The Republican journal. [volume] (Belfast, Me.) 1829-current, 1873-12-11
Congress-.

Nothing OF Importance has yet been
done i'll the national legislature. The
| standing committees of the two branches
have been announced and other action
taken preparatory to the business of the
| session. On "Wednesday of last week
Senator Morrill, of Vermont presented his
plan tor doctoring the currency He
tavors free banking and Il resumption of
specie payments. Mr.. Morrill, said
Congress should take advantage of present
circumstances to return to specie payments to
relieve the people of fluctuations of currency,
ana the people expect congress to provide a
sound currency The continual flow of gold
abroad was Il continual advertisement of the
depreciation OF the currency. If no efforts
We're made to prevent our bonds going to
Specie-paving markets abroad. our currency
would be handed down from generation to
generation as incurabe The expansion of pa
per currency had shpwrecked many enterprises
that otherwise would have been successful. and
the mercantile community had been seriously
lnconveniencedby the operations of Wall street.
The proposed issue of bonds. interchangeable
Tor nlted states notes. he considered scheme
for the expansion of the currency; and he de-
precated an excessive paper currency. Outside
OF our own country our paper does not pass at
par Our deprecated paper is working ruin to
disguised; work is out of fashion; lounging is
the aut0crat of the times. All obstacles to free
banking would be removed by a return to
specie payments. II would be an honor to the
Republican party to sweep away the dark cloud
of greenbaek> and he would soon offer a bill
tOr the return 10 specie basis. He was not
welded to amy special pan but favored that
proposed by prominent tinancier. that the
Secretary of the Treasury shall issue certificates
payable III four years. with interest at 1865 at
n1tpu STATES notes cold at The onfiOn
OF the holder requiring the banks to keep one
moicty Of their reserves in these certificates
and for the Government TO give notice that on
Jan. l. 1879. II will pay notes in cash in New
York, authorizing the Government to negotiate
Il loan Of 5000. 100000 in coin at six per cent. |
per :nntm. The certificates. as fast As re-
deemed, may be paid out by the Secretary of
ihv Treasury 10 satisfy claims against the Gov
rrnmcnt. The rcturnto specie payments would
of course DC attended by some Inconvenience |
In the Senate Thursday. the bill for the re-
sumption of the loan of 1893 was passed The |
credentials Of the Louisiana members were re- |
1erlcd to the Committee on elections In the |
House, after sharp discussion. the subject of |
the repeal Of the salary law referred to com |
mittee with power 10 report at any time.
The Senate was not in session Friday. In |
the House, the time was taken up mainly in |
the Introduction of bills and resolves The |
Standing committees We're announced
WASHINGTON, Dec. 5. The long promised |
movement by Mr. Cox Of New York for the |
recognition Of the btlligcrent rights of the Gu
bans was made in tie House this afternoon and |
proved a disastrous failure, receiving only |
torty-one votes. I'll of which, but five, We're |
Democrats. There was decided opposition |
even 10 permitting the resolutions to be referred |
to the committee on Foreign Relations On |
ban delegation present in the galleries were
intensely surprised al the result, and wondered |
what all The war talk in Washington for the
past 1w" weeks really meant. The vote indi-
Gates very strongly the general opposition in
a q Nod al.