The New York Herald Newspaper, April 8, 1874, Page 3

OR EL SEEN PERI ONT EER Tae er MN ETM RL MCR fy oe Me Me WASHINGTON. The Insane Folly of Inflation Unmasked, °s Broadside Against Issuing More Rag Money. ; Co: PRINTED LIES LEGALIZED. ee Bankruptcy and Repudia- tion in the End. The Lessons of the Past and Present. WATIONAL NAVIGATION SCHEMES. WasaHiInoton, April 7, 1874. ‘Whe Currency Debate in the House— Speech of Mr. Cox—Position of Dem- oeratic Representatives on Inflation. The House to-day listened most attentively to the speech of Mr. Vox on gold and good faith, paper money and panic, It was delivered with more than usual earnestness, evincing careful stady of the subject, and placed the speaker on, the record with his old democratic colleague, Sen- ator Thurman, in doing in the House what the Senator had done in the Senate during the pro tracted debate on the tnancial question, The democrats members of the House are divided on ‘the subject of inflation, though it would be diMcult Row to predict how they will vote on the final issue. At the conclusion of the remarks of Mr. ox he was heartily congratulated by republicans &s well ag democrats, Mr. Luttrell, of California, the only democratic member of the California del- Ogation in the House, sent his compliments with a bar of fine gold. The debate is likely to continue through to-morrow and may occupy part of Thurs- Gay. The Free Banking and Specie Resump- tion Bill Reported Adversely to the Senate—The Lull After the Storm of Fi- mancial Bombast. In the Senate, verifying the old adage, that “after a storm comes a calm,” there was an air of Weronity which reflected the business-like wisdom of the body so evident in its matter of fact sort of system when it settles down to regular routine action. The regular order of business was taken up and the Senate proceeded to the consideration Of the bill for the relief of the heirsof Asbury Dickens, claiming remuneration for his services while acting as Secretary of State and of the Treasury some forty-five years ago, involving over $3,000. It has occasioned a great deal of contentious debate and was finally passed, The most significant action of the aay was the “unloading” by Senator Sherman, as chairman of the Finance Committee, of all the bills ana peti- tions on the subject or banking and currency ve- fore that committee, as the action had yesterday covered all the legislation proposed by them to the Senate. In addition to this the report of Sen- @tor Morrill, from the Finance Committee, adverse to the Free Banking and Specie Resumption bill, owing to the absvlute variance of opinion existing among the members, and asking it to be placed on ‘the calendar, was a fitting concomitant, the re- port showing the irreconcilable views entertained im committee to those evinced on the floor of the Senate, as witnessed in the diversified debate on these two important issues, which has so long en- grossed the attention of the Senate. A number of other private bills engaged attention during tne balance of the day. National Improvement of Navigation— Uniting the James River and the Ohio, and the Mississippi and Lake Michi- gan—The Mouth of the Mississippi— The Work of the Transportation Com- mittee. The select Committee on Transportation heid another meeting to-night for the purpose of putting the finishing touches to their very elabo- rate and-very mteresting report. The committee have devoted much of their time and the createst are to the consideration of the very important matters entrusted totnem. Their report will con- tain information co exhaustive and the statement of such strong deductions, gathered from all the i \ | | | | | ih experience and the knowledge of the past, as tg | leave little in this line to be attaimed hereafter, Senator Windom, the chairman of the committee, has devoted ail his leisure time, since last spring, On the adjournment of Congress, to the collection and preparation of the vast store of materials bearing on the subject of internal improvements and the wise and proper policy of the government im relation thereto. In this and in forming opinions he has been ably assisted by other mem- bers of the committee. The committee did not receive formally until to-day the report of the last survey made of tho route of the James River and Kanawha Canal, although the members have heretofore had access to it, This report puts the maximum cost of the work at $60,000,000 and the minimum at $50,000,000, If undertaken it would be very apt toexceed the former amount, The committee will most probably recommend that new surveys be made of some, if not ail, of the projected routes which have been considered as worthy of national en- couragement, It is thought that, with the experience and knowledge gained by former surveys, new surveys might now promote the attainment of results whereby the cost of the works could be much lessened, Tne committee regard the proper improvement of the navigation of these two great arteries of commerce—the Ohio and the Mississippi—-as of equal importance, and that the two objects should go together. It is not to be doubted that the cost of improving these two rivers to satisfy all the requirements of the trade which floats upon their waters will be enor- mous. One of the principal schemes in connec- tion with the improvement of the Ohio is the erection of hydraulic gates and movable dams. This would involve large expense, but the plan hasbeen found to work very satisfactorily on the Seine and other rivers of Europe. The coal interest of Pittsburg 1s opposed to tne erection of any dam in the Ohio River unless some modification can be introduced into the orai- Mary slack water system that will permit the pas- eagé of Neets without requiring them to be broken Bp and reformed below the dams. This objection, it te claimed, can be removed by the construction of hydrautic.gates as above mentioned, provement of the Fox and Wisconsin rivers, by Means of Which communteation is to be estab- lished between the Mississippi and Lake Michigan, has also received a considerable share of tne at- tention of the committee, and will be treated fully | in the report, The committee are inclined to look ‘With favor on the plan of Captain Eads for deepen- ing the channel of one of the passes at the mouth Of the Mississippi, which has already received the favorable consideration of the House Committee on Commerce. Captain Eads proposes for $10,000,0.0 to make achannel of 600 feet width @nd 28 feet depth and to maintain it as such for nine years, The committee will, if possible, make their report, which is awaited with much interest, {ma few days, Sanborn’; "s | '« Foggy Memory and Butler's | as to equal, but not exceed, the average cost at Pare and Honest Doings. John D. Sanborn was again before the Committee | on Ways and Means to-day and was cross-ex- amined for several hours, but without anything of Importance being elicited from nim. He ‘still declined to give a detailed statement of his expenditures, All efforts to make him =sdmit anyshing that would connect General Butler, of Massachasetts, or any other member of Congress with ms contracts were fouled either by & denial that General Butler had aaiven him advice or tile favor of his influence or The im- | } | NEW Want of memory ghd gen Statement werg the veloped. by finally put ‘al imdefiniteness of Cheracteristics de> e The committee foJYowtng question to Sanborn, which F on Thursday morning :— ‘Jetai! the smounss you have paid or © pay in relation to your contract and in J with dates, sums to whom paid, and y/hat purpose each payment was made. ‘Other witnesses will be examined to-morrow. South Carolina’s Woes, The South Carolina Senators and Representa- tives, with the delegates from the republican Stave Central Committee of that State, called on the President this morning to answer the charges made against them by the delegates from the Tax- payer’ Convention, The delegation made a long statement to the President, based mainly,upon documents that they presented, to the effect that the taxation was hot so burdensome as has been represented, and that they were imposed for the best interests of the people and State, They denied that the other delegation rep- resented almost entirely the taxpay- ing citizens of South Carolina, and de- clared that they, the republican delegation, represented substantial interests in the State as they represented the great majority of the people, The President replied that he regarded