New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-12-05
XLIIID CONGRESS--1ST SESSION

OF MESSRS. PINCHBACk AND MILAN Rk-
FERRED-THB SALARY QUESTION REFERRED TO
A SELECT COMMITTEE IN the HoUsE-PAssAGE-
ALARMS BETWEEN MESSRs. cox AND NEGLEY-
THE HOUSE STANDING COMMITTEES TO BE An
NoUNCED TO-DAY.
SENATE. e. WASHINGTON, Dec. L. 1878.
After the presentation of number of petit
lions the following bills were introduced and laid on
the table 10 be referred to committees hereafter:
By Mr. FOREMAN Rep.. W. Va)-A bill to complete
the highway from the James River to the Ohio, at
the mouth OF the Kanswha.
BY MI INGALLS, Rcp.. Kanl-A bill to construct
public building at Topeka, Kan.
By MI. STEVENSON dem, Ky)-A bill to remove all
political disabilities.
BY Mr. LOGAN Rep., MIA bill to aid in the execu
ton OF the laws in the Territory of Utah.
Mr.. SUMNER Glib. Rep. MassJ presented petition
Of 10000 asking the enactment Of the Civil Rights
biz presented by him
ing the Secretary of War TO communicate 10 the Senate
all the information in his possession in reference TO the
Mr. Boreman's hill TO complete water highway from
tide the James River TO the Ohio River. directs
the Secretary of War to lay out construct enlarge and
River ~ Richmond, Va 10 the Ohio River at the mouth
OF the Hanswha River in West Virginia. by way OF the
James lavor and Kanawha Canal. the James. Jackson
Greenbrier. New and Kanawha Rivers by Canal
slack water siuices or open river navigation
not less than 20 feet wide and feet deep with locks not
pacity for vessels of at least burden. The
States OF Virginia and west Virginia convey TO
the states their interest in the property or fran
chisc OF any corporation having clam 70 the con-
tiuuous line OF water communication projected and IN
part completed BY the State Of Virginia and the cost Of
the work TO be betrayed by the issuance and sale
OF United states enfty ~ per cent bonds to the amount
o 600 Provision is made for the purchase by
the Secretary OF War OF the private stock IN the james
River and Kanawha Company at price not exceeding
SIS per share and also the appointment Of commits
souers to equip. maintain, and manage SAID waterway
when completed each to be appointed from the
Dois Indiana. OHIO. Kentucky. and West Virginia
duced by him yesterday the redemption of the loan
OF 1883 which reported at length In the
OF yesterday and it passed after the clause IN the
report the Secretary Of the Treasury recommending
Mr. HAMILTON Dem Md presented resolution
OF the Baltimore Board OF Trade, asking return TO
specie payment and opposing any imitation Of the cur
reucy.
SPEECH BY Mr.. FERRY on THE MONETARY BEREAVEMENT.
Mr.. FERRY, (Rep, Michl called up the resolution in
troduced by him Monday instrueting the Finance
Committee to report bill providing remedy for the
existing monetary arrangement and addressed the Sen
ate in favor thereof He spoke from business experience
and practical standpoint, rather than from any eXper
mental theory. He ready TO support any plan more
remedial and believed t the duty OF all 10 contribute
what OF thought and observation could throw light
subject vital TO all the people. Free banking, open to
all would relieve tho banking system OF special prvi-
proposed that the currency be issued directly by
Government and made legal tender. as the greenbacks,
of Onenaif as now through the agency OF the
banks, with the denial Of the function OF lawful
money. This was national diseredt 20
that the substitution of legal tenders for the national
currency be effected without lessenng the volume of
circulation and through the purchase OF bonds held by
the banks or of outstanding bonds. This would work
The payment of S35OoOo,OOO of the public debt. and
save an annual outlay OF over S20,000O00 of coin
interest, nearly enough to pay the one per cent
Tsgued ny DC NAV pan" a rsI Thought Sh
demur to this as inimical TO public policy. He could
tin1s having some stock himself in one Of the banks
Private interest should give way TO public welfare.
