Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-01-17

greater OngecJlOn-that, as the pow
could only be used in a stringent mon,
market, it will lead to great sacrific
r Of public securities, and add fuel to Il
existing panic. The third mode requir
no reserve, and implies that the Unite
states viii make its financial redeml
ton in q bond so intrinsically valuabl
that 1t will be generally at par in g0l,
do Got overlook the fact that the r
sumption of specie payments will te
ie the strength ofnational banks; and prov
whether or not they are entitled to pul
lie confidence. But this present COZ
nection with an aggregate surplus fun
far beyond the difference between Gu
rency and coin, justifies the convictio
that they will merit public expectation
With the specie redemption system
ii becomes free, and the fiuctuation
their currency will be but healthy eb
and How of commerce, The redemI
ton then becomes fact, ,and will chez
the tendency of country banks employ
ing their currency in Wall street opera
tions, as they may redeem in coin or /
notes, they will have the benefit of thi
e alternative. The redemption provide
United States notes, so the securitie
that generally follow specie payment
can go no further. The payment the
of bonds for notes, par for par; again tn
specie standard will also be il
gold coin, and the actual use c
the amount now boarded, variousl,
estimated, and with that depOsite,
IN the Treasury and in circulation
U in California Is not less than 500, 900,
600. This will probably take place ii
legal tenders, as bankers receive this
and the present volume of currency anC
specie payments should cause a retire
ment in the coin funding of $4,000, ,00t
United States notes. The place is more
than filled by the coin from its crescent
Punishment. Therefore, conclude
the fears of evil results from a spe.
: Gle standard are greatly exaggera-
| ted. There will be no contraction
: of the currency, no disturbance of real
values or suspension of business, but all
our present United States bank notes
will pass as usual in the ordinary ex-
changes of life, and the increasing value
J Of property, whether produced here or
abroad, will be equal to real money,
and there viii be no taint of dishOnor or
depreciation about it,
Senator Sherman continued at length
showing the obligations and necessity
of specie payments, and how anticipa-
ted evils of resumption could be avoid
ed, and said that among the innumera-
bic schemes proposed for the resump-
ton of specie payments, several were
practicable, but a careful consideration
of the subject lead him to the conelu-
sion that the simplest and most expedi-
| ent measure Is to declare by law that on
and after the first day of January next
the United States will redeem its notes.
either with coin, or, at the option of the
Secretary of the Treasury, with its
bonds of convenient denominations,
bearing five per cent. interest. 1t will
provide also for the possible, but not
probable, contingency that more notes
will be presented than can conveniently
be paid in coin, but it is founded upon
the plain equity that if We cannot
literally perform our promises by pay
ment in coin, we will, at least, give to
the public creditor. who holds notes of
the United States, a bond bearing a
commercial value in gold. If, then,
these notes are in excess of the wants of
the people for currency, they will be
presented for redemption; and they
ought TO be redeemed-if not, their
value will be appreciated to the gold |
standard, and this is specie paw
ment. The notifications of the banking |
act can be properly postponed until a |
future time, when the practical effect of |
a specie standard upon United States |
notes will test the ability of banks to |
maintain their notes at par with United |
States notes. Whether they should be
relieved from maintaining so large q re-
serve; whether there should be one CEN
ter of redemption, are questions for
practical legislation for the futures
The very moment that notes are
redeemable in coin the banking system
ceases to be limited in the number and
distribution of banks, and Will stand,
like all other business pursuits, open to
all who will give the requisite security
for their notes, and will obey the gene
raj law.
Senator Sherman reported from the
Committee on Finance a substitute for
the Buckingham Till.
A bill was introduced authorizing the
of War to contract for the
building of several light-draught snaQ-
boats, for the Mississippi, Missouri, and
Arkansas rivers.
On motion of Senator Rice bills were
passed fixing the compensation and
length of the sessions of Territorial !
Legislatures, and committing the care !
Of penitentiaries to the Territorial au-
.horities. :
Senator Schurz, of the Foreign Re- :
atiOns Committee, reported the House ]
Dill for the representation of the United ;
States at the Vienna Exposition, with an .
increasing the appropria- :
ion from one hundred to three hundred a
thousand dollars. g
Senator Chandler opposed any appre- .
because experience demon
trated that Americans participating in h
uch position had their inventions ap- .
'rOpriated by foreigners. a
Senator Salisbury moved to make the y
mount one hundred and fifty thousand 4
Iollars instead of three hundred thou n
and dollars. Lost.
The amendment of the committee. n
making the amount three hundred T
dollars, was then adopted. +,
Senator Carpenter said he had voted n
o increase the amount to three hundred q
dollars, because, if an appro- .,
rlatlon was to be made at all, that was h
title enough; but, so long as the Wash h
1gton monument stood in its present q
Unfinished and dilapidated condition it h
Ias shame and a reproach to every h,
american in the eyes of every foreigner
isiting our land. He would never vote =,
hree hundred thousand dollars. or any =,
lm, to be sunk in show in Europe. | a
lie then offered an amendment appro- ~
rating three hundred thousand dollars 81
n the completion of Washington Mon n,
ment. "
Senator Trumbull predicted that be- ~
re the Vienna Exhibition business 70
nded ii would cost the United States -;
ne million dollars. NJ
At the expiration of the morning ~
our, the bill went over. So
IN THE HOUSE. NJ
After some unimportant business a ag
ebate opened on the bill for the admis- di
on of Colorado as a State. T.. H. of
oberts opposed the measure. At the qu
,piration of the morning hour the bill tn
ent over without any action, and then Fl
e House went into Committee of the pa
hole on the Consul bill, and without tif
aking much progress, the committee an
sc at two O'Clock and the House pro- tic
eded to the consideration of the Oklo- an
ANA Indian Territory bill. CO
THE u. p. r. r. INvESTIGATION, o n
The Wilson Credit Mobilier Investi- ba
tiOn Committee met this morning. he
le examination of Mr.. T. G. Durant tn,
as resumed. He said the Boomer con- cei
sct was twenty-seven thousand five ro,
inbred dollars per mile of the rail Lar
ad. The Union Pacific Board of Di- seo
ctOrs passed resolution extending to m
r. HOxie contract over the fifty- iii
yht miles at fifty thousand dollars 1Si
lie. This resolution was not carried an
to effect, witness having protested tn,
d Judge Barnard having granted an sin
junction. The Board afterward ex- dir
ngeu us Protest from the books and or