their state- ment as a complete answes to the other side and he would also say that his reply to the former del- egation had in several instances been misrepre- sented, particularly with regard to his remarks upon the State governments of Louisiana and South Carolina, as he had mot intended to make any reflections upon them, The New French Minister's Presentation to President Grant. Mr. Bartholdi, the newly appointed Envoy Ex- traordinary aud Minister Plenipoventiary of France, presented nis credentials to the President to-day, and in doing so be made the following re- marks:— Mr. PRestpeyt—I have the honor to deliver to Your Excellency the setters which accredit me in the quality of Envoy Extraordinary and Minister Plenipotentiary of France. My first duty on being presented to Your Excellency is to become the in- terpreter of the sentiments of high esteem and friendship which are entertained by Marsna) Mac- Mahon for the American vation and tts iilus. trious head. The sincere desire of the President of the French Republic aud of his government is to see the ancient and intimate relations which exist between France and the United States drawn closer, I shail obey the orders which I have re- ceived by devoting all my efforts to strengthening the irtendship which unites the two nations. Your Excellency will be pleased, I hope, to encourage i ae a@ kindness which I stall be proud wo justify. The President replied as follows:— Mr. BARTHOLDI—I am happy to receive you as | the Envoy Extraordinary and Minister Plenipoten- tlary of France. From what we know of your antecedents we are sure, in accrediting you here, your government has aimed at sending a worthy representative of that great country, one well dis- is experience, intelligence and discretion, may he expected to contribute towards strengthening those ancient relations of friendship between the two countries to which you refer. In this you may count upon my hearty co-operation, The charge of Political Partiality in the Great Legal Tender Decision of the Supreme Coart, At the close of the finance debate in the Houso to-day Mr. Eldridge, of Wisconsin, took up the oft- repeated charge that Justices Bradley and Strong, of the Supreme Bench, owed thew appointments ; to thelr favoring opinions favorable to the Legal Tender act. E. Rockwood Hoar, at the time of the appointment, Attorney General, came to the rescue of the administration and positively denied the charges, stating that both these gentlemen had been selected by the President before anything was Known of the opinton of the Court. Other re- marks of Mr. Hoar, however, were construed by those who followed him closely as indicating great solicitude on the part of the administration for fear the legal tender phase of the case would not be sustained, A Washington Contractor’s Blunder in an Attempt at Bribery. A casual examination of the check book of Sam- uel Strong, @ contractor, submitted to the Dis- trict Investigating Committee a day or two ago, developed the fact that a stub Showed a check given by Strong to Theodore B. Samo, the engi- neer who made the measurements for the United States government for improvements to govern- ment property in this city, Mr,Samo publishes a card in explanation, explginjng that he returned said Check immediately upon its receipt, with tha written remark to Strong that a little reflection would convince him that it would be highly im- proper lor him to accept it. Compulsory Pilot Fees. Mr. Hamlin introduced in the Senate a bill to re- | Meve ships and vessels from compulsory pilot fees n certain cases, and it was referred to the Com- mittee on Commerce. It provides that no owner, agent, master or consignee of any ship or vessel duly registered or enrolied shall by virtue of the laws of any State be compelled to take, employ or pay a pilot not voluntarily employed on entering or departing from any port or harbor, passing through or leaving any channel, passage or strait | Within the harbors of the United States, and no owner, agent, consignee or master of any ship or vessel shall be compelied to pay pilotage or pilot fees by virtue of the laws of any State. A New Trial for General Fitz John Porter, An effort is being made on behalf of General Fitz Jobn Porter to get a rehearing of his case. Very many of the old army officers here are of tho opinion that Porter never had a fair trial. This opinion is also shared by a large number of Sena. tors—republican as well as demgcratic, Confirmation of Important Nominations, The Senate in executive session to-day con- firmed the following nominations :—William Wal- lace, to be United States District Judge for the Northern district of New York; Orange Jacobs, to be Chief Justice of the Supreme Court for Wash- ington Territory; Moses Hallet, to be Chief Justice of Colorado; Joshua G. Heath, to be United States Attorney for New Hampshire; H. B. Rider, to be Consul at Copenhagen, Army Promotions. The Senate to-day confirmea the following army promotions:—Lieutenant Colonel Charles R. Woods, to be colonel; Major Joseph W. G. Whistler, to be lieutenant colonel; Captains Guido Iiges and Alfred L, Hough, to be majors; First Lieuten- ants Benjamin H. Rogers and John P, Willard, to be captains; Second Lieutenants John A. Lum- deen, Roger Birnice, William McCamman and Thomas B, Briggs, to be first lleutenants, Naval Nominations. ‘The President sent the following nominations to the Senate to-day:—Commodore William E, Leroy to be Rear Admiral United States Navy. David 0. Me pedl to be Assistant Surgeon United States Navy. A WORTHLESS CURRENCY. Brilliant and Powerful Speech of Mr. Cox in the House Against Inflation and Repudiation. WASHINGTON, April 7, 1874 THE COINAGE Act. Mr, Hooper, (rep.) of Mass., trom the Committee on Coinage, reported & bill to amend the Coinage act Of the 12th of February, 1873. He explained the bill, Which is merely technical in its provisions, and it was passed, Mr. Hovguron, (tep.) of Cal, committee, reported a bill to establish assay omces at St. Louis, Chicago, and Helena,’ Montana, Re- ferred, under a point of order, to the Committee of the Whoie, Mr. Hoorer reported another bill to amend the Coinage act of 1873, by making the charges for the coinage of gold and jor converting siiver into trade dollars depend upon the rates to be fixed from time to time by the’ Director of the Mint, so each mint and assay oMce. Passed, 8. 8 COXON THE CURBENCY BILL, The Honse then, at half-past one o'clock, resumed the consideration of the Currency act, Speeches were made by Messrs. Pharr, (rep.) of Va.; ORTH, (rep.) Of Ind.; PacKAaRn, (rep.) of Ind.} HEREFORD, (dein.) of West Va.; MONROE, (rep.) of Ohio, and Cox, (dem.) of N. Y, Mr, Cox—Mr. Speaker, the discusston uj ‘woll as that to legaiize ‘and deciare the ren this bin as tit of oat cur- rency at $400,000 of greenbacks invelves the whole circle of our fiscal atfairs. It is vindicated here by ine stringency of the times and of the Trevsury. it involves our own income and expendirure as # people and as in. osed towards the United States, and who, from | from the same | duals, for it involves ot and expansi byt arenas of exch: os winle debadug the year, when our expenditures were not faba seed eth tar te Panta, Eee no uaid that England raised i 000 ster ing more United ‘Sia our economy, where they would not lop with ainimiacretion. Wi at pcheuge, 4 gland in our ex- low we outvie with E With all urees, and in time of soul holiow—our it 18. K now at oar rival Mr. re- dissolved Pariiament, and his Ministers boasted lessening taxes ho increased the revenue. i man from Connecticut (Mr. Kellogg), when F week, could not comprehend. But even thatthritty virtue did ‘not save the Ministr A Premier goes to the country and is beaten, even wil @ surplus of 000 sterling, while we are ry der deficiencies. miscellaneous funded debts, bad curren- cles, heavy tax: ry ndustries and wastetul dis- credit, hat, then, would be the fate of ouradministra- tion if it went to an inteiligent country on the auditional issue of irredeemable paper? Such issues are the fraud wi thay the same number of gear that a gentle: mentioned it the othe: of the land, ‘TRE SWIXDLE OF ACES, They have no defence in iteratare oF sol writer in Kurope would hazard his name bj for such economy ; and y« ‘ecretary makes it@ neccasity, as if we were in war, of sli out of the Treasnty increased millions, fore drawn and cancelled, of this same sort of ity and robbery; and s Uvanimor passes, to sanction his