New-York tribune., 1873-12-18
yLIIIp OONGREss--Isr SESSION

THE NAVAL APPROPRIATION BILL DEBATED AND
pAssED-THE HOUSE CoNcUss IN THE SENATE
AMENDMENTS TO THE BILL FOR THE REDEMP-
r,ox or THE LOAN or 1SJS-ANoTHER LONG
pye,TR ON THE SALARY QUEsrIoN-THE SAL
AIRY or MEMBERS FINALLY FINED AT $1,000.
SENATE. =. WASHINGTON Dec. II, 1878.
The Senate met at noon.
MI ROGY Dem. MOI from the Committee on Indian
Affairs reported back the bill for the relief of certain
rersops and took occasion present views of the
rresent policy for the government Of indians. He
thought 10 farce and an outrage The Indians con-
stantiy being wronged, and he hoped measure
would be adopted to have good government for them
All the troubles now arose from defective legislation
The bill was laid over.
Mr. CRAGIN (Rep, n. h. from the Committee on
Naval Arars reported back the House bill to increase
the number OF in the navy to 10000, without
~mendmen. and asked that it be passed . .,o
Mr.. SHERMAN (itep.. Ohio) had no objection 10 the
bill beine considered but he was opposed TO It's pas
ar SUMNER lib Rep, Mass.,-I think it had better
ooyer hl tomorrow.
Mr. SUMNER introduced a resolution instructing the
tommtee Finance 10 inquire into the expediency OF
Of Uommisoner of Internal Revenue other offices
under him. tud that internal taxation be collected by
counsoatOn by any United States Court the law TO be
cnforcod under the direction Of the Secretary OF the
TIeasurE Passed.
srsgcn Ry Mr. FENroN ON IHE FINANCIAL QUESTION.
The morning nom here expired. and Mr. FENToN
udb. Rep n. Y) proceeded to address the Senate on
the resolution reported by the Committee on Finance
wees He sand do not propose a panacea for
present financial disorder bn rather would be glad TO
tako a step the direction of Improvement. do not
doubt ;hst timely application would have @ great
degree not wholly. averted the existing arrangement.
rrnae = hcahy condition BY careful and we-con.
.idered remedies The financial problem is one of wide
10 embraces the questions OF debt and taxation
o banking nd currency. which in great measure
hound Up together. No system can work final and
parts Each in their turn is more or less intimately
associated with the industry and commerce of the
county the standard Of value. and the rise and fa Of
prices.
features ,On the hand taxation swollen and nmpii-
ned 10y the iueXOrabe demands OF prolonged war has
pressed upon with fits complicated burdens On the
other inflated currency and the activity created
by raised prices and stimulated projects upon
fictitious standard ana Impaired an alr OF On0yancF
and speculative spirit TO our commercial life. The LAT
has served 10 make the former ess oppressive
white. in fact. 1t has led TO continual excess We have
met hsh prices win high nominal resources, zoe Zoe
We must descend from this elevated plane OF hollow
Prosporu 20 the evel OF solid values aud stable Sc
dry We must get back some way. and II Is FOR us TO
deteruioe whether shall be by the abrupt and ruinous
methods The return at BEST IL ss arduous aud trying
the ascent smooth and fascinating Already, in
~tead OF expanded prices and iBsprted activity, we
have shrinking values and depressed enterprise
Ne1 less easily pay their debts some are pusne9 70
I.ns. business is resye and the laborer in many DIS
itiCts = ont Of employment
n IS ola. med that the value OF money is gradually
,ad steadily advancing II the premium on gold he the
true clear. But without accepting tins
huctustug scale all times the correct measure-re-
ruem5orIag that gold commodity and low because
f the sosny demand-snd taking the general range of
prices reliable standard 1t is true that there
. rise in the value OF money 1t has acquired
grater purchasing power. Shall we take advantage OF
TAI, fa,ti n We make any permanent progress toward
,prce payments it must no attended by apprecls-
''ou of te currency such progress We al IrolesS 10
ciaim TO direct the policy OF the coun-
ny. 10 accomplish 1t the circulating medium must oe
brought 20 the Of specie. Ths may be done by
"a gradual and moderate reduction OF the quantity OF
paper tins is the which does not lead up
10 dayF'ing nights aud down To hOrfiDe depths 90
know what gentlemen mean when they speaker an
equalization Vt the commercial value OF the paper
cnUencl with coin unless be upon the Dssls OF thS
,-ar,r The principle for which contend mas heeh Wen
loving loving e cis:s77Ti iJIdpaS, torn.
