National Republican., 1873-12-04
SENATE.
wpnUranAy npCrNfppp n 1874


znns Of Maryland. praying the passage Of law
for the prepayment Of postage on oil mailable
matter.
Mr.. Ramsey introduced bill to establish the
Territory Of Pembtna, and to provide tempe
rary government therefor.
Mr.. Frelinghuysen introduced q bill to aid In
the execution OF the laws Ia the Tcrritory'of
Utah, and for other purposes.
lie said that itwould he remembered that the
President had sent In a special message on this
subject, and the senate had passed whole DAY
Committee. lie had Incorporated In the bill now
Introduced all the amendments agreed to by the
Senate. lie would ask for It's early consi'lefa-
tion.
Buis INTRODUCED.
ny Mr.. Davis; Appropriatng $4,000 for con-
structing q Government building h Charles
By Mr., sherman, To provide for the redemp-
tlon OF the loan Of lsos. authorizing the secre,
tary of Treasury TO issue in exchange for any OF
said bonds an equal amount at par OF nve-per-
cent, bonds Of the funded loan under act OF July
u, 1870, and the amendatory act Of January 90,
ISL, aud declaring II to he the Intention OF the
United states to pay all the coupon bonds OF said
loan Of lsts on the LIST day OF January, 1874, ex-
cept such as the holders thereof may elect within
six months from said date to exchange for lve-
percent bonds Of the funded loan, with interest
Mr. Pratt submitted a resolution instructlns
the NOTlulltttt Du tHt JuilCldIy
whether Congress has constitutional authority
to create corporations for constructing rail-
roads or canals penetrating two or more States,
and whether Y has authority to regulate rates Of
railroad transportation over existing roads
chartered by States which, by consolidation,
have continuous lines running through two or
Mr.. Mitchell introduced bill granting right OF
way to the CanyonyIlle and Galesville railroad in
Oregon, and providing for the erection OF q
custom-house and bonded warehouse at Port
Mr.. Fentons bill to provide for the better pro
lection OF the northwestern frontier, &C., pro-
vides for loan OF eight million dollars In ten
ned sises psa 10 se 81 of
aqueduct and one tier OF locks on the Erie and
% sna
In length and merchant vessels Of hundred tons
burden, propelled by steam, wherever said
canals are less IN than ity.two feet Wide npon The
ment Of the debt, for which the canal revenues
are now constltutionally pledged, and after the
canals are thus enlarged, their net revenues shall
until the proposed loan of eight millions Is re-
paid. Bonds are TO be issued upon the report OF
commissioners, as the work progresses, every
three months.
Mr.. MORRILL, on srEcE PAYMENT.
Mr.. Morrill,, OF VI, called up his resolution In
structing the Finance Committee TO report bill
to provide for the resumption of specie pay
ments. lie called attention TO the fact that our
currency was 80 near TO Q specie standard. and
resort to means to bring Ii entirely to specie
basis, late occurrences had demonstrated that
war was yet one Of the probabilities In the his
another issue Of hundreds Of millions OF bonds.
What broker would have predicted at the close
OF the war that nine years after we would be a.
far from specie resnmp.isn ~ as ,s a. that time,
Treasury as carrying balancing pole, with gold
at one end and grcenbacks at the other, aud de
pressing or eleyating II to circumvent the plots
OF Wall street. He YFged that Congress should
make an earnest aud efectusl effort to hit the
country out OF the slough OF deprecated cur
rency. He said that the administration Of the
Treasury had been entirely free from oil rc-
proach OF improperly, hut the remedy for the
present condition OF things rested In Congress.
Discussing the question OF resumption OF
specie payments he said he did not feel himself
able to speak Of it In all Its intricaces and rami
ncations, but there were certain facts and prin-
ciples which were apparent. Our experience IL
not different from that OF other countries which
have attempted TO force an irreieemahle paper
circulation. Paper money, which cannot be re-
deemed In cash At the option OF the holder, Is
NOT MONEY.
Our promises are an engraved falsehood, en-
gnved on every note that we issue. Great
Britain, VIII al is ,Inn ecmmeres' mas only Two %
circulation; less than one third OF ours. lie dis
sented from the idea that the needs OF business
demanded any increase Of the currency, and
| said that no matter to what volume II was ex-
panded there would always he some "clique"
crying for more. lie criticised severely the ar
| rogance OF the champions OF deprecated cur
| rency.
