Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1874-01-22
FOrty.Third Congress.

Brooks and William ID. Foster were an
nounced in the Senate Mr.. Fenton adj
dressed the Senate on the life and charac-
ter of Mr.. Brooks, and Mr.. Ferry made
similar address on Mr.. Foster.
House. The House passed, by vote OF
226 to %, the Senate bill repeating the sal
airy grab. The education and naval appro-
priation bills We're discussed.
WEDNESDAY. Senate. The most inn
portant event of the day was powerful
speech by Senator Schurz upon the finance
committees resolution regarding re-
sumption Of specie payment.
He considered the issue to be now be-
tween resumption and imitation. He deem
ed procrastination in the resumption OF
legal tenders dangerous, and thought the
public credit would be seriously impaired
when the government adopted the doctrine
of Boutwell, that the government redeem
its promises to pay only when 1t pleases
He referred to the panic, the proposed re-
issue of Al millions, claiming that the dis
cretionary power given to the secretary OF
the treasury to issue any amount OF IRE
deemable currency was placing the private
fortunes of the country at the mercy OF
the federal government. He advocated
severe retrenchment in public eXpendl-
lures, and deprecated imitation, saying that
if the plan of Senator Ferry of Michigan
was adopted, he would bid good-by to
economy The plan of Boutwell, was n
do-nothing policy, the evils of which the
country had already seen while he was sec
rotary of the treasury, and his successor
had followed the same course. The plan
of Boutwell, was the more dangerous be
cause it was plausible, and Il large class
would deem it feasible. He (Schurz) con-
oi,ivl Cd tho lorncont thn hest time since the
close of the war to resume specie pay
ments, and if not now awaited of, we will
have to wait for another financial crisis.
If it was understood we were to resume
specie payment, every man would take
care not to run in debt any more than alb
solutelv necessary. He claimed that re-
sumption was opposed by honest men of
erroneous opinions, who think every
move popular to increase the currency
and by reckless gamblers who want end
less initiation. Any further expansion
would increase the difficulty of resump-
ton, and any further addition to the cur
rency would send the country further into
bankruptcy. Resumption now would lay
the basis for new prosperity. All senators
had said they We're ready to return to spe-
Gle. Letthere be less pr0testatlon and more
action. He hoped that Il bill would soon
be reported providing for a return to spe-
Gle payments.
House. Mr. Poland from the committee
on the revision of the laws, reported a bill
relating to United States circuit and dis
trict courts, which passed.
Mr.. Poland also reported the revision
and coditication of the statutes zap to De
cember !. 1873, and gave a history of the
work, and Il statement of its importance
and necessity Is the revision comprises
over 5000 printed pages, it was decided to
hold special evening sessions, two in each
week for its consideration, beginning with
Wednesday and Thursday the DIST and
I'D
The Naval appropriation bill was dis
cussed in committee of the whole.
THURSDAY. Senate. Petitions in favor Of
woman suffrage and the regulation of the
liquor traffic were presented. Mr.. Morton
replied to Senator Schurz, and said lie had
been informed that the four countries in
Europe which had made the greatest pro-
gress We're Austria, Russia, Germany and
Italy. During this period. the currency Of
Austria had been ten to twenty per cent.
below par; Russia from ten to twenty-five
per cent. and Italy from five to twenty
per cent, He would again repeat that the
recent panic did not spring out of any de
feet in our currency. The currency really
increased in value during the panic. The
other side of the chamber, with but one or
two exceptions. he believed, opposed the
National Banking system; but he hoped
the country would never return to the old
system of State banks. The policy of con
traction he looked upon a. fraught with
ruin. There was, to-day, a small Q volume
of currency, rs compared with the wealth
and business needs of the country than
there was five Years ago, and he believed
it best to have moderate Increase
Mr., Howe thought stock gambling coult
be stopped if the government would quit
doing Il banking business. The country
had sufficient money now for the eNchang,
of commodities, though not enough tl
float Erie ut par or Northern Pacific at POO
He introduced his bill to exchange IRE
deemablc legal tender notes for rcdecma-
bic National Bank notes
House. The House disposed of the ma.
val appropriation bill, appropriating six
teen millions. 1t now goes To the Senate
and is regarded a. one of the best gaugeG
and economically provided appropriation
measures which has left the House for Sev-
eral years past. Growing incidentally out
of Il proposed rule providing that the
official reporters shall give. in the Record
Il summary Of petitions, it was claimed
that the right of petition had been abridged
! by habit of placing them unread. in y
box, under a rule in force since the f;,mou,
anti-slayerY petition debate. in which John
/ Quincy Adams figured. 1t was designed
to head off petitions against slavery. Fer
nando Wood argued that the right To as
semble and petition, provided or guardcJ
in the Constitution. did not embrace the
right of Tom, Dick and Harry to send into
Congress all sorts of papers, and thus en-
barrass legislation and waste the time Of
Congress Some sharp discussion follow
ell. the drift of which was decidedly ad.
verse to Mr.. Woods proposition. The
rule was accepted.
FRIDAY. S,nate. Mr.. Logan intro
duced a bill making obligatory the retire
ment of officers in the army or navy. aftei
they had reached Il certain age \ bill
was passed appropriating $500 for bust,
of Chief Justices fancy and Chase to b,
placed in the Supreme Court room
Mr.. Sherman spoke at length on the res
olution for the resumption of specie pay
ment. He said that specie was the ouiy
true standard of value, and no otheI
could be established, and promissory note.
and bills of exchange, etc. We're baseC
thereon. While England and France en-
courage the keeping Of their paper to spe
Gle Standard the United States discourag,
such course. The greenback dollar i
worth no more in specie, to-day, than il
1870 Instead of keeping to its promises
the government has increased the fraction
al currency from SIS, 200, 900 to S4S, 554,
1872, We have had S400, 0O0,0 600 of publ,
debt, not yet due, but not dollar of deb
which was due. He claimed that one
! tenth of the money which has been uset
to pay the public debt not due would hav,
brought about specie payments. If til,
inhationists now want one hundred mil
lions, how long will it be before they wan
another hundred millions? He claimct