New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-02-13
XLTH CONGRESS--IIID SESSION.
SENATE. WASHINGTON. Feb. II, 1859.


nge telegraphic communication with Europe
Mr. ABBOTT Rep. N C) introduced bill TO aid In the
constructon OF the Texas and Pacific Railroad The bill
uhOrles the consolidation OF the Atlantic and Pacific
ompany aud the Southern Pacific Railroad Company OF
Tsxas under the style OF the Texas and Pacific Railroad
company 70 eonsine. rrosa ana .elegpa9p ot ne
hundrehth meridian and In AID OF the enter
prise proposed to grant lands to guarantee interest on
FThe bonds to the amount OF $4,000 per mile. ~. -
on motion Of Mr.. HARLAN. the Committee on the DIS
rct of Columbia authorized to send for persons and
apers in connection with the investigation OF the claim
bfW W. COrc0ran for compensation for the use OF us
kIroperty by the Government during the war. -.
Mr. HARLAN GRep Iowa. moved TO set apart to nor
row, after the morning hour for the Consideration
Mr. SUMNER ep., Mass supported the mou9 }fr ant All
eaid the business OF The District could nOt 10 10 amend
kended 20 by Congress 1t would be neeessS iurIs.
1he Constitution so as to take 1t out OF tne
Mr. COLE Rep. CALI moved to apart MONDAY even
eng, at O'Clock. Carried =. .ho co,nn,i,tee on
public Lands reported adversely the Dill 10 eh,e N1n
limits OF certain railway land grants 10 va Sr acts
of Congress granting lands TO the states OF low" anu
nnesga @ sd in the y fC The Committee on
Territories reported with amendments the on 70 pro
Mr. VicKERS Dem Md from the VoinuLtee on rng
District Of Columbia, reported bill 10 make general
rovison for Incorporation of churches and religious
Societies in the District Of Columbia ,.
MIR RICE rep, Ark, from the same COMMITTEE, re-
ported favoaDy the bill TO incorporate the masonic Au
Mr. HARLAN rep Iowa. from the same Committee
reported favoraby the Ii 70 aenu a1o iS fT
nv HOW ARD Rep. Mich introduced Joint resolu
zion authorizing the Northern Pacific Railroad Company
rsm0rtgsge bonds TO the extent OF $4,000 per
mile on its main road, end the branch TO Portland
ra Mr. URAGIN rep. n. ", from the Committee on
1ended the passage Of bill to provide for the better
administration OF justice IN the Territories of the United
The bin for the relief of Margaret Doyle was then
Mr. RAMSEY moved 10 take mp the Joint resolution
eclaratory OF the act to establish an American lane Of
gives the Company another year to build their ships
hhe bill authorizes the American Atlantic Cable Iele-
foute laying the Cable to Europe and extends the
tme named in the act Of March 2s 1867 Tor the esa3
ent OF elegraphc communication to three years from
Mr. HENDRICKs Dem, md and Mr.. WHITE Dem,
The motion was s under discussion at the expiration
OF the morning hour.
