Buchanan County bulletin. [volume] (Independence, Iowa) 1869-1891, 1874-01-23
Senator Wright Upon the Currency.

The Senate has been Tor some
days discussing the subject Of the
currency, and elaborate speeches
have been made by Schurz, Boutwell,,
Logan, Morton, and other distin-
guishcd Senators. Below will be
found brief synopsis of the re-
marks of Senator Wright, of our
own State, delivered on Monday:
He said he had listened atten-
lively to get light on the subject,
but feared that words had only dar-
kened his course. The chairman of
the Finance Committee, so furious
for resumption, says himself he ven
lures no opinion, nor commits him
self to any theory. In one school
of these financiers the theory seems
to be entire unanimity, as they as
cribe all troubles to an overdose of
currency. In his judgement our cur
rency had no more to do with the
monetary arrangement than the bal
ance-pole of an acrobat, or last
years birds nest. He denied that
our currency had deprecated du-
ring the panic. If currency was
dishonored now, it was technically
dishonored week after it's issue.
Was the nation to be adjudged
bankrupt because it failed to pay
geld for these notes-one kind of
legal tender for another? Every
particle of property Of this vast
country is pledged for the redemp-
ton OF these notes, and they are as
good now as they can be made.
The nation has not violated its
pledge, and there is no truth in the
clamor of blighted faith. The real
inquiry now is, is it practicable,
having due regard for the rights of
the bill-holders and interest Of the
government, to return to specie
payment? He thought not, and de-
lied any one to show that the gov
eminent had departed from the
purcst morality. When we have
that prosperity and trade which all
should labor for, then that grand
fact of specie resumption will be
accomplished. Why all this strug-
gle to get back to specie payment?
lie had been answered.: because
it is the worlds currency" He
thought the world would get over
some of it's old notions on this sub
ject. Nations were becoming more
intimate with each other, and work
ing together more harmoniously.
AS this system increases the world
would adopt currency not SO cum
bersome. He did not favor the
substitution of demand notes for
grcenbacks. He twould have but
one paper currency, and that issued
directly by the government. The
national banks were organizations
of necessity, and the inquiry now
was worthy Of attention if there was
any further need of them. A suit
able time should be given to wind
up their affairs. If we could not
have one currency issued by the
government, then he favored free
banking, with the adoption of the
English rule making the stockhold-
er liable to the extent of his means.
His preference, though, was but
for one currency by the govern
ment, upon which no interest should
be paid, and the reception of a GER
tain per centage of these notes by
the government in payment of i'm
portant duties. Further, he would
change the form Of the note, and,
instead of making it promise to pay,
would simply have the denomina-
ton stamped upon it, the same as
upon gold and silver. The people
OF this country are active and en-
terprising, and need great volume
of currency, sometimes more than
at others, especially IN the fall and
winter, in moving crops, etc.
Again, 100000 of the people in the
south, lately set free, were now en-.
gagged in industrial pursuits, and
; this demand for money is now in.
creased. He therefore thought ii
advisable to have the currency
elastic, with convertible bonds at a
small rate of interest-at about
8 65-1O0. He favored small rate,
because the nation was paying too
much interest, both public and pri'
yate. No nation had been SO much
impoverished as ours by the pay
ment of extravagcnt rates of inter.
est. If we return to specie pay.
ment now, we must reflect that oar
greenbacks will be bought up by
] capitalists at a deprecated value,