The perpetual glow OF gold ahead has been Q
perpetual advertisement of our deprecated cur
| rency. Short as we may now be OF currency
| the expansion OF paper money can result In no
benent to us. IL feeds instead OF restraining a
| panic. lie pronounced the scheme to issue 4
convertible 3.65 bond as most stunning. the
promoters q i, he said, L were adj advocates Of % an
every man to be his own banker, and cut lose
| from all restraints OF legitimate banking and
wholly divorced from specie basis.
Congress In any wise measure 10 secure sound
currency, to make American money equal to any
money In the world. Our foreign carrying trade
appreciated currency. Nature has bestowed
upon our country the precious metals in the
most lavish abundance, bat they have lost their
greatest use To US. He commented at length on
THE Evils oF DErREcIArrD PAPER CURRENCY
as vicious and demoralizing to the people, caus-
Ing extravaganza, both puolic and private. II
| Is inyJdiousy working reyoluiion Id the morals
and habits OF the people. Frugaltty has become
q last act specnlAtion Il rife, work seems TO be
going out of fashion. How can we expect 10
train up conscientious race of people when the
Government sets them the example Of issuing
and reissuing notes notoriously below their face
value in any market, at home or abroad.
able to resume when the Government does In
| the cry OF stock gamblers and spccnistors. II Ia
TO the Interest OF the banks 10 resume. With
| one years notice all tue banks could make the
necessary arrangements. II they could not 10
Ii In that time, no extension would enable them.
Sound hanks would be glad 10 tread the old,
not i be ready had better give way to others, lie
favored the, plan Proposed By prominent
nnaneier Of New York, that the Secretary Of the
Treasury shall issue certificates payable In four
tNith a n.GE q ar I'm fUlf a
states notes or gold, At the option Of the holder
requiring the banks 20 Keep one molety of their
reserves In these certincates, and fer The Gov
ernment 10 give notice that on January I, isJb,
II will pay Its notes In cash In New York; and
authorizes the Government to negotiate . b-90
loan Of two hundred millions In coin at per
deemed may be paid out by ths secsetsr, CT ~ Sf ,hs
Treasury TO satisfy claims against the Govern
ment. ..lf o.. ..4
At the conclusion OF Mr.. MorrIll's remarks.
Mr.. Ferry, OF Mich, called up the resolution on
the anances, Introduced by him, 10 which be
will speak tomorrow. TT
Mr.. Mitchell introduced bill TO authorize the
construction Of q custom-house and bonded
warehouse at Portland, Oregon.
Mr. Fenton introduced BIZ TO provide for the
better protection Of the NoIlhern aud North
western frontier. and to facilitate oomnorce
Mr.. Hitchcock Introduced q bill to construct
nre-proof public buildings at Nebraska CITY.
The Senate, at p. m, went into executive
5ehhlan, huh htcf boino iihe bPoht tuefein III.
J0urned. . q .
HOUSE, OF REPRESENTATIVE. 81
Mr.. Butler, OF Mass, moved to lay on the table
the resolution In the Louisiana case pending at
the adjournment yesterday so far ~ It Affected
the case OF Mr.. Pinchback. He said he dld this
at Mr.. Pinchbacks request, and tha he would
also move, In the same connection, 10 refer all
the papers to the Committee on elections when
appointed. =,
fhe Speaker said that would requlyc unani.
MI. Beck, Of Ky, objected and demanded, q
vote, -. Id. ,5I
Mr.. Butler said he was willing to test the
matter.
a vote was then taken, and the resolution was
Mr. Back said he had objected and had de-
.nandedh vote on the case alter the Speaker had
stated that unanimous consent was required.
understood, and that what he meant required
unanimous consent was the proposition TO refer
the credentials II coupled with the motion tolay
on the table.
Mr. Archer, af Nd, presented the petition Of
r. o. Wyse, Of Maryland for relief. Referred to
the Committee on Military Affairs.
COMMITTEE ON KIKcTIOss.
The Speaker announced the following as the
standing Committee on Elections, yiZi McssTs.
II. BOardman smith. of N. Y; Chas. X. Thomas,
Of N. e.; Gerry W. Hazleton, OF WIS.,; Lemuel
Todd, OF Penn; Austin v. Pike, OF N. H.; James
r. sener, OF Va; James w. ,Joblns0n, Of Ohio;
Horace II. Harrison, OF Tenn; Wm. T.. Arthur,
Of Ky; X. Milton Speer. OF Penn, and Iacius
q. G. Lamar, OF Miss. .l..,..r. ...4
THE WEST VIRGINIA CONTEST.