The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1869-02-12
CONGREssIONAL.
xLth CONGRESS : THIRD SESSION.
w AsHIHGTON. February IL.

N.
| Roads, reported joint resolution giving
the assent ofthe Uuited states for the con,
struction of a bridge between Cincinnati
giving the assent of the United States fol
the construction of a bridge between New
| York and Brooklyn, which was laid on
FreIins shuysen, from the conmittee on
/ judiciary, asked to be discharged from
further consideration of the resolution dt-
recting the Committee TO inquire into the
| pract1cabliity of preventing the discharge
woods decisions. in Virginia, en- the
ground that the Committee did hot think
/ 1t proper 10 interfere ny legislation with
| the special adjudicatiOns OF a curt
| Wilson, from the COMMITTEES on Military
fairs, reported and recommended the
passage of a bill TO amend The act OF 1896,
establishing rules and regulations for the
government of the armies OF the United
States. n
Davis offered the following joint resolu-
fsesoloecs That the noisy and dIsorderIy
conduct of Benz jamin +. Butler, q Repre-
| sentative from the state OF Massachusetts Is,
and other members OF the Honse OF Rep
Ilesenfatives, in the Representative Hall,
on the 10th day of February, during the
| time The President of the Senate In the
presence of the Senate and House OF Hep-
reSen tatives. was opening the ceftIncates
of votes of Electors for President and Vice
President OF the United states from the
several States, and while sal votes were
being counted, whereby said business was
disturbed anu Obstructed, is dISreputable
to said Benjamiu +. Butler, ana other
Repre- -entatives acting with him, and a
VI ong and an insult to the people of tile
Ferry-Let 1t go over s.st4..., ...L..,l
The resolution accordingly went over
on motion of Trumbull, the Senate took
up and passed the bill to provide for the
execution OF judgments IA capital cases.
Printing, providing for The pub 1callon OF
a Medical and Surgical History of the
War, after discussion by Conkling, Antho-
ny and Wilson, was re-commltted.-.. t...-.
Pomeroy offered q. joint resolution, CIV
Ing construction to acts OF Congress grant
ing lands TO the State of Wisconsin, and to
aid in the construction of railroads in that
stale. Referred 10 Committee on Public
Morton, from the Committee on Military
Affairs, reported favorabiy from the reso-
luton 10 refund to the States the interest
and discount on money borrowed by them
to equip, pay, transport and supply oops
for the service OF the United states In the
Il AT The expiration OF the norning hour,
Sherman moved to proceed to the eOnsid-
Grafton of the Currency, bill. Carried.
Chandler moved that the evening Ses-
sion be devoted to the River and Harbor
bill and other matters from the Comnlit-
tee on Commerce. Ca ried. l....s....
The Senate resumed tine consideration OF
the Currency bill.a EAatt 81 3 is4 'tt.'l isf- ~
Cooking addressed the Senate. at,sf4 .stt
Dixon presented whas appeared to him
uments he had yet seen ON the financial
question OF the day, being petition on
CBsS
Tabled and ordered printed. 'is Die
Morrill, OF Vermont, in speech. an
nounced Iris intention of moving an
United States notes, so that any debts
bearing n higher rate of interest than five
per cent. may also be funded. He opposed
Freelinghuysen's amendment for the re-
lem ption OF notes " ith bonds and bonds
with notes, which surpassed the sharp
ideas of two Yankees who got rich by
swapping two jackknIves. he saw no
obj ctton TO the section allowing contracts
to be made on the basis OF specie. and
supported the section proposing the per-
Inanent appropriation of $40 900, 900 for
the payment of the pubic debt and the
gradual reduction of the principal. The
section for funding and eanceiling United
States notes was also eminently proper;
IL is undoubtedly the cheapest mode of
getting these notes redeemed aud out OF
the road of ultimate resumption, pay
ment TO which they are the greatest obsta-
Gle. II is obviously 1mpraetlcabie to raise
means OF retiring the United States notes
outstanding by present or immediate tax
alton that Will not De prop Dsed IN any
Inent limiting the amount 10 be converted
| To two MILLIONS per month, as too restrlc-
| tive; the whole amount, for year. might
| be retired in the same month with more
facility and production of less stringency
than at l72 at other periods. There need
be no alarm at too rapid funding, to which
theRe are two insurmountabie barr erS-
one, that the moment IL pro luced scarcity.
