Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-02-05

and asked immediate consideration.
Mr. Sherman objected, and the bill was
referred TO the Committee on Privileges and
Elections.
Financial.
Mr.. Sherman introduced a bill to author
ize the consolidation CT two OF more
National Banks.
The consideration of the finance commit
tees substitute for the Buckingham bank
ing bill was resumed.
Mr. Thurman said the amount of green
backs to be retired in exchange for bonds
bearing per cent. interest was 1856 000,-
900, and he was unable to see what advan-
tage it would to be to the United States
To Pay out SIS,OOO,Oc0 More Interest
annually on the bonds for which the green
backs would be exchanged. The effect of
this til, he said, 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 payment,
because it left it optional with the Secreta-
~ of the Treasury to redeem the green
backs either in coin or another promise,
U. S. bond, which may or may not be equal
to coin. A bill leaving it optional with the
Secretary of the Treasurer to redeem green
backs in coin or in something else, was not
a bill to resume specie payment, and did
not carry out the theory of the Chairman
of the Finance Committee (Sherman) about
a greenback, that il promises to pay dol
lar in gold for the dollar expressed on its
face. This bill would undoubtedly be IA
vorable TO bankers and brokers' in great
cities, but, if it should have the effect of
making greenbacks equal to coin by the 1st
of January, 1874, it would thereby
Add IL per cent. TO all Debts
and increase to that extend the difficulty of
paying them. He knew that something of
that kind must take place whenever we
should resume specie payment, but this
bill woHld operate too suddenly. Two years
was the shortest time within which such a
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
any body could engage during the next IL
months would be the boarding of green
backs. The bill offered capitalists pre-
MUM for refusing their money. Much had
been said about an elastic currency, fiexi-
be currency; but be did not believe in it.
During the last four years there had been
general prosperity 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 of currency
Is fixed and can't be increased without the
action Of Congress. But this bill would
put it in the power of private bankers to
increase the currency at their own pleasure
and would Thereby facilitate corners and
other like operations. As to free banking,
it might be safe when specie payment was
restored, but certainly not be-
fore.
The Two Per Cent. Amendment Lost.
Mr.. ThurmaIi's motion reducing the in
terest on the bonds TO be exchanged for
from five to two per cent, was
lost, ayes IL, noes 81.
Mr. Buckingham moved TO amend the
first section so as to provide that the Secre-
tary Of the Treasury may reissue the notes
or greenbacks so received, or if they are
cancelled, may issue United States notes to
meet current payments for public service;
and the principal Of any United States
bonds at par, bearing interest payable in
coin, shall on demand by the holders there
of be paid by the Secretary Of the Treasury
in legal tender notes and the interest there
on 10 coin.
Mr. Buckingham, in reply TO Mr.. Morton,
said that an elastic currency was desirable
and necessary in order to avoid occasional
Mr. Fenlon offered an amendment to the
providing that 20 per cent of
.he greenbacks received for bonds shall be
rel lained and permanently retired from Cir
provided the amount so retired
shall not exceed three millions a month.
He offered this amendment, be said, be-
cause be believed 1t was not possible to re-
turn to specie payment without reducing
the volume Of currency. Mr.. Fenton's
was rejected.
An Interruption.
The President pro TEN. laid before the
SenaCea message from the House of Rep
transmitting copy of the tes-
Limony taken in the Credit Mebilier inves
tigation. The Clerk of the House appear
ed and delivered copy of the testimony
taken before one of the House committees
affecting certain members of the Senate.
Mr.. Patterson moved the appointment OF
a select committee of five to consider the
matters in the testimony relating TO MEM
bers Of the Senate, with power To send for
persons aud papers. Agreed to.
Mr.. BuckiDgham's amendment to the
Finance bill was rejected. Yeas 10; nays
al. Adjourned.