Year: 1874

Sensational StuH About the Currency


The New York Herald has been on the
rampage for some time in anticipation
that Congress would initiate tho currency.
It has actually gone so far as to threaten
war between the East and West in case
such ,"licy was adopted. a few days
ago Ill gave vent TO the following remark.
able utterance: ...-t.


No people can ever consent to be alb
sorbed absolutely by 0 neighbortng people
whose economical conditi0nfequires a to.
tally different lie and different laws; and
least Of all will the people Of the thirteen
States who gained their freedom from
England In their infancy consent 10 be-
come mere fringe on the garments Of q
semi barbarous empire occupying the
Mississippi Valley. Yet that Is what the
Atlantic States must become II the legis-
lation now begun In Congress Is followed
10 its legitimate consequences. In the
vote on the four hundred million bill
there Is sound Of the tramp Of armed
men; and there are all the noises Of war
together in the Legislation which the West
still proposes to force on the nation.


The foregoing piece Of bombastes
turioso appeared in the editorial columns
Of the Herald. No doubt 1t awakened q
spirit Of rivalry in the soul ol the Wash
Ington correspondent ol that paper lie
therefore telegraphs an interview that he
had last Sunday with an old Southern
politician Of thirty odd years experience
In public Affairs" who advanced some
startling but growing opinions touching.
the enCcessities OF the South and West for
more currency and the advantages that
will accrue 10 these sections from an
ina4uon and depreciation Of our paper
money" These startling but growing
Opinions" are to the effect that Imitation
at this late day opens the door to repudia.
tion through financial collapse" The
idea Of this "Southern politician oI thirty
odd years experience in public affairs" is
that "repudiation will bea blessing and
great blessing to the country"


Sponge out the national debt, and,
deduCting our bonds, will not the act be
equal to an appropriation Of $500, O,00O,.
900 for the relief Of the Southern States,
In relieving us ofthcse heavy federal tax.
RtiOns, internal and externSl?,


This remarkable Southern politician
believes that both the Republican and
Democratic parties are going to pieces on
the currency question, and that the West
and South have entered upon new de-
parturc. AS il all this was not sufficient.
ly sensational to excite the public, the
same number Of the Herald Cditorially
intimates that the South and West for
soTe mysterious purpose are knowing
shoulder TO shoulder" All the plans, 1t
says, arc not yet clear.


"But that Congress, in both houses, is
now In the hands Oi the most enormous
ring that has yet appeared in the corrupt
history Of our recent legislation seems to
US evident. Hitherto we have thought
that initiation was the result Of tho delu.
sion OF some, the recklessness oI others
and sectional RnimosiLy of not few; but
1t becomes hourly clearer that other mo.
tives are behind il. Popular perception
does not yet penetrate the real character
Of the movement; but when It's history
shall be known the frauds OF Credit
Mobilier, the small chlcanery Of the salary
bills and all the other pieces Of jobhery
by which CengresSmen have indicated
both their dishonesty and their shame
lessness will seem 80 insignificant in com.
parIson that we shall wonder people ever
thought them worthy Of denunciation.'