The Portland daily press., 1873-02-05
XLIId CONGRESS.
SENATE.

WASHINGTON, Feb. f. 1873.
Mr. Hill of Ca, introduced bill raising the
salary of the President of the United States to
$50 900, and that of the Vice President to $10,-
900, and asked immediate consideration; but
Mr. Sherman objected, and the bill was referr-
ed to the Committee on Privileges and Elec-
tiens.
MIR. Sherman introduced bill to authorize
the consolidation of national banks.
The consideration of the finance Committees
substitute for the Buckingham banking bill
was resumed. fs EtEE
Mr.. Bayard, of Del, said the resumption of
specie payment was the most pressing neeessi-
ty of the times He expressed the opinion,that
the wide spread pecuniary immortality exposed
by the recent painful Developments, was in a
great measure due to the want of currency of
intrinsic value.
He Bayard) regarded the-b as too favor
able to the banking interests, but admitted that
it was step, though not long one, toward
specie payment.
to be retired exchanged for bonds bearing five
per cent. interest) was 1885, 900, 900, and he was
unable to see what advantage it would be to the
United States to pay SIS, 900, 900 interest annu-
ally on the bonds for which the greenbacks will
be exchanged The effect Of this bill would be
to favor the creditor class and make it more
difficult for every debtor to pay his debts.
Mr.. Morton said this could not properly be
called bill to resume specie payments, because
it left it optional with the Secretary of the
IIedSury W reueeul SIttuDdChS elIuer III
coin or in another promise "a United States
| bond) which may or may not be equal to COIN
Mr., Scott said the bill imposed no obligation
| on the holders of the greenbacks to take bond
| if the Secretary could not pay him coin, so that
| he would be no worse off than before.
Mr.. Morton admitted this, but insisted that
bill leaving it optional with the Secretary of
the Treasury to redeem greenbacks in coin or
in something else was not a bill to resume
! specie payment. This bill would undoubtedly
be favorable to bankers and brokers in great
cities, but if it should have the effect of making
greenbacks equal to coin by the first of Janu,
airy, 1874, it would thereby add II per cent. to
the valne 81 all debts, and increase to that ex-
tent the dlthculty OF passing 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 to shorten the
time would be to disturb the financial affairs
OF the country If this bill should pass, the
most profitable business in which anybody
could engage during the next eleven months
would be the boarding of greenbacks. The bill
offeredito capitalists premium for refusing t
loan their money. Much had been said about
an elastic currency, but he did not believe in it,
during che last four years there had been gen
eral prosperity and less speculation in products
than at any other period since 1887, and on'
great cause of this prosperity was the fact tina
the quantity OF currency is fixed and canhoS =,
increased without the action of Congress- bu'
this bill would put it in the power OF PriVate
bankers to increase the!currency at thelr owl
pleasure and thereby greatly taciI a corner
and other like operations AS W reu o"tArn l
permanently restored, but certainly not before
Mr. Thurman's amendment, reducing the in
terest on the bonds to be exchanged from fiy
to two per cent, was lost--yeas II, nays 81.