New-York tribune., 1868-06-16
xIrH CONGRESS-2D SESSION.
SENATE. WASHINGTON June Is, 1868.

t-.Fs ~
.ect two DEGREES OF the United States District Oo VI
Louisiana, relative to certain British vessels 49,
Mr. NYE Rep Nev.) introduced bill relative 10 tne
soast defenses. ~ q,
Mr.. HENDRICKS Dem, Indl reported .a,n WIN a.
amendment bill TO facilitate the settlement OF CERTAIN
prize cases in Florida -.u,,o
Mr FOWLER Rep., Tenn) introduced Dill 70
for the better security Of life on board steam Ve
REFUSDINc DUTIES HRRoNEoUsLY ExACIED
Mr. MORGAN (Rep, n " called up the Dill 70 proViue
for refunding duties erroneOusy exacSed shall re-
d ~ 1norters in tbe City Of York the excess OF
duties exacted and paid upon Se 70
the Of the tariff act Of March ls6 ana prior 20
the passage of the act Of July for dram mon
such as provided by sections SO and SO OF the
act regulate the coecti,ono u ZOO NJ AN o.
tered The following amendment to be added at the end OF
the bin and the sum hereby Snproppated out Of any
moneys not otherwise appropriated to carry into eject
' M 1c6NSEsS Rep, Cali inquired whether NewYOrk
ia be only port in which the relief is necessary and MI
MORGAN replied in the affirmative The bill passed
BRIDGING THE MISSOURI.
Mr.. WILSON gep Mass reported substitute for the
the Missouri Reservation at Fort Deavenworth.
RELIEF OF CONTRACTORS.
of certain contractors for the construction Of vessels Of
war and machinery. The contractors had been un
March p who reported favoraby in regard to six iron
oads built the East and unfavOraby in regard 10 the
contractors desired permission to go to the Court OF
Claims and establish their claims
tion showing that number Of the Western irOnclads
Would not float when finished, and that after expensive
Drake he said lie could not recOect that those named 10
the bill were among them and ne DeneVed INC
Mr.. FRELINGHUYsEN (Rep., n j. representing the
dissenting members of the Committee on Naval Aalrs;
opposed the b claiming that Congress had no evidence
that the decision Of the commission against this claim
e. eOO on
and that the bill recently passed gave the CONTRACTORS
Mr. HENDRICKS lDem.. Indl advocate the bin.
MIR HOWE, REP. Wis., offered an amendment forbid
Atlantic Iron Works, and Others named. =,
Mr. HENDRICKS moved to amend the amen ape9oeI d ao Sy
snce made by the Board organized under the act OF
Atter further debate during which Mr CRAGIN Rep
H. urged the propety of the reference to the Court
Mr. HENDRICKs's amendment to the amendment was
adopted % 10; and the amendment was adopted as
amended the bill was passed-24 to II.
TIE NATIONAL CURRENCY. ,..,
The bill supplementary TO the act TO provide that the
atona currency be secured by pledge OF United states
bonds and oproyde for the circulation thereof approved
JTne a 1854 was taken up. The question was on the
amendment Oy - T M pys. Of naoSa circulation provided 10 this
q the Te1uIy + hsFfey s2sS,sd s9,s s3S required
Nr MORTON rep. Ind gave notice that when in
order IN he & T s. @Gse po sS a retired sR not 5e obtained The
If oad eu from the funds in the Treasury collected
Mr COLE Rep CALI addressed the Senate in favor Of
MT morrill, rep, VT said that in his opinion, the
west has as large proportion Of banking capital now as
4 had before the war He insisted that surplus circua
lion must always tend toward the Atlantic coast
,,p tbs increase He had no apology to offer
'or the undue proportion of banking facilities enjoyed by
he present The people had satisfactory system-one
completely under their controls but no financial interest
% this country came forward more readily during the
war than banking interest of NewYork which gave
s entire capital and credit He insisted that when there
IN he devoted
ug off the interest the public debt which Is running
has the 1ithdrawal Of Of bearing
geenbacks and the issue OF bonds bearing per cent
gold interest would be loss instead Of gain.
Mr. SHERMAN rep, Ohio denied that the Dill pro-
posed to initiate the currency.
Mr.. FESSENDEN tie) said that when the three hun
sred millions had authorized the amount of bank
srcuation it had his idea that if the system was to
remain permanent, il must be increased from time 10
tme with the increased business Of the country But it
was necessary set limit in order TO prevent specua
dion and the indefinite postpOnement OF specie payment
Subsequently Congress adopted the system OF gradual
reduction of the National circulation with view OF re-
sumption. so gradual that those engaged IN panSihg
could prepare themselves for when the time arrived
Mr.. MORTON Rep., IndJ threw the responsibility OF
the mistaken financial policy upon Congress. he SAID
this bill the beginning adopted, OF the financial
policy OF the country IL was not giving an additional
0O,OOO.OOO, but the cOmnencement OF an Issue OF
100000 OOO which must surely result United states notes
taken up must De IeaTeG Dy 80 bear
fng with an interest-Dearng debt. In regard 10 ir
the result would speculation and consequent increase
OF the price everythn but labor Imagine that more
chan S5OOOOO would be necessary 70 carry on the work
of redemption. An able writer on the subject had ex
pressed the opinion that bank failed that Kept
specie for s. Of circulation After resumption less goid
would he required in circulation than before the war
Mr. FESSENDEN asked where the gold for resumption
was TO come from -
Nr MORTON replied from the same sources from which
we have been getting IT.
Mr. FESSENDEN inquired whether the Senator sup
posed enough TO be obtained after meeting all our
expenses.
Mr MORTON said by reserving the gold in the Trea-
sury and not selling IL, Enough gold had been sold TO
enable before 1911 Mr.. Norton continuing,
oraafh NJ Waflrn nEa ~ ugF
cents 10 the dollar The business OF the country was
done on that basis. He not in favor Of imitation
The day on which resumption was begun tne yo,ue Od
that expansion would cOTrespOndingy with con-
traction He wanted panic or cOncussion The cOun,
try withdrew from speciepaynPnt through the channel
Of legatender notes. IL return by the chan
mel, and not through that of bank circulation.
During the Senator's remarks the 20 per cent increase
Bill from the House, and was referred 10 the
Committee Appropriations.
Mr. CARBELL Rep. oregon advocated either In
creased taxation large loan from abroad to enable an
immediate return 20 specie payment. . -
Mr.. CAMERON CRep. Penn) moved 10 table the bill,
saying that the subject whose discussion would
end He desired defer all such subjects until
after the election, when shall have a Republican
President
The motion rejected.
.Bvstdes, Corbeu. Morton, Trunbul,
Cameron, Iresgtqysen, PatiersOnt Tenn, Yieiers;
Cbsnfer. Hodrioks spngue, lstes-lA
COukhng Howe.
Csesn Fowler Patterson (N.H.) Upton
Dasls Henderson. Ramsey Wade.
Doolftk MoFrUOtl. Ross, Wiley,
Dr,i. Norg.s =" Sherman Williams
hr CHANDLER (Rep., Mich.) took the floor and denied
that the s200O00 increase any imitation OF the cur
rency He said that the three States OF Wisconsin hch
gan and Iowa. for example, with but 10000 bank cir,
cuatoB required SIS 100000 70 their products and
therefore had from NeWEnglaDd, which, from