whsn -oat issues sssL nG;c' ey eaSnot be ei
nome 'ai saeo5er a9ei such Teuas,as % ,e 5.Ss.ge WIZ
sr, sending baIIoo ,sIGa s D. nST
,orcDsre'' tSst To much paper has 0een As'a SUI % "
There 4, ot another point which urgently demands
retdfn gold standard. lnOrduate debt ana specn
lIi0n entered into time Of peace, mainly the on
,yrng of an excessive and vitlated currency gave IL
"A, nv best Judgment in some views submitted 10 the
senate dung The last session that tue individual m
,iebtedne~s OF the country was full sSNDcOOe1 AIteT
csreinl examination oi the subject since am sure
overstae the amount The late Censns Report
gives thc public Indebtedness OF the states, Including
That OF ctes counties aud town, at bte less than
sOo0D0O. From the search have been able 70 % asSe
~ ,at Sg% s9s,c1oe eop too small Take
the Of New York as an Illustration IAe
carefully prepared statement OF the late constitutional
om MISSION Of that state made March 1873 the aggre
and town as given al t2li.Oo,cOo SO | consider
myself stating that tue Indebtedness OF the
country-oational. state, local ana hglViduai IAN
not fail iuuch short Of sl20o,OOOOO0 10 any other
people m @Dg nGh fo to rs tse iess"E is obvious But
thus Is al. have not included the railroad pOnd
aod mortgage indebtedness which must CONF up 20
S0ooooIo it is PROBABLY more 50 without emDfachs @
current business obligations such as bank loans dis
counts other business paper the amount OF interest
aoue thst ne pay annuay; az n0ne o 600 OF No nstter
ought " Pay-I suppose Is fa!ly sI.ooVo 70 matter ,
whom pad. lar as II effects industry This Is INC
suosir.iutn npon which sll Indebtedness rests.
AGAIN W zen we look at our import and export bus-
trading sac waiting maid OF Inflated currency, here
100 frequently exhibits itself High mposs in vain at
tstnpt 10 correct An examination leads at once 10
the fact da, the effect of arrangement of the cur
feucy derange trade To be sure the developnentS
are not uniform / do not concur with d prominent
senator floor reported at recent lecture 9y
!. the pr,lne cause OF our financial evils 1t is bad
enough but more strictly speaking, an unfsVoraDle
baancs Is rather tue effect than The cause. While,
fbereforp more favorable state of trade to s alto
ctber desirable. shall best promote such condition
Ths leads me TO repeat that for resumption by the
there must be reduction OF paper so thst
paper specie shall bear recognized relation TO each
other Does the practice of the Government gave US any
hope OF tbs Iconcede taat 'ne nltWste
of steady dow OF gold and slver iron AneIica anu
Australia into Europe are 10 raise general prices
in Frsncc whose work has lately appeared. supported
by gsh authority takes the other view Dut
Europe must decrease-that It somewhat already:
so II could limit the volume OF our currency, AVOID
heavy taxation probgsie expenditure, panlcs an1 re
yuisions and steadily maintain National credit.
suppose va should finally reach normal condition OF
trade aud money. OF course such improbable state
trade ana such improbable Conduct Of Government
would tend 70 equallze our paper with gold Son
would return 10 ms when an Increase OF quanuy ano
enhanced prices abroad no longer offered inducements
fot 20 remain there. And it Is this theory wDch al
fords the liberty for men to say Let thugs alone
general causes will bridge over the chasm which
now separates coin from paper The reasoning is spe
ciOus aud altogether unreliable. -
Then. again, said have none too much enrre@ey
for business Of the country. 40 not mere US
aud specie payment upon the present
volume In some remarks heretofore upon this point