couduct regs, aiter the most panstakin, lory and effect of inflation, deliberavety the reissue of 000,000, and relapsed into that barbarism which would create more paper symbols without real Values, And this isto be provident for a day and reck- of all the future. We would add to the fuel of the hothouse that the fungus growth may be more \uxuriant and the truittul ashes more abundant Do you wonder, then, that good men, fond of republi- can principles and institutions, forget oven the value of legislative bodies; that they are to welcome per. sonal power without legislative restraint? Do you won. der that the almost universal feeling of all who, ba: anything to lose, and also have nothing to do with the gaines by which nations are fleeced for the benefit of ‘unscrupulous intriguers through the forms of law is ono of anxiety, so long as those dangerous bodies continue their sessions, and of almost infinite reliet when they disperse to their homes, and that they consider nothing bad in legislation which it is not feared that they may do, and nothing good that is any longer expected of emt Atter this, whut good can -be attained by future debate here on this question? Has not Congréss long since voted on the act to redeem the debt in coin? Dic it not, when creating the debt, create @ sinking fund by the act of February 25 1862, wlth a pledge to apply one per cent of the payment of our entire debt? Are we not already recreant and convicted of recreancy? THE FORKRUNNRR OF PANIC. But, sir, for one I shall not be recreant to convictions | often expressed here in speeches and reports through many years. I make again @ protest against this iresh foreruiner of further panic. As sure asthe night fol- lows the day, if these intlating bills pass so sure will the Gisaster of iast September be renewed. Meanwhile the abnormal exhilaration, revived by our action, leaps ito | the boisterous and craay chambers of speculation, and Duoyantly tue balloon Huctuates and floats in the thin and unsubstantial air. Already, in speaking upon this | Question on the 7th of June, 1870, and on certain bills ollered by me and sent to the committee of which f was then a member, I have quoted the message of the demo- cratic predecessor of Governor Dix in favor of accom- plishing an early return to the use of gold, and Governor ix ishimself true to his democratic education tn his late message, for ia no public utterance has such sound dialectics been taught in vain are all utterances of plaviorm and message,” This House refused even to cou- sider a resolution copiea by me trom General Grant's message on the 2th of December, 1870, for the earliest practical resumption, You may tinker and tinker; you. may expand or con:ract; yon may crawl or jump; you may worry and work, but all your labor isin vain if you do not pursue the resolution which I tad the honor to | offer to an indifferent Honse on the 20th of December last. It is as follows :— “Resolved, That among the evils growing out of the late civil war is thatot an irredeemable paper currency ; that itis one of the highest duties of government to so cure to the citizens a medium of exchange of fixed and unvarying value; and that this tmplies a return to & specie basis, and ho substitute for it can be devised; that it should be commenced now and reached at the earliest. | practicable moment,’ Ido not consider this resolution as pecutarly em- phatic, because itis copied from General Grant’s annual message. You have disregarded abyut all that he recom- mended, including this; but this is a solution, because it represcts the solid sense of the nation, which Congress | ana the President, in their schemes and jobs, seem lat- terly to ignore. The otner side of the House owe it to the | | nation to resume specie payments. You promised, aud | you broke. faith. You passed a law against expansion | yale api the reasury pping ver with: discussion of th. ai ized, and for a contraction ot $4,000,000 per month. You be- gan well, Mr, McCuiloch recommended and you ap- proved. Yet you had not th rage to carry out your ww: You quilted betore the elections. Al, you repeuled the law. WILL THERE BE A VETO? When the other day I incidentally interrupted my friend irom Connecticut (Mr. Hawley) to remind hin that his jubilee over the President's message was with- outemphasis here. he more than intimated that it was because I bad offered it, or, rather, had dressed ttup, So then, if a member opposed to: the dominant party hap- | bens to assert, along with the Executive, thattwo and jour, all the wiseacres of that party insist that they five! No; the truth Is that had such a reso- | | lution come from any one—even from an angel—there ig | so much of the “toolisiness of this world” here that it | would since the gentleman espouses the President so heartily, | and says: he will vote hereaiter for no one who is for | inflation, what will he do when General Grant signs the vin? Are his party cords strong enough to hold him? For myselt [ promise here that 1 will certainly oppose the administration if 11 does not use the veto, Will the genuieman do the same! Or must he obey the master will at the White House, and, like a courtier, “As their patron hints, the cold or heat, ‘Shaxe in dog days, in December sweat!” Gentlemen think this Congress will be popular for vot- ing inflation, Let the Executive test it by a veto. President, with ali bis recommendations for specte re- | sumption, is not now #0 popular in Calitornia, New York, | Ohio, lowa, Wisconsin anu e:sewhere as he was, “When mankind,” said Cicero, in his second philipple against Antony “cannot endure Cesar, will they endure thee? We will see which side will work, and who for, ve hind it vexed question. perha| #, t00 late to disenss the proposition that ers in time of War may be justified by neces: sity. in giving the vote I gave and which time has justi. fied, I beileved that the constitution gave no power to Congress to emit bills of credit or make anything not | coinatender. ‘There had been no inadvertence when the tathers left out of the organic law such grant of power. ‘They knew what thoy were doing. Their expe- Tience as to paper was peculiar. Nor did I believe in war powers, or the exercise of federal power, because not prohibited. Nor do 1 believe in it now. In the ab- senice of all precedent for such issnes, except those of the civil war, and tor which I am not responsible, ! would be verjured if I followed the speech of the flend, who “with necessity, The tyrant's plea, excased his devilish Most especially so now, 1m time of peace, when no ne- cessity exists. I cannot give a vote to add to the legal issues already out. Nor has the Supreme Court, by their | twelve Wallace cases, said or implied that an issue of tenders at this tme 18 within the sphere of Congress. To- day, as in 186%, the same attempt, without the same pre- | text, is made to “torture” the constitution. Sometimes | fucli tortuous proceeding, like the crooked river Styx, leads through a political’ cemetery to a clime warmer | than tropical, Uzzah put, forth tis hand to the ark of | | the Lord, and took hold of it, and the anger of the Lord was kindled, and he smote him. Let us need the lesson, | Pardon me if in the relict radiance of the past I find @ | | better light to guide my footsieps than that which glares from below. COMING DOWN TO FACTS, It may be, however, that, in talking to the jury after the verdict, Iam one ‘of their fatuous class. Yet I pre- sume to discuss the following propositions — 1. ‘That, the law stands 356,000,000, aud that the Secre- | tary has knowingly violated it. 2 ‘That Congress has not the constitutional power to | authorize the issue of a dollar, even it it were wise todo | | so, and that if tt had the power and it were wise it snoutd | | not be done in a manner that excuses the Secretary for } @f assumption of power, 3. That in no event would it be wise. First—There can be no doubt that the law stands to-day. for an isste ot only $356,000,000. Congress, by the act of | February, 186, authorized ‘the Secretary to retire and cancel, at a certain rate, legal tenders trom the surpins funds of the department.’ This waa discontinued vy the act of February, 1808, after $44,000,000 had been can- | celled. It was sO reported by the Secretary. No person in or out of Congress ever, before October, 1872, made a | claim to the contrary. There is not an act on'the books | that has the word “reserve’’ in it, as applied toa sum of | ,000,000,. Congress never had’ before created or per- mitied a reserve that it did not at the same time stipu- | late a specific purpose for which the reserve was to be held. There 13 no precedent even to base such an idea ‘There is nothing to base it on except incapacity oF something worse, THe LAW DEFIED, The Secretary has knowingly assumed a power by the issue of legal tenders which, fistead of being pardoned, | should rather be punished,’ In the caso of the present | Secretary it amounts to a bold deflance of law and of Congress. Had he not the report of the Senate Finance | Committee last year? hey not examine Into the | legality of the issue made in October, 1872? Did not that | Mr. Secretary Boutwell in his own de j fencer And, although ii excused him on the ground « | ee honesty of purpose, It declared that the iasue was with- out warrant of law, and, in effect, that no further legis- lation could make the law plainer. How, then, can his successor be excused on the ground ot honesty of pur- ose? The present Secretary of the Treasury, in his last report says:—"On February 4 1368, Congres) passed an act suspen i the further reduction of the currency when the amount outstanding was $356,(00,U00, and that sum ts now the minimum limit of issue. ‘But the law au- thorizing the issue of the maximum of $400,000,000 has Never been repealed, and nas anitormly, been held by the Treasury Department and the law oificers thereot to be in full force. ‘he not know that Congress was aware that the jaw had not been repealed? Perhaps he, will advise us whether the laws authorizing the issue of the seven-thirty Treasury notes, the compound interest i} notes, the aad cent notes, the (3p per cent notes, and | a variety of other issues which were authorized } spaired of déin; Your | | tains come and go like the rainbow. YORK HERALD, WEDNESDAY, APRIL 8, 1874.—TRIPLE SHEET. by answering that he did, merit, A | 4 pon Fite sititn ney gal ter 621,000 Stes Revenue receipts... zai ‘686,000 ,087 ‘Thus. ater Daving ran the departmont with » halatice ranging from $500.00) to 000, It suddenly became nec on the 9th of January to increase the balance wo B00) by al a ge Se) jal te (ead ee 4 iD, on + 8 er enlarge ane by ioner transfer of ‘these “daily changes are reported in Wall street generally about two o'clock .M. On the and 10th of January the reports of increased oatstant legal tenders thore by half. ast one clock, Why were the: ree unts of legal Tenders withdrawn from the reserve ouly 10, enlarge t balance? Will the followin, 40, when gentlemen say help to explain it? and if eat Secretary acted from est’ motives and to be impeached, I am tempted to ask, What, then, is the power Nebinid the one F mn. the 8th 1 of January the market at Stock Exchange had ‘been heavy and declining, and losed at the lowest point of the day, with a downward fendency. Now, mark the prices of'a few of the leading stocks — oe New York Fan. BiJan. 9.\Jan, 9.jJan, 10, le Opened. |2'P. a| Closed. Jon 101 io a) il fg “Who in Now York knew what was going to happen be- that Rex tore ay Was overt Who knew it so well were willing to give orders to pay from higher at the opening on the th Wan i? This may be chance, o fered at the close of the sth bat there are, during the periods this $27,000,000 has bee: dropping out of the ‘‘reserve,” several instances of \ike nature. At any rate, Mr. Speaker, one jealous of the ex- ercise of guch normous powers has a right wo be flercely critical when anything even seema suspicious, The offence should not have been condoned until this matter was satisfactorily explained. It should not have been condoned 43 it was by our votes last Monduy week, tor gross incapacit; dis) ed im the management of the funds department, even if there had been noevil intent. Nay, further, There ts no ower tocondone, It cannot be condoned, for even jongress has not the power to issuc notes as legal tenders, Under no circumstances shoula a precedent established of Dereiising the executive officer to trans- gress the law. For one! desire that a vote on the proposition of Mr. EK. H. Roberts for the $382,000,000 sbail Not be so considered, That was a customary vote for the lesser of two inevitable curses, CONGRESS HAS NO POWRR TO INFLATE. Second—Congress has not the power to pass the bill we gent to the Senate legalizing the reserve issue and mak- ing tho legal tenders four hundred millions if it wero wise or expedient. Do you want ancient or recent authority for thisstatement? Read the debates on the bet Tender bill, which Mr. Spaulding, of Buifalo, has collected. The contemporary interpretation of this law is uniform that it was @ forced loan. Ou December 9, 1808, Mr. Spaulding wrote Mr. McCulloch that it was introduced a8 a war measure—a measure of temporary | relief. Asa peace measure he held It to be unconstitu- tional, I append an extract from his letter asa note — “in the imminent peril in which we were then placed by agigantic rebellion Congress decided that the Legal Tender act was a measure necessary and proper to carr into effect those powers exprossly granted tu the const tution to mata) the army and support the navy. Secretary Chase rehed at tnis timo mainly upon the passage ‘of the National Currency act to furnish the means; but it appeared tome it would be wholly inad- equate, and, besides, it could not be wade available quick enough. L, therefore, introduced the Legal Tender bill early in January, 186, immediately atter the suspension ot specie payments, In this great crisis I advocated the bill as a war meustire—a measure of temporary relief to the Treasury, aud onthe ground that it was an impera- tive necessity to preserve the life of the na: tion, I couceded that it was a forced loan and coull only be justified on grounds of necessity. As a war nicasnre, passed during the war, continued dur: ing the war, and ds long as the exigency lasted, I believe it Was necessary and proper to successtully carry on the war, and was, therefore, constitutional. “I am equally clear that as & peace measure it is unconstitutional, No one would now think of passing a legal tender act, making the promises of the government ia mere torin of credit) & Jegal tender in payment of all debts, public and pri- Yate, | Sulch, a law, passod while. the government ts on ® peace footing, could not be sustained for one moment. Tthink now that i¢is unfortunate that we aid not have incorporated into the original Legal Tender act at the time of its passage a provision that the legal clause should ceasg to be operative in one year after the close of tbe war. Tn that case all parties would have | shaped their business accordingly, and the law would | & have served its purpose as a war measure and would not have been continued (asf think, unnecesirily) so loug alter the close of the war.” (E.G, spaulding, December 8 ) Those who supported the project did it with an ac- tender | to do with it? Tt supplies noth’ not srr ai seat rowed and reborrowed, until they bad en $3.000,000,- Q00 nearly. Repeat that and money will be enough to go around, with only $55,000,009 L7G SAU Bota novus Prove ool i mots gfe wi rove error fiotes wit the legal avtributes. of error—the issue o pers money; that it would have been less government to have borrowed money by sal even at fire segs on aavinans at on rm jovernment paid more " por 1, Besides the extravashut waste wach ry D obvained at wha! ; for it has ber fave been saved if mol would hav a high rate Teokoned that, It ua $1,500,000, 00 down the civil war because of this money; and, what {s of mor@ consequence, it would have ved the country a demoralization which as turned and till turns the whole capital of the country into cnverprises that are purely specula- ve. Ina word, capital might as well, ani equi benent to the country, be engased in a faro bank as the cy tions of the k and gola market: Co re, Jenisiated Yor the ponent of thevrich. fe haa bougne Dongs al ny due, which were sold at a large discount in fold, ani world of these bonds, belonging exclusively to the rich, wi cl uh, and held by choice, who were not asking for thelr mone; and were content with the payment of the interest, wh sustain the prices Kets of the which is the only portion in which clasyes are inte . Ite greenback unredeei is nothing less than tor ema: The ople were SEatule to ko st ett hkatboon permved 40, Gel up and down at the will of speculators, If there is any por- tion of the debt of the United states more qaoged, than another, any portion of a debt