Daily national Republican. (Washington City [D.C.]) 1870-1872, 1870-01-27
CONGRESSIONAL PROCEEDINGS.
POny.Flnt COnytu -StcDnd Regular S,nI'
WEDNESDAY, JANUARY 20, 1870.
aFNATE. ~

elect sworn In. e.
Mr.. Hamiin offered an order that all
memorials for the abolition OF the ranking
privilege be handed 10 tho Secretary OF the
Senate 70 be referred 10 tho Committee on
Post Offices. Passed.
The Vice-Presldent laid before the Senate
Joint resolutions Of tho Legislature Of Kansas
asking the removal OF tho Capitol 10 the Fort
LeaYenWorth military reservation. Referred
TO the Committee on Public Buildings and
Grounds. .H
Mr.. Pratt presented memorial of Hon.
Thoa- A. Hendricks and others, members Of
the indianapolis bar, asking that the salaries
OF the Justices OF the Supreme Court DO
increased. ..f.. o.. sa. .r..H..r
At o'clock the currency bill was taken
up, and Mr.. Corbett, who was entitled 10 the
floor, said the financial status OF the country
was being much improved, and We were
gradually returning TO q sound basis. The
bill very properly proposed 10 pay on the
three per cent. certlhcates, and the gold
now accumulatlng could be held In the place
Of them. He thought that more banking
facilities should DO extended 10 the South
and West, as proposed by the bill, and also
thought that banks establlshed on q coin
basis would supersede the present banks.
He hoped the Finance Committee would also
mature q bill 10 Insure a return 10 specie
payments within two years or two years and
half He did not agree with Mr.. Morton,
that the establishment OF these gold banks
would be productive Of speculation In gold.
These specie banks must be established at
some time, and he did not see any reason
why they should not be established now.
He hoped that no amendment would be put
TO the bill, but that Il would be speedily
passed as II came from the committee.
Mr.. Sumner said no Withdrawal Of bank
circulation eau DO made from the East with
out producing the most serious derange-
mont. To produce financial trouble and dis
tress In New York Is 70 produce It through
out our whole ooantry. Any distribution OF
the circulation is NECESSARILY unequal, aud II
q redistribution was made to-day, apparently
unequal, Il would, In q few months, be I'M
equal He could not deem Il fair 10 cripple
the banks Of New York, Philadelphia, and
Boston, by deprying them Of their clrcula-
uon, when they had como forward and ad-
yanced el50, 000, 900 In gold to the Govern
ment In 1851 70 carry on the war. He re-
garded the provision looking 10 free bank
Ing on q coin basis as impracticable and
Mr.. s. further went on 10 argue that the bill
only added TO the financial dlfticaltles. He
argued that at this session measures SHOULD
DO taken TO reduce the taxes; the condltio n
ofthe country would Justify 1t, and the peo.
pie called for Il. -..
He introduced the bill offered by him yes
terdAy as an amendment for the present,
and would now offer as an amendment the
hrst section OF the bill, which would allow
the national bank circulation 10 be Increased
TO ave hundred millions. tlE 900 .r
Mr.. Sherman declared the speech Of Mr..
Sumner 70 be llluslve, and Intended 10 divert
attention from the true merits Of the bill under
considers tlon. There b a grossly unfair
distribution Of the circulation, as against the
South and West, aud that inequality must
be corrected, no matter how the Senator
may attempt To cover Il up by wandering
Otto every other subject connected with the
finances. Mr.. 8. then reviewed the biif Of
Mr.. Sumner, declaring that Il was as plainly
measure OF reputation as that Introduce
by Mr.. Morgan, OF Ohio, In the other House.
hproposed to compel the bond holders TO
take bonds at per cent. Interest and sur
render their present bonds, aud n they refuse
70 do 40, 10 ooaAsSats tAsir tntosSst-
Mr.. 8. then continued TO advocate the bill
Al reported by the committee. He saId that
81, 000, 900 additional circulation would DO
sufficient to last the South and West for the
next two years, and In that time we would
be approaching specie payments.
