The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1868-01-10

WASHINGTON, January Q.
SENATE.

Mr.. Williams, from the m on
Finance, reported and moved the in
definite -postpOnement of the bill for
conversion of registered bonds into
coupon bonds. The motion was agreed
to.
On motion of Mr.. Morton, the Senate
took up his resolution to instruct tie
Judiciary committee to report q bill to
abrogate the existing State govern
ments in the South and provide prOvi-
sional governments instead.
Mr.. Frelinghuysen moved to amend
by referring the resolution to the Judi
ciary committee with authority to re-
port such a bill.
Mr.. Morton urged the necessity of
such legislation in view of General
Hancock's course ard other recent &C.
currences, occupying the attention of
the Senate until the morning hour ex-
pired.
The special order was the bill to pre-
vent a further contraction of the cur
rency which was taken up. The ques-
ton was on the amendment that, after
the passage of this act the authority of
the Secretary of the Treasury to cancel
notes shall be suspended.
Mr.. Sherman advocated the bill, Us it
would satisfy the public mind that III
further contraction would be made ard
quiet the apprehension of many that it
would restore to Congress power too
important to be delegated to any single
officer of the government and place the
entire responsibility of the management
of the question on Congress, where it
properly belongs.
Mr.. Morrill,, OF Vermont, spoke Of the
recent rise in gold as caused by Con-
gressiOnal legislation on the subject
and contendcd that the passage OF this
resolution would have "a similar effect.
Mr.. COrbitt agreed with Mr.. Morrill,
and moved indefinitely to postpone the
subject. Lost.
Mr.. Fcsseuden feared that the effect
of this bill, ii passed, would practically
proclaim to the country that all designs
to return to specie payment were aban-
doned. The present diSordered condi-
tion of financial affairs could only he
remedied by time and Il firm adherence
to a settled policy looking TO the re-
sumption Of specie payment.
Mr.. Stewart cOntended that the dis
tresSed condition of the country was
owing, in n great measure, to the mis-
management of the Secretary Of the
Treasury, and spoke for some time
against his policy.
Mr.. Sprague cOrrOborated a previous
statement as to the amount of c%ontrac-
ton, and disclaimed all intention of
censuring the Secretary for such COL
traction in obedience to law.
Nr. Sherman stated that S43,244,749
compound interest netes will mature
during the next six months, and that
when all compound interest notes are
paid, our currency will be reduced to
about $3.50, 900, 900, not much greater
than before the war. Contraction
should he stopped; English history
sho rs that times have arisen when con-
traction had to be suddenly exchanged
for expansion; such a crisis might occur
with us, and, without ut all rejecting
on the present Secretary of the Treas.
ury, his powers should be removed and
the matter placed on n firm basis of
legislation.
Mr.. Henderson followed in advocacy
of the bill.
Mr. Merton favored the bill on the
ground that more currency is required
for business of the country. He thought
1871 would be time enough to resume
specie payment, as gold and silver would
then simply add to the volume of cur
rency. He was opposed TO any further
contraction before that time.
Mr.. Howe followed in II lengthy ar
gument against contraction.
1t being evident that nc vote could be
reached to-day, tue Senate went into
Executive session aud soon after adj
iourned.