The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1874-04-09
4 Financial Decision at Last.

The senate has indorsed the decision
arrived at by the house, that the issue
of S44, ,000, 600 of reserve notes
should be legalized, and the maximum
amount of United States notes fixed at
$400, 100000. The bill under discus
sion was that reported from the COM
mittee on finance by Mr.. Sherman, and
entitled {" A bill to provide for the re-
demption and reissue of United States
notes and for free banking" The
voting turned exclusively upon the first
section of the bill, which as reported to
the senate read as follows "The
maximum limit of United STATES notes
is hereby fixed at 1882, 900, coo, at which
amount it shall remain until reduced
as hereinafter provided" The 50 reduc-
ton referred to is rather of the nature
of conversion, !. G., the bill provides
that after the issue of circulating notes
to the amount of 81 600, 0O0 under its
fTee-banking Q auses, legal tender notes
to the amount of $82, 900, 900 shall be
retired. In other words, the bill first
legalized the issue of the S26, 900, ,OG0 of
reserve notes now in circulation, then
provided for reducing the legal-tender
issue to $500, 900, 900, substituting for
the $50, 900, 600 TO be called in and can
celled, 81 900, 600 of national bank
associations in any state or territory
having a less proportion of national
bank circulation than the state of New
York. OF course the S1S, 600, 900 of the
legal-tender reserve not yet issued
would have ceased on the passage Of
this bill to have any legal existence.
The first section of this bill now
stands amended as follows: HThe
maximum amount of United States
notes is hereby fixed at S400, 600, 900.
Before the vote was reached on this
amendment, division took place on
the amendment Of Mr.. Schurz fixing
the " maximum limit " of United States
notes at 1856, GOO, 600. This was lost
BIZ a vote of 18 years to 40 nays. In
the minority we find the following
states represented thus New Hamp-
shire, i; Connecticut, /; Rhode Island,
/; Maine, 2; Vermont, I; New York, 2;
New Jersey, /; Delaware, q Indiana, 1;
Michigan, 1; Missouri, i; Texas, I;
Nevada, L; California, 2. OF five SEN
ators who paired for the bill, Vermont
furnishes /, New jersey !, Texas 1,
Nevada l. and Oregon i. Thus we
have z New England senator's, 6 six from
the middle states, from the south,
srom the west, and 8 from the Pacific
ttates, voting to fix the amOnnt of legal
ender notes at S356, 600, 600. OF these
% votes 1S were given by the repucl-
cans ard 5 by democrats. :.
The decisive vote on the amendment
fixing the maximum of the legal-ten-
ders at s4OO, ,OOO, 600 was 81 yeas to 26
nays. The majority, On the basis OF
locality, is thus composed: IA western
senators, IS from the south. (Mr-
Spragus) from New England, and I
from the Pacific slope (A1r. Mitchell, Of
Oregon). The minority Is made mp As
follows: New England senators,
middle states, 5 western, B.; southern,
): Pacific states, 3. The majority IS
composed Of % republicans and DEM
ocrats; the minority of Is republicans,
s democrats. 1t viii thus be seen thas
the demand Tor initiation IN the senate
comes almost exclusively from the west
and south.