The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1869-02-13

CONGREsSIONAL.
xLth CONGRESS- Third SESSION.
NEUTRALITY-SUSPICIOUS.. February ls.

>sENATE......W w AsHTNGToN. February II.
Monday was set aside for the consIdera-
tlon OF District of Columbia business.
Cragfn, from the Com mittee on Terri
tories reported, with amendments, and
Ieconlmended its passage, the bill to pro-
vide for better admi nlstration OF justice
in the Territories Otthe United States
Ramsey moved to take Up the Joint reSo-
tuition deciaratory OF an ACT TO establish
the American Line OF Mail Steamshlps
between this country ID Europe. and
give the company another year 20 build
Hendrieks opposed taking up the bill.
Mhyte also opposed It, and said ne
would oppose the bill itself There were
already two lines of American steamships
from Baltimore.
Nye asked him what dag those ships
Why te admitted they sailed under
bilI. He liked. at least. the object OF 1t, to
taKe our mail carrying business from for
eigii vessels.
sumner said his course, with regard to
the proposed line OF American steamships,
1Eonid De determined by the degree In
F-nich fL would cneat en- ocean passage.
The motion was still under discussion at
tie expiration OF the morning hour.
sherman moved to resume The consider
alton OF the currency bill.
On motion ofTIumbu1, Wednesday was
set apart for the Consideration of the bill
to n organize the judicial system OF the
Motion Ihen addressed the Senate on the
bill In relation to the public debt and the
currency.
Williams followed In advocacy of his
amendment, providing that not more
than s2C0O,NO OF currency snail be counted
An any one month. He said the Senator
from Indiana MortOnl had attacked with
equal Nehemenee the original bill, and its
defects, and the amendments designed to
remedy those defects; that the Senator
seemed determined TO oppose every pr0pO-
ltion cen1l % from any member Of the S FL IL
merits; ftsgas weIIknown that he had a pet
theory upon the subject of finance, and he
one bnt hiInseifto suggest anything valua-
ale In relation 10 IL, unless the suggestion
hnrmonized with his theory. The Senator
from Indiana had argued and attempted
To show from the history of England that
the most disastrous results follow from
any considerable contraction: but IL was
easy TO demonstrate thai his own plan fol
the nptl0n of specie payments, Il
enntraction than would be brought about
by any~other plan yet produced; yet tho
s,enatots idea vas that the Govern.
me- mtens All I" the gold it shall receive ex
cept what is used to pay the pub
nc debt in two and a half years, then
resume specie payments. The gold beinl
thus Withdrawn and boarded, OF course
would be violently contracted, the green
back currency would be contracted ant
horde1 in another way. a man havlnI
$1,000 Ia greenbael1sy worth to-day only
the plan of the senator from Indiana
withdraw 1t from circulation and hoard j
in his sale, having the guarantees OF tn'
law that at the end of two and a hal
years his 5000 would worth $4,000
This would be the Inevitable result
because no man would take the FISK o
ordinary business when he could so profit
ably hoard his money. He went on x
defend the scheme OF the Finance Com
nittae, which. with his amendment
would be the best and safest way yet sug
gested OF bringing about all tie parties
who prOfessed TO desire the resumption o
specie payments.
Sherman opposed Williams amend
ment, Decause Inc thOugh ht there wouIG
arise difficulty in determining wha
parties should be entitled To preference In
dhe conversion of greenbacks into bond
when the amount 20 be 50 converted wa
limited to TWO millions month
Williams said the rule should be- frs
come hrst served. .a ~
Shermass said that according 10 that rul
those nearest the Treasury Department
could go on the first or second OF ever
month.
Williams thought the difficulties sug
gested were very slight compared with th
different results and INJURY bu8t WoQl
arise from the too rapid contractio
Morton said the amendment of the Sen
sstor from Oregon fWllliams) was no bettt
Lhan the provision in the original b1lis %
cause 1t proposed TO limit the amount {
contraction to two millions month: bE
ne was opposed to all contraction, as lt ws
slncalled for, unnecessary, and utterly use
less.
Fessenden thought it would be wiser
authorize the Secretary OF the Treasury
Issue bonds In exchange for greenback
and leave the time and amount TO his di
erstion, than to compel him TO make Oh