The New York herald., 1873-12-05
lator Ferry's Speech on
the Currency.
SENATE STANDING COMMITTEES
Repeal Of the Salary Bill
in the House.
MIR. cox ON HIS DIGNITY
SENATE.

table, to be referred To committees hereafter:-
THE JAMES RIVER AND KANAwHA CANAL
BY Mr.. FOREMAN, repD OF w. va.-A bill to com
plete the water highway from the James River to
the Ohio at the mouth OF the Kanawha-
GOVERNMENT BUILDING.
BY Mr.. INGALLS,, TepD OF KAMA bill to con-
struct public building at Topeka, Kan.
GENERAL AMNESTY.
BY Mr.. STEVENSON, ldem.) OF Ky.-A bill to re-
move ali political disabilities.
MORAL sUAsIoN IN UTAH.
BY. Mr.. LOGAN, rep, OF Ill.-A bill to aid In the
execution OF the laws IN the Territory OF Utah.
CIVIL RIGHTS.
Mr.. SUMNER, lrep) OF Mass, presented petition
Of 0,OdO citizens asking the enactment OF the Civil
Rights bill presented by him.
PUBLIC PROPERTY AT HARPER's FERRY.
Mr.. DAVIS, (dem.l OF W. Va, offered resolution
directing the Secretary OF War to communicate 10
the Senate all the information in his possession In
reference to the government property at Harper's
Ferry and the sale thereof
THE LOAN OF 1858.
D., Mr.. SHERMAN, (rep.) OF Ohio, called mp the bill
introduced by MIN yesterday for the redemption Of
the loan Of 1855, which was reported at length in
the proceedings Of yesterday and it was passed
after the clause in the report OF the Secretary OF
the Treasury recommending its passage had oeen
read.
CURRENCY CONTRACTION.
Mr.. HAMILTON, (dem.) OF Nd presented the re-
solutions OF the Baltimore Board OF Trade asking
return to specie payment and opposing any inna-
diOn OF the currency.
MR.. FERRY'S FINANCIAL SCHEME
Mr.. FERRY, (rep.) OF Mich, called up the resou
ton introduced by HIM on Monday instructing the
Finance Committee to report bill providing
remedy for the existing monetary arrangement,
q nd ha Gnpa ata in fay II
spoke from business experience and a practical
standpoint rather than from any experimental
theory. He was ready to support any plan more
remedial, and believed it the duty OF all to con-
tribute what or thought and observation could
throw light on subject so vital TO all the people.
Free banking, open to all, would relieve the Dank-
ing system OF special privileges and accord more
with the spirit OF the day. He proposed that the
currency be issued directly from the government
and made legal tender, as the greenbacks. instead
oi one-half. as now, through the agency OF banks,
with the denial OF the junction oil lawful money.
This was national discrcdt to so much Of the
currency. lie proposed that the substitution OF
legal tenders Tor the national currency be effected
without lessening the volume OF circulation, and
through the purchase OF bonds held by the banks,
Dr. OF outstanding bonds. 1his would work the
payment OF $3.50, 100000 OF the public debt and save
The annual outlay OF 500 ooo 600 OF coin inter-
est-nearly enough to pay the one per cent re-
qulred by law 10 be paid annually on the public
nebt Bankers may at first thought demur to TINS,
stand how this might conflict with puoc
having some ssocs himself
should give way to public welfare. Freedom IRON
federal tax aud other irksome provisions will COM
ers to choose 1t with It's freedom ron redemption
And Otner exactions. He argued in favor OF the
maximum circulation 10 be ssoo,ooo 600, being
$5o,ooo,o0o more tnan that now; oil s4oO,o0OOOo OF
greenbacks and $3.50, 00o 900 national currency,
and all made lawful money. We owe it to the
honor Of great nation TO lully accredit its issue
and stamp It's monetary unit, the currency dollar,
with sovereign value, attested by the aggregate
proposed that the currency be convertible
Into 65-loo per cent currency bonds and
lnat they be recoverable into currency
at the will OF the holder, thus securing ocazaton
and casiicy OF the currenc,. Some advocate the
prohibition OF interest being paid by the banks.
