Knoxville weekly chronicle. [volume] (Knoxville, Tenn.) 1870-1875, 1874-01-28
FINANCIAL QUESTION IN CONGRESS-.
Proposition Made for a United States
Baak,
WASHINGTON. Ian. 20.


than any country on the face Of the earth
and yet our currency had been less valued
than gold by twenty per ceut He argued
that it was Impossible to make
a paper currency equal to gold. 1t was
idle and criminal fer Congress to under
take to bring greenbacks upto the standard
of gold. We must put ourselves on level
with the commercial nations of the earth,
and to do this we must have a gold and
silver currency. Until we establish n me-
dunn of exchange based upon gold and
silver, we can never have the advantages
of commerce.
He advocated an immediate resumption
of specie payment. The people of the
United States had lost twenty per cent. in
all their exchanges from the time the
greenback system began, in 1861, until
now. If the greenback system continues
depreciation will continue, and it is the
duty of Congress to rid the country of this,
not only that the faith of the Government
had been pledged. lie was surprised that
not single definite plan by which we
could get back to specie payment had been
proposed The 4th of July, 1876 would hc
the centennial of our independence and he
trusted that glorious event would trans
pire on that day.
He was opposed to the national banking
system, and thought it a vast monopoly.
founded wholly upon credit, and essen
TALLY credit currency, and therefore
IL.
He would like to see Congress grant a
charter for a great National bank and set
the shares at twenty-five dollars each, so
the whole people could have stock in it.
Let the capital stock be one hundred mill
lions of dollars and directors be in every
State. In time of war such bank would
come to the relief of the Government and
be of essential benefit.
Sectional interests had once come near
destroying the Government, and unless
Congress did something to produce an
equilibrium in industries more trouble
would be the result.
Mr.. Edmunds inquired il the gentle.
man believed that Congress could produce
this equilibrium. could it say how many
factories there should he where located
&c?
Mr.. Merrimon said Congress could i'm
prove the harbors and rivers Of the West,
open up the natural advantages encourage
ship-buildng and thousand other things
could be done to produce such equilibrium.
But while we go on with this sectional leg
islaton California with one interest, New
England with another, the South with
another, and when they come in conflict
will result in the clash of arms. They did
once and would do it again.
Edmunds said he did not rise for the
purpose of continuing this debate, but he
thought the natural tendency of money
was to the pockets of those having the
right to it. He knew of no continuance by
which Congress could keep money in any
section unless the circums noes of the
people in such section shout entitle them
10 keep the money.
Every citizen has the right to put his
money where he thinks he can make the
most out of it. Congress nor any other
power could interfere with this right of the
people. Money is always flowing where it
has the right to rest. Granting that fifty
millions more be given to the South and
West, it would fluctnate to the pockets of
those entitled to it.
He did not believe that there was dollar
more in Vermont now than there would
be if every bank in the State was removed
TO Louisiana. Every man entitled to money
would have it i'll his pocket and no con-
trivance or legislation could force money
to remain in the West, or South, until, by
industry and economy, the people would
entitle themselves to become tie owners of
it.
New England could not Keep money
which she owed to the West She must
send it where it belongs and the same if
she owed the South. II the South owes
New England the money must come there
To provide, therefore, by law any policy
which will compel the circulating medium
to remain in one section rather than
another, was an impossibility.
The running debate between Edmunds
and Merrimon continued on the subject of
the treatment of Northern people in the
South, the former contending that North |
ern people and capital had not gone South !
because they had not been cordially |
received, and mentioned some in !
stance he had heard of. Mr.. Merrimon |
assured him it was not true of North Caro- |
lima. EdInunds said he was glad TO hear |
it, but that such ideas had prevailed in the |
North aud had kept labor and capital out |
of the South. The Senate then went into |
executive session, confirmed Mr.. Waite |
Chief Justice and adjourned.
The Senate was in executive session an |
hour and quarter this afternoon, engaged |
in the consideration of the nomination of |
Morrison r. Waite for Chief Justice of the |
Supreme Court. Messrs Edmuuds. Sher-
man and Thurman spoke in favor of the |
confirmation, showing concurrence of |
views as to Mr.. Waite's integrity, good le- |
gal attachments and suitable temperament |
for a judge.
Senator Sumner alluded to the solemni- |
ty of the occasion, in connection with the |
advising and consenting to the appoint |
ment Of a Chief justice, and said that, ow-
ing to the importance of the subject, con- !
sidering the we,ghty matters before that !
great tribunal. il became them all to be |
duly impressed with the fitness Of the |
gentlUman whose name was before !
them; he was gratified to learn such faroya- !
bic reports of Mr. Waite from those who |
knew him better than he did. No remarks /