New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-01-27
XLIsr CONGRESS-2D SESSION.
SENATE. WASHINGTON jan 70
SENATOR GRrMEs's SUCCESSOR.

Mr.. HARLAN (Rep, Iowa. preT ,nted the
OF his colleague, James b. IL" o elected by
the Legislature Of to fill the vac accustomed by
the resignation Of Senator drmes senator Howell then
took the usual oath OF Office.
On motion OF Mr.. HARLA,t II was ordered that here
after. during the present session, all petitions Tor the
abolition OF the Frank ng Privilege be filed with tho
Secretary OF the Sen Ate and referred 10 the COMMITTEE
The VICE PRE- ,DENT laid before the Senate the Joint
resolution OF ne Legislature OF kansas ASKING h oT r e
removal OF ne Capitol OF the United STATES W 'no for'
Leayenwo1th Military Reservation.
THE SIXTEENTH AMENDMENT. 49,
citizens Of New.York and other States for an amennd
tho National Constitution to extend the rRn' oi
Mr. MORRILL,, C2ep Mel from the Committee on Appro.
pratons reported the House Invalid Pens1h hs HP nsc
covering the Navy Pension Fund into the treasury OF
u" MT. sHERMAN Rep. Ohio introduced bill requiring
the Secretary of the Treasury to retain SO nuGh OF ay
money due on any account to any state as may pT
interest principal on its stocks or D0nus hel w o
United States in trust Referred to the committee OH
Finance. .,.
Mr. BUCKINGHAM Rep, Conn) introduced Dill
snpnlementary 90 the Currency Act Of June 3. 1854
authorizes free banking under that act and The iSGsg % ,
$1,000 shall circulation sIcssd Is per cent Of TOE capital
actually paid A., The Sia 90T rom ssnas ps any note. re-
cd them from The Controller Of the CarrsHe{ until TIE sRS1s'
purpose Inns reducing its cuoD shall surrender ' hoe
deposited security returned uat the Secretary Of the Treasury shall
certify that The amount Of the Une Staie' leg I0g, y an
securities deposited with Of The United states for the re-
When &c a o ,eg' es s@s. Seo
.hal consist Of lesaEiensr boe ana ,. AMOUNT " 81
. aa NAV ave eon. Of either Soad or 6oe, L.
gslteniers outstanding reduced below sloTl Whenever ,he
Treasurer Uued States shall eIeca,e the Banking Association
IeeTed bond. Tor 40 q@l 20 . & b Treasurer IN trust
security for The oePatss note, issued 70 ' S
Banks from pairing Interest on deposits. except IN aaeG % nt
sogpt Of c held Iy the bank cent Of its in
TIE FORT RIDGELY RESERVATION.
On motion OF Mr.. RAMSEY RCp., Mimi the senate
took up the bill for the disposal OF the lands ~
the Fort Ridgely Reservation Mr. Ramsey s3!d tas
legislation intended to afford TO the occupants OF he
Reservation means Of establishing their utles 10 lhe
The l gave rise to discussion which continued until
after the Of the m0as on hT Public Lands O
TIE CURRENCY BILL 80
The consideration OF the Currency bill was then re-
Mi CORBETT rep, oregon referred to the present
financial status OF the Government and said the country
accuInuatng in the banks could be held in the place OF
the three per cent certificates when the D very prop
son to extend banking facilities to the South ana West
believing it to be demanded by the Immediate necessities
OF those sections He also favored the provisions LOT tue
establishment Of banks on gold basis ana hOugIt tn1se
would eventually superede the present M1epnd
ton OF the existing currency could not DC aue wout
while it would do nothing for financial reconstruction
Nor il easy to how any redistribution coulu DC
made which though Just today would be unjust to-or
row In 1901 when the national securities nad received
terrible shock, the banks OF New-1ork Phlladephla,
and Boston, furnished the means by which our FORCES
were organized against Rebellion, sl50@NOO IN gold
having been advanced by them OF which s5OWuOOO were
the south nor from the West did succor come at that
time and he not. he SAID now disposed 10 90 any
Injustice to the banks of the North and East The pro
nent features OF the bill were, hrst, 10 enlarge the Ma
tona Bank currency secondly TO create system Oh
free banking founded coin notes leaving out OF view
the questions Of refundng and consolidating the ma
tona debts and the great question OF specie pay en
proposition would he unjust TO the NOIih anu
Fast and inadequate the South and West The second
proposition would create third kind OF currency, ana
new class Of banks. He believed this to be lmpracca
BILE principally upon the ground tnat Natlohh Dahh
could not issue and maintain circulation OF com notes
by Of Is per cent as long gold renamed at
premium, because in proportion TO the premium on gold
would be the tho banks until their OUTSTANDING
notes were redeemed, their vaults empued instead
of simplifying, the bill proposed TO ampy the forms OF
the currency. He proposed amendment as suDstl-
tute for the lions OF the bill TO provide Tor an
enlargement OF the present limit or circulating notes
from $500 900 to $500 100000 for the equal distribution
OF this volume among the States and terrltOres pro-
vided THAT for each additional dollar OF currency
issued under the provisions OF this act there shaI DO
| withdrawn dollar Of the legal-tender issue.
| Mr. SHERMAN NSep, Ohio regarded tho amendment
! intended to defeat the bl by ongrnfng upon 1t q
proposition embracing the funding BILL which would ere
| debate for several days.
| Mr. MORTON Uiep, Ind gave notice OF an amend
ment substitute S52O0OOOO for A5COOO In the BILL as
amount should have to be provided 10 insure
of circulation. He proposed To substi
tute for portion Of tho bill sections from the bill
passed by Senate last Spring for redistribution OF
the currency, amending them rs to take from the
States having excess but S3,OOOOOO, II this amount
shall demanded after the $50 100000 shall be exhausted
This would make the additional volume sejoOO00 alto
gether which he thought would be sufficient for the
! wants Of the West and South. Adjourned.