The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1873-12-19
coNcR ESSIoNAL.
SENATE,
WASHINGTON, December Is.

" >A-'NAoSi OSSSuOCI 10.
The House bill passed authorizing
the removal of the office OF the United
States Consul-General at Alexandria to
Cairo.
Mr.. Anthony, OF Rhode Island, from
the Committee on Privileges, reported
bill to print $50 copies of the Blue
book.
A discussion eusued in which it was
said that no Paving whatever had been
effectedIby the abolition of the franking
privilege, and several Senators said
that they would vote for no more doc
uments till provisions were made for
their distribution. The bill then passed.
On motion of Mr.. Howe, of Wiscon-
sin, the Committee on Privileges was
directed to enquire into the expedi ency
OF placing on the pension rolls all hon.
orsbly discharged soldiers of the war Of
1912, irrespective Of the duration Of
their term OF service.
Mr.. Gordon, Of Georgia, offered q
resolution calling on the Secretary of
the Treasury for all the information as
10 the amount and disposition of the
cotton seized after the war. The reso-
luton was passed.
The House bill was referred to the
Committee on Civil Service and re-
trenchment.
The general question of finances
came up.
Mr.. Boutwell,, o! Massachusetts,
stated briefly that he was neither in
favor Of contraction nor expansion.
MORTON WANTS MORE CURRENCY.
Mr.. Morton said that to resume spe-
Gle payments now would cause q fur
ther shrinkage Of values and increase
the distress in business circles. He
held that this was most inauspicious
time to attempt a resumption and pre-
dicted that unutterable woes would fol-
low. He asserted and be defed con-
tradction that the panic was not only
not brought about 10y this most abdsed
currency, but that the currency had
nothing whatever to do with it. When
public confidence was shaken in rail-
road bonds and every other kind OF in
vestment, the credit OF the government
was the only thing on which the peo-
pie had to lean. Its bonds were sought
for and its notes commanded preml-
um. England had currency on a
specie basis and yet it had two panics
during the same time that we had one
here. The character OF the currency
had nothing whatever to do with the
panic, as they were caused by other
matters entirely, and the want Of faith
in private banks brought about the
panic" He said he never heard before
OF the resumption of specie payments
as 8 remedy for panics, and that thing
had never been proposed before. Sus-
pension of specie payments had always
been resorted to but never resumption.
The true policy for fifty years past has
been to make q small addition TO the
volume of currency. He then COM
mented upon the action OF the Secretary
of the Treasury in reference to his re-
cent drawing on the reserve. lie said
this had, in great measure restored
confidence to the people and induced
them to bring out their money. He
regarded the Secretary as having done
a wise thing, and he referred to one OF
the periods Of psnic,in England where q
temporary increase OF currency had
been productive OF great benefit lie
believed that if at the beginning OF the
panic had the entire reserve been issu-
ed it would have stopped, but both the
President and Secretary had anticipated
a falling off in revenue and had thought
il best to hold on to them.