Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-06-12
Senators Discuss the Currency
Bill.
Status of the Civil Rights Bill i'm
the House.
Thorough Expose of the Civ
Reform Humbug.
The Republicans Unite to De
clare it a Farce.
Butler Makes a Savage Attach
on Ex-senator Trumbull.
SENATE


WASHINGTON, June 1l.-Mr. Sherman,
ON the Committee on Finance, reported
fIvorably on the House bill to admit free
OF duty articles intended for the Interna-
tional Exhibition. The bill was passed.
Mr.. Scott presented memorial of work
ingmen of Pennsylvania, asking for the
res Grafton of the ten per cent. duty on iron
and steel, and for fee banking. Refer
red.
The Alabama Contest.
The resolution to pay Sykes, the contest
ant for a seat from Alahama, was called up.
The pending question being on the motion
of Mr. Hamilton, of Maryland, TO insert
$1,000 as the amount of compensation.
Rejected.
The question REQUIRED on Carpenters
amendment to insert three thousand dol
lars.
Rejected by a rising vote but Mr.. Sar-
gent demanded the yeas and nays.
Pending the call COnkling gave notice
that when in order le would submit an
amendment providing for the amount OF
| the actual expenses of the contest, incurred
| by Sykes and Spencer, the sitting mem-
| Der the accounts therefor TO be verified by
| the oath of these gentlemen, and to be au-
ulteu DS tue NolhihiticC oi Noi'i'SOi' IN
| penseS.
Mr.. Sargent thought that 4 most extra
/ ordinary proposition, and declared there
! was no precedent therefor.
Mr.. Alcorn said the proposition Of the
! Senator from New Yoak was humiliating
to Mr.. Spencer; he did not believe that the
Senator would humble himself by accepting
| the money.
Mr.. Conkling said he had not exchanged
a word with Mr.. Spencer on the subject.
Mr.. Morton moved that the pending and
all prior orders be laid aside, and the Sen
ate proceed to the consideration Of the re-
! pnrt of the committee Of conference on
The Currency Bill.
Agreed 10, and the report was read al
length.
Mr.. Morton explained the report as taking
away the monopoly feature Of the na-
tional banking system, making banking
free. e.c. The theory of the bill is that
five per cents will, by Jan. /, 1878, be at
par i'm coin, and that United States notes,
being convertible into them, will also be at
par; that at the same time United States
notes will gradually appreciate from the
present discount to par, and that this ap-
probation will be gentle and slow. not eX-
ceeding 3 per cent per annIIm, so that spe-
Gle payments may be brought about without
oppression to the debtor class or derange-
ment of the business Ofthe country. Should
the theory of the bill not be realized Con-
| gress will be in session when the time ar
riveS for the conversion of the notes into
bonds. and can by legislation relieve the
country or the banks from any contraction,
arrangement or evil resulting from this
enactment. This bill has been prepared in
the spirit Of compromise, having in view
such an expansion Of the currency as may
| be necessary to meet the demands Of the
country and at the same time bring cur
rency by a gradual process up TO par value.
Mr.. Sherman said he thought the bill
Fair Compromise.
Both bouses of Congress desired gradual
approach 10 a specie standard, and this bill
would secure that end.
Mr.. Boutwell, said be desired TO ask the
Senator from Ohio and the Committee
what knowledge they had of the condition
of affairs which would exist in 1878, which
would Justify this step to specie payment,
a step which they did not dare 20 lake
now. The Senate was asked to do thing
over three years hence which it did not
dare to do now. and who knew what the
condition Of affairs would he then?
Mr.. Sherman said the Senator from Mas
sachusetts declared his opinion that the
country could not return to specie pay
ment in 1878. He (Sheman) believed the
United States of America had power and
ability to redeem its notes in two years
from this time.
Grants Confidential Millionaire
Speaks Out
Mr.. Jones said il seemed TO him this bill
bristled all over with imitation. He die
not share with the Senator from Ohit
(SherInan) his confidence that Legislation
would not be changed before January, 1878
in such a manne- as TO entirely ignor'
every feature of this bill. He (JOneS) dl,
not know that the imitation by the pasSae'
OF the bill would be immediate. Their
had been a great talk about resumption O
specie payment. but it was utterly impOSSi
bic to resume specie payment and have !
permanent with this great volume Of green
backs in circulation. The bill proposed t
make greenbackS redeemable in bonds ant
then reissue them. He laid it down rs
proposition, which never had been dis
. puted, that specie payment can never b
maintained without a contraction q
the valuation Of currency. Th
, bill would have the effect L
raise the price of Teenbaeks a few Pc
cent. but il would also depreciate the
bonds. lie denied that the bill would eve
, bring the country 70 specie payments, All
all the fluctuations now complained o
would be Just as bad after January, 1878
, Gold would not remain in the cOuntr
where the price of everything would be $
high as TO drive il out, and the reyulsio
would then lie ten times greater than If tn
> country should return to specie payments
TO-DAY. Initiate the currency and il tu
nishrS money which can neither be hOar!e,
nor exported. He thought the bill trayele
in a circle and expressed his opinion tina
: the only way To restore the country 10 pro,
| perifv was 10 return to some standard {
! value. Instead of by an arbitrary measur
raising the price of greenbacks, it woul
; be far easier 10 reduce the vol
; ume thereof. lie thought it woul'
approximate the price of gold
{ he believed it easy to return TO specie pay
: ments within two years, without any dan
ger to the interests of the country. III
I protested against the passage of this report
I He believed that its friends did not knO'
l what its effects would be. Evil and Onl
evil would spring out of its passage. III
was opposed to any proposition which a
J tempted TO override what God himself ha'
q mad as money. He thought when tf
E country entered upon a gold basis,
= woald enter upon an era Of prOSperit
I which would be unbrOken for century.
Mr. Harvey favored the adoption of tn
conference report. The Senator from NJ
vada (Jones,) had called gold ''GOd-mad
money! he, Harvey, thought that a ne'
doctrine. and could find no where in hi
r readings where God had said the legal TEL
D der of a country should be gold.
Is Mr.. Logan spoke in favor OF the report
r and said he was surprised to hear men OF
/ posing it here to-day who a short time az
e advocated the very features it coniaine'