The Portland daily press., 1874-01-20
Fortj Third Congress First Session.
SENATE.

commerce, and approved by the people of the
whole North Pacific coast without distinction
OF party. Referred to the Committee on Rail-
roads.
Mr.. Thurman presented petition in behalf
OF the Wnnebago India s of Wisconsin.
Mr.. Buckingham introduced bill to provide
Tor the relief of the Chickasaw Indians. Re-
terrec to the Committee on Indian Affairs.
Inc morning hour expired and the consldera-
ton of the Finance Committee resolution was
resumed
Mr. Wright of Iowa, said there were two
sides IN the Senate; those for contraction and
those for expansion, and words had only dark
eneu us course: Even the chairman Of the
O1n uiittee on FINANCE had no policy. One
school ascrib.d all the trouble to an over dose
OF currency, while in his judgment curreu'y
mad no more to do with it than a last wears
robins nest. For Years we all have been over
trading anc getli ig into debt under high pres :
sure Our currency had not deprecated. for
during the panic our bankers and business men
neid )n to t. Our notes are as good as they
can be made, for the property of the country Is
piedg for their redemption The enquiry now
10. 81 practicable to return 10 specie pay
,uentS! lie thought not aud said government
mad not del arted from the pure, morality. The
cry Tor returning to specie payments was found
Ell on assertions that 1t was tue wnrd DIS CURE n
ccy. he clam I'd tn 1t as nations became more
harmon'zed with each other. as they are grad
ualy becoming, a currency not so cumbersoma
as specie W II be adopted. He favored but one
currency for our country and that issued by the
government 1t was question whether Their.
was any further need of national banks. He
preferred one currency to BE- issued by the gov
ernment, no interest t. be paid on it, and
certain per centage to be received for import
duties AS our people are enterprizng and as
more money is needed to NOV, CROPS than at
Other times, atd as 100000 PEOPLE H. the south
are now working, there is more demand for
money, thus necessItating an elastic currency
which should have convertible b md at 3 Is
100 interest. He urgei encouragement to all
industries, and denied that tho West favored
the resumption of specie payments
Mr.. Logan said necessity now was to relieve
stringency by placing currency on secure basis.
As thecry he cobteDded that the question for
the stability of our currency had been answered
in the affirmative. He commended however
that metallic basis Is not absolutely necessary
and that standard of value should be distln-
guished from a medium Of exchange. At
tenpts to force coin resumption have been prov
en in history to frequently have caused financial
disorder. The value OF go and silver was in
adequate to represent the products of labor and
trade as tho specie produced ia this country IS
ouly as one dollar to $67 OF value of other pro-
ductiOns. He then relerre | to fuc tuations in
value of gold, and said he considered the pres
eut return to specie payments az impracticabe.
He contended also that specie payment cannot
be reached through forced contraction without
danger of national bankruptcy. The present
and an increase would not las has been asserted,
burt Western farmers. Our country has never
been so prosperous as during these years of pa
per money, and the confidence of the people in
our currency never has wavered. Since 1860
cur property has increased 81 per can't, while
our currency has been increased but % per
cent, and an increase of currency in ratio with
property would give us the total circulation OF
$3.50, 000, 900, aud this amount is needed for ac-
tual circulation. This would not be in excess
s. f.fv,
Britain in former it being $50 per capita, and
S25 in Great Britain. The latter being 10 per
cent more than here dem lnded.
The Seuate went into executive session, after
few minutes the doors reopened and the SEN
ate adjourned.
Under call of States large number of bills
were introduced and referred including the
following:
By Mr.. Clark of New York. to provide cur
rency in coin a1d paper of equal and uniform
value throughout the United States also to au-
thOrize the same rate of pensions to soldiers
who have lost an arm above the elbow as those
who have lost leg ab,ve the knee.
BY Mr.. Hunter of Ind !, to amend the nation
al banking laws so as to provide for free bauk-
ing, give better security to depOstors, prevent
ustlrp, give elasticacy to the currency and place
the finances on a more secure and substantial
basis.
By Mr. Wells of Missouri, to establish a
branch mint at st. Lois.
