The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1869-04-07
The Finances Interesting Discus.
sion in the Senate.

| On the 10Th inst, the bill to regulate
the finances, was again discussed by the
Senate: From tho report published in
the Western papers we copy as follows:
j Mr.. Kellogg then withdrew his pending
amendments to MIR. Wilson's amendment
Mr.. Wilson modified his amendment Sc
as to provide that, whenever the amounts
OF ULi:ed States notes and circulating
notes of National banks combined shall
be in excess of six hundred and fic
ty million dollars, the Secretary of the
treasury shall be required to .fuId in
tenforty bonds United States to the
extent of snch excess, until the amount
Of notes outstanding shall be reduced to
$3.50 100000. He said that the plan
4 preposedin this amendment would relieve
tho South and the WestG without doing at
the same time injustice to other parts OF
the country, which would be done by the
plan of the committee.
Mr.. Conkling argued generally against
the bilFas itcalculated to meet the pres
ent financial requirements of the country,
and declared himself opposed to any legis-
lation for the reduction ofthe banking cir
culation in any part of the country. He
would not consenr, for instance, to the re.
duction by a single dollar of the circulation,
which the State of New York had zee, ced
under an arrangement whereby her own
banJs, then working prosperous ly; were,
whether wisely or not, he would notssay,
trampied out of existence under the heel of
Federal power. tyfisst.fs, 9 =
Mr.. Wilson defended his proposition and
incidentally expressed the opinion that the
present financial condition of the country
was very satisfactory, and that the national
debt would soon be made very light bur.
den by the rapid development Of the nation
al resources.gp stxI ~t5frt 5tF
Mr.. Sawyer said it was quite evident
Congress would not consent to any expan-
sion of currency or increase of tho interest
bearing obligations of the country, and
therefore if justice was to be done to the
States having less than their proportion of
banking circulation it must be done by
transferring to them the excess of circula-
tion in ether States. r ~
| Mr.. Williams again expressed his oppo-
sition to measures intended to effect the
! national currency, aud said the withdrawal
OF circulation from certain States proposed
by the Finance Committee would be
breach of faith. He moved to amend the
amendment of,Wilson by fixing limit to
the issue Of circulating notes at $3l0,000,-
900 instead of $350,000,000. and by nd,
| ding clause directing the Secretary Of the
| Treasury to cancel United States notes at
| the same rates as said ten millions of cir
culating notes are issued.
The bill reported by the committee,
however, provided simply for redis-
| tribution of the circulation to meet
temporarily the requirements of the
business of the county, until Congress
could mature and adopt some general
measures of legislation looking to free
banking and the resumption of specie
payments. ~ slE.tSEfsl ~.
Mr.. Sprague denied the statement of
Mr.. Wilson that the country, and es-.
pecially New England, was prosperous.
He knew the financial condition of the
manufacturers and operators in New
England, and he felt sure, if the manu-
features should close their establish
ments, as they must soon do unless
their business could be made more
profitable, in less than two weeks after
the suspension the operatives would be
thrown upon the charitable for support.
He had under his own charge nearly
ten thousand hands, and he knew that
if the mills in which they were employ
ed should suspend work for two weeks,
the employers would have to take care
of the operatives. The idea of the Fl
nance Committee thinking the South
could be supplied by working capital,
by forcibly Withdrawing circulation
from the East and sending it there was
fallacious. The capital sent to the
South in that way would necessarily
be in the hands ola few men, and they
would not invest il in the South, for
Investment there would be insane, but
would take it to New York, and there
speculate with it. There was but one
possible way of supplying the South
with capital, namely, by SO legislating
as to make capital cheap at the points
where it is localized, SC it will natural
ly seek investment elsewhere. ~
Mr.. Morton denied that the plan of
the committee proposed any injustice
to the Eastern States, and said the
amendment offered by Mr.. Wilson was
substantially a proposal that the Treas
ury should pay out two aud one-half
millions per annum, in order that New
England might be left to the undistuIb-
ed enjoyment of an unjust proportion
of banking circulation. The amend
ment of the Senator from Massachu-
sets proposed also direct violation of
the act to strengthen public credit
That law distinctly pledged the conn
try to the redemption of greenbacks in
coin; but the Senator from Massachu-
sets proposed to fund them in 1910
bonds.
= Mr.. Wilson said he would see all the
greenbaciss funded, and denied that
the bill to strengthen the public credit
would be violated by funding them.
Mr.. Morrill, said tie Chairman Of the
Committee or. Finance. had stated,
when the bill to strengthen the public;
credit was under discussion, thatit was
mot designed to prohibits the funding of
greenbacks.
Mr.. Fessenden-Anybody can see
that. ~ .,.,..4 3fH
Mr.. Morton said he could not see it.
The language Of the act contained a i
distinct pledge that greenbacks should
be redeemed in coin.
Mr.. Fessenden remarked that the
Senator from Indiana, to be consistent,
must be prepared to argue that if a
man uiva a note IN no aid in anip a nd 4