of circulation IL would cease and the otner
is, the approXim alton of bonds and notes
| by respective increaSe aud decrease to an
| equality OF value. lie approves the propo.
siLion Tor free banking as preVen i've OF
| monopoly, and a producer of adequate
means for e transaction OF the business
of the country, whatever its magnitude;
/ but he did not desire its introduction
/ faster than a sound circulating medium
/ could be furnished everywhere equivalent
/ to specie. He wOald propose an amend
ment providing for the Ietiraey of all
notes issued, on the plan OF being redeem
| able in coin of an equal amount with
| the IT. 5. notes. He thought 1t necessary
/ to have some proviStOa making it illegal
/ tor banks to certify checks, except against
/ funds actually IN bank. He should offer
an amendment proposing to amend the
| keeping OF any reserve In banks which
redeem their notes in specie He wonld,
/ sumption, that the banks hold at fixed
| points OF time n certain per ntage of
| their capital as part of their assets in coin.
| He combatted the delusion that the inter
| est paid TO banks on their bonds is a total
loss to the GoVernment. The debt ~ due
| from the United States ana the interest, IL
| not paid 10 the banks, must be TO
| other parties. The fixing of the time
| for the redemption OF United States
bic, TOR 1T would cause Aoarding,
| and thus produce strlngencyi and theni
unless the Government was prepared TO re-
deem the whole amount. might result In
| an ignominfous failure But after a con-
| siderable share of the notes have been
| funded, and some of the National Banks
| have commenced operations on n specie
| basis, and when all have some sort OF
| preparation for resumption, then the
! United States notes can easily be raised 10
| the level of pecie and made receivable for
duties on ports, III IL a. ,,9S esSry' ana c'"-
He concluded by proclaiming himself an
impiacable foe to the further imitation OF
/ the SO-cailed paper money, as we'll as to
any artful lodging of the spirit and letter
of our public obligations.
Corbett followed in explanation and ad-
Vocscy of the amendment offered by him
1 TO the pendtn bill He regards the pres
ent currency of the United states as the
/ worst possible, because 1t was fixed in the
1 therefore
disastrous manipulation by local specula-
tors. and also because itwas not part OF
the general currency of the world, being
| Incapable OF circulation abroad. Discuss
ing the bill under consideration, he said
|. he was in favor of the fllst section legal
i izIng contracts specifically payable in coin,
but would amenr 1t by striking out the
word hereafter" so as TO legahze existing
| contracts OF that character he was IN IA
| vor of the second, third and fourth sec
tions of the bill, but thought the nILh SEQ
tien could not be enforced without his
| sixth, providing that on the ffrst OF July,
1869, every banking association organized
| now or hereafter, under the act to provide
| for a national currency, &c, shall have on
, | hand not less than q per cent. OF the cIrcu-
laton II gold or siver eoln o. o. tns Isl -, y
the LIST of July, 1870. not less tkan ~ pei
cent, and onsthe LIST of January, 1871, not
less than 10 per cent, that thereafter every
such organization shall pay coin on de
mand for its outstanding circulating notes
The oi for ths tartaeF g seenIly Si Wss
, passed. The biu strikes out she wore
white" from the laws of the District ano
: the charters OF Washington and George
town. 1t had already been passed twice
but in each case within less than ten day
| o: the session, and failed to become q Law
because retained by the President.
The bill to regulate elections in Wash
ington and Idaho Territories was passed.
| The Senate took up the bill for the relic
of CeIestia A. Hart. 1t pays her 5000 a
ornpensation for the use by the Govern
ment of q gun elevating screw, inve tex
by her late husband samuel b, Hart.
Cameron opposed the bill ON the grouns
| that fha deceased was an officer Gt tn
/ f3overn ment, which was therefore eE title'
~ to his Services and skill without givini
[ him or his representatives extra campen
sation. : -. 90