The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1873-02-05
BY TELEGRAPH.
ASSOCIATED PRESS REPORT.
Exclusively to the InteIli gencsr.
By tho Western Union Line.
Onlce Northwest cor. Of Main and Monroe stBl
CONGRESS.
HOUSE.

0lODlIleE, pTtSeuleu Tue eVlueuCe LhheL
and moved that it be printed Tor the us
OF the House. 1t was so ordered. II
also offered resolution that the evidene
affecting members OF the Senate be re
ferred 10 that body. Adopted.
Mr.. Dawes, from the Committee Of
Ways and Means, reported bill to remi
the duties on goods destroyed by thu
Boston fire.
Mr.. Farwell moved to include thOs
merchants who lost goods in the Chicago
fire.
Objection being made the bill was no
received. ---.. r.- ...
Mr.. Sargent, from the conference com
mittee on the Indian appropriation bill
made a report, which was adopted.
The House proceeded 10 the considefa
ton OF bills reported from the Committee
on Invalid Pensions in the Senate.
The Finance Committees substitute iol
Mr.. Buckingham's banking bill was dis
Cusscd.
The House then took up and passed g
bill for the payment Of the Montana WA
claims.
The House adjourned.
SENATE.
Mr.. Hill introduced bill raising the
salary OF the President Of the United
States to $4,000, and that OF Vice
President to $4,000 and asked immedi'
ate consideration.
Mr.. Sherman obbjected and the bill
was referred to the Committee on Privi-
leges and Elections.
Mr.. Sherman introduced bill to au-
thorize the consolidation oftwO mo re ma
tional banks.
The consideration Of the Finance Com.
mittee's substitute for the buckingham
banking bill was resumed.
Mr.. Thurman SAID the amount OfgrCcn.
backs TO be retired, exchanged for bonds,
bearing 5 per cent interest, was 1856, ,0O0,-
900 and he was unable to see what advan.
tage it wOuld be 10 the United States to
pay $l9,000,0O0 interest annually on the
bonds for which greenbacks would be ex.
changed. The elect Of this bill, he said,
would be TO favor the creditor class and
10 make it more difficult for every debtor
to pay his debt.
Mr. Morton said this could not prop
erly be called bill to resume specie pay.
ments, because il lett 1t optional with the
Secretary of the Treasury to redeem
grCcnbacks in coin or in any other prom
Use United States bonds, which may or
may not be equal to coin. A bill leav-
ing it optional with the Secretary OF tho
Treasury to redeem grcenbaCks in coin or
in something else was NOT d bill TO re.
sumo specie payment, and did not carry
out tho theory OF the Chairman Of the
Finance Committee, Mr. Sherman, about
a grecuback; that it is a promise 10 pay
dollar in gold for dollar expressed on
its face. This bill would undoubtedly be
favorable to bankers aud brokers in great
cities, but il it should have the effect Of
of making greenbAcks equal 10 coin by
the 1st Of January, 1879, 1t would thereby
add 19 per cent to the value OF all debts
and increase to that extent the difficulty OF
paying them. He knew that something
Of that kind must take place whenever
we should resume specie payments. But
this bill would operate too suddenly.
Two years was the shortest time, within
which such change should be effected,
and 10 shorten the time would be To dis
turb the financial affairs Of the country,
II this bill SHOULD pass, tho most profta-
BILE business in which anybody could en-
gage during the next eleven months,
would be boarding OF greenbaCks.
Tho bill offered capitalists a pre-
MUM tor refusing to loan their mon
ey. Much had been said about elias.
tic currency and q flexible currency, but
he did not believe in it. During the last
four years there had been general prosper
ity and less speculation IN products than
at any other period since 1887, and one
great cause OF this prosperity was the fact
that the quantity ofthe currency is fixed
and cannot be increased without the aC-
ton Of Congress. But this bill would
put it in tho power Of private bankers to
increase the currency ut their own pleas.
ure, and would thereby greatly facilitate
corners and other like operations. AS to
free banking, itmight be safe when specie
payment was permanently restored, but
certainly not before.
Mr.. Thurman's amendment reducing
the interest on bonds 10 be exchanged for
greenbacks from 10 2 per cent, was lost
yeas II, nays 81.
Mr.. Buckingham moved to amend the
first section so as to provide that the
Secretary of the Treasury may reissue
notes for grcenbacks SO received, or, If
they are cancelled, may issue U. s. notes
to meet current payments for public SER
vice, and the principal of any U, 3. bonds
ut par, bearing interest payable in coin,
shall on demand by the holder thereof
be paid by the Secretary Of tho Treasury
in legal tender notes and interest thereon
in coin. Mr.. Buckingham, in reply TO
Mr.. Morton, said that an elastic currency
was desirable and necessary IN order to
avoid occasional embarrassment in the
business Of the country.
Mr.. Fenton offered an amendment TO
the amendment providing that 20 per
cent Of the greenbacks received for bonds
shall be retained and permanently retir'
ed from circulation, provided that the
amount SO retained shall not exceed
$8OO0O00 month He offered this
amendment, he said, because he believed
It was not possible for Il return to specie
payment without reducing the volume OF
currency.
Mr.. Fenton's amendment was rejected.
The President pTO TEN laid before the
Senate . message from the House OF Rep
rcsentalives transmitting copy Of the
testimony taken in tho Credit Mobilicr
investigation. The Clerk OF the House
appeared and delivered copy OF the tes,
timony taken before the House Commit
tees affecting certain members Of the
Senate.
Mr. Patterson moved the appointment
of a select committee Of five 10 consider
a matter in testimony relating to mem.
bers of the Senate, with power to send
for persons and papers. Agreed to.
Mr.. Buckingham's amendment to the
finance bill was rejected. Ayes-l9;
nays-4l.
The Senate went into executive session
and sNOn after AdiOufnp6