The Elk County advocate. [volume] (Ridgway, Pa.) 1868-1883, 1874-12-31
PASSAGE OF THE FINANCE BILL.

frame Rnance bill having for its object
the resumption of specie payments.
Parties were about equally divided on
the questions Of contraction or initiation.
A return to their constituents seems to
have convinced the Republican Sen.
ators, at least, that there should be no
great difficulties in agreeing on finance
policy, aud as a result We have the TO-
PRODUCTION aud passage OF bill by the
Senate this week, 10 q less number Of
days than months were occupied last
session in discussion, without any practi-
cal results.
The Senate yesterday took up the
bill reported by Mr.. Sherman from the
Finance Committee, "to provide for the
resumption of specie paymosts," and
passed it after brief debate which only
served to show Democratic opposition to
any measure of practical legislation
Senator Sherman gave clear eSplana-
ton OF the bill which we annex as it
will aid our readers to a better under
standing of it. He said:
The first section providing for the re-
demption of fractional currency with
coin met with the approval of both the
Secretary OF the Treasury and the Presi-
dent TIE second section which re-
pealed the law making a charge of one
fifth Of one per cent. for converting
standard gold bullion into coin, required
a sacrifice on the part of the Govern
ment to the extent of $4,000 per an
mum, that being the amount levied last
year upon those WHO brought gold
bullion to be made into coin. The third
section of the bill provided for free bank
ing, Under the preaent law banking is
virtually free in some of the western and
southern States, but in great commercial
centers OF the country 1t was not free.
This free banking section, therefore,
provided for the enlargement Of the
volume of currency in case the business
Of the country demanded it. 1t also
proposed to redeem United States notes
to the extent of eighty per ceot. of the
amount of new bank notes issued. The
section did not propose either contrsc-
tion or expansion of currency, leaving
it to be governed by the business wants
nf the cnmmnnity The hill alse provided
ample means to maintain and provide
for specie resumption, and no Senator
could doubt that if the bill became a
law specie payments would be resumed
on the 1st Of January, 1879.
Senator Schurz objected to the bill
because it did not provide for the des-
tructien of the eighty per cent of legal
tenders redeemed, but left it discretion
ary with the Secretary of the Treasury
to reissue them. Still he would vote
for the bill because it contained a pledge
to return to specie payments.
The Democratic Senators had the de-
bate to themselves, the Republicans
voting down all motions to amend
Senator Truman led in opposition, de-
claring that "tinkering bills" would DO
nothing for the business OF the country;
nothing bat time, honesty, economy aud
rstrenchnent would bring back pres
perity. History, he averred, showed
that the business of the country never
revived at a less period thaa four years
after a panic. He desired to amend
the bill SO tkat part Of the customs
duties could be paid in paper, but was
, voted down. Other amendments by
Democratic Senator's shared like fate,
and the bill passed by ayes 80; nays II
as follows: