The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-26

rial OF the iron, coal and other companies of Ohio,
stating that business there Is IN state OF stagna-
ton ON account OF an insufficient volume of cur
rency, anu asking that the same be increased and
free banking be authorized. Referred to the Com
mittee on Finance.
Mr.. MORTON said the memorial Was signed by
nfty-one nfms, ana, as the Senators from Obi % had
not heard OF the petitions for more currency from
that state he desired to call their atten tlon to
this. He also presented resolutions for more cur
rency adopted by large meeting Of business men
at Indianapolis, lnd. Referred to the Committee
ON Finance.
Mr.. FERRY, (rep.) OF Mich, said few DAYS
ago he had the honor TO present memorial for
more currency from merchants OF New York and
one OF the papers OF that city had been pleased to
question the fact OF the petition being genuine.
He felt thankful to some Of the New York papers
for publishing the memorial In full and indicating
him.
Mr.. LOGAN (rep.) Of Ill.,, presented q petition
OF 1874 business men OF New York for an increase
in the volume Of the currency 1t was referred to
the Finance Committee.
The morning hour having expired the Senate
resumed the consideration OF the bill to provide
ior the REDEMPTION and reissue OF United States
notes. ana Tor Tree banking.
AMENDMENTS.
Mr.: SCHURz, llb.) OF Mo-, moved to amend
the first section OF the bill by striking out eighty
two" and inserting "llfty-siX,u 50 that the max
mum limit OF The United States notes should be
$356oOO,0o0 Instead OF $3.50 ,0c0 as nxed by the
Mr.. WRIGHT, (rep.) or Iowa, gave notice that he
would ofer an amendment to Strike ont the whole
OF the nrst section OF the bill and insert q section
providing that the amount OF United States notes
for circulation be fixed at $500 900, 900.
Mr. SCHURz argued against legaliZing the por-
ton OF the S44, 900 reserve now in clrcuaton
and said that 1t had been the intention OF Congress
TO retire that reserve, and there was no authority
Mr.. BAyARD, (dem.) of Del. opposed any increase
OF lrredeemaole paper money. He read from the
Senator from Michigan (Mr. Ferry, then a men-
Der OF the House OF Representatives. voted Tor con-
Mr.. FERRY. OF Michigan, said he did so vote then,
having yielded his Judgment TO that of the secre-
tary oil the Treasury. He afterwards saw the Jolly
OF contraction and voted to arrest it..
No SPECIE RESUMPTION WITHOUT CONTRACTION.
Mr.. BAYARD said whether the road to specie pay.
ment be hard or easy 1t must be travelled He aid
not mean to say that by contraction alone could
specie pay ment be reached, but 1T could never be
give his vote for any bill which proposed to in.
crease the currency AS to the reissue OF part OF
Oh law, and he could not for $780, 900 green
back circulation provided for by this bill, as it legal
lzed mat issue. He afgued that 1t was gross MIS-
homer TO style any portion OF the greenbacks
winch had been retired as reserves.
no Mr. gep Of said he ala
been Cancelled or destroyed. The whole amount had
been Withdrawn in the nature Of reserve by Sec
rotary McCull9ch. The law meant that they
should be retired and go into q reserve
Mr.: BAyARD said there was no question upon
which there could not be difference OF opinion
and now that the Secretary or the Treasury was
in sore straits for the Justification OF his illegal
action 1t was to be expected that there would be
those who would side with him. He lMr Bayard)
argued that there was but one fund which ever
could be cllled reserve fund, and that amounted
TO $4,000 900, and had long since passed out OF
existence.
SECRETARY RICHARDSON DEFENDED.
Mr.. CoNKLlNG, rep.) OF N y, read from the de-
bates OF Congress to show that the Secretary OF
the Treasury was perfectly justified in placing the
action in reissuing portion OF that reserve was
not In violation OF law. The omission to declare IN
not reissue the money enabled him to construe
the law as conlerrng The right upon him to reissue
It. me argument made by the gentleman from
ONO (Mr Sherman) few days ago, that the pro-
vision 1orDlddlng the reissue was not put in be.
cause it was not deemed advisable to send The bill
back 10 the House fell TO the ground, as the bill
was amended In other ways and went back to the
House. a-. r
Mr.. SHERMAN trep.) OF Ohio said this legal discus
sion as TO the right Of the Secretary to issue the
reserve was a loss of time. The notes had been
issued and the government was responsible Ior
opinion on the subject, but he hoped 1t would not
be discussed now. l-.L-.
Mr.. SCOTT, rep OF Pa, said after all the discus
sion on this subject and having heard all the hnan
Amasa Walker renearsed here, he utterly de-
SPARED Of throwing a single ray OF light on the
financial problem generally, but there were three
! questions which he would refer to-1rst, how
1863 to De redeemed Second. what character OF Of
currency shall Congress furnish the people OF the
United States? Third, what quantity OF that cur
He said with either one OF these questions I'M
settled business would be unsettled. No sane
man would say that the government could enter
upon specie payment immediately, and as gold
could not be gwen for notes he would redeem
them in bonds OF the government, which to-day
are as good as gold. No financial system could be
devised which would prevent pancs As to the
character Of the currency TO be furnished the
desired in
gold. He believed there could be paper currency
brought to par II 1t be redeemed in gold or bonds.
That currency should be founded on the national
yielded 10 Mr.. Schurz Tor a motion that the Senate
proceed to the consideration OF executive business
THE VOTE TO BE TAKEN TODAY.
Mr.. SHERMAN gave notice that tomorrow he
would ask the Senate to remain in session until
two or three decisive votes on the Financial bill
should be reached
Mr.. LOGAN hoped there would be an agreement
entered into now to commence voting Tomorrow
afternoon at halfpast two O'Clock. II the time be
fixed Senators would then be present.
Mr.. SHERMAN submitted resolutions providing
noon speeches on the Financial bill be limited to
ten minutes each. l4 14
Mr.. BAYARD objected. He said he did not desire
against limiting debate upon subject like this.
Were It upon an appropriation bill, involving
hoped the Senate Of the United States Would he
the one place left in the country where the debate
should be lett to the entire discretion OF the mem
Mr. SHERMAN gave notice that tomorrow he
would ask the senate to pass the resolution.
The motion OF Mr.. Scnurz TO go into executive
session was agreed TO.
The possibility Of a nep issue OF inconrertib,e
paper regard acith dmdzenaent and anrietv, and
in mvjudgnaent, such an issue ,could De a detri-
nlent ana q Slldn,e.-CHARLEs SUMNER.
THE DISTRICT OF COLUMBIA