Year: 1874

been SAID tiiat tlle votes under Sucn pidn
would flow into the Treasury too heavily.
He thought that objection light one; as
III" be government Could use these notes IN
the redemption of our g per cent bonds ES-
| cry dollar of the 5-20 bonds Is now
due and payable at the Treasury in cen
and by redeemiig them as he proposed,
would be more advantageous than the ep-
Grafton how eoiiie on oil funding then.
which was being done at an expense Oh Z
per cent to the Government. OF the many
| objections made TO returning TO specie pay
tnent, he Thought tie only oIiS Teil taien
was that resumption would be burdensolle
to the debtor class, and therefore it WotAe
be necessary to take steps carefully aia
slow. He desired to see the return graz
ual, bit Thought


Now is the Best TIME


to commences; us the panic had REMOVED
much OF this cause. The people are nof7
in debt less than ever before. Referring %
the national banking system he said he wss
not so much of national bank man. lie
would like TO see but one system of clrcu-
lation in this country and that Issued ~
the Government; convert ible ut the VIII 81
tie holder into gold. lie thought our na-
tional bank system a good ole, so good
that no one who reflected moment could
be willing to go back to the old system.
Another objection urged was that resIiulp-
tion Of ep1oie payiiient wOuld contract the
currency, but he believed hat the people
were beginning to understand this qus-
tion of contraction. As the return TO
specie payment went on and currency was
contracted the purchasing power OF tie
greenback dellar would increase and soon
buy as much as d gold ones There was
only


One Thing Necessary


to make our money equal to the best in the
world, and that was to make it equal TO
what it promises TO pay. It's purchasable
power will then enter into the utarkets of
the world, and It would travel over the
world like the bank of England notes, pur-
chasing anything. There had been much
talk about want of currency, and the area
of our country as compared with that of
England and France demanding more.
1t was not area and population which de-
manded CURRENCY but business industry
| and productive enterprise. He reviewed
at some length the history of the bank of
England and the laws which governed it,
and said it could not-iSsue a dall3r above
the awUuI.t stCtred by deposits of Govern
ment securities or gold on hand. Yet in
this country We had issued S56,0O0,O00
more than was allowed. One of the effects
of deprecated currency is to drive out of
currency coin, Therefore, no considerable
amount of gold could be kept in currency
unless h0arded iii the Treasury. We have
repudiated the standard value and Sc. up a
false one. When the cry of more money is
made, he said, more good money and with
return to specie We will have more good
| money than any nation in the world.
Take the aggregate OF Olf currency
nrw, about S7I2,OO0,000, and divide il
among our population, and it will be
seen we have more money for every man.
woman and child than any country in the
world. He thought the plan of the gentle
| man from Conn.,, (FerTy) TO issue $780,
| OO0, ZOO, bad one. and appealed to that
gentleman to state, in his candOr and sim
cerity, If he did not think il would depre-
ciaie our currency more. In the DAYS of
the rebellion, when the government was in
danger. people from all over the land gave
their means to help save the government,
and so help him GOd he would never vio.
late the faith pledged to them. Money is
easier in New York now than il has been
for years to persons in business. He did
not think the panic currency panic, but
that it was caused ty UnprUductiye invest
ments, Neither was il a bank panic, as
only one or two national banks failed, and
in each instance was caused by violation
of the law. He had been many years in
Congress, during peace and war, and for
one he wanted to see the crOwning triumph
Of the nation. the declaration that its
promises are good, and then IFS wealth
would increase.


Mr. Morton said the act of 1859 upon
which the gentleman based his argument
provided that at the earliest practical mo-
ment the notes should be paid. Mr.
Sherman says it is practicable now To re-
deem this pledge, and vet he does not pro
pose to pay the notes in coin but in bond
which is barely at par and which fluctuates
constantly.


Mr. Wright said he desired to address
the Senate Monday upon the pending reso-
luton.


Senate adjourned until Monday.