which should be first paid or appreciated in value, it is that poi Hoy which Fam {ges to pay on demand and which do ay ntere: Is wi Mk tor the gentlemen to understand that the people are beginning to see through the oue-sided operations of the government in the management of its debi The people, understand that a paper dollar which they are compelled to accept in payment of their hard earnings shall be made as good as the rich man's, op whose bond you pay six per cent. ‘THB DEBTOR AND CREDITOR. Again, it is said, ination heips tne debtor and con- traction the creditor. Ifso, who is benefited! There is ter in the New York H&RALp estimates) Py, savings banks and for way ¢., to workingmen. This is represented now by wd Feclated currency, only worth 88 cents on the dollar fr other words, this class is out of pocket over $20,000,000 as the result of bad fiscal policies! LET US HAVE SPECIE PAYMENTS. ain, let me say that in my opinion the country is better prepared for, steps toward specie payment than it has been since 1803. The crisis hascome. ‘rade is slowly recovering, and healthy, it will be a not one half below what in past years. Is not, therefore, the actual meed for money for legitimate business purposes largely reduced? At least it 19 for some time ‘o como. Capital has been sunk and must be reproduced ; it cannot be printed into | gxistence by printing evidences of debt and stamping them legaltenders, Now is the tlme to take the drt step successiully toward doing our duty, and yet now the time we are taking the backward step. “When wiil we xo forward? The House may recollect @ bill intro- duced by me to recall ana stamp as not legal tenders the Portion of the reserve already out, | My colleague (Mr. Is, i. Ko'erts) thought this to be Impracticabie. Why? Because there is io reeord by numbers or otherwise of the issue. The old issue even is notabroad. Aa it turns out, it was burned and new issues made, My Dill, therefore, could give, if passed, no practical help toward the great desideratum. Who is to biame tor this?’ Was this done for a purpose and ‘on pur- pose?’ This reserve currency has been paid ous Qud isa justdebt of the United States, although not @ gal tender.” Batno action can or will be taken. If it could be found aud marked it should be declared to be iilegal. Acknowledge the debt and provide for its fund ing, and for any further deficiencies in the Treasury which are immediate and which retrenchment cannot stop, We might, In great need, provide tor by a temporary loan, The Dauks are daiiy ‘pressing their loans upon Wall street, so little are the mercanuie interests in want ot money, or, rather, so few are the collater- als to deposit’ for the same. What good will this new issue do? Will it add one dollar to the collat- erals in the pocketbooks of the merchants, so that they can obtain any additional bank credit? Will not Wail street and the Produce Excuange swallow the whole of it up in a ten, twenty or thirty days’ advance ot prices? What the country is demanding through its chambers of it may be “euily onecthied it it has been } yet im feeble tones, ts not quantity bat quality, not bulk utkind. No measure like this, which, as Ute propnet describes, makes “the ephab ‘small ‘and the shokel reat,” and falsitying the balances by deceit, will last We inust build by the piuia’s line of right. TAXES BY TARIFF AND IREEDEEMAMLE NOTES, Thad occasion to speak here during the war against the tariff and its connection with an irredeemable paper curre: ‘As the customs are due in g 5 Knowiedgment that the measure was extra constitu tional and could only be supported on the plea of an, overpowering ne Need [ refer to the speeches of Messrs, Conkling, joy, Pendleton and others in the House at the Uine the act ot 1862 way passed? Need Lo to the Senate debates of February, 188!? Need I go tur- ther back than Mr, Lincoln's administration and to die Legal Tender act ot Fe 186. RARLY HU Mr. Chase, who was NCY, casury, had de to raise any more money by loans to carry on the and he suggested to Congress the issue of United states notes, the same to be mace legal tenders tor all public and private debts, and that he tirmly believed that with. out this legal tender clause there Wis no hope of saying | the Union. He therefore urged the measure upon Cou- Before its passage the constitutional questions | Warmest friends of the administration could uot be in- | duced to vote tor at. PURFLY A WAR MEASURE. These were the opinions of the men who le; with the enemies’ guns almost threatening the very hi in which they were. step is painfully evident—ag plainly evident as the jud ment of the tribunuls of justice which have been passe on these acts, What new light has since been cast upon the constitutional power of Congress? The learned Chairman of the Committee on Banking should either be Rolvoned cup of perjury. The greatest constitutional Statesman this country ever produced used language in the Senate that should uever be forgotten. I refer to Daniel Webster, who on December 21, 1836, in the Senate of the United states, said:— “Most unquestignably there is no legal tender in this country, under the authority of this government or any other, bit gold and silver, eliher the coinage of our own | mints or foreign coins, at rates regulated by Uongress, | This is a constitutional’ principle, periectly plain, and of ; the eat im} ace. The Stutes are expressty pro- | hibited trogr making maything bus gold and silver a legal tender in the payment of debts and aithough no such express prohibition is applied to Congress, yet ag | Congress has no power granted to. it in this respect but to coin money and to regulate the value of foreign coins, itclearly hag no power to substitute paper or anything | else for coin as.u tender in payment of debts and in dis- charge of contracts. Congress has exeretsed this power fully in both its branches. “It bas coied money and sill Still regulates their valine. The legal tender, theretore, the constitutional standard of value, isesteblished and cannot be overthrown. To overthrow it would shake the whole system.” RIDICULOUS LEGAL LOGIC OF INFLATION, Suppose, therefore, that this bill should become law, will It not meet with an adverse decision at the hands of the Court? Will not that add to the. confusion worse confounded—iresh chaos, litigation and trouble t Third—Ke Congress had the power—and it is wise to condone an illegal act of the Secretary—would it not still be adverse w the best interest of thé country to add to the present volume of legal tenders ? GOLD AND IT4 INTRINSIC VALUE, In discussing this question it is necessary to under: stand why goid and silver have been such factors in the business of our star, Some have sald that guid and sil- ver had only an extrinsic value and that intrinsically Its value was less than iron, per pound. This 18 attributed to a fictitious value early given throuyu religious wor- ship of the sun and tcon—gold and silver. But T can call upon members trom the mining States for a better solution. Never a dollar ot gold or silver came trom the earth, went through the stamp mill and through the quicksilver and furnace but cost more than doliar for dollar. Do you wonder that it ism medium? All dispu- tation would cease it men would only —re- member that a dollar is not an abstraction but that it is 412.5 grains of siver or 25.8 of gold. A piece of printed paper not convertible with gold, ir it were plastered with all the imagery of the ages’ and the sup recriptions from Cesar down to Grant would only be @ dishonored promise to pay. Moreover, pre- choitsness, cohesiveness and divisibility belong to! gold as to no other element. Separate color trom the or extension from matter, but you cannot separate the nulitles which belong to gold aya medium tor men, God has hardened {t in mlilions of Years, in which the moun. itis as true as [ts its silent power, hke that of burnished source, the sun. of adversity. MONEY OR CURRENCY. Again, itis necessary to draw a line between money and currency. While money may be currency it docs not follow that currency is thonoy. Money is only that which is @ legal tender in payment of debts; it is che unit in which other currencies, be they bank notes or bank checks, are redeemable or payable. In vhis country, by only legal tenders are certain United states notes, While national bank notes are simply representa- tives of money, because they are redeemable in legal tenders. Take’ away the redeemable feature of them amouncin United States bonds, they would immediately be ata discount and soon draw out ot circulation, -In this discussion we are only treating of money. Currency might salely be loft ta cominerce. Gov- and lis clasticity ernment does its whole duty when it provides for a proper security for certain payment of the circulation of the banks, REFECT ON CAPITAL AND LAnoR. the working classes, To the capitalist, who pays his taxes from his surplus income, the burden is light com: pared to the man who pays it off his dinuer table. ft 1s hot an exaggerated e: this manner by the classes who live on their daily carn: ings, simply by the average enhanced price of their living caused by an trredeemuble paper money, 14 yearly greater th the interest on the public debt.’ Webster once said:—“Of all the contrivances for cheating the to meet a great trial, were also repealed. Wherein do they differ trom the act of 1868, directing the Secretary | to retire and cancel certain legal tenders at a certain | rate? The act suspending the turther retiring and can- gelling of legal tenders became a law in February, ‘The first annual report thereaiter was in December, 1303, Secretary McCulloch, in his report of December 1, is silent upon the subject except in expressing regret that the authority to continue fo contract had been with- drawn aud chat the act of Congress in this feature was unwise, Whatever was thought by others, however, there was one officer who expressed himself clearly. It was the Comptroller of the Currency. INCAPACITY OR DISHONESTY. On the i8th of September, 1873, the Treasury held over | $15,000,000 in currency ba‘ances: This was jot reserve. | The panic, which was then commencing, culminated of | the 2th. Now it was clear to every nin of ordinary | judyment that what had occurred in Wall street would sweep the whole country and so_ reduce the receipts of the governinent as to render certain that the secretary of the Treasury would require all hts balances tom his ordinary expenses, even if there had been an attempt to stop ail unnecessary Worky This was not done, but should “have been dove, N¥withstandung, however, this certainty, and after the panic "in | street had spent itself, the ately violates the law of March 19, by the purchase of $18.0, bonds, until the balance Was reduced to dboat’$3,000,000, All the money this paid out went to New York, and it has@ot to this day been of | Any service to the legitimate busiiess of the country. ihe Congequsnees of this Were soon discovered tobe an empty. Ps cash box—a result probably foreseen by every one but our astute Secretary, Then comes the “reserve.” No mait in the country would ever become a bankrupt if be had the Fight or bower to pay his debts by the lasue of “due iss" yeu this is whatthe “Hepartment” considers the | highest pinnacle of Anancial wisdom, There are no cal- | reserving from receipts to meet w certain wantin the | | near future, | j LITTLE GAMES UPON THR STREET, Has the “reserve” been issued with a siagle eye to the requirements of the departments, or has Speculation had culations tending to keop expenses down to receipts or | th laboring classes of mankind none has been more effec- tual whan that which deludes them with paper money. Ordinary tyranny, oppression, @xteé- sive taxation, these bear ‘lightly on pi- the happ ness of the community compared wih trauduteng currency’ and the robberies cominitted by depreciated paper. Our own history has recorded jor our instruction enough, and more than enough, ot the demoralizing tendency, the injustice and the intolerable oppression on the virtaous and well disposed of a dgaraded paper cur- rency authorized or in an: ernment, Have we no! ster's words? way cou®enanced by gov- proved the truth ot Mr. Web+ Have wo notin the past ten years seon swallow up all the branches of industry, while at the same tlmé the poor have grown poorer, and the middie class growing daily Jess in number and intluence ¢ Capital refuses to engage in legitimate enterprises under an irredeemable paper money, becaltse 40 long as that is the money of the country itis at the mercy of an ever changing policy and of @ Protean Congress. You may issue $1,000,0-0,000 of legal tenders, it must at last, if not at irst, tall ito the hands of capitalists, Those who have something to part with tor it will either directly engage In speculations themselves or will keep their capital well in hand by loaning it on call (or speculative purposes, Our history proves this, The very issue under examination proves it Tt has been paid out all aver the country, but where is the largest portion of it to-day? In the speculation markets of the country, and that portion which 18 not thore already will be as soon as it can mako the elreuit and get there, Is not money now abundant in the moneyed centres? Gentlemen say that the mills all over the country are At work again aud they point to that fet as an argu. ment tor the good this issue,has done. Do they imagine that the mils would never have started again except tor the printing. press of the Treasury Department, How long were the mills suspended in the crisis of Is5zt | We M4 panics and crises betoro, and the country has ways recovered before and will now, at least for a time, although we probably are still to suffer. But, sir, the iasue of inore legal tenders will not hasten the day of total recovery, although in some tew instances it may her finger in the manipulation of the daily changes in outstanding legal tenders? It is well known that the departinent bas not had a settled policy in transferrin: trom the “reserve” to the balance eithe Ke sum a once, and then another when that was gone, or that it has drawn from timo to time as the necessary payments for the day exceeded the receipts, Its polic: the contrary, has been @ fuciuating issue, up and down, ut out one day and taken partly back the next, me exainpio will answer as illustrative During the whole of December the Treasary balances were less than| $2,000,000, aud on the 30th of Vecember were down to U save some individual who nappens to be the holder of Worthless securities or depreciated property, which de- pend upon wild specuiation for a market price. Tuk EFPRCT ON TRADE, Do the gentlemen who cry so loud for thts $44,000.00 oF mors Of paper, money expect to see it result in times tike 1842 to 1865? ‘Ir so, Cee to it an. other groat war or they will be diMappointed. Those were busy times, when everybody in trade mudé money, and they only had to buy an article of merchandise ono day and see Seana on. erence fn ee But ere, COA cx alone by the issue of legal tenders? aa the 1, then in progress tor nearly a year, | nyolved were fully discussed, but even some of the | | able to inform us, or stand convicted ot offering to us tho | Coins it; it has regulated the value of foreign coins, and | prism | the dial, measures our height of prosperity or our depth | and they might be ‘secured by deposit: of double the | An Irredeemabie paper money is an unequal tax upon | imute to say that the tax paid in | Duilt up fortanes whore colossal proportions threaten to | } Speaker, you can readily undersiand why al! tinportaut commodities which coue in competition with those pro- | duced heve should be enhanced in price ag well as by | the cost of the gout premium for the duty as tor the price | | paid for the foreign product. The hundreds ot rnillfons commerce and “its vourds of trade, trom one end to the | other, and what the laboring classes are demanding ag | 3 THE INFAMY OF INFLATION, Strong Appeals from the Admin istration Press. o7 What the Chicago Tribune, Albany Journaly Hartford Courant, Troy Times, New Haven Palladium and Boston Commercial Bulletin Have To Say. A few days ago we published brief extracts fron¥ influential journals in opposition to indation, and to-day a lew more are presented, If any one be< eves that the West is unanimous for currency ex pansion because of the votes of ber representa tives itis@ great error, The majority of the in- fiuential journals of the West are in hostility to Congressional tinkering with the credit of the! country, as has been shown by extracts heretofora given from the Western journais, The Albany Journai, one of the ablest support- ers of the administration, in its Monday’s issue! has @ strong leader addressed to Senatur Morton: “ag tue acknowledged leader of the inflation pol~ toy,’ in which it compliments him upon his great ability a3 a statesman and asks:— How, then, does it