repealed.
MIR. -Mefrlmon. OF North Carolina,
addressed the Senate. }Ie said that
our country enjoyed tie confidence of
It's people more tilah any country on
the face OF the earth. Yet our currency
had been less yail;ed than gold hy
twenty Per cent. He argued that it
W'.s impossible to make paper cur
rcncy equal to gold. Il was idle aud
criminal for Congress to undertake TO
bring Gceenbacks TIP to the standard
of gold. We must put ourselves on Il
level with the commercial nations Of
the earth and to 10 this, we must have
Il gold aud silver currency. Until We
establish d medium 0f exchange based
upon gold and silver, we can never have
the advantages OF commerce. lie all
znr3t.h,l rrD1f,,s.tI.4t., f,t
specie payment. The people cf The
United States had los: twenty per cent
in ali their exchanges from the time
srccuhaclss began i'll 1861, TIL now.
If tie grceubaclI system continue, a
decp reaction Will continue and il is
the duty q! tioucr.Ss t. rid the
country of this row ouiy that the faith
OF the government hal been pledged.
He Was surprised that ',ot Il single
Il Unite plan by which Nc could get
back % specie payments ha,l been pro
posed. The tourtl - July, 111G
would be the centennial Of ourIndedcu-
: dencc, and h2 trusted that glorious
events would trapspiro on that day,
and one of them I: return 60 specie
payments. Lei the gold accumulate
liz the Treasury, over ausl above the
amount necessary TO pay the interest
on the public debt and if that would
lot be sufficient, put Il five per cent.
Lond ga the market, which would
bring gold q pau, and nn the FouTt!;
OF July. -, il every dnilar e green
: backs be redeemed in COIN. Ia She
meantime, l-.t The volume s,f currency
be increased He computed nIlr pres
ent circulation 1t 500, 00A eiDJ, 'llcl
WAS not enough lE at Il ;.st : l:.h $50. GO
! The panic WAS not over :;:.ywilt4rr in
the country. New ! io.l ana New Ing
land We're credit Stat eS ard ha! 1ei,ts due
them from nil sections of Ill, country
: Money could he obta;ueei III Me- Work:
there was plenty of i there I.tlt 20 ut,-
tain collateral security ..yrai - l.,
money itself must L.. pnc up. f..
spoke Of the unequal distribution OF
the currency ana the pressing needs Of
the South on account thereof
! Sherman said the comptroller OF tie
, currency had authority now 10 with
draw So, 600, 600 from New Eng
land and give ii to the South and West
or States which have act their prof ec
propOrt' on.
Mr.. Edmu,aIs-How long wo;'Il It
stay there
Nh Sherman That = another qaes-
ton.
aIr. Melri,,sf,,l said IN reply 10 th9
Senator from Vermont, Mr. EdmIn,is
that he WoulG say II the money IVES
down there Il would go back very
SLOWLY il the hanks OF New York and
New England did not otferinterest fovit.
As those States paw interest, the money
goes there. He denied that the car
reGcV was redundant As compared
with the circulation Of France and
England. These countries were dense
ly populated and exchange was small.
Another hundred millions put III cir
cuiatiOn would revive the business Of
the country. Oar greenb&ch system,
which might be termed hlcated, had
many debts contracted under it. The
agreements were that these debts
should he liquidated IL -reonbacl1s.
currency, which woul,i compel their
payment i'll Il more precio;:s medium
than the ore under which they were
created. He would postpnnc tile timc
for pecic resumption TIL Jniy 4. 1876,
or account uf TIE business Of the coun-
try being based on ;hjS bloated cur
relcy, but by putting i of till that
time, the people seeing he monetary
'-t' ia " lTtNi i'N N-S'I!s@ GO NDuIt
regulate business 10 that end. so that
ten.
He was opposed t. t;c national .
banking system and thought it d vast .
founded wholly upon credit
and essentially and credit currency
and therefore twenty pcr cent. less
than gold. IN the next place
every dollar of the capitol stock WAS
III the United States Treasury aud the
banks receive five per cent from the
on bonds deposited in the
Treasury.
He next spoke Of the rates al interest
MD said he put il to the Senate, he
put Il 20 the world IT, answer ii indus
try could prosper aud pay such per
ccntage for money. lie maintained
that the volume Of the currency could
not be fixed by !aw, 1t could not be
controlled by politicians and states
men and Congress ahoIld not, there
fore, undertake t. regulate IL The
merchants and business incn of tie
nation would tx it. The banks should
belong to the people and not to the
government. He would like to sec
Congress graft a charter for great
bank. Let the shares lie at
20 each, So that the whole people
;ouid have stock in II. Let the capi-
al stock he SiGo, 900, coo aud the Iii
'cctors be Ill every State. In the
ilno of war such bank would come
o the relief OF The government aud bs,
# essential benefit. Sectional inter-
st5 had once come ncar destroying
he government. and unless Congress
vii do something to produce an equi-
Ibrii;iu i'll the Industries. more trouble
sOu!l he the result.