The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-02
TEE DEBATE ON THE CURRENCY BILL.

UeCyH uys& u Observation-Disclosures SUMNER
TEE DEBATE ON THE CURRENCY BILL.
The Far West on Irredeemable Paper
Currency the Dice Box OF the GAM
bier.
WASHINGTON, April l, 1874.
The senate this morning resumed the considera-
ton OF the bill to provide Tor the redemption and
reissue OF United States notes and for free bank
ing, the pending question being on the amendment
OF Mr. Gordon to that OF Mr.. Logan, which provides
for the organization OF national banking associa-
tions IN any State or Territory having less pro-
portion Of national bank circulation than the STATE
Of Name and the issue Of such currency on the
basis of population and wealth, until each state
and Territory has an amount OF such bank clrcula-
ton equal to that OF the State Of Maine.
Mr.. DAVIS tdem) OF W. va moved to amend
the amendment by striking out "Maine" and In
serting in the place thereof "Pennsylvania.n Mr..
Davis said, according to q calculation which he
had made, the additional circulation under Mr..
Gordon's amendment would be about $3.50, 100000 (;
but II his lMr. Davis amendment be adopted the
additional circulation would be s1lo ooo oOO Based
upon New York, as proposed by the committee. it
would be about 1924, 900, 900.
Mr.. SHERMAN, rep.) Of Ohio, said Upon the
basis OF Maine the additional circulation would be
about $263, 600, 900; upon the basis or New York,
Sic, 900, and upon the basis OF Pennsylvania 1t
would be over $l10.000.00O
Mr. GORDON, tdem.) OF Ca, accepted the amend
ment proposed by MIR. Davis.
Mr.. MORTON, (rep.) of Ind said the people
wanted more money and the country would come
to specie payment when IL could. There was no
use to talk about specie payment now. He had
noticed in a leading New York paper yesterday
thot, NotiD
resisted by force ofarms. such statements were
not more unreasonable than similar ones made on
the moor Of the Senate.
Mr.. SARGENT, (rep.) OF CAL, said it was time to
enter one energetic protest against the assump-
ton OF the expanstonists that they were In the
majority. Why were they in the majority Be-
cause Massachusetts was unrepresented on this
moor, one Senator being dead and the other at
nome, sick and not paired; while those on that
side had every one OF their members absent
paired.
Mr.. LOGAN (rep.) Of H., said This debate, day
after day, was determination on the part Of the
minority to procrastnate, and he saw no use in
going over the same arguments every day.
The amendment OF Mr. Logan having been
offered substitute Tor the third section Of the
committees bill, and he having accepted the
amendment OF Mr.. Gordon, also the amendment OF
Mr.. Davis, which provides that the national bank
circulation in those states and Territories having
less than their proportion shall be, upon the basis
OF population and wealth, until each State and
Territory has an amount OF such bank circulation
equal to that OF pennsylvania leaving the section
as reported by the committee, with the exception
O; substituting Pennsylvania for New York, was re-
jected by-yeas 25 nays 26-as iollows:-
YEAs-Messrs. Foreman, Carpenter, Conover Cooper,
Rs Dsnn Ferry sa 9 M Mcs
Scout, Spencer. sprague ana Iiptonc22S c,,
Seno ApeHns e0nt ase
nS1 a a4R
Vermont sargen ns ssqSoary sherman stewart
Mr.. MORRILL, (rep.) Of VT, offered an amend
ment providing that the maximum limit Of
fractional currency issued for circulation shall oe
fixed at $40 000 900. and that the excess outstand
ing be Withdrawn as early as practicable.
Mr.. JONES. (rep.) Of New, said 1t appeared to
which lacked prosperity. In his State they pro-
duced nothing but gold and silver, and that gold
ana silver was given TO those who brought goods
there for IL. 1t was good oil over the world and
would remain in TINS country were 1t not driven
out by VICIOUS Legislation
Mr.. MORTON said the people OF Nevada had re-
fused to take the greenbacks which Congress- had
made legal tender, and he would like to know
other states had followed the example OF Nevada?
Mr. JONES said the rebellion could nave been
put down for 500 900 less than 1t did cost The
hrst move in putting down the rebeOn was The
manufacture OF irredeemable paper money, which
demoralized the entire country and allowed
ueDCOIS 10 puy CFeullOTb lTOul tulILy TO UlLy per
cent less than they owed. AS a last resort how
ever, he would have Issued this lrredeemable paper
money and not at the very beginning. the loyal
people OF this country were almost AFRAID to inves-
tigate the manner In which the rebellion was
suppressed He believed 1t to be the duty OF this
Senate, the highest body in the land, TO investi-
gate this matter, because another rebellion might
be raised, and little investigation would show 1t
might DC put down at less cost than the iormer
done. The Senate had voted TO do nothing to pay
this irredeemable paper money. He quoted from
N fhAf
less than any other class Tor their labor,
and said the issue OF more money would
year would get less ior his products. The last
thing wanted 10 this country 10 banks, as they do
but very little towards the production OF wealth.
The result OF this lrredeemable paper currency
was to nave the haunts and streets OF the specula
tors covered all over with paatla residences,
in the shape OF mortgages. No nation could be
strong and dishonest. This paper money measured
nothing but the hopes and the confidence OF The
Mr.. MORTON inquired If there had not been gam
bling in California.
think is valuable and sell 1t when we think 1t more
valuable. We have never called upon the United
States government TO relieve che gambler from his
liabilities AMI Tor the issue OF moro money. LAR
pause In the gaeres) He had no doubt there was
money enough In this country now Tor every legit
mate enterprise. As long as it was easier TO
lounge at the seaside and to live lite OF ease than
to labor, so long there would be cry for more
money. Gold mad all the requisites as a measure
OF value. The human heart is set upon it, and it
Will command the services OF everybody piece
OF paper merely said, "rhe honor OF this govern
ment Is pledged" and the custodlans OF the gov
ernment refuse to take any steps to redeem It.
This currency, instead OF being the spade Of the
nusoandman, was the dice box Of gam
bers. Applause in the galleries, which
was promptly checked by the President
pro tempore) He hoped the Senate would
pause before 1t put this country the road to
bankruptcy and ruin He sympathlzed with the
debtors OF the West, but thought the superabund-
ance of money got them into their present trouble
and would get them into more. lie hoped the
Senate would look TO the integrity OF the country,
as M country could be DrOsDerOua which Ignored