Mr.. Sumner denied that he sought 10 com
plicate this matter he wished 70 relieve IL
Of the embarrassments by which the com
mittee had surrounded It, Hls proposition
was much more simple than that proposed
BY the committee. He charged that Mr..
Sherman was striking at the banks OF the
North and the East BY desiring 10 take from
their banking facilities. He says that 70
take from them portion Of their eircula-
tlon would be 10 derAnge the business inter
eats, and yet the Senator holds as q menace
over our head that unless we vote for the
committee bill he will 20 for the proposition
Of the Senator from Kentucky 70 withdraw
from the banks Of tho North and East large
portion OF their circulation 10 DO given To
the West and South. r
Mr.. Thurman opposed the amendment Of
Mr.. Sumner as rulnous, He also opposed
that provision Of the bill authorizing FREQ
banking on the coin basis. lie also held that
instead Of II bolng bill to equallEe the cur
rensy, II was a blu TO prevent the eqnaliEA-
ton Of the currency. He commented upon
New England having one.thlrd OF the whole
banking circulation, and lending money to
the South at usurious rates Of interest. 2
He also asserted that New York had more
than twice If6r proportion Of circulation,
Mhlch--was denied BY Mr.. Conkling, who
argued that New York had no.more than abe
was entitled TO.
Mr.. Morton offered as an amendment 10
increase the amount Of national bank eIrcuy
lAtlon t62, 900 900 Instead Of e45, 900, 900, a.
proposed by the bill, and also TO withdraw
from the States In excess e13, 000, 900, which
added TO the other would make eos, 900, 600,
which he thought would supply the South
and West. 81. .H....
Mr.. Morrill,, Of Maine, referring to the
charges OF the unequal distribution OF the
currency, said that the facts satisfactorily
accounted for Il. At the time the condition
Of the country would not have allowed Of an
equal distribution. There had been no cor
ruptlon, no violation Of tho law as had been
charged. New England had not got her
as had been intlmatod, but fairly, according
10 the provisions Of the law.
Mr.. Warner had no a1perslons to cast
upon New England, he did not care now 70
discuss the why or the wherefore OF this un-
equal distribution, but he wanted relief for
his own section, and the bill as presented by
the Finance Committee was practical
measure Of relief, and he hoped the friends
OF II would resist all amendments which
may hazard Its passage. It will glva the
much desired relief 10 the South, under
which we may get along until the return to
specie payments. Pass this bill and great
deal Of capital that Is now locked up In the
South will be put into business channels.
This Is q measure Of tardy Justice, and he
hoped II would not DO delayed.
The Senate then, without further action,
adjourned. .... ..
HOUSE OF REPRESENTATIVES.
Mr.. Hay, Of Ill, Introduced q resolution,
which was adopted, directing the Committee
on Mines aud Mining to Investigate the
cause which led 10 the late AVondale dlsas-
ter, and 10 inquire II II was in the power OF
Congress TO pass laws regulating the man
ner In which the business Of mining should
be conducted. ~ -
Mr.. Cox, OF N. Y, introduced a tesolu-
tlon directing the General OF tho Army 10 In
quire whether any officers Of tho army arc
serving in both military and civil capacity
and receiving salaries for both, and 10
report to the House, and II true, what orders
have been issued on the subject. Adopted.
Mr., Van Trump, Of 0hioi A resolution d.
rectlng the Secretary Of the Treasury to fur,
nlsh the House statement Of the amount
OF accTulng interest the Government has
paid 70 the Pacific railroads and their
branches, and the amount Of interest paid
BY said roads, also, the amount Of freight
which these roads lad transported for the
Government and the rates charged for the
same, and the rates charged for the trans
poTtAtlon Of Government troopsj also, why
the statement Of the amount OF such bonds
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