, 1874-01-16

It ia something moro than year eiuco son~
ator 8churz's voice has been heard in public dis
cussion. It is not surprising, therefore, that,
when he roso to adlress tho Senate on Wednos-
day last, ho should have commanded marked at
tension, although spoakih9 On subject which
most commonly enptias the Chamber and tho
galleries, and lonvea tho orator to tho exclusive
disapprobation OF tho Vice-presidont and the
official reporters. The fact that Alr. scAurz's
speech on tho currency question was listened to
with eager interest ia an acknowledgement from
his fsllow-8onators and tho public that ho is ac-
customed to master his subject before he de-
liyers his opinions, aud that whatever passos
through tho crucib1e Of lis mind ia cloar-
cd of all droBs. The conolusiona which
ho presented to tho country provo that he
ia thorough student Of political economy,
and whether they arc adopted by this Congress
OF not Eve presume they will not boz, they will
somo time force themselves upon the legislation
Of the country.
AIr. schurz is the first public man to declare
the indisputable fact that tho power to issuo
legal-tonlor currency not redeemab1e in coin is
powor to conascato every mans property.
| This Ia 80 plain proposition that no one can
| controyert or question it for an instant. Yet
| this power has boon virtually exercised By tho
| Secretary Of the Iroasury ever since ho COM
moncod paying out tho $4,000 900 Of grconbacka
rotirod By Secretary MoOulloob and, IA n1r:
Bchurz observes there is no reason why ho
should stop with tho exhaustion Of tho 944, ,000,-
900. II it ia unlawful, as tho Senate Finance
Committee decided, to reissue tho $44,-
100000, It will bo no moro unlawful
to iasua the noxt a4A,0o0,ooo. It is
easior to issuo groonbaokB than TO cut down OK
ponaea OF to levy taxos, and the supinonoss Of
CongreHs, which lares peithor lega}ixo tho isauo
nor put stop to it. Is tho ouly sort Of oncour-
agoment needed to insure continuance Of tho
policy after tue 944, 900, GOO arc all apent
Mr.. soAurz shows that tho September ranic
was not tho result OF a want Of currency, but
| waa tho consequence Of = long-continued and
reol1loaH waste OF property by extrayagant living
and vicious speculation. Tho panic having
como, aud having produced more " "shrinkage, "
ton timea over, than resumption Of spoco pay
1lDu[H EuulQ p4OAAVet 4lo A4aAAta4AQ +Ant A4oh ~
tho grand opportunity for resumption. The
arguments he alvances In support OF this Tlew
aso uuanaworablo, but there is little reason to
suppose that Congress will adopt thom. Tue
political aRpocta Of tho case aro tho governing
ones. and Aore wo lud that tho wealthy AID i'll
flueutial clasees aro generally opposed to specie
redemption because thoy can make more money
out of tho ahinplaBter systom. Aa tho case nov
stands, the banks arc not required to rodoom
tho spectators have vast aud increasing tlolt
to operate in, by reason Of the currency huotua
tions; tho trading community fear decline O.
J prlces. and capitalists arc proverbial]y opposed
y to change. That an irtodoemab1a currency Ii
3 the most notable doyios for cheating tho farmo
, and tue labor|ng-man out Of t!.eir duos ever In
0 vented, ia aa true to-day as when Daniel Webste
q uttoroa II. Yet tho farmaea aud labosIng.m mo.