, 1874-05-11
SENATOR MOTION.
His Letter OH the Currency Bill
and tho Veto.



MAsnlNa1oH' may o.
70 ne hat!or q tnc inaaia.pS..o ~ t,s
sn une'o "hpoArs W ~ T., raaar - ti,n ,,n.
" porslon VI sne PiIhs , ~ ,, toKau - t.v
visions q tue rna1co M ma %th ,t t .s.ey pas4nn s
Tue t~o Househ o. nls 1loa1 "utsn III, 'uo
ItehIneht wl!nnolu s Nv, nns,ssio,, -
c[lticaseu ns IL II a'nolzSu ,in n aneaao ~
ontod states notes, wisca won'a 1ncaoaa0 a9 sta
difficulty OF return 70 specise pay,en.1s +o;,, nnh
thereby 1nV9lso pfoagn VI sho iatsonaI aa';n ~,
plougca 1or inc 1ooohpe'oh u 1noso noso1 ~
coin, Ill., nra. so,t,on - tim h md t,,o on,v NM
ING 1fst sootiop oI tnc I'LL anu enG on.y .ol'o umo
WINCH 1o1a'es TO on1'oo o'a'ee no'oo' 10 ~ 'nes'
"olaS
The maximum amount OF United ssatcs notes shan
oo foar hundred millions OF aoliafa.
reference must be hsa e previous lorislstioo:
~ tho act o. Juno ao lao4, II was aeclarou tnas
the United states notes ~ ol,culatlon, OF 70 W
circulated, Should not exceed tue sum OF loa.1
hundred millions. BY the aot Of April 12 1866.
it waB provided TINT "of United States notos not
moro than ton millions Of dollars may bo retired
aud cancelled within six months Of the pasaage
" n hn nes; ~ a1I,.a ~ a ono 1aonth IN tc
millons OF uo1ni1 ars ~ Gnf wy nou.n. " w tuo
ath o. hl9lch. 1ooo. anotheI nct WIS Pna6cu lot-
bidding any further reduction OF unltod states
notcs. Atthat time tho amount outstanding was
1856, 600, 600, aud that is the limit below
Which The United States notes caunot be reduced
Without Congressional enactment. Under tho
onnration of thoso statutes. successive Secreta-
ries Of tho Treasury hayo aa6l1mod tho right to
reissue nt thoir discretion Si4 Q00 600: tllut is
tic difference between 1856, 900, ,000 and $40U,-
OOil. f)fD. aud to withdraw tho saulo pgaip from
circulation, Under this assorted power about
81 800 600 Of these notes woro Issued in Soptom-
i,cr 1BG0. and afterwards Withdrawn. and q like
s1,,n issued in tho fall OF 1871, and afterwards
wllhdrawn. Since the Lat Of October lust, thero
have been issued Of these notes by tho 6ccro-
tary w Of tic Treasury $50. .o00, 900, making tho
ma ]10
Tshe rcht Of the Secretary to rossuo any nart
of lila Sa4 nm OON or To jnorease tlp circulation
~ tI,csc nntos nlm,yc S95G nm 0DO Inns bern con-
t;nnaisv i1onioi hv n,anv jnwyors. in Conrroas
and ous Of It. and a largo portion Of tho prens
cn3 ,I,c question cannat bo eaii to In frno from,
dn,,ht. At fla lnat peaaion Of Conrrnga n ma
% ~ ~ nnca aa.. Gnr1,,toa ~ ;ho sanaIa
tttra;5,,i, ~ +1n f,1,a;rnon Ar Ghornon ronnrtn
.ns aao,o ~" tor ;s aiont;n,, tha' fo1ou;,,sr
ro,nis,+;op ~ np''"' 1eA ~" "1' 'A0 "~''~"3e
p..a,s.s rh,4 L., .ha oo,,,o, =, t,a s.,,,, I'M
a rrouso o ns nnt o nnysr nnar io
,r, " ~ ,aaa Icd satcs dcs or av nnr
linn of lie III 0o retirei md oancuIcd under tic
several laws on tlat albioct.
! NV first imnraaa;on nnd hnnr nen;net the ex-
;stcnce NJ TN nnwer Int. IN furfhcr o.nmina-
tim. I thought Il fairly deluciblo from n CON-
~ a1,d sccrntarv ha fEao IF n
forty-fonr mijlion roserye to check tho progress
[ If iho nan;c and ai,av,nto ita i;.nstere.
+ In Liza veto meesago, md in his letter to
treats o G ta
millions AZ being an existing reserve, a sum OF
1i1.o em rocolvnd from tn1ea 10 bo nsnn nj tho
iiscrotion Of tic Heoretary OF tlo Trouaury for
carIa;n nurnoaas Ha Tocartis TIM n,nximum
amonnt If I1nitod statos nofea rs Sa00 200 900.