happen that you are £0 ut- terly infawuated on this subject of inflation? How do you come to be so singularly possessed with thia wild delusion and this crazy folly? You may justly make proenmon to many high qualities of statesm: ip» You are not ignorant of the course and the lessons of history. You know that) not a nation—no, not a single one—has ever fallen. under the poisonous influence of irredeemabie aper or ever ast@mpted to borrow relief by frean issues Without going the road of bankrup' and disaster. France tried it and her inflated assignats were given a thousand for @ breakfast. tried it, and was glad to engape. by redeeming at a 0. mere fraction on o& . Austria tried it and sunk into @ slough of repudia- tion and disaster from which sh r never yet extricated herself, England tried it suffered a crash in which 200 of her banks went down, The Amertcan colonies tried it, and the Continental scrip became worthless, Potnt, if you can, to & single instance where the experiment has been tried witb dierent results. The searc! will be in vain. There is not one, ‘The lesson history 1s as uniforin as its warning is impresaive: and poweriul. Do you answer that we shall never reach the point where the deacent of these other nations began? But you have reached it, Yow are already there when to-day you plead for inflation, That is precisely thé course they trod. War compelling paper fssues; paper, isstes leading to a depreciated currency; & depreciated currency inspiriug the demand for more; a temptation to use the war resort in time of peace and to meet current expenses by setting the printing press in motion; the appetite growing ae ‘what it feeds upon; issues piling upon issues Until the great bubble collapses altoyether— that 1s the path which has so oiten led to ruin. You are on the edge of the rapids, Hundreds have floated there before and thought they were secure. But before they knew their danger they were caught tn fhe edaying whirl and ptunged over the abyss; and so will you and your country be unless you pause and grapple the firm shore. Be not de- ceived. There 1s fo charm whica can save you and yours if you tempt Niagara as others have done. - After referring to Mr, Morton’s views expressed upon inflation in previous years the Journal con- cludes: You have ambition—not the mere vulgar ampie tion o/ holding place, but the honorable ambition of making an impress upon the progress of REY country aud iiving in the pages of history. Take | whieh since our bad paper money has been thay paid v: | the poor laborer and industrious tarmer ts simply inca | culable, Tealcuiated last til that, taking the Luports | for the past tour years and” the — average. price { or gold, the people” tad to pay $40,000,000, and | more to'buy gold to pay for our imports and’ customs dues, ‘They paid so much extra—added commodities imported—as tribute to administrative stu. | pidity and Congressional seiishness. Y pid $3 50 | per capita because we did not make our standard that of | the world, the constitution and the Almigh Since then a friend, Mr. Q. 8. Moore, has printed in the Capital some sigmficant Agares, abundantly contrming Se the enormous cost of irredeem: since the war. How does ne reach it? Frosi 1863 to 18.9 the average gold premium was 4 per cent; the laaports Were, total, $1,301,544.417; duties in gold, $690, 97 1 gold, $100,000,0%—making a grand total of on which the gold premium of 40 per cent N76. From 1860 to 1878 the premium on gold able paper to. the peopla ht paid Ce ly Averaged 15 perv cent; the goods imported duty and gold freght, altovether. » were $,18),Y31,481, and the premiuin was $477, Mechan- ics, farmers, consumers all, victims each, have ye no | eves to see the causes of your impoverishinent by tar- iffs and rag money? | idie clond oF statistics above which hich your gaa-<distented talschood swells and floats? Believe not these trimmers who tell you that they nave the wonderful lamp. ‘Their Aladdin “ls a Mar. ‘There is no magic to make “more money”? honestly, except by toil and moil. Why will not | Congress respond to just ‘ertculations and principiest Cannot we tell corpulénce from health, bloat from real | flesh? When we plucked the rose of paper money did not the people tee! the thorn? Are they erying to get rid of the ittiamoug tariffs? What is the meaning of the clamor. Let them cry, then, for coin as the universal all quurrors the report which Juuge Viorrepont niakes of | his Western observations as to the causes of the depres- sion of farm products. THE ENGLISH PLAN, There ig no way of resuming, except by resumption ? I think not. Certainty the House is not of the way now. We used to say of slavery that the wise Dolicy was to | piace it “in the way of ultimate extinction.” sven that shot done on this subject here. Kngland, after her | Napoleonic wars, sought specie by a plan we tight copy with proilt. It involved— | Fira—That the resumption of specie payment must be utterly determinea, Secout-~Vhat the time. of resumption must be fixed at a | day not unreasonably distant, | Thira—chat the approach ‘to it should be by rerwlar steps upon which all business interest shail ealcalate. | “She accomplished it by providing that-at the end of five years irom the date of the act coin payments should be rally resumed: that in the meautie @ scale of rates | should’ be established at which the currency. shauld bo | redeemed 1m uicoined bullion, at prices by Weight, watch | should distribute the currency values as nearly as pos- sible evenly over the intervening tine. In so iar as the bill of the committeo would redeem the Jegal tenders in coin itisentitled to respect, even though the redemp- | tion is prospective and remote; but in so far as i supplant the greenback with’ bank notes— | able—it is taulty and needs safeguards and | against the excosses ot tree banking. England moved otherwise to the goal of resumption, What was the result? Confldence was resiored. ‘Trade began to know its ruies, and to regulate itself to statutory certain- | tes, and paper reached her in advance of the time fixed | by year, No, sir; your bills now may give a tempo- | rary iull to the perturbations of trade; But your tinker. | ing makeshitts are not a permanent settlement. There is no way to resumptiow except through honest faith in your promises. DISASTERS OF BROKEN Patri, Seeing, then, that these unredeemed and irredeemable notes are out, that they are the disturbing elements in rredecm- provisions | for lawful money has unavoidably tended to inflate | prices, veget speculation, foster extravagance, en- | rich ‘the tew, impoverlsh the many, diseourage | labor, derange trade, intimidate enterprise ant | damage public credit at home and abroad, thereby pro- business and public affairs; and seeing further that the faith of the United States was solemnly piedged on the 18th day of March, 1869, to pay said notes “in coin or its equivalent,” and ‘to make provision for the redemption thereof in Coin at the earliest pract | bound, as honest legislators, to prevent @ perpetuity of | mixchief—to keep faith with all by retracing our sieps air dealing, PAPER WINGS. Gentlemen are familjar with Pope's “Essay on Man,” Read the opening of bis third epistie ;— Why did ‘shining mischief under dud Heaven bide the | eround ¢ He does not give the answer in full, nor the answer ot | | the economist. It was not hidden merely because th | sanny metal entered into traud as well as into luxu: a not because it epncees the sphere of lust and hires the assassin, lures the pirate and corrupts the friend, bribes | a Senate and betrays a land; not that the captive Cleo- should sell his Master; not because it plays its part in Ashantee subsidies orin Wall street gambling bourses; not because it is the token for those values which givé | luxury ita cup and society its surfeit. Heaven hid it in the earth to be delved after, to make it precious, steadily | precious; to be stamped and tuilled asa measure and | Standard; to help the interchanges of men in their inter- | dependence on one another. No wonder the same satir- | ist, drawing trom contemporaucous politics and seein; the future us if it were before him in Merlin's magic mirror, gave his sarcastic benediction to the milationists | of bis aad oa Kime i- “Blest piney credit! Last and dest supply To lend corruption lighter wings to fy}" For one, L will by no vote add to the scandalous Prodi. | | gality of the times. By no vote will I add another | teathicr to the wing