Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1874-02-18
FOrty.Third Congress.

ing YZ0,OU,WW o. nttlOn;L Dtnk CuTItnC-
was discussed. The bankrupt bill witt
,, the amendments substantially proposed b,
! the judiciary committee p,ssed 43 to Ii,
House Gen. Butler rose to persona
explanation anil made professions of hon
esty enough to last il couple ofweeks. H
also applied the rod to the libeling news
papers. He had done nothing wrong to tn
celebrated Sanborn contracts. The arm,
appropriation bill was then considered
WEDNESDAY, Senate. The bill t,
withdraw $25,00D,OO0 bank circulation
from States in excess was sharply debated
Mr. Morton spoke in favor of imitation. Nj
Sargent opposed initiation but favored The
present IL. Quite a sharp debate sprung
up between the Eastern and We.tern mem
bers. Mr.. Ferry said the West now ask:
the government she helped to defend tC
distribute the currency in the same ratio
as the New England states enjoy.
Mr.. Wadleigh of N. live have given
you the men to populate the West.
Mr.. Ferry. = Yes. and you deny to the
people you sent there the rights they
would enjoy had they stayed at home.
He was not there to create any division in
sections on this question of finance, yet it
was the great question which would divide
the section', rising above all party ques-
tons, if New England continues to protest
in this manner. The West would demand,
and that demand would be felt, that she
must have money to develop her resources.
| Mr.. Stewart of New. desired an immedi-
ate return to specie payments.
Mr.. Morrill, of VT. said that until New
England ceases to bring forth more maple
sugar, and more pretty girls than the other
states of the Union, she would escape re-
preach in this chamber. He had been in
favor of this BILL and expected to see it
pass without debate. The senator ftom
Indiana (Morton) had discarded all the
cries of the past, and came nth with Il
new one for the issue of paper currency
without any metallic basis.
| Mr.. Mort IN said he never denied that
the normal condition of currency was gold,
but there were periods when specie pay
ments could not be maintained, as during
our late war.
Mr.. Morrill-Yes, sir, and we are eight
years from the close OF the war, and fur
Their off than ever from specie resumption
The gentleman (MortOnI proclaimed the
fact that speculation had built 80, 900 miles
of railroad, and he said let speculation 90
on. Had the gentleman read the last
document from Mr.. Bancroft, our great
historian now minister to Germany,
wherein he says that So of these railroads,
to day. do not pay their dividends? Was
that the kind of speculation? What the
gentleman wanted was to apply the thumb
screw tc New England.
Mr. Morton said he did not desire to ap-
ply the thumbscrew to New England.
lie hti said on all occasions that he did
not want to take II dollar from tn It section
but he argued that the We and South
should have more currency.
Mr.. Morrill, said he regarded the i,lea of
inf ttiny the currency with infinite dread
and his conviction WAS tn 1t it would b 4.
against the interest of the country to have
IN in.rease. IL. believed the interests OF
his people would not be benefited by it,
hut he scorneI to look to the interests oi
his Peep a,onc. lie was h re to lcyisl;tte
for the whole country, and not for one Sec
ton
Mr.. Howe of Wis thought there IN
been much complaint against the present
banking system
Mr.. Sherman thought Ohio and In Llama
hal about their sh ire ofbtnk currency.
and WAS in favor ofthe bill for the sake of
other localities.
Mr.. Edmunds slil in 1861. when tn
government was in infinite distress New
England cami Onward witt her cipital.
When the United States treasury was
empty, and the government was appealing
to every citizen who had Il dollar in his
his pocket to lend it to put down the re
belion. it was then toe banks of New En-
land came forward, an the old state banks
changed their organic Ition from state to
national banks in order to uphold the
government. The capitalists of Vermont
advanced their money, and he would be
glad to know by what system of ethics any
senator could say the people of his section
were violating the law by having this cur
rencv, when they had taken it in accordance
with a proposition made by the represen-
tatives of the nation.
Pending discussion on Mr.. Merlin ln's
amendment to insert seventyfive in the
place of twenty-five, the Senate adjourned
H0usc. Consideration of the army APP
bill was resumed and the House
afterward took up the ratification bill.
THURSDAY. Senate. Mr. Merrimon's
making the amount of bunk
currency to be withdrawn and re-distril,u-
ted SO 600 900 was withdrawn and he in
PRODUCED bill authorizing initiation of the
national bank currency S46.000.000, This
gave rise to Il brisk discussion. but without
coming to Il vote the Senate adiourne |.
House. The event of the day was four
hours speech by Mr.. Dawes This speech
created such IN excitement in Congress-
and has raised so much discussion through
out the country that we take the space for
full ,l at Of ~ a..
repeIl of the Tux on matches and
that on bunk checks Mr.. Dawes stated
that the tax on matches, last year, reached
s.. 500, 900, and that on bank checks ST.
500, 600. The comm; ssioner of internal
revenue estimates that the repeal would re-
call 100000 worth of the stamps for
bank checks now sold, but yet unused, and
4 like amount of stamps on matches, so
the question of repeal involved S5, 100000
The committee on ways and means were
unanimous against the repeal. The secre-
tary of the treasury had on hand ut the
of the fiscal year over
: 1870, 900. 900 with $4,000, 900 held in trust
leaving but S60,000,O00 belonging to the
government Us its total available funds, or
; Is. 100000 gold, and nearly Sl2.O00.OO0
The receipts from July l, 1873.
W TtDTtEtlN L, lCI +, were -lOO,DI - y,
IN the estimate for the remaining five
months of the year was $1l6.lO0,ODO.
making total available income of S2Sl.-
1888. The expenditures to February /,
were: On account of the sinking fund,
S1?,956, 45O; on account of appropriations,
SlT, $50. The liabil tie were: un-
expended balances of appropriations.
5 1881, 517; interest on the public debt.
II, 2S6.66l; accrued interest S5,9S7 AZ;
besides estimated expenditures on account
Of sundry indefinite and permanent appro-
prations of 3 $4,000. which with some adj
iitional figures, make the total expen,li-
lures S393,S46.6a0, against avail ,ble re-
sources of 1911, 780.20l. so that if the
government should be called upon during
The year for all the appropriations mud by
congress the e would b., at the end of t nc
wear II deficit of S52.O6j.44J.
This represented the condition of the
treasury on paper. but there WAS no prob,.-
)ility that the treasury would he c;,lle | on