The Evansville journal., 1868-01-10
CONGRESS sI0NAL PROCEEDINGS.
WASHINGTON, Jan. 9.

SENATE.-Williams, of the Com
mittee on Finance, reported, and
moved an indefinite postponement of,
a bill for the conveTsion Of the regis
tered bonds into coupon bonds. The
motion was agreed to.
On motion Of Morton, the Senate
took up his resolution to instruct the
Judiciary Committee to report a bill
to abrogate the. existing State Gov
ernments In the South, ana provide
Provisional Governments instead.
Frelinghuysen moved to amend by
referring the resolution to the Judici-
ary Committee, with authority to re-
port such bill.
Morton urged the nee essity of such
legislation in view Of Gen. Hancock s
course and other recent occurrences,
occupying the attention of the Senate
until the morning hour expired.
The special order, the bill to pre-
vent further contraction of currency,
was taken up. The question was on the
amendment that after the passage of
this act, the authority of Secretary
of the Treasury to cancel notes shall
be suspended.
Sherman advocated the bill, as it
would satisfy the public mind that NO
further contraction would be made,
and would quiet the apprehensions of
many; that it would restore to Con-
gress a power too important to be del
egated to any single officer of the
Government, and it would place the
entire esponsibility of the manage
ment of the question on Congress,
where IL nrOperlV belongs
MorrillSof Vt, spoke of the recent
rise in gold, as being caused by Con-
gressional legislation on the subject,
and contended that the passage of
this resolution would have similar
effect.
Corbett agreed with Morrill,, and
moved to indefinitely postpone.
Fessenden feared the effect of this
bill. If passed it would practically pro-
claim to the country that all designs
to return to specie payment were
abandoned. The present disordered
condition of financial affairs could
only be remedied by time, and firm
adherence to settled policy looking
to a resumption Of specie payment.
Steward contended that the dis
tressed condition of the country was
owing, in a great measure, to the mis-
management of the Secretary of the
Treasury, and spoke for some time
against his policy.
Sprague corroborated a previous
statement as to the amount of the
contraction, and disclaimed all inten-
ton Of censuring the Secretary for
such contraction in obedience to law.
Sherman stated that $43 PA, ,748
compound interest notes will mature
during the next six months, and that
when all the compound interest notes
are paid our currency will be reduced
to about $3.50, 100000 not much
greater than before the war. Con-
traction should be stopped. English
history shows that times have arisen
when contraction had to be suddenly
exchanged for expansion. Such "a
crisis might occur with us; and with
out at all refecting on the present
Secretary of the Treasury, his discre-
ti0nary powers should be removed
and the matter placed on a firm basis
OF legislation.
Henderson followed in advocacy of
the bill
Morton favored the bill on the
ground that more currency Is
required for the business of the
country. He thought the year 1871
would be time enough to resume
specie payment. Gold and silver
would then simply add to the value of
the currency. He was opposed to any
further contraction before that time.
Howe followed In a lengthy argu-
ment against contraction.
1t being evident no vote would be
reached o-day, the Senate went into
Executive session, and soon after ad-
journed
HOUSE-Eggle5ton offered a reso-
luton reciting that, by enactment Of
February, 1865, authorizing the con
struction of bridge at Louisville,
over the Ohio River, it was specially
stated that such bridge should be To-
Gated above the falls, and should be
constructed with at least three draws,
and should in no way interfere with
the navigation of the river; and it
was currently reported that the bridge
now being constructed there was in
hagrant violation of these provisions,
and an almost serious obstruction to
navigation; and resolving that the