The Portland daily press., 1870-06-08
N EW s
BY TELEGRAPH TO THE
XLIst OONGRESS---Second Session.
SENATE.

WASHINGTON, June Tine Indian apprO
prIatlon bill then taken up and Mr.. Pom
eroy offered and advocated an amendment fol
the removal of the Usage Indians in Kansas
me sale of the reservation to actual settlers a
$I.25 per acre and the settlement of the tribe
IN the Indian country.
Bills granting condemned ordnance for sol
dlers monuments at Providence, Rhode Island
and Bucksport, Maine, were passed.
Inc representative apportiOnment bill was
assigned for Thursday, and business from the
banking and currency committee for Tuesday
the 18th.
Mr.. Morrill, of Maine opposed the amend
ment as an attempt to take unfair advantage
OF the Indians and submitted an amendment
TO provide for receiving the balance in trust
with view to their disposal at $1.2j per acre
for the benefit of the Indians, and providing
homes for them in the Indian territory.
Mr. Morrill's amendment was opposed by
Mr. Morton, who pronounced the Indian res
e 81 system failure; and it was rejected,
IL to %; after which the Senate went into x
ecutive session and adjourned.
HOUSE.
The Senate joint resolution for the relief of
commander A. b. Bssell, with an amendment
extending its provisions also to commander
Jno. Z. Carter, was passed.
The House resumed the bill regulating paw
ments of members in cases of contested cleo
tions. Mr.. Dawes of Wisconsin resumed his
argument which he had commenced when the
bill was up last week.
Mr.. Willard of Vermont argued that the bill
did not cure the evil. 1t simply legalized it,
lie was in favor of saying to the contestants
that unless they made their claim good moth
ing would be paid to them either for expenses
or gratuty.
Mr.. Marshall of Illinois opposed and Mr..
Ialne of Wisconsin favored the bill, after which
it as laid on the table, 80 to so.
"A bill to promote postal and commercial in
tercourse between Cedar Keys, Florida, and
Havana, Cuba, authorizing contract with
John L. Patterson and associates for a weekly
mail service at a cost not exceeding $4,000 a
year was introduced and referred.
Ihe House then proceeded with the consid-
Grafton of the currency bill, Mr.. Garfield Of
Ohio, chairman of the Committee on B mixing
and Currency, taking the floor in explanation
and advocacy of the measure. After discuss
ing the general subject of distinction between
cent publication, "The Science of Finance" by
Robert ii. Patterson of Scotland, to show that
the paper circulation of the United Kingdom
mad remained practically Stationary for the
last twenty-five years, since 49,, when the
great cur :ency act of Sir Robert Peel forbade
the increase OF paper currency except in q very
limited way, and then under reat restrictions,
and yet within that time the United Kingdom
had trebled its wealth and quadrupled its
trade. The great instrument of British trade
was neither coin nor paper, but the check, the
commercial bill and the draft on the bank.
This remarkable fact showed that the bank
was to-day the great mechanism for facilitating
trade rather than coin or notes. He believed
that the first great want of the country was
sound currency exchangeable with coin, but as
that was impossible at present and beyond his
aspirations, he would say that the second
great want OF the country was increased facii-
ties for making exchanges, wherein firm pa
per notes or banking credits participated. He
replied to the argument as to the distribution
of currency, arguing that no matter how dis
tributed it would flow in channels regulated by
the laws of trade, and could not be restricted
by any absolute provisions of statute law
he said 1t was not mere inequality in the dis
trlbution OF currency, of which complaint
banking capital and banking facilities that was
complained OF most. 1t was the glut of cur
rency in the market. He read statements that
the banks of New York had on the 2Sth of May
1870. $251 COO, 900 on deposit and circulation
of $333 1000, being total of $S61 900, OOO
The reserve Of % per cent. in that would
amount to S64 100000, but the banks actually
held 1874, 500, 900 of cash reserve being a sur
plus of $SO,0OO,OOO. What was the key to that
situation? The succeeding sentences furnish
easy; speculation in the gold room dull
Mr.. Garfield stated facts to prove that the
bull was not one of contraction, and said he
wished it was as easy for him to show it was
not not one OF imitation. He opposed the further
issue OF gre-rbaelsr, eortarr,inoa s,uneraI
principles the issue of currency by the Gov
eminent, and declared himself Internationally
in favor of continuing and amending the ma
tonal banking system.
Mr.. Garfield was followed by Mr.. Cox, of
New York, who opposed the bill for the issue
OF $4,000, 600 of national bank notes which it
proposed, and all pending fiscal measures as
mere makeshifts not looking to the real relief
and solution of the financial difficulties and a
return to specie basis Mr.. Cox also con-
demned the funding parts of the bill as out of
place, and opposed free banking IN all of its
forms as certain to bring excess and ruin.
Mr.. Smith, of Vermont, next addressed the
House in support of the bill and in opposition
to the theory of a Government currency, which
he believed would operate njuriously
After a speech by Mr. Morgan in opposition
to the bill on similar grounds to those advanced
by Mr.. Cox, the debate on the subject was
postponed till evening
Mr.. Lynch, of Maine, introduced Joint res
olutlon, which was referred, authorizing the
Secretary of the Navy to sell the navy yard at
Charlestown, Mass. and te remove the mate
rails to Kittery, Me.
The Senate amendment authorizing an in
crease OF compensation to the census takers
was passed.
The House then took recess.
EVENING SESSION
But lew members were present at the eve
ming session. Several prepared speeches on
the currency bill were read or ordered to be
printed in the Globe. The proceedings had no
public interest.