The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1874-05-15
Forty Third Congress-First Session.
SENATE.
WASHINGTON Nov


found to be present.
Mr.. Pratt reported from the Pension Com
mlttee adversely on a large number of petitions
OF the soldiers of 1872, the reason therefor be-
ing that the House BILL which has been favora-
bly, reported upon, provides for a pension of
eight dollars per month for all soldiers of 1872.
or their widows.
The bill reported from the Commerce Com
mittee, relieving vessels from compulsory pilot
age, was placed on the calendar.
Mr.. Gordon, from the Commerce Committee
reported adversely on the House hill regulating
anu restricting the action of cOnsuls and consul
lar omcers, and the committee were discharged
from further consideration of the bill
resolution asking the President for the cor
Tespohdence relative to the Imprisonment of
Dockeray In Cnba was laid on the table,
Dill for the relief of p. S. Wales, naval
medical Inspector, was passed.
The finance bill was taken up, the pepdipg
question being the amendment of Mr.. WRIGHT
to strike out so per cent as the proportion of
legal tenders to be retired as the new national
pank notes are increased and insert IS Der cent
, Aiter some debate and voting a motion to lay
the bill on the table was lost by 10 against So.
M. Wnghts amendment was adopted-32 to
EsThe following is the vote on Mr.. Wright's
amendment:
Yeas-Messrs. Alcorn. Allison. Briggs, Bore
man, Cameron, Carpenter, Clayton, Conover,
Dennis, Dorsey, Ferry of Mich, Gilbert, Gold
OOAuoh Harvey, IIllCncOck. JOnDSIOn,
Logan. Merriman, MITCHELL Morton, Oglesby,
Il T:atterson. Pratt, Ramsey, Robertson, Spencer,
llPton West, Windon, and Wnght-32
Nays-Messrs Anthony, Bayard, Chandler,
Uonkling, Cowper, Dawes, Edmunds, Fenton,
Flanagan Hager. Hamilton of Mo-. Hamilton
OF Texas, Hamlin, Howe, Morrill, Of Me, Nor
~ ri OF VT, Sargent, Sawlsbury, Schurz, Scott,
sherman, Stewart, Thomas, and Washburn-
Messrs, Lewis, Brownlow, Ingalls,, Norwood,
Snra and
voted in the affirmative, were paired off with
Messrs. Buckingham, Terry OF Conn.,. Freliny-
hnysen, Kelly, Stockton, Boutwell, and Wad-
leigh, who would have voted in the negative
Mr.. Chandler moved to lay the bill on the
table. Rejected-yeas 49, nays, 80.
Mr.. Wright moved to amend, by inserting in
the sixth line of the eighth section the words.
g in. excess of the highest outstanding volume
thereof at any time prior to such issue" SO
that the clause would read, "and withnlthirty
days after circulating notes to the amount
of 81 ,000,0 900 shall from time to time be issued
to national banking associations under this act
in excess of the highest outstanding volume
thereof at any time prior to such issue, it shall
be the duty of the Secretary of the Treasury to
retire on amount of United States notes equal
TO % per cent. of circulating notes so issued.
Agreed to-yeas, 80; nay, %.
Mr.. Wright moved to amend, by striking out
5 per cent as the rate of interest which the
bods issued to redeem the present United States
notes after January, 1877, should bear, and in
sert in lieu thereof 4 IL per cent Agreed to-
yeas 80; nays, 10.
He next moved to strike out fifteen years as
when such bonds shall be redeemed in coin,
and insert in lieu thereof ten years. Agreed
tO-yeaS, 81 nays, 16.
He next moved to strike out January l. 1877
as the time when United States bonds NAV be
redeemed in the bonds above mentioned and
insert in lieu thereof, July l, 1873 Agreed to
without division.
enacting clause, ond insert in lieu thereof the
bill reported by the Finance Committee on the
Sd February last, providing for the withdrawal
of national bank currency from those states
having an excess to the extent of $46 000 900
instead of $25. 900, 900, the sum named in the
bill, aud the redistribution of that amount to
those states having less than their proportion
He said that under his bill q large amount
would be taken from New York, but he would
rather have it go than see initiation. He hoped
this substitute would be adopted and the tinan-
cinl trouble settled
Mr.. Buckingham said the adoption of the
substitute would take large amount from his
state, but he would prefer it to the bill with the
amendments just adopted.
