Year: 1874

the best market; at another, that the


east is already burdened with an excess.


He argties that if we increase the vol


ume of currency It will flow from the


south and west to the east as water flows
to the ocean. He tells as also thai II we


authorize North Carolina to establish


banks, the more che puts into operation


the less currency she will have in circu-


eulation. In other words, he says to the


south and west. "fYou don't know what


is best for yourselves. Go on tilling the


soil, which is your proper employment.


You kcow nothing about money


matters; leave all that matter to more


intelligent moneyed men ofthe east, and


borrow from them. Your business is to


work for them and take the wealth of
your section to pay the interest to them.


Your Increase in manufacture and


wealth is pernicious to your welfare.


He remarked that there was a re-


markable similarity between the
arguments and Illustrations of the
senator from Missouri and those
of the eastern capitalists. Every
plan offered by those opposed to
an increase of the currency embraces
that of retiring the greenbacks which do
not bear interest, and substituting in
their place interest-bearing bonds, paya-
BILE in gold, without the power of recon-
version into greenbaeks, so as to keep
them in circulation, thereby imposing
upon the necks of the people an addi-
tioDal burden of twenty million of
dollars per annum, and for what
purpose? and for whose benefit?
To enable the eastern money-hOld-
ers to have a secure place to loan
their surplus funds, and at the same
time to get additional interest on these
bonds. They seem to want some way to
drain the treasury Of its gold, and thus
leave the whole monetary power of the
government in their hands, and at the
mercy of eastern money-holders. Is it
any wonder, then, that the west and
south, who understand this thing, should
lock upon it as movement to strength
en- and perpetuate the money-monopoly
which the present legal restriction gives
to the east? 1t may not surprise
US that an eastern senator should advo-
cate this policy, but what are we to
think when We see western senators in
the very front OF this movement. 1t is
at present movement among farmers.
mechanics and workingmen, and with
out Significance; but are we so silly
as to suppose that they will see
their wages reduced to mere
pittance without severe struggle.
If there are labor-strikes and stoppages
of business now, what may we expect
if we undertake to decrease the curren-
cy so that wages will not buy bread?
He said We had more money during the
time when the whole south was shut out
from its use than we have now, and
yet less amount must supply the whole
country, with eleven millions more of
people to be furnished with circulating
medium, to say nothing of the fact that
four mIllians of people, formerly
slaves but now free, must be
supplied with a medium of ex-
change. 1t is said that speculation
in railroads was the cause of the panic,
and that this SPECULATION was induced
by an abundance of money. Where did
these railroads sell their bonds to raise
three hundred and forty million dollars
annually used by them? Were these all
taken here? No, sir. Many were based
on gold, and sold in Europe. Therefore
this mania forspeculation spoken of has
nothing to do with the amount and char
acter of our currency. Why do we go to
Europe to sell railroad bonds, and pay
interest to foreigners? Simply because we
had not money here, and if the senator
| lSchurz is allowed to lead the senate
in this matter, we will still contribute to
pay tribute to Europe. The senator
from Missouri had referred to the i'm
mense amount OF money the poor peo-
pie have on deposit in the savings banks.
He [Logan1 thought that while this
scheme of contraction is before the cOun-
try, the poor people would do we'll to
look after their money a little. In
he called upon the senate to
adopt that liberal policy of free bank
ing, which, properly guarded, will not
only do justice to all, but will develop
the latent resources of the south, which
lay dormant under her former mistaken
policy, and which will utilize the water
power of Virginia and the power locked
up in the vast coal-fields of Indiana and
Illinois, the iron mountains of Missouri,
and the agricultural resources of the
whole country; a policy that will
put our manufactures in blast, and
give employment to the thousands of
idle hands, prosperity to the producers,
and happiness to the whole country. He
warned the moneyed power of this coun-
try that if they attempt 10 impose
further burdens on the masses of the
people, they will finally lose their power
He would stand by the
rights of the people, no matter how
moneyed monopoly might attack, and
metropolitan newspapers abuse and crit
icise him.


The senate then adjourned.