The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1873-12-04
CONGRESSIONAL.
WASHINGTON, December 8.
SENATE.

SENATE.
The Senate was called to order a;
noon. After the presentation OF q
number OF petitions Of private nature,
Mr.. Fenton, of New York, introduced
q bill for the better protection OF the
northern and northwestern frontier, and
between the States,
Mr.. Ramsey, of Minnesota, introduce
ed bill to organize the Territory OF
Pembiua and provide temporary gov
ernment therefor.
Mr. Mitchell, OF Oregon, introduced q
bill authorizing the construction OF a
custom house and bonded warehouses
at Portland, Oregon.
Mr.. Frelypghausen, of New jersey,
introduced bill to aid the executive
officers in the Territory Of Utah and for
other purposes. Iu introducing this
bill Mr.. Frelynghausen said that the
President at the last session in special
message to Congress discussed the ques-
ton and the bill was then perfected,
but did not pass. lie had embodied all
the amendments to that bill in this and
hoped it would be considered soon.
Mr.. Hitchcock, of Nebraska, INTRO
duced q bill to construct fre-proof
building at Nebraska City, Nebraska.
At haif.past u o'clock Mr.. Morrill, OF
Vermont, began to address the Senate
on his resolution offered on Monday,
instructing the committee on Finance
to consider the expediency Of reporting
q bill providing for free banking and
resumption OF specie payment on Jan
uary lst, 1875.
lie said it might oi ne ihr lest
time Tor discreet legislation 'urin. a
panic, but in view OF our notes BEN. 50
nearly at par by law and there tting
ready markets tor all our produce he
thought it would be inexcussble neglect
on the part Of our. Legislators no.
to take advantage OF al
the concurriDg circumstances now to
return to specie payments. The people
should be relieved OF anxiety con-
cerning fluctuations OF paper currency.
What broker would bave ventured at
the close OF the war in 1865 to have
predicted that nine lorg years would
elapse and not bring our currency to
a specie Standard How could it be de.
manded OF the secretary Of the treasury
to enUpciate any financial policy while
Coagr,-s remained silent. Some had
gone - az 49, to claim lhat tue govern
ment might transfer its whole indebted
ness in the semblence Of money, but
they forgot the manly Inference
OF general Grants inaugural address.
Again the champions Of paper cur
rencv appeared with their argument OF
the confidence the people have in the
government. 1t is not q question OF
ability but question OF the intention
OF the government to pay. There was
plenty OF confidence in the ability OF
the government to pay, but unfortunate
" Congress would not let it pay. The
perpetual flow of gold abroad had been
a perpetual advocate to the depression
OF our currency. All OF our bonds find
their highest appreciation in specie
paving markets abroad, and he must
ask how long this state OF affairs must
continue. Should no effort be
made 10 cure it our de.
preciated currency would be
handed down from generation TO gener-
alton as an ljncurable malady,
vet there is growing suspicion
that no steps are being taken towards
specie payments. Go on and we shall
surely receie from such payments. He
would not attempt to place gravelin the
shoes OF the administration, but he
would endeavor to stir up the amoi-
ton OF all, and especially that Of the
present Congress, to lift the country
out OF this Geluge OF deprecated cur
rencv. On this fnanCial question the
people expect Congress TO lead tie way,
AMI it is the duty Of the government
TO provide sound currency, not only for
i'sc!i hu. Tor the people.
Oar commerce is 10 be regulated by
Congress, but it can only be regulated
through the instrumentaIity OF q sound
currency. Could Congress shirk the
duty OF statesmen and indefinitely
postpone the day Of our delivery from
a deprecated currency. He did not dare
TO nope that be would be able TO re-
move the objections lingering in the
minds OF many, but would try to
show the results arising from our
prescnt condition. Our experience does
not differ from that OF other coun-
tries. Ii was easy to plunge into q
paper currency but the return was De"
felt. Paper money, so called, not re-
deemable at the will OF the people, i5
not money. It had been claimed that
our paper had not deprecated but that
gold had risen in value. The same
thing has been said before. With US,
it could not be reasonably claimed that
gold had risen ln.vaue when it is 20 no
torious tha; lis influx from the Pacific |
coast and from Australia had decreased |