Mr. SHERMAN tRep, Ohio moved TO resume the con-
ON motion Of Mr. TRU MBUIL Rep. ma, Wednesday
next after The morning hour was set alnrt IoT me con
ideraon Of the bill 70 reorganZe the udlcial system OF
Mr. moRToN GRep IndJ then addressed the Senate
pn the bill in relation 70 the public debt and the cur
SeDcy. lie thought the bin reported by the Committee
Ut bill for the resumption of specie payments,
nor Tor ths iIndng OF the Nstcna cent Ieptesened Oy
Sns Natonsl Banks. The COMMITTEES seemed to have
been at loss for an Appropriate title for the bin He
Thought they might have better called bill 10 improve
Ahe value OF the bonds OF the country for certainly it
was designed TO improve the currency II made no
provsions for the payment Of that portion Of the public
debt already due rand dshonoTed, but provided that
she surplus gold in the Treasury should be devoted TO the
purehase through the medium ea 1o OF gSd notes OF
tEhe speech Of the Chairman of the Committee (Mr
p6herman) upon the bill seemed 20 him tMr Norton in
Fconssent with itself, because in it, after declaring that
gold aud silver were the standard valuesof the world,
specie made an elaborate argument
no the disasters that would result to the business Of
chad drawn such dark picture OF the condition Of things
be brought about by such appreciation, that II bis
suIe 10 he
sgress avoid resumption as long as possible but
o sS heen Greatly NV
Nhe Senator from ONO and by others IN ana out OF Con-
roper means would not result in evils the hundfedth
part the magnitude anticipated by these gentlemen II
should be remembered that there we're great Interests in
ahe country opposed TO the resumption OF specie pay
on tr Ss fbess aIes we're irving 70 alarm the
eOple regard TO the effects OF resumption and indi
and was iae TO expect that those whose incomes were
payable M gold which they could sell at pre-
Sssasse their advantage untl compelled TO do So
rhe predictions about the hardsips and Injury that
Gmpe REPUTATION in the recent financial history OF the
<onntry. During the first four and half months Of
Ss65 gold fell % per cent and although caused great
nd sudden decline OF prices and some bankruptcy yet
She evils and hardshps resulting from that fall were not
Fow from fall Of IS per cent But the Senator was
misaken II was but reasonable to suppose that de-
ne in gold OF 81 cent would cause greater injury 70
65 would have caused but there was no good reason TO
believe that decline OF 80 per cent now would
NDrO0uOe
kuted from decline OF % per cent in 1865.
Ghe Senator from Ohio had referred TO the disastrous
bults OF the resumption OF specie payment N En- and
after the revolution OF 1885, but the fact that those
owl results had been brought about not by the appreci
on OF the coin 10 the value. but by sudden and vo
5ent contraction currency. The coin Of England
had been clipped, and hammered and worn 50 as TO be
depreeated average OF about 70 per cent below the
nnt value, causing much trouble and distress Para-
&nen thought Of relief necessary,
AND determined 10 restore the coin 20 ITS mint Vane by
slIinc IN mack into the Treasury and recoinng it, Among
zhe PROVISIONS for calling back the Treasury
tTas ore that after certain time, the deprecated coin
ehould not be received for taxes but count only 10y
weight and that IL should not be legal tender IN the
payment OF duties by count but only by weight When
that day around the coin had not made its APP
Feared from circulation. In this occurred an extra
ordinary contraction Of the currency OF the country,
Erou .Sacauays History Of England" DESCRIPTION of
his financial crisis reference had also been made to
after the Sapoeonie wars, 10 show the dangers Of
umptou but the facts IN that case also failed TO Justify
Nhe conclusions drawn from them. Great commercial
streSs had undoubtedly existed in England from 1915 TO
9eO 1t had not resulted however from the resumption
f specie payments but as in the previous from
nudden and violent contraction Of both the paper and
od currency Of the country Mr. Morton then criticised
On detail the bin reported by the Finance Committee
: MI WILLIAMS Rep. oreVon) followed in advocacy OF
dis amendment providing that not more than two MIL
sDne month The Senator from Indiana had argued and
attempted 70 show, from the history OF England, that
nOst disastrous results must follow from any consider
liable contraction OF the currency; but 1t TO
ffemonstrate that his own plan for tho resumption
Vat specie payments, II adopted. would produce
BrOSsis about BY any other plan yet produced The
seve except what used the interest on the public
ebt for y years ana then resume specie payment The
would violently contracted The greenback cur
ency would be contracted and boarded In another way
"A man having $4,000 IN greenoaeks worth to-day only
a. 200 gold would upon the adoption OF the plan OF the
$snator irOu Indiana withdraw IT from circulation and
al the end OF "a years his 81 90 would be worth $4,000