Year: 1867

The resolution introduced by Mr


Grinnel in the. House, and its passage
through that body by vote Of 81 to 67
directing the Ways and Means commit
tee to report bill forbidding q further
contraction of the greenback currency
during the year, means that the decided
majority that voted for it are determin-
ed ON a course of imitation, rather than
the pursuit Of the steady process of con-
traction which Secretary McCulloch has
from the outset urgently recommended.
What the effect of further imitation is to
be, or what is likely to result from the
simple announcement that no further
withdrawal of the currency is to be per-
mitted, is best indicated by the rise in
gold, in produce, and in all the commo-
dities of life, which was the response
almost instantly given to the tidings.


1t is not denied that we have an am
pie amount of currency now to meet all
the demands of business. The addition,
therefore, which accrues from stop
ping of the process of reduction, is
wholly in the interest of the specula-
tors. The existing law allows the Sec
retary to retire not less than four mil
lions per month, at his discretion; the
House now directs that even that sum
shall be stopped where it is. Business
being abundantly supplied with what IL
requires, there is no apparent reason
why the work of contraction should not
be continued The Secretary, IN the
first place, is limited to One-half the
amount per month that he thinks pru-
dent and healthy rate Of retire
ment. In the next place the
very necessities of SSthes situation
limit him to slow and perfectly pru-
dent withdrawal Cf greenbacks, since
he is obliged to fund q large body OF
seven-thirties soon falling due, and to
take any, step likely to. make money
scarce ywonld obstruct the very thing
he seeks to do. Thus both law and ne
cessity force him to retire greenbacks
with caution, and perhaps to suspend
the operation altogether, as during the
past month, when the usual four mil'
lions we're undisturbed. D2Qy G1yL


No better proof Of this movement be-
ing in the speculative interest could be-
adduced. 1t is merely taking away
power from the Secretary to avail him-
self of. any favorable circumstances to
hasten the return of specie payments
and the day of low prices If Congress
persists in this, everything that labor
bnys to live upon will 60 up again


This, when employmen begins To fail,
will very soon bring about state OF
things calculated to make even
spectators seriously thoughtful.
The .maiority ins Congress ase dis,
posed 10 treat the currency ques'
ton ss.f that Of resignation, The latter
they manage SO IS to increase and per
petuate party power,Tthe formeF so az
to advance interests hotofiously selfish
and personal. The people can do moth


ing but submit to higher prices, lower
wages and less work, rs long as such
men are in Congress. s. The, speculators
caught the ear of the majority of Con-
gress, but the necessities Of the people


have no hearing. There never was such
reckless disregard of the peoples rights
in our legislative history as is exhib-
tied by the ruling majority of Congress
at the present time. 1t is those who
have heavy stocks on their hands, from


whose contracted value they fear ruin.
ous results TO themselves. that induce
Congress to .legislate in their favor and
therefore to the injury and suffering
and poverty of the mass of the people,


The latter want all the benefits result
ing from contraction; the former want
further imitation to. advance their in
terests as a class. Congress hears to
the class, but turns away from the peo-
pie. Let the latter remember it when
they are again asked for their votes
Rnsyon Posf. - . 80 ..s.g .r1g # ..-r....-.