The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1874-01-27

Mr.. Boutwell, replied that he attributed
much Of the cause OF the decrease to that
ace. But depreciation in the price OF gold
was not due exclusively TO the passage Of
that act. It was due also n an increase in
the business of the country. He locked for
an ultimate and not far distant equalization
of our paper currency and coin, and until
that time arrived, any policy looking 20
resumption OF specie payment would be
brought with the greatest danger. With in
hstion, the interest on money would CON
tinually advance. Money grew cheap in
New York when business men were away at
watering places, but as the fall came on the
demand increased and interest advanced.
it became plentiful again, and
interest became lower. The changes were
bound 10 occur every year He argued that IL
was possible to have a deprecated currency
tnally re'eemable In coin. He opposed The
free banking system. Under 1t the curreacy OF
the country would be vastly increased, and
when the time came TO resume specie payment,
these banks would be unable to respond. Hs
(Sumnerl for convertible bonds, and expressed
the opinion that IL would result In contraction,
Of the business Interests o; the countTy. II ear,
rency was 10 be contracted as q means to re-
sumo specie payment, let 1t be done openly, %
that every business man could see what Il
going to be and shape his businrss accordingly
Was 1t 10 be presumed, for a moment, that we
could go in the markets of the world
and purchase coin with which to redeem legal
tender hottest The whole banks of England and
the money markets OF Europe combined would
be arrayed against US, Great fortunes ac0um1-
lated during the war by individuals la this
country, put Il in the power OF q few men 70 or
ganize themselves TO prey upon the government
10 was possible for men IN New York TO combine
for the purpose OF speculation, and control ten;
the plan proposed by his COLLEAGUES (Sunner)
should be adopted, those men would work rata
TO the treasury by putting their money into
THESE CONVERTIBLE BONDS
When money was plentiful, and hold tAcir
bonds until a scarcity OF money occurred, when
they would have them redeemed and prsoiPi-
tale an additional volume OF currency on the
country, Initiating prices and doing greas dam
age. The plan of returning TO specie payment a
ear from now, also was very Objectionable, as
he had shown the government could not get
be fixed at year from now, the government
could not stand the shock. After redeem
ing nifty oTons hundred to MILLIONS Lions tns
doors.9 Enough coin could not be ssounu-
lated in the treasury In year TO pay our notes,
and it was impossible 10 get 1t from Europe. fhs
only escape is 10 allow the secretary OF the treas
ury TO go into the markets OF the country and
bay our six per cent bonds ct the market prics,
with the proceeds derived from the sale Of the
| five per cent bonds The senator from Missouri.
how it can be done. He, Boutwell,. had observed
| a disposition to put more confidence In the days
of the future, of which we knew not, than In the
DAYS of The present, of which we know.
Mr.. Schurz said that the discussion never was
merely upon the resolution directing the finance
committee to report O BILL nor upon the speoi-
| fic means for specie resumption. When the
committee have reported q bill he would discuss
| OF cur ency now amounting to 81 ,Oc0 COO Ifthis
process went on, even to the extension OF the
! forty-four million reserve, ne WAS not sure bat
that it would be followed by events correspond
ing with those IN New York on the
% of September last. He therefore thought
il the duty of congress to legislate Immediately
to prevent such disaster. 1t was not, In his
| Judgment the true plan to borrow money -
turn TO specie payment, neither was Il right 70
issue bonds to raise money. BE asked now
after struggle Of hve years, II It was right V
now in a time OF peace and OF comparative pros
perity, by going into our own markets aud late
pay the current ex penses OF the country. There
is but one remedy and one means TO ward of the
evil, and that is taxation. he would not say On
what taxation must be. else the dlsgraoe OF
borrowing money TO pay the expenses OF tne
government, and as between burden and dlsgraes
he would put burdens on the people OF the cous-
try before submitting TO disgrace
from, HsssscbnSetts sI5ofe OF the inoresse. nros
perity of the southern states. BE begged to TO
ferlto the fact that the cash value OF farms In
s9i, 100000. The value OF all real estate In GeoI
gia, incluuing cities and farms, was s., oe sos
less in 1870 than In 1867. In 1850 Georgia raised
81 100000 bushels of corn in 1870, only about bali
that quantity. In 1880 she raised 2,o0o ssS k0ed
of hogs; in 1870, only sSS,Coo.
HOUSE.
Mr.. Dawes, from the committee on ways
/ and means, reported back adversely the bills
to repeal all taxation on bank checks and
friction matches, and stated that there was
a strong desire on the part Of the community
J to remove these taxes. He therefore, in
; stead of having adverse reports laid on the
table sub silentio, moved their reference
to the committee of the whole for Giscus-
sion, and TO make them the special order fer
|, Wednesday next.
r Mr.. Monroe, of Ohio, stated that be lad
, introduced the bills to repeal the stamp tax
on matches, and submitted the same reason
why the adverse report shot, aid be rejected,
and the bill passed.
Mr.. Dawes motion was agreed tc.
, Mr.. Dawes reported a bill to tx the
amount of legal tender notes at 4o0, COZ, 600.
This bill prepared was by Mr.. Beck, Of Ken
lucky and it declares that the provisions of
the law existing prior to the act Of April Il,
1866, are in force 80 as to authorize the
! amount of legal tenders notes of the United
States TO the amount of 500, 000, 900 in gen.
eral circulation, and that the total amount
of the United States notes issued or to be is
sued Shall never exceed 500, 900, 900. He
, moved to make the bill the special order In
} committee of the whole for Thursday next.
} In reply TO a question he said the bill was
the unanimous report.
Mr.. Maynard, chairman OF the committee on
eng or a ;eso SnTeney While .ny
gested that the consideration OF this bill might
be arranged to go on in connection with such
measures and policy as the committee on bank
ing and currency might present
| Mr.. Dawes motion was agreed to, and the bill
was made the special order in committee OF the
whole for Thursday next
Mr.. Kasson from the committee OF WAYS and
means, reported bill concerning deposits In
savings banks. constituting the existing laws.
Referred.
| The house then resumed the consideration IF
the West Virginia contested election case. Amer
a long discussion, and without coming TO q vote,
the house AT half-past four took recess till half
a. tn h. fN-f -.
cons liberation OF the bill revising and eonsolds-
| ting the statutes.
| GREAT THAW AND RAIN.
| THE DAMAGE AT BUFFALO.
ICE MASSES BREAK DOWN BRIDGE AND