New-York tribune., 1873-12-18

toward the specie condition Tncceetcaliy oil admit the
Of return but most person. are reluctant s
era years after there was but one view o. the currency
question that found public utteranoe; Cnase fessen
upon the work OF contraction was Secretary MoCnoch
in 1866 that the business men Of the west ana south
rency to be Withdrawn by him each month In obedi-
euce this demand the Senate added 70 resolution
yiso That OF United States notes not than Sio
600 600 NAV be retired and cancelled within months
from the passage of this act and thereafter not
than a. 900 900 in any one month"
subsequently, the amount of currency was limited 10
ssss and as you know the policy OF contraction
was abandoned. suppose we had continued retiring
rsta p%t the gold into circulation Which we have Kept
the Treasury the process would not have continued
long before the Government would have been IA situ
alton to resume without producing serious hardship
hardly necd that am In favor tof the pending
on finance Mr. Bayard, and likewise support the one
introduced by the chairman. Mr. sherman far as 1t
or other propositions the best have is the bill OF
my honorable friend Mr.. Sumner II it does wholly
warrant the hope OF specie resumption at least would
prevent our getting further of from it. thank him
for this contribution behalf OF o question. the im
portance of which to whole people cannot be
estimsted. should have reiooed had the President
and Secretary OF the Treasury done much 1t be
admitted by all that we'll maturod plan by them, by
reason Of their commanding position, would have given
impetus to our work and Increased confidence to the
people. What have they done In tho general treat
nen OF the financial question the MESSAGE of the one
and the report of the other fully agree Both seem 10
deprecate any direct initiation OF the currency Both
concede the Importance OF resuming specie pay
ments. They admit that resumption cannot be
effected without change IN the existing condition.
either by enlargement of the stock Of coin con-
traction OF the volume OF paper Both urge the neces
sty of what Is called elasticity OF the currency aud
suggest substantially the plan for accomplishing
this object In word they are both right in some OF
their general teachings, ,and they are both wrong In
their practical recommendations They assert, that
sound policy and public interest dictate return to the
in Isa osr &
just and gratifying as truth vitality connected with
the welfare country. But when advance from
general specihc pr0poslttOns,
that the former not borne out bv the latter The
first criticism which suggests itself Ia that while the
President very properly assumes tine Importance Of
specie resumption. he not only does not poh ont the
way, hut points the way The Secretary, Indeed,
the Of currency must be reduced, or that
of coin greatly increased aud apparently adopting he
latter alternative. he suggests that the banks be pro
hbted from selling the gold received by them as III
erest their bonds pledged TO secure circulation
and thus accommodation shall 10 effected.
But the Secretary greatly errs IN assuming that the
one proposition Is equivalent Of the other conrac-
the currency would lead 10 resumption, because
the decrease OF the volume would increase tne value
the volume of paper the and snply increase the
stock Of gold would IN no sense appreciate the value
of the paper
Apparently Of tho opinion. however. that immediate
resup ptoI impracticabe, both the President and
existing currency would be enhanced II II could
somehow acquire elasticity, so that III might auapt
itself fnctuating demands OF changing seasons
This means lnfation-sn irredeemaoe currency grows
with what it feeds and once out, 1t does not Voun-
Mr. CROZlER Rep., Kan) said he desired to submit
some remarks ON the pending resolution, but was not
Tor the present and that the Senate proceed to the con
sderatOn of the bill for the relief OF settlers on the
Usage Indian lands which was OF importance 10 the
Mr MORRILL, (Rep.. MeJ said he dd not desire to in
teiore senator from Kansas ana as soon as ms
bill should be disposed OF he would ask 10 nave the
Special Naval Approximation Dill taken up -..,,
Mr. WINDOW Rep, MIMI gave notice that he would
ask the senate TO take up the House resolution to ad
journ on Friday next.
The question being put, the Senate decided to take up
Mr.. EDMUYDs then moved to udehnitely, postpone
consideration and the Yeas ana Nays Demg
demanded, the motion TO postpone was agreed 10 by
vote of 81 Yeas TO q Nays. ,
Mr.. EDMUSDs moved TO take up the House bill TO re-
peal the Bankrupt act and refer 1t to Judiciary Coh-
THE NAVAL APPROPRIATION ELL
Mr.. MORRILL, Q;ep.. Meh moved that the senate take
UP the House bill making special appropriation Of
81, 100000 for tue navy.
Mr. SUMNER inquired If this bill was 20 meet ex-
penses already incurred.
Mr. MORRILL, replied in The sflrmatiye :. .. no
Mr sCMNER-No part OF thi' appropriation Is TO be
applied to thing IN future
d-tinety. [ sm against the appropriation OF another
dollar any such direction sm not disposed 70 DIS
cerely that they made: shall say nothing about
The G are not & yet 70 s SeIbe b ae
should stop this hour, this minute thlnA it an Ill
Mr.. MoRRILL CRep.. VT moved to strike ont that
portion bill allowing transfer OF funds OF one
bnre an TO another He was in favor Of the appropria
ton but with that provision in it amounted to lump
sum- aud there no necessity for II as Congress Is ia
Mr MORRILL, nsep.. Mel said we had been saved
from war by the jndlCious conduct OF the Executive
officers the Government. Spain had naval force IN
Cuban alone great the entire naval force OF
the United states. We mad not single snip aloat tnst
could compete with Of the irOnclads OF spain we
were utterly defenscess and the judgment displayed
by the Secretary IN putting he navy III cohutoh Ior
war was commendabie i'll the highest degree.
The bill was passed by vote OF 46 Yeas to7 Nays
Messrs Bogy, Cooper, GoIdthwsite. Hamilton Old.
Kelley McCreery aud stevenson, all Democrats voting
IA the negative.
AT o'clock tue Senate adjourned until tomorrow