BY Mr.. Hatch of Mo-. to cede to the several
States uusurveyed lakes and other bodies Of
water therein.
By Mr.. Cox of New York, for a commission
on the subject of alcoholic liaaor traffic,
b. Mr.. McDougal of New York, to abolish
the sy TEN of mileage.
By Mr.. Biery of Pa, to establish depart.
ment OF manufactures; also to allow national
banks circulation equal to the tace of their
deposited bonds.
By Mr.. Medley of Pa. to promote Geographic
communication with foreign countries.
BY Mr.. Sheer Of Pa, for. the purchase of
Monticello Va, formerly the homestead of
Thomas jefferson, aud cont lining his grave.
Bv Mr.. Williams of Wis, (by request) to pro-
vide for ageneral banking law, aud also inter.
changeable bonds and national currency and
the redemstion Of currency in coin or interest
BY Mr.. Chapman of the District of Columbia,
making an appropr alton for improving the
harbor of Washington.
By Mr.. Butter Of Mass, to consolidate the
custom houses of Marbleh-ad aud Lynn with
Salem aud Beverly; also to amend the act max
ing territorial district of the Dstric. of Column
bia.
By Mr. Page of CAL, resolution of inquiry
whether lands granted by Congress to the At
lantic and Pacific Railroad to aid in the con-
struction of that road to the Pacific Ocean are
forfeited, and whether any legislation is nee ,s-
sary to restore such lands to preemptiou and
nJmeStead entry. Adopted.
Mr.. Wilson asked leave to introduce resolu-
ton to increase the currency Rej.cted-yeas
135, nays 9S-not two-thlrds voting to suspend
the rules.
Mr.. Wilson of ind, moved to suspend the
rules and adopt the following resolutions
W'ereas, by r.'ison OF the present nun tary
sringency and Insult :ency of the am punt of
the circulating medium, the Industry and com
mercial alta rs of the country have been greatly
depreSstd and
Whereas, BY reason of such striugency the
revenues Of that government have BET n largely
DIMINISHED, III cons -quance where # Congress
has been asked to increase taxation to the
amount of Sl3. 09O, 900, and
whereas, U ntil tue recent panic the revenues
were ample enough 10 meet the current ex-
penses ut the Government, therefore
Resolved, That Instead of Laying additional
taxes, the true policy lies in the enactment of
such law or laws as will supply the strinyen-
cy and supply the means necessary to the bust
ness wants If the country by Increasing the
circulating medium; thereby relieviI. business
increasing the r"v nues and thus avoiding the
necessity of Increasing the presen: rate, of
taxation or duties or the imposition of addi-
tional taxes or duties.
Resolved, That the Committee on Btnking
be IN trueted to prepare and report to the House
viii bout delay. bill for the purpose in the first
resoutIon expressed and that the said Commit
tee have leave to report at any time.
MI. McCary called for tn yeas and nays
MIR. Spear of Penn.. inquired whether the
question Of consideration cou d be raised.
The Speaker said that the question was rails
ed The motion was to suspend that rule and
all otlerrules.
MIR. Dawes of Mass, remarked that the sub
ject was before two committees at present as
had been discussed in the House last Satur-
day. He suggested that resolutions be- simply
introduced aud set down for debate at the time
SO that the views of the members might be
brought ont, and that the Ways and Means
aud Banking Committees might have the benz
fit of those views. The Committee Of WAYS
and Means proposed to report something to-
morrow which would be the subject of debate
confined to this matter.
MIR. HOLMAN of Ind, objected to the discus
sion. O.
Mr. Randall of Pa, remarked that the Com
mittee on Banking were holding sessions every
dag, even a1Yiug the sittings of the House were
listening to the views of the gentlemen from
various parts of the c.untry.
MIR. Wilson said the question of an increased
currency was exciting great deal of public at
teution and therefore he had drawn the resolu-
iion for the express purpose of testing the sense
OF the House aad letting the public know
whether or not there is to be an increase of
currency.
A vote was taken and resulted in yeas 1876,
nays %, so two-thirds not voting in the affirma-
tive the resolutions were rejected.
The following is the vote in detail, yeas
Adams, Albright, Arthur Ashe, Averill, Bell,