of paper criwyy Rather let ws strip) | he plumage from these alry prestiwptious and fx our nture on the solid foundations of public credit and the obligations of commercial honor. AN UNPOPULAR MONOPOLY. Mr. Moros favored free banking becanse it Would abolish an unpopular monopoly, would equalize the currency, would meet the demands of the people and would not enlarge the volume of that would tncrease pri: He belteved gold tobe the proper standard of value, but thought it would be ruinous to attempt to return to specie payment at present, A UNIFORM CURRENCY. Mr. OrTH advocated the duty of Congress to pro- vide @ currency of uniform legal vatue, of un- doubted security and of efictent volume to meet the varied demands of the people. He argued that the national banktag system on its present re- stricted basis was &® monopoly, and hence objec- jionable; and, besides, that it aid not furnish a redeemable currency, their bills being based on the faith oi’ the goveru- ment. That the only mode whereby the pevple oan obtain such currency of undoubted and Uniform value is by Congress Issuing government currency or greenbacks. That the Supreme Court has decided that it {a the duty of Congress, under whe constitution, to provide a currency !or the people, and shat such currency can be made a legal tender. That the people need more carrency That contraction would be ruinous to the business of the country and would never pay the national debt, and that the amount of currency can only be mand, POLICE MATTERS, Ata meeting of the “Board of Police held yes- terday alternoon tFenty roundsmea were re- orders giyen by the governwens fos , Guced to the ranks, and nine new ones appointed. a to the price of | Js ‘this billion and a halt but the | standard. Until that is responded to we will have trom | t would } our material advancement; that the “necessity” which | ressed their issue has goue by; that thelr substitution | ducing innumerable evils in the management ot private | ble period, we are | | and resuming our onward march to prosperity througa | patra should wear it im cilains, of tor tt that Judas | currency to an extent that would be dangerous or | propetly vegulated vy the laws of supply aad de- | care, then, how you ldentily thks Name with this infation craze. By and by the people will wonder | how, in this second hal! 01 the ninereenth century, | With all the examples of historv before him, any Senator pretending to tie rank of statesman could jor a single moment yield to such wild madness. | Inflation wilt then be as disgraceful as repudiation, | Be warned in time. Rise up above the dangerous | folly which surges around you, Lift yoursell up to | the plane of true greaunesa, and, instead of dally- | ing, like the demagogue, with this heresy, give | your abilities and your power, like the true states- | man, to the houor and the advancement of your country, The Chicago Tridune (conservative repubiican) endorses all the arguments in the H&RALD article | beaded “Inflation Means Civil War,” except that which suggested that war between the East and West might result from inflation! It declares:— In proportion tothe population there are aa many persons in Chicago opposed to inflation as there are in New York or Boston, Pennsylvania is to-day, in the persons of her speculators, her manulacturing corporations and financial adven- | turers, the great moving power in Congress and jn. the Executive council in iavor of inflation, That | there are demagogues trom the West who favor | inflation, in order to divert public attention trom | the salary grab and other unpleasant issues, 1s | true; but the proportion oi inteliigent men who clearly see tue inevitable effects of a whole- | sale iifation of the currency is great im the Westetn States as im the East, There is TO)iy-a8 much at stake in the West as there is at the East, and if the time ever comes for fighting in defence of one’s prop- | erty and savings there will be as much fighting done here at the West as there will be at the | East. The war will not be between sections, . The fight will take place in New England as well as in Kansas, in New York as well as in Illinois, When the time comes that @ basketin! of greenbacks wili | not buy a loaf of bread nora patr of shoes nor a bucket of coal then there will be fighting. The men | Who, a lew months ago, were proclaiming the'doc- trine of the Internationals, taat the rat purpose of & government is to feed aud clothe and house the people, are now backing Logan and Morton | and Simon Cameron, and the men trom Virginia and North and South Carolina, in their demand jor an abundance of “cheap mopey;” and whem the time comes, as come it must, when the waoclo | of this worthless trash is held by the tellers and workmen, by the poor and needy, and when no | Iman will take it im exchange ior bread or meat, ) What wiil Logan and Morton have to gay to the defrauded and starving millions who own the dis- | honored and valueless paper called money? Ma’! ing paper @ legal tender will not cause it to ex. | change for bread. No man will give credit when he has to take rags in payment of the debt. And | what will happen next it needs no stretch of tue Imagination to conjecture. The Troy Times (administration) writes very | Vigorously. 10 opposition to lafation, and clares;— 8 A grave responsibility rests upon the President ; in these matters. He has been honored by the re- publican party and is bound to protect it, as well as the country, from bad legislation and a reckless disregard of duty among bls subordinates in the executive departments. Congressional dem = ism and departmental Inefficiency and neglect | Should not be permitted to endanger the existence | OF the republican party and derange the business | of the country, while the President holds in his | hands the power to neutralize their efforta, The | peril is a real one, as every observer of passing events must know. The honest, thinking masses of the repablican party will not permit themselves to be either dragooned or cajoled into Aan endorse- ment of pledge-breaking and currency infation, nor will they countenance the retention in office of men who, by their own confession, are either | culpably negligent in respect to oMctal duty or in- competent to properly discharge it. Equally emphatic is the appeal of another ad- | ministration journal- the New Haven Paviadium— which thinks that “It begins to look as if Prest- | dent Grant may yet have the pleasure of writing a veto Message that will be heartily sustained by the good sense of the people. If we believed in doing | | evil that good might come we shoud like to sce the antt-inflation Senators change their tactics, and, instead of ineffectually opposing indation by | their votes, use them to make the measure as out: rageous as possible. The President might not feel justiNed in vetoing a bill which should limit the currency to $400,000,000, but if Congress malets upon going beyond that limit we hope he will ree stitution has armed him." The Hartford Courant, Governor Hawley’s paper, | which has given the administration's generous, | although not blind, support, says that “we have a right toexpect that the President wil) promptiy veto the inflation measure which has passed tha | Bouse and is kely to pass the Senate in a worse i shape. His opinion is that if more currency must | be had the opportunity for it (according to the law | of demand and supply) should be given by free | banking with proper redemption. If the President will meet this monster of inflation and repudiation and kill it with the veto club he will exbibit a Jacksontan firmness and intelligence which will add as much to his permanent fathe as his valor as a soldier bas already secured him. But, before the Finance bill reaches him, there ts another thing he can do which will send thrill of energy ait through the business channels of the country. Let him remove tie incompetent Secretary uf the Treasury, {n whom no ove has the least confidence, and he will restore confidence and tope to tha country.” The Bostom Commercial Bulletin (ndependent) | remarks:— Bus whether success in putting a stop to further inflation ls uecessary or not, Boston owes it to her- | self to express her opinion; and to put the stamp | of her disapproval Upon the wild schemes of men who Will Dot OF cannot look beyond to-day, and who are ignorant enough to believe that wealta can be created by Of @ Legisiatare, “ member the powerful weapon with which the con- # ,