The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-01-15
Shall We Have Currency Expansion, Reckless
Extravaganza and Bankruptcy, or
Resumption, Retrcnchment
and Prosperity!
Is New York City at the Mercy
of Foreign Iron-Clads?
MR.. COX'S STARTLING ASSERTION.
SENATE.
WASHINGTON, Jan. "A, 1874

and their further consideration was indefinitely
CALIFORNIA LANDS.
Mr.. SARGENT trep.), OF CAL, from the Committee
on Mines and Mining, reported back the bill in re-
lation to public lands In the State Of California
with amendments, and asked that the amendments
be printed and the bill recommitted, which was so
ordered.
MINING RESOURCES.
He also reported from the same committee a bill
supplemental to the act to promote the develop
ment Of the mining Of the United States,
with amendments, and recommended its passage.
NEW YORK NAUTICAL SCHOOL.
Mr. CoNKIlNG, rep.) OF N. T., presented me-
mortal of the New York Chamber of Commerce
calling the attention OF Congress to the ineff1ci
ency Of the merchant marine service of the United
States and to the fact that the city OF New York is
about to establish q nautical school, and asking
shat the Secretary Of the Navy be authorized to
detail United States vessels for the use Of such
school and officers to act instructors when not
otherwise employed, IN order that measures might
be taken to promote the efficiency OF the merch ant
marine, DC. Referred to the Committee on CON-
Merce.
ENROLMENT OF CANAL BOATS.
he also presented memorial OF the Buf-
falo Board OF Trade amendatOry OF one already
before the Senate In regard to the enrolment Of
canal boats. Referred to the Committee on Com
WOMAN SUFFRAGE IN THE TERRITORIES.
Ar. PRATT, GepD OF Ind. presented petltion OF
me in9anapois Womans Suffrage Ar Assoclation
Suffrage IN the Territories to males. Referred TO
the Committee on Territories.
POSTAL FACILITIES
Nh RAMSEY, (rep.) Of Minn., IRON the Committee
on Post Omces called up the bill establishing post
Of w. cssa attention to
the TACT that mail routes had been established
IN Of
were unnecessarily Increased. He moved an
amendment that the mai! service be discontinued
on routes where the receipts do not reach at least
One-half Of the expenditures.
Mr. CLAYTON, rep Of Ark saia that rule
would be Injurious to the Western frontier.
Mr.: MORRILL, withdrew his amendment and had
reerred TO the Committee on Post 0hices and
Mr.. MoRR1L1, rep.) Of Me-, thought the postal
tent unnecessarily, and in these times OF retrencn
ment every effort should be made to reduce the
postal service to-day is instead OF carrying letters
Ct the rate OF transportation OF dead weight
ffeignt the postal service has been converted into
freight was 300 per cent cheaper tnan Tor carrying
intelligence. The whole service was embarrassed
once Department SO much as he was after the
Chairman OF the Committee on Post Of1ces and
Post Roads. The whole thing had grown up under
ADDITIONAL TINE TO PRr-nproRs.
for % D
maj proof and payment for pre;emption claims.
CURRENCY EXPANSION
The morning hour having expired the Senate
proceeded to the consideration OF the resolution
(rep) Of Mo-, addressed the senate. He thought
the object OF the resolution was to call out the
and not for the discussion Of o SPECIFIC method OF
resumption. The issue now seemed to be between
and asn he thought the doc
tenders an alarming and dangerous one. Business
men could not conduct their affairs in this man
ner, as the Courts would compel them to pay. Did
the Senators desire to place the government ofthe
United States in that situat0nf He was surprised
to hear the statement Of the Senator from Massa-
credit OF the country had not been impaired. He
on. schurzl thought the public credit would be
seriously impaired when the government adopted
the doctrine Of the gentleman-that the govern
ment redeems It's promises to pay only when it
pleases 10 do 80. Within the last lew months
425;OO00oo had been added to our dishonOred
promises to pay by the issue Of that amount OF
the GREAT eader our nnn
opinion considered 1T unconstitutional to make
anything legal tender except the precious metal.
Gle payment repel the name Of infationists, yet
they are in favor of the reissue Of the s44,OOo0O0
reserve or an increase in the amount OF legal
tenders, which amounts to imitation. Thus the Is.
sue before the Senate was resumption or an inna-
ton; It was true that a panic surrounded us, but
caused BY capital being diverted from the legit-
away by the greed OF gain. irightful system of
speculation, the premature construction OF rail-
desiring to get rich hurriedy, instead Of relying
on honest labor; luxariant extravagance IN
private life. visionary schemes etc. to develop
produce the panic. We have IN neither foreign
nor any other disaster upon us TO require an m
crease In our currency. This proposition to invest
the government with such power meant that 1t
issue any amount OF irredeemable legal tender
paper money, or, IN other words, 1t placed all the
private fortunes IN the country at the mercy OF the
federal government. Did the Senators think the
American people would ever invest any branch of
despotic governments ever claimed such power
II was virtually debasing the coin OF the realm and
ne m0ped won,a cGn $40 well before #
be expanded 70 ten thousand millions the
people would complain OF an insufficiency. Why
rise in the prices OF the commodities of living,
while return to specie payments decreased the
reDcy always diverted capital from legitimate bust
ness enterprises, hence continued and Unsuitable
demand Tor more; the more the currency is ex-
banded. the greater will this evil become He did
not agree with his colleague, Mr.. Bogy, that new
national banks should be started In the West, or
~ he aid not believe the money issued by them
would stay there and benefit that section.
Hs argued that the relief sought ~ the
every individual in the country could wake up in
the morning and ind $40 in his pocket or safe in
place OF 81 the day before, what jubilee there
would be among l00lsl Did any sane man suppose
the wealth OF the country would be increased by
IT. Not the least Or the wealth OF the citizen be
any greaterS Not particle; for, on going TO the
for what 81 would have purchased the day pre-.
viOus. He was confident the people OF the country
would understand If they did not already, that a
nuctuatfng, irredeemable paper currency VAS the
most extravagant which could possibly DC In.
vented. Every consideration Of good faith and
SOUND policy urges us to put an end to this I'M.
quitous system. In regard to the return to specie
payment. he said he desired to enter his
Rrotest against two plans-that presented by
nIss expand the currency and revive the pros
P0IIy ~ tne country, and second, that proposed
~ tno senator rom Massachusetts (Mr. BOutwelD,
% 90 notning, but let Things remain as now.
Inc seSurn 70 specie payment must be preceded
Dy severe retrenchment In our public and private
expenditures, by prudence in our business enter