Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1873-12-04
Congressional Proceedings.
WASHINGTON, d. c., Dec. 8.
SENATE.

- 60 ~, - W. ma" W
ppe aoo'ue Lol tne euenp'!oh VI ,he loAh vi
80, au:hoiiAlhe 'le secretary % 'he treasury
W iSsue III eAenanee ior any Vi saiu pohus,
an equai ai,iou,'' at par VI per cent ponos
o 'a .he lunueu ioan unoer the ACT VI July ~
1S-I al aooIa.;n ao' "a ~,
~, ""u ceei"''us IL W oe Tue ih'entioh VI
.ne :, In'teu o'a.es W pay all coupon oohus OF
SOU ioan "a 'ooo VI Tue hlst VI January Ao'f,
So a, "oiueiS .ne,eoA may eiee'
.'"'. % .'o",n' ,ioul saio ua'e u eAchanse
~. p.A Nn' uu"IS Vi 'he iunueo i"an' Will
AZ n Nun sA,u January hrst'
H ".s suoniico resolution instruct
"e .e Cn oh ouoiciary' 10 inquire
"neihei Nons'ess LAS CONSTITUTIONAL author-
ny Sie"'e corporations ior constructing
u .oau' =, e%nas' penetrating Two or more
''I,, any e ~ mas Tue author'y 10
80. .ho s;.s;ns ~ ioau .ia"sPor'a'ioh
wy to"u' cha.teFeu NY 'he
.:,' nnu WHICH W constitution nave con-
S,n.eu i'"e' running 'hroush TWO OF more
,,u
~. ' .' int'ouuceo resoiuuoh pro-
riuins ,or paying 'he iosses sustained by
otvson ~ lnolah uepreaations'
.,. ."'ot pi'i 70 proviue ior the oet'er
p.o'e1'ion VI 'he northwest irohtief, &C.
Pio,ius' ioi ivan "a e's"' hliiiioh uoiiars IN
n.su o.a'e' ~ ~ iour ana one mar per
esn'' oo.u' " w h,aue ny 'he Chl'eu states
government. " Ne" iofA' lot 'ne purpose OF
s'hs 'He "cqueuucts anu one Tier OF
iocAs oh 'he Erie ana oswego Canal to
caPaeiy 10 pass vessels OF war 70 ieet IN
"iu'h anu wv III iehs'h' ana merchant yes
oei' Vi GIN hiiofeu IONS propeiled Dy steam,
"",ie'ei eau o"h"i' afe less thah oz leet
"lue o.' ''ie po''oni. Inc Dill also provides
wa. ., ei's '"o pas 'hen' Vi lne ueot ior "hlch
COnstltufI0nalIE
Pieue.u; anu amer Tue cahalS are thus en-
laleeu 'helr net revenue shail De palu into
'he treasury Vi .'e Chl'eu states until the
pr'poseu ioah u eieht miliiohs IS repaid.
ne oolue are ~ NC issueu upon the report
Vi 'iie commissioners rs the WORK progresses,
10y u'ee u. ,'on'"s'
Nii' 'ioiiiii 'ioush' Coueress shouio take
"u'"n'ase vi 'he present circumstances 10
ie'u =, " spec!e pay 'neh'S' 10 reiie'e people
"i 'he fluctuations Vi curfehcy' ana people
expect congress 70 proFiue sounu currency.
,ie coh'fo'e !'eo many ouJections whlch hao
W, wen 'i'aue " le'u.h 10 specie payments.
"s Io'',Auai no" Vi soiu auroau was con-
uhual advertisement OF the depreciation OF
abroad, our currency will be handed down
from generation to generation as incursble.
Expansion of paper currency had shipwrecked
away enterprises that otherwise would have
been successful, and mercantile community
be seriously Inconvenience by the operations
of Wall street; and the proposed issue of
bonds interchangeable for United States
notes, he considered scheme for the expar.
sion OF currency, and he deprecated our ex.
cessive paper currency outside of our own
country. Our paper does not pass at par.
Our DEPRECATED paper is working ruin to the
morals OF people; labor is cheated and dis.
gusted; work is out of fashion, All obstacles
to free banking will be removed by return To
specie payments. lie favored a plan that the
Secretary OF the Treasury issue four year
certlhcates at o6o per annum, requiring
banks to keep one molety of reserves in these
certincates; government on the first CT Janu-
ury 1910, to pay Its notes in cash and govern
ment to negotiate loan OF two hundred mil
lions in coin at per cent, the certificates
when redeemed to be used by the treasury to
pay claims. 1t would be an honor to the re-
publican party to sweep away the dark cloud
OF greenbacks, and he would soon offer bill