, 1873-02-05
CONGRESSIONAL.

PRESIDENTIAL SALARY.
WASHINGTON, Feb. AIR. HILL introduced q
United ststos to s50,oo0, and that Of the Vic,
President to $4,000, and asked immediate con-
sideration.
2r. SHERMAN objected, and the bill was re-
ferrcd to the Committee on Privileges and Elec-
tions.
Mr. SHERMAN introduced bill to authorize
the consolidation OF two OF more National
Banks.
The consideration OF the Finance Committees
substitute for Duckingham's banking bill Was
resumed.
Mr.. THURMAN said tho amount OF green
backs to be retired, ,-' exchanged for bonds
bearing per cent interest, was 7356, 900 600,
would be to the United States to pay s1s, 600 900
interest annually on the bonds for which the
greenbacks would be exchanged. The effect Of
this bill, he said, would be to favor the creditor
class, and make it more difficult for every
Mr.. MORTON said this could not properly be
called bill to resume specie payments, because
it left it optional with the Secretary Of the
Treasury to redeem the greenbacks either in
coin or in another pTomise-a United
to coin. A bill, leaving it optional with the Sec
retary Of the Treasury to redeem greenbacks in
coin or in something else, WAS not bill to re-
sumo specie payment, and did not carry out the
theory Of the Chairman Of the Finance Commit
teo or. sherman) about greenback, that it is u
promise to pay dollar in gold for the dollar ex-
pressed on its face. THIS bill would undoubted-
ly be favorable to the banlers and brokers in
great cities, but it it should have the effect OF
making g1eenbaeks equal to coin by tho 17t OF
January, 1874, it would thereby add II per cent
to the value Of al debts, and increase to that
extent tho dif6ulty Of paying them. He
knew that something OF that
kind must take place. whenever wo shon1d re-
ate too suddenly. Two years was the shortest
time within which such change should be effect
ed, and to shorten the time would be to disturb
tho financial affairs Of tho country. Il this bill
should pass, the most profitable way in which
mhs aas1se d5nS se I'm
bill offered capitalists premium for refusing to
loan their money. Much had been said about
an elastic currency, a flexible currency, but ho
did not believe in it. During the Last four
less speculation IN products than at any other
Of this prosperity was the fact that
the quantity Of the currency is t1od
Congress; but this bill would put it in tie
power of private bankers to increase tho curren-
cJ at their Own pleasure, and would thereby
facilitate stcorners and other like operations.
As to free banking, it nigh. bo safe when specie
payment was permanently restored, but certainty
not before.
b1r. Thurman's amendment, reducing the
interest on bonds to be exchanged for green
backs from to Per cent, Vas 1ost-yeas' Ii
nays, 81.
Mr. BUCKINGHAM moved to amend tho first
section, 80 as to pro7ide that the Secretary OF
the Treasury may reissue notes. G1eanbacks
so received, or il they arc cancelled, may Issue
United States notes to meet the current pay
ments for public service and the principal
Of any United States bonds a.. par
bearing interest payable in coin SHALL oa
demand By the holder thereof be paid by tho
Secretary of the Treasury in 1eSaltenoer notes,
and interest thereon in coin.
Mr. BUCKINGHAM, in reply to Morton, eald
that an elastic currency vas desirable aud neccs-
saEy in order to avoid the occasional emparTa5s-
mentg Of the business Of the country.
Mr.. FENTON offered al amendment 20 tue
amendment, providin. that 90 PER cont OF the