Mr. Sherman said the majority to-day, by its
action, had deprecated the greenbacks They
had put off the time when they might be re-
deemed for 1873, and had reduced the interest
on the bonds With which they were to be re-
deemed to IL per cent. Senators we'll know
tnat DonuS bearing tnat rate OF interest could
not be sold at par in coin.
Mr.. Allison said he had voted with the ma
jority, aud he did not believe that the vote
would depreciate the greenbacks. He believed
by 1873, the time named in the bill, the IL
per cent. bonds woul | be at par in gold. He
believed IL per cent bonds now would bring
par in gold were it not for the fact that there
were $40, 100000 of five per cent. bonds vet
undlspOSed of. OF course one would BUR-
chase those bonds at the lowest rate interest
when others at "a higher rate could be obtained.
Mr.. Merrlman submitted an amendment in
the nature of substitute providing for the re-
iirement and cancellation of ali national bank
notes after January l, 1875, and directing the
Secretary of the Treasury to issue in place of
every 500 national bank note so cancelled S1OO
greehhacks, which would be used either for the
redemption of the public debt or for the nav
ment of the current expenses of the govern
ment and repeating all laws imposing taxes on
state banks greater than that now imposed on
national banks, and providing that hereafter 80
per cent. of the duties on imports may be paid
in UnitedsStates notes, and that after January
l, 1877, United States notes may be exchanged
for ten years per cent gold bonds; and that
the Secretary of the Treasury may reissue
notes so exchanged; that after January l. 1873
United States shall be redeemed in coin. and
for that purpose $25,000,000 in gold and silver
coin shall be annually reserved from the sur
plus revenue of the United States to prepare
for specie resumption, or if the surplus reve-
nues aie ho' suih1,eaC " anu" Inis amount 10
be reserved the Secretary may, in order to
supply the dehclency sell any part OF $780,
0o0.000 OF per cent bonds; and that after the
- day OF - in the year = fractional cur
rency of the United S ates shall be redeemed
in silver coin aud destroyed.
Mr. Conkling inquired If that amendment
was in order. The CHAR replied it was under
the new rule recently adopted, although it was
an amel dment in the third degree.
Mr.. Aorrlll OF VI. raised the point OF order
against the suRstit ate o. Mr.. Merriam that it
was revenue bill, as it proposed to reduce the
tax on bonds, ana also provided for the pay
ment OF 50 per cent, OF custom duties in United
states notes. ana therefore could not be con-
sldered by the senate:
The Char overruled the point.
AT the request OF MI Edmunds, Mr. Conk-
ling wthdre" MS Amendment TO permit him to
offer one requiring natlonai banks TO Keep on
hand sum equal to one-half OF their clrcula-
ton, to be heia ana USED only 1or the redemp-
tlon Oh suGI circuia.ion.
Mr.. Conklng then renewed MS amendment
with asiignt ehanse 10 5ne pnleseoiogy' out the
Chalr ruied IL OUT OIL oruer now.
Al, A5Sel onS usetssn ee 5pon .ne Iecslon oi
.he onali anu P9 gu y, ~ l. sau
~ was very wen ioi oenatcie WHO tnouSnC oha1
tney uuueis.ooo po,u.s VI Dluei anu nau lnaue
d seuuy y, 100, 60 " No OH opportunity
Vi slr' ~, ene.i a., le 80. L.;
MI MI W,;n .har, I ha;' ~ .do anu
.hal VI WI. o. ' no oe'ns III oiuei was
feJecteu' yea: ~ nays a. ,,. ,,..,
me quese,on peins on VII q Merril in SUI