IONS will COMPENSATE and further reflection Will lead
bankers choose with its freedom from redemption
As we have yet resumed payment in coin, IL would
clear that il was intended that siOoOGOo0 should
circulate instead Of 900 The use OF tins
SllOO0OO) suggested, would be that much immediate
relief Then to De followed as iast as they can EGhve
states currency-the proposed new Issue This 10 be
done by the purchase OF redeemabe 1ye and six per
cent iuterest-bearng bonds This with the s35OOOoOoO
totaI Volume of $500 600 in circulation When this
was done the process substituting United States
yency the national currency would proceed, ana
when done the uniformity OF our circulating medium
would substantially be reached Then we should have
"a he total circulation sSO0OOJoN OF legalendeI cur,
roucy Not even that actually FOR nave not considered
the by fire. water ana on and since
greenbacks and national currency nave Deel III
circulation Some put IL as high as per cent
annually. | tnnk a fair estimate would be per
cent ANA certainly S5OO000O total loss since 1862 wond
be a one for the loss ON the FRACTIONAL currency Is
said 10 be slOoOo 80 that until the actual loss was
known by substantial substitution OF United states cur
issues should have really but s50OOOOOo in actual
than the public suppose is the volume OF our cur
rency aud hardly 10 be designated expansion.
The closing feature OF the resolution is the withdrawal
az the fractional currency by the substitution OF silver
-, much OF this currency mutilaed and lost that sill
yer car well take ITS place with no great ncOnVen
nre Io the public The government Is able TO purchase
ana coin silver profit. and can at any early period,
effect substitution The Secretary OF me Treasury
coud designate some period when the redemption OF
be denominations of rs cents and under, could pract-
CENTS should likewise commence to be redeemed and all
as fast redeemed 10 be destroyed silver would
in
renew and durable expedeDt, and III that re-
spect compensate for comparative Inconvenience.
Then, with national monetary system OF Tree Dank.
ing. uniform circulation OF $SOO00O.0OO made lawful
money aud legal tender eonyertDle currency BOND
ton 10 the fluctuations Of business Immediate relief TO
existing stagnaon by the issue OF the reserve
the MAXIMUM circulation $SOOO 0OO eecting by the
increase and change Of currency saving OF over s25
OO 900 annual interest IN coin, and more than enough
INNS saved 20 meet the per cent annually required
TO be paid the public debt. aud the fractional cur
fears of suspension, and thrive under It's system OF
finance with redoubed strides ..,...,.-,.
In conclusion, Mr. Ferry asked that the resolution be
referred Committee Oh Finance, when appointed
ELECTION OF THE STANDING COMMITTEES.
Mr. ANTHONY (Rep., r. L. moved that tie Senate
uroceed 70 the election Of Standing Committees. Agreed
10. lie also moved that the Sith rule be amended
NV adding new committee after that Edu-
cation and Labor, 10 be known the Committee on
Civil Service Retrenchment, and that two members
be ADDED 10 the Committees on Foreign Relations,
Claims. ana Education and Labor Adopted -,
The Senate then elected Standing Committees as fol-
lows Nepubicans In roman, Democrats Ill Italics and
Liberal Republicans In small capltals): .
Eks0nsMr. Morton. Chsrnsni Mesrt Ctrpen.
Logan Au'hoay AicOrH Mitchell sVsNEE Ha"n AGh and
XSIusoHrE
Io1oa R>a0ns-Mr Cameron, Chairman Messs Morton Ham
Din Hose ConkDg sCHURz Stockton aud AeCreerg.
Iisasoe-Mr sherman ChsirsR Messn Morrill, va Scott,
Wright Perry (Mehl, RgSTos. and Baydrd -
A1propr1Gton-M Morrill, lAel, Chsmani messrs Sprsgue,
Wndon Sargent, Allison. Stevenson, and Dats
Comp<r1N Chandler Chairman; Mes Spencer, COnklng,
yue kinghsm Boutwell,. Gordon and Dennis. -
dlDtrti
PEsT and S0ekt0R-
1gr,@iiare-MI Frslinghuysen Chaimsn Mess" Robertson,
Lev and Gordon.
Mtay 1eaus-Mr Logan Chairman Messrs Cameron Spencer,
Carton Wadleigb. Kelly and RaRs0BL
fefrs-Mr. Crsgb Chairman; Mesrs Anthony, Mo1u
Me COuover SOkton and NoT,cOOd
Edmunds Chairman; Nesys Conkng Carpenter