Evening star. [volume] (Washington, D.C.) 1854-1972, 1869-02-13
CONGRES SlONAL,
Cs.clasisn Of Yesterdays Proceedings.

SESArE.-After our report closed, Mr.. Nor.
ton con IN ued his speech on she Currency DILL.
he auacked the argument ofMr. Saerman in
.siepnce 10 speedy return 70 specie payments.
predicted from an early return 10 specie pay.
menus would actually occur. There were
great interests in this country against q return
70 specie payments, and they all combiued
10 exaGGerate the consequences OF 40
early resumption. He believed that il
would cause more arrangements than
IL would in 1865. because business had
gone on SO much longer In An irregular
channel, but he denied that II would be felt as
seriously as the decline of 70 per cent. which
took place in 1855. Discussing the retura TO
specie payments in Great Britain in 1872 and
the great financial distress which prevailed
during the previous six years and subseu uent.
ly, and which the Senator from Ohio, (Mr.
sherman, and others who had talked and writ.
ten on this subject attributed to the return of
specie payments, he denied 1t in toto, and
and insisted that it was the result of the enor.
nous contraction Of currency which in that
period was reduced from 23L(yO,pOO 10 l5l.OH.
90, and large loans during the same period
were negotiated by foreign powers which took
p,VO,U0 in coin from Great Britain, Thus also
reducing immensely the gold currency. The
statement of the Senator (Mr Sherman) that
the gold sales Ia New York amount to one
hundred millions Of dollars a day 10 wholly
deluslve hose contracts are not executed in
com; tney are executed In currency. The very
essence OF this bill Is the policy Of Mr.. McCul-
loeb. The authority given to the Secretary OF
the treasury 10 receive Ereenbacks IN exchange
Tor ten.forty bonds would result in q sudden
ana violent contraction In the currency. The
proht on these bonds would really amount to
ie per cent. The theory of this third section
was all very pretty, but the very reverse would
occur OF what was desired. In regard to the
gold notes which the fourth section authorizes
the Secretary of the Treasury TO issue, Mr..
Morton took the same view as that OF Mr..
Conkllng yesterday, that the two currepcies
could not circulate together. The gold notes
would inevitably become like the gold-a COM
modify Paper and specie cannot circulate
together unless they are OF equal value. He in
sisted thar this bill proceeds upon false prin.
clples rom beginning to end. 1t looks to keep
the whole volume OF the currency behind the
bonded debt. He repeated that he did not be-
lleve the bonds had anything to do with the
currency, and that greenbacks would be worth
NO more than they are, ii we have not a bond
existence. You cannot pay debt without
rency up TO par without making provisions to
redeem ii Will prove abortive. II is like en-
nancing the price Of unwholesome provisions
by producing famine. The people will not
suner any sudden or immediate contraction OF
the currency.
Mr.. Williams said the. Senator (Mr. Morton,
pad MS own pet theory IN regard to the fnan-
thing that Is brought forward by the finance
committee. The Senator and he Mr. W. were
agreed upon one point, that as soon as possible
return should be had to specie payments
Now, rs 10 the method. The Senator INr.
Morton) proposes TO hoard up all the gold in
the country for two years and half, and then
TO resume specie payment, and he (Mr wy ua-
dertook 70 say that this would produce the
most violent contraction in the currency that
was ever known. To meet the objections
which had been raised against the conversion
OF the greenbacks into bonds, he (Mr. W } pro-
posed an amendment that this conversion
should be at the rate of not more than two
millions month. Then the business men and
every one else would know exactly what
amount of the currency would be retired; it
would be very gradual and they could make
their arrangements accordingly.
The question was announced 10 bs on the
amendment Of Mr. Williams, that not exceed
ing two millions of greenbacks a month shall
be converted into bonds, and it was rejected
yeas 9, nays5S
The Senate then took a recess
AT the evening session. the river AID har Dor
bill was Immediately proceeded
win. Inc appropriation for the Improvement
OF the Patapsco river, below Fort McHenry
was reduced from S30,OO0 to ,OJO and for the
improvement of the Susquehanna river from
$1,000 to S50O0. The appropriation for remov-
ing distractions in East river including He'll
Gate, was reduced to S2l5,OOO. A large number
of appropriations for various Western rivers
were reduced A very lengthy debate took
place on the section appropriating Si5lOOO to
complete the Louisville and Portland canal,
but without further action, at 1890, the Senate
al lourned.
Hot sE-After our report closed, the resolu
non censurlng the President o; the Senate was
discussed by Mr.. Logan, when Mr.. Kelsey
offered the following as a substitute:
"Resotred, That the subject of the amendment
OF the Jointrules governing the JOINT con yention
OF the TWO HOUSES OF Congress when meeting
for the purpose of counting the electoral votes
for President and Vice President OF the United
states De referred 10 select committee OF five,
with leave 10 report at any time.
After further debate, Mr.. Logan III y said he
believed this discussion had gone far enough
and In order to end the d Is cusston and the rx-
element at once, he moved TO lay the resolu-
non and all pending amendments aud suhsti-
tutes on the table. (CrIes OF "Good,' '.That's
II" &C.l
Mr.. Pile Mo- demanded the yeas and NAYS
and they We're ordered
The vote resulted-yeas l30. nays 81. So the
resolutions and the substitute were laid on the
able.
Mr.. Farnsworth (IlIl moved to reconsider
the vote and TO lay the motion on the taole.
Mr.. Eldridge WIS., demanded the yeas and
nay =, and they were ordered, the vote res uiting
y cas- l29, nays 50.
The House then resumed the consideration of
the All line railroad bill between Washington
ana New York. The pending question being
the call OF the yeas and nays, the roll was
called, ana the vote Resulted yeas lO2. nays 81;
so the bill pas ed
Mr.. WOOD IN. " moved TO amend the title ,
of the bill as follows: "a bill TO deprive the
States Of the constitutional jurisdiction over
Stale territory, and To take the control OF the
railroads ofthe county,"
Mr.. Wood demanded the yeas and nays, but
Ley We're refused
The House then went into Committee of the
" hole on the Army Appropriation bill, and |
soon after took recess.
AT the evening session, the House IN Commit |
ZEE of he Whole, Mr. Schofield III the chair
proceeded with the consideration OF the tax |
bill,
The proposition giving the appointment OF |
ali The subordinates TO the Commissioner of |
1rnal Revenue, instead Of to the Secretary |
0f the Treasury, Were agreed 10, with the un-
Outstanding that il the House refused TO erect |
he internal revenue bureau into q separate de- |
partment the amendment would be stricken
put.
Section 50 was amended py making the spe-
cial tax on distillers $500 year where they /
produce fifty barrels or less also by lmodify. |
ng II SO that dstiller who reds ills spirits SO
As to refine it shall not have to pay tax as recti-
der, and that all compOunders Of liquor shall
De treated rectiflers.
These concluded ;he amendments OF the Com
mittee Of Ways and Means to the whisky sec. |
ions.
Mr.. Maynard (Tsnn) moved to make the |
special tax on distilleries, referred 10 above, |
,ne hundred dollars year on d.stlllers pro. |
tucinR twenty five barrels or less. Agreed to |
Pending the discussion Of an amendment to
extend the time for taking whisky out of bond. |
ID warehouses, the Committee rose and the |
House adjourned.