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Newspaper
Freeport Journal
Location
Freeport, Illinois, United States of America
Date
Feb 25, 1874
Page
2
Freeport Journal notes a rising temperance mood in Lincoln Nebraska and a national crusade against liquor. It reports Pittsburgh city charter deemed unconstitutional and Maine abolishing the death penalty after a Senate vote of fourteen to twelve.
On the 20th Chief Justice Waite appeared on the House floor. A ten minute recess followed at the motion of Mr. Sloar, and all members were introduced to the Chief Justice by Speaker Blaine.
The freighting East has received a general tumble in rates on all the lines. The Baltimore and Ohio views every other Eastern line as an enemy and a fight may follow when B O opens a Chicago line. Ezra Allen, chief justice of the Kingdom, is in Washington amid King K. Island death rumors.
The Madri Gras festival was celebrated in New Orleans on the seventeenth with unusual splendor and local spirit. Chicago residents joined the festivities, while Memphis marked the day with disreputable conduct, and Evansville Indiana and Burlington, Towaso commemorated the occasion.
On the 1st inst Mr Sherman of Ohio presented in the Senate a memorial by 200 Illinois bankers merchants and others including leading Chicago firms protesting against increasing the volume of pauper currency. Mr Logan of Illinois noted awareness and pledged to present a measure to reveal prevailing sentiment in the region.
In Philadelphia last Tuesday a fierce bid to defeat the regular Republican slate failed as Republicans stood by their party and principles. The ticket won by over ten thousand, with Reform movements and old-guard factions unable to topple the established party in the city renowned as the city of brotherly love.
Detroit dispatch dated the 28th reports Sheridan fearing an Indian war as the Cheyenne expedition advances from Fort Russell toward Fort Latarkie and Red Cloud Agency. Three hundred sailors and fishermen face deadly peril from shifting ice on the lake while Dawes misstates western port revenues, with Galena Keokuk and Paducah figures corrected by the finance report.
The piece reviews Hon. H. C. Burcmarp's Congress remarks opposing greenback inflation and defending sound money. It notes Stephenson County Florence township as the local reference point and argues inflation harms greenback value while contraction should not rush repayment.
The National Grange platform adopted at St Louis draws sneering critique from Chicago papers. The Chicago Times and Chicago Tribune predict mixed outcomes, praising or condemning the Grange depending on whether it helps defeat Republicans, while warning the movement may fail if Democrats do not back it.
London reports Disraeli caps twelve ministers and exchanges junior posts among diplomats. Trevelyan gains baronetcy while W. H. Smith and others receive roles in Parliament and Treasury. Ashantee capital Comassie falls, king and family imprisoned, peace treaty with Ashantee signed. Bengal famine warns 500000 may perish. Parliament prorogation likely until March 12 to permit ministers’ re elections. Queen’s speech delayed until reassembly. Duke named Patronage Secretary of the Treasury. Brooks, the novelist, has died. Catholic bishops invited to Rome to see the Pope.
In a January 19 1874 exchange Hon Hr C Burchard condemns Mr Kelley Pennsylvania bill to issue 400 million in intra convertible bonds claiming it would inflate currency and delay specie payments. He warns of rising gold premiums and argues for stable banking reserves and a cautious path to monetary reform.
In a congressional exchange Mr. BURCHARD discusses the 19th century panic and the role of inflation, currency, and government bonds. He argues that bonds could have been used as currency with limits, cites bank loan data, and notes how inflation and foreign price shifts contributed to the panic.
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