PrOhlbit0ry legislation is either eyaded or not exc.
Cuted Far better counterpOse 1T by employing
the stimulus OF me eyil 70 work Its cure. the IN
rcncy te the seaboard centres and hold II Tor
gencies everywhere. For immediate relief he
thought, the $44 00U 900 should be used in
the purchase OF bonds and enough more issued TO
make up the maximum. Ills would pay for bonds
enough to save $z5, 900 900 OF coin interest annu-
ally, more than enough to pay the one per cent
yearly on the public debt. Then the redemption of
fractional currency In silver at intervals at the
convenience OF the Treasury. The durability would
compensate for inconvenience. Can there be hes-
tationY The gravity or the situation demands
more than words; it challenges action. over
1000, 900 men are thrown out oil employment al q
low average OF wages this 1000 900 handed less Is
$looO,ooo daily prolonged for year the count
swells 10 hundreds OF millions and tells its fearful
story. The straits and suffering entalled need no
words to voice their distressing want--the waste
OF energies the nation feels, though Lried not by
personal pangs. Individual loss Is national
gain. Whoever can dismiss action cannot escape
responsibility IL bears with II all the cumulative
pressure OF daily demands oil relief. The appeal is
10 Congress: let US act.
In concluslon Mr. FERRY asked that the resou.
when appointed.
STANDING COMMITTEES.
Senate proceed to the election OF standing con-
mlttees Agreed to.
He also moved that the thlrty.fourth rule be
amended by adding new committee after that on
education and labor, to be known as the COM
1nittee on civil Service and Retrenchment, ana
that two members be added to the committees
on foreign relations, claims, and education and
labor. Adopted.
The Senate then elected standing committees as
1ollows:-
Pririre7es and Ei,ctions-Mr Morton, chairman /;
MeSrs Gs.snsr Logan a Aa'hsny Acorn Mtche
S1dn gs Howe Mesrs
o. ps"anss.%T. sherman, chairman; Mes,rs Morrill,
Messrs sprague, Window, West, Amcs Sargent. Allson
on so"mesee"Mr .u Chandler. chairman; Messrs
Spencer Conkiing, Buckingham. Boutwell,. Gordon and
On Manuyaotues-Mr. Robertson. chairman; Messrs
spragse Gilbert, renton and stockton; v.
Roberiscn, Lewis Dennis and Gordon g,
cameron. Spencer, clayton. Wadeish, Kelly and Ran.
bonn
on Narat zfoirs-Mr. Cragin. chairman; Messrs. An
and Norwood.
:. Q. ae Juiiciary-Mr Edmunds, chairman; Messrs
Ind stevenson.
. On Posi- O0ices and Post Rouds-Mr Ramsey, chairman
Messrs. Hamn, Ferry (oi Mich.), flanagan, Dorsey
ZONE sauispury Merriman and Hamilton fol Md. -
% tmNc Ldnds--Mr. Sprague, chairman; Messrs Win
and Upton. -
=, Oa Prrds Land Ciaims-Mr Thurman chairman
~ indian hBars-Mr Buckingham, chairman; Mcssrs.
Esom, Tn os'espy, Morrill, of Me-, ingalls,, Bosy and
On Pensfons-Mr Pratt, chairman; Mcssrs Ferry tof
1exas) and Norwood. ~ W.
ON Revolutionary Cdaims-Mr Brownlow chairman;
Messrf. GllDert Conover, obnston ana Goldth waite
On Gdms-mr scou charman; Messrs. Pratt, Bore
man, wright Mitchell, Boutwell,, Davis, Merrmon and
Iioldthwaite. ~
on he Disrtd Of tbumbo-Mr. Lewis chairman
Ne~rs Spencer, Hitchcock. Robertson, Jones' Dorsc '
aBd Johnston s''
On Potenh-Mr. Ferry Cof Comm, chairman, !, Mcssr.
rWndom, Wadleigh Hamilton (of Md, and John.