The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1874-02-09
CONVICTED OF MURDER
4 COLORED JURY
NEWS FROM ABROAD
TEE ELECTIONS IN ENeLANI
THE MINISTRY IN TROUBLE
WARRINGTON.
A National ExcheQuer.

A National ExcheGuer
d. H. LONDON, ESQ.,, AND JUDGE r. w.
HUGHES BEFORE THE CONGRESS
SIGNAL COMMITTEE ON CURRENCY
AND BANKING.
WASHINGTON, February 9.--This
morning the House committee on cur
rency and banking met at 10
O'Clock to hear D. H. London, esq.,, and
Judge X. w. Hughes on the subject of a
National Exchequer. Mr.. London pro-
ceeded to address the committee at length,
in course of which he said:
Upon the subject of our currency and
our financial policy, our people and their
representatives are divided into two parties.
One of these parties desire an additional
amount of money, which can be OBJ .ained
upon easier terms than the rates now de-
manded for the interest on loans, and sup
poses that an increased volume of paper
money, issued by the government, will
accomplish its objects. The other party
desires specie payments and contraction
OF the paper circulation issued by the
government, assuming that resumption
OF cash payments is a result that should
be brought about, notwithstanding the
suffering which such course would entail.
1--WE must accommodate those who wish
more money, as am ready to acknowledge
that this interest is right and must be re-
spected, and it will be clearly shown that
the bill for an Exchequer meets these wants
better than any other proposition. l
must also admit that those who deem
specie payments just and right are equally
entitled TO the consideration of their claim
as founded upon an obligation as sacred as
any which could bind any government
and | must say to them that the bill for an
Exchequer will perfect and bring about o
resumption in the only way in which we
can resume and maintain specie payments
without calamity greater than the evil
which would flow from continued sus-
pension.
I'VE are unable to pay the legal ten
ders IN coin and we must therefore substi-
tute them by currency having different
qualities, so that we may have perma-
nent resumption upon such terms as will
be satisfactory to the great producing in
terests of the country.
"Our currency is constantly fluctuating
in value. The rates of interest are high,
and in many portions of the United States
money is not obtainable even at one per cent
per month, while much of that which is
lent by the banks is upon co!laterals and
| not upon legitimate business paper. Our
currency has positively little or no value
IN our foreign trade, and there is no institu-
ton in the United States that issues paper
money, payable in coin, which has suffi.
Gent credit Importance or means to give it
currency beyond the limits of the United
| States. Our government issues, in the
| shape of legal tenders, are equally value.
| less in all our foreign trade. The relations
between capital and labor are frequently
disturbed, and but recently all our COM
mercial relations have been interrupted
by suspension Of paper payments-a
singular and fearful catastrophe arising
primarily from short grain crop abroad,
which, by creating demand for coin on
the Bank of England. chiefly to supply the
deficiency in the harvest, cut off the
demand for our various bonds in the
European markets and thereby brought
down many American houses engaged
in railroad specalations, and precipi.
tated distrust on our entire system of bank.
ing, which, extending itself like a plague
thi oughout the whole country, has left us
with the fearful sense of distrust for the flu,
ture. while uncertainty and gloom covers
every enterprise in the country dependen
on capital for its prosecution. Such evils
widespread and almost universal. demand
OF us the most thorough investigation ant
searching inquiry into their origin, and tn,
most patient and serious consideration 0
the means by which we may remove tn,
causes which have brought these evils upo,
us, and learn if we cannot see not only tn
remedy but the preventive by which W
may secure ourselves against a recurrence
of a similar state of affairs.
Distribution of Seeds, &c.
| WASHINGTON. February 9.-The de
partment OF Agriculture is more particula
than heretofore in sending out seeds, cut
tings and bulbs. They are forwarded onl
N cases where there is q plausible assn
rance that they will be carefully cultivate,
and some report as to the result made
Such supplies are sent post paid. Tn
department distributes more freely bv ex
press when the expenses are paid by tn
recipient.
Congressional.
| WASHINGTON, February 9-Senate.
Mr.. Merrimon presented petition for tb
Improvement Of the mouth of Cape Fea
river. Referred.
MIR. Hagan, the new Senator from Cali
lorna, was sworn in.
| House.-The usual Monday number q
miscellaneous bills were introduced an
referred. -
Items.
i WASHINGTON, February 0.--The Pres
dent has appointed the following board {
visitors to the United States Militar
Academy at West Point, for 1874: Gen