Year: 1874

pERuAPs Of all tho speeches made Ii


Congress this session on the financial


question the ablest arc the two made


by CARL scHURz, the Senator from Mis-,


souri,. From bis last speech, delivered


last week, we publish some extracts this


morning that will be read with interest


by those who have not the time or oppor.


tunity to read the whole speech. The


most conspicuous point made In these ex.
tracts, and 1t is alter all the great point In
issue In the whole controversy about the
currency, Is that money cannot be made
plenty 10 West Virginia, or In Ohio, or In
Pennsylvania, or in any other State, by
simply printing plenty OF itat Washing


ion. This point Is made very forcible and
clear by q reference to the condition ol
the banks In Philadelphia, New York
and Boston year ago, as contrasted with
their condition today. In other words,
Senator scHURz shows that their re.
sources in February, 1874, are greater
than they were In February, 1878, by
nearly the exact amount paid during the
last few months by the Government ont
Of the $44,0O0O00 "reserve" fund. This
goes TO show that the twenty odd millions
oI reserve" thus far paid ont have not
made money plentier in the West or
South, but have simply accumulated in
the Eastern banks; and the inference
therefore Is that no amount Of money thus
paid out would make currency plenty
in any quarter where 1t is not drawn by
the magnetic attraction Of values.


Senator 5oHURz's speech 10 not made
in advocacy Of contraction, but simply
sgsinst further imitation. We presume
that he Is a contractionist 20 the extent Of
reducing the whole amount OF greenbacks
to what they were before the panic, viz
5G.0OO,OO0 Below this there are very
many opponents Of initiation unwilling to
go in the way Of contraction. Such
people Spmpathize more or less with the
views expressed in PETER CooPRR's
recent letter in regard to the rights and
interests Of the debtor class OF the coun-
try, upon whom the brunt Of contraction
must fall with disastrous effect If unduly
fastened. One Of the leading points made
by Mr. COOPER in his letter, was that 1t
would be unjust and unwise" Tor the
Government ITO enforce contraction of the
currency as q means Of securing specie
payments, after having been compelled to
expand the use of paper money to save
the nations life until the whole property
OF the country has been measured by it,
and debts contracted by It's use TO an
amount equal to one.hali the value of all
the property in the country" For the
Government ITO contract the paper circu.
lation to a specie standard would be in
effect an order for all persons now in debt
to pay an amount in addition 10 their
present debt equal to the depreciation on
all the property oI the country occasioned
by the contraction oi the currency" II
therefore follows that undue contraction
would be scarcely less unjust and unwise
than further imitation. The one invades
the interests Of the debtor and the other
Of the creditor class. We use the words
scarcely less unjust" lor the reason that
we must in some shape or other move in
the direction OF specie payments, while
there is neither necessity nor excuse for
moving in the direction OF imitation. We
cannot hope 10 remain in a permanent
condition Of specie suspension, and tho
great problem, therefore, is how TO work
down TO specie basis and save harmless
10 the largest possible extent the business
interests Of the country. A good while
ago, the Cincinnati Gazeik suggested
the plan Of scaling the Indebtedness
Of the country, between man and man, to a
specie standard, just as, after the fall Of
the Southern ConIederacy, tho debts of
individuals that had been contracted in
Confederate money were scaled to a
greenback standard. This plan, while
ii savors Of justice, is perhaps impractical
bic, or, at all events, not likely to be
adopted. Tho only plan that meets with
general favor Is to let the volume OF cur.


rency be as 1t Is for the present. Every
crop we raise, and every ship load OF EN-.
lgrants coming into the country, increases
the ability OF the people TO pay their
debts, and brings the country that much
nearer to specie payments.