New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-12-04
XLIIID CONGRESS--Isr SESSION
THIRD DAYS PROCEEDINGS.
SENATE. WASHINGTON, Dec. 3, 1879
The Senate was called to order at noon.

Northern and Northwestern frontier and facilitate
commerce between the States.
Mr.. RAMSEY Q2ep MIMI introduced bill to organ
lze the Territory of Pembina aud provide temporary
government therefor
MT MITCHELL rep, Oregon introduced oil TO
authorize the construction OF custom house and
bonded warehouse at Portland. Oregon. ,,
Mt FRELINGHUYSEN ORop., N. j. introduced bill
20 AID In the execution OF the laws In the Ierrtor 1l
Mir Frcin g6ny sen sand that the President session
sent special message to Congress on TINS nsa om
bodied all the amendmonts TO that bill III this ana
hoped u would be eonSidered soon; ooa hill % CON-
etruct a ire-proof building at Nebraska City, NeV va
Bills We're introduced by MI pAHt .DS oye, m
building at Charlestown. West Virginia. ~,
BY Mr. Of sSe oaS Of is auhorzpS the secretary
OF the Treasury to ISSUE in exchange Tor any OF sa1
P Se Funded oan under the act Of July a. 1870 and
the amendatory act OF JAN 90 1911 anu aeearng ~ w.
coupon bonds OF said loan OF 1883 on the hrst Gay OF
January 1874 except such as tle hodr TO, foy
fve per cent bonds OF the funded loan with interest o
NJ, 'S pR ATT Rep Indl submitted resolution ip-
srnctng the Committee on the JudeaIy 10 cglat
whether Congress has p canals pene.
frang two or states, and whether t has autnorG
oad cbsrtered by states which. by consolidation nave
aonIinuous nnesrunning through two or more states
Mr. NJ iSa CaavopTiiIe ana Gaeve Railroad in
Oregon. and providing for the erectioh " NuS'oAi
ASs' MITCH Eli introduced a resolution providing for
ascertainng paying the losses sustained by e1ehs
resolution nstructing the Committee on Commerce to
inquire the expedienoy of constructing naroor OF
refuge for vessels ia distress vi 'u0 A"'"'
Mr. Fenon,s bill to provide for the better protection,
o. the Northwest frontier &C., provides for loan Oh
s 100000 in United States 1850 AZ per cent bonds TO be
by United States Government to the state OF
and tier Of locks the Erie and Osweso Canals to
a capacity to pass vessels Of war 70 feet In width
and N
tons burden propelled by steam, wherever T sala
bin also provides that after the payment OF the debt
for which the canal revenues are now constitui0nay
pledged and after the canals thus enlarged, their
net revenue shall be paid into the Treasury OF the
United States until the proposed loan OF SoOoOOO is re-
paid. Bonds 10 be issued upon the report OF the
Commissioners, tue work progresses, every three
months.
MR. MoRRuL's SPEECH ON THE RESUMPTION or
SPECIE PAYMENTS,
At half past 70 O'clock Mr.. MORRILL, (Rep, VIZ began
70 address the Senate his resolution, offered on Mon
day. instructng the Committee Finance 10 consider
the expedency Of reporting bill providing for free
banking and resumption Of tspecie payments jan
J. 1915. He spoke in substance as follows:
II may not be the best time during panic Tor discreet
herence 70 panics, and. when our United States notes
have risen nearly 10 par, when the exchanges nave
the tide OF gold lowing IN our favor when there Is
quick market for all OF our exportable products OF the
wear, when debts have been reduced to the minimum
point when the sbrlnkage in values even greater
than would be likely to follow resumption OF specie
payments it would be inexcusable neglect OF duty
on the part Of legislators not 10 take advantage OF so
many coucurrng conditions place the currency OF the
country upon sound metallic basis and thus relieve
the people the everpresent apprehension OF tucu-
piioDs aud dslOcatODs IN trade and banking, thus
Tsrsn the rapid augmentation OF our foreign Indebted
ness ana thus give 10 labor stable employment and
Tue asitSton of the country for by woudbe army
contractors by lurking fbussers and others who would
expect To do n very small part of the fighting, shows
that stll the lingering evil 10 which nations may
te easily subjected, and II 1t should come to DO
with every actuals expenditure OF we
o p iess han 81 100000 in United States bonds 50
p,r ceut Of imitation Near or remote as may DO the
inpp to standard Of money level with woro.
what croaker would have yentured, at the close OF
would elspse and bring our paper currency no nearer
30 the specie standard than &c today we had the
decepcy 90 pretend TO be hoping at least FOR an early
Resumption, OF to be looking 2Y LOT some Ht5geg95
shower OF gold though we aided II not except by pray
statesmen got the knack of winkng at the sim and
conc Of Congress, has the sterling virtue Of prudence
tries hard neither expand nor contract, and will
sa tiG only to the Of the past SO
long Congress negleets to act How can we demand
ain 1ilies TO discharge onerous duties til all possible
ii ietytO onunciate any financial policy while Con-
gress knowingly leaves him standing on the slaek-Tope
ilterpre VI the law where he must balance him
self by gold at ono end OF the pole and greenoacks at
Waist.
istration make ITS seemingly slow tramp painful, but,
a had ne %4"S to- gain the of
lifting the country out Of the slough OF deprecated cur
rency Tie long delayed task NAV not be small one,
mn however that may be- duty has equal proper
tops ANY Secretary must be naturally urged In this
direction the sharp spurs or laudaDe aInDon anu
~ successil would win place the few i'll all the
pages OF history who are known as eminent hnanciers
Let Congress contribute 10 the work and whatever else
IL might DO it would be decorated with the honor now
and forever.
the Secretary OF the Treasury keeping pace Win the
rapid growth the country, scarcely leave more than
sDatches OF time the consideration OF anything else
;s na It We S1 sh SaEf should
Of government and politics, including the complex sub
jeeIs of tariff taxation, commerce coinage banking
add,tion TO all his other mutfarous duties, to
Inspire him with confidence n his Sonclnsons and 50
The data within his reach more abundant than time
with equal facility studied the minute comprehended
the vast the abOrs of the Office have Increased possibly
lar Rs S no iiaafss S
those who have been responsible for all the recent
tG n Re al ne p1
soual reput alton. Errors they may have committed.
bat they have not cOnounded tho purse OF the Daon
On this financial subject involving interests vital,
That L is the duty OF the Government to provide
sound currency, only for itself but for the people
will not be disputed, 1t cannot be provided by the
people themselves nor BY the States I being one Of
the great original objects for which the Union was
formed 10 provide unborn medium Of commerce, tho
duty was imposed upon Congress by the Constitution In
ample grapts Of power. which would be useless were
thIs part Of the duty held TO be excluded Commerce
with foreign nations and among the several states 10
tie regulated by Congress- and can only be properly reg
uated through the fundamentally OF sound currency
Ths theory of The trainers OF the Constitution
and their practice in 1870 accorded with their theory
II is vas duty obligatory and not TO be evaded on
the part OF the Government OF Washington in 1870 TO
provide a sound currency, with hew much more OF em
phasis is thS, duty enjoned IN 1871 At the former
period had less than 10000 OF population, now in
creased 20 ten times that number, and demanding in
the great change from q pastoral TO commercial peo
pie much more than proporonaIe increase OF posi-
live and substantial commercial facilities.
Our tonnage then 47s,S77 tons, against Ia37746
tons no w. or almost times much. From nothing,
or from tue naked condition In winch the mother cou-
had hAld uS--&aYe tho few tOdding