Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-01-14
CONGRESSIONAL.
Senate Opens Debate on Specie
Resumption
The Salary squabble Settled.
House COncurs i'm Senate SUBJ
-.1 t stitute,
SENATE


WAsHINGroN, Jan. iS.-The Chaplain
OF the Senate, in his opening prayer, re-
ttsried thanks to Divine Providence for the
deed of yesterday, the repeal of the salary
bill, and that the will of the people had
been accomplished in regard thereto.
A bill was introduced by Mr.. Brownlow
for the relief of the trustees of the Insane
Hospital of Nashville. Referred.
BY Mr.. Buckingham, authorizing the
Secretary of the Interior to Use for their
original objects all unexpended balances of
appropriations for the Indian service stand
ing on the books of the Departments June
80, 1873. Referred.
Mr.. Sumner introduced a bill providing
that a bust of the late Chief Justice Chase
be placed in the Supreme Court room. Re
ferred.
Mr. Hamlin introduced joint resolution
providing for the appointment of commits
sion of four, two members of the Senate
and two of the House, to inquire into the
condition of the navy, and what changes
are necessary to bring it to higher state
of discipline, and that two officers of the
navy not below the grade of Commander
be detailed for duty with the commission,
the report of said commission to be present
ed at the next session of Congress. Re
ierred.
The Senate proceeded to the considera-
ton of the resolution reported by the FL
nance Committee declaring il TO be the
duty of Congress to adopt definite meas
ures to redeem the pledge in the act of
1869 for the earliest practicable redemption
of United States notes in gold coin.
Mr.. Ferry of Michigan said as he shared
in the public anxiety that the Senate should
act on the question of finance Immediately,
he proposed to modify his substitute for the
resolution of the committee so as to mar
row the subject down TO a moderate in
crease of the currency. He therefore with
drew the substitute formerly presented by
him and submitted the following: That
the Committee on Finance be directed to
report to the Senate at as early day as
practicable, such measures as will restore
commercial confidence and give stability
and elasticity TO the circulating medium
through moderate increase of currency.
Mr.. Frelinghuysen spoke against imitation
and in favor of return to specie payment.
Making United States notes legal tender
was only an exercise of
War Power,
but the time had now come when the eXer-
else of that power should cease, and an ear
nest effort should be made to keep the sol
emn pledge of the nation. If the system
of paper expansion was insisted on, the day
of government bankruptcy would be sure
TO come. In conclusion he presented bill
| to secure the resumption of specie payments
J without contracting the currency, and il
! was referred to the Committee on Fl
nance.
FreIinghuysen's Specie Bill.
1t authorizes the Secretary of the Treas
ury to issue S225, ,0O0, 600 of 6 per cent 10-4(
bonds TO be disposed Of from time to tim'
for the purpose of purchasing S20O,OO0,OOl
| of gold coin with which To redeem the lega
tender notes of the United States, and i
shall be in the discretion of the Secretarl
of the Treasury, so soon as he shall deem
| il eXpedient with such amount of gold a
for the time being he may have procured
to commence and continue the redemption
of legal tenders. When redeemed they al
not TO be re-isSued except in exchange 70
gold coin At par. and when sore-isSned the,
shall be redeemable in gold coin, but tn
total amount of legal tenders outstanding
and redeemed shall at no time exceed $3.50
OOO,O00. The bill further provides that
after commencing said redemption the gov
ernment shall be unable TO redeem 4 par
of said legal tenders in gold, the Serretar.
may redeem them by exchanging the afore
said bonds at par for them.
Mr. Gordon introduced . resOlutiO
directing the Committee on Civil Seryic
and Retrenchment to inquire into the eN
pediency of reporting a bill 10 reduce q
far as possible, the compensation of all OF
ficers Of the army and navy whose salarie
exceed 5000 per annum, and stated ths
it would be laid on the table for the pres
ent. So ordered.
\ message was received from the HOus
announcing the adoption of a resolution {
respect to the memory of James Brook
and Wilder ID. Foster.
Mr.. Fenton addressed the Senate on tn
life and character of Brooks; and Nj
Ferry of Michigan delivered a eulOgy O
Foster, after which the usual resolutions
respect to their memory were adopted, an
the Senate adjourned.