New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-03-24
yJJIIp CONGRESS-1sT SESSION.

~
REGULAR REPORT OF PROCEEDINGS.
ruy FINANCIAL QUEsToN-THE SENATE URGED TO
TAKE IMMEDIATE AcTIoN-sPEECH BY NM
MORTON IN FAVOR OF INFLATIoN-TIIE SfoO,OOO,-
900 BILL PASSED BY THE HOUSE.
SENATE. WASHINGTON. March o. is'f
Mr.. CHANDLER (Rep., Mich) presented reso-
buttons OF the Legislature Of HIS STATE praying OoE
TO amend the postal laws 90 as TO permit .no 'eo ca
nsnsa q, nowsnaners and their free circulation In the
counties where Published Referred 70 'ne |0u'"'''0
on Post. 0GHces aud PostRoads. I'D.
THE FISANCAL QUESTION.
Mr. FERRY dIep. Mich) presented petition, ssueo
nv 100 OF the business OF Newfork, ASKING 'nat inc
volume of legal tenders be fixed at &OOOooO0o' anu
fayorng free banking. He read from ieuer accom-
panying the petition in which the writer sad tnat un'i
within few weeks past he had been OF the opinion mat
nearly every in that city opposed any increase IN
The volume Of currency but recently he had been more
and had found head OF nearly every business esta6
hshmeRt in favor Of more currency aud zee DanSlng
Mr. Ferry said his attention had been called To an I'M
phcaton by the metropolitan press that the signatures
90 the petition formerly presented by him from New
York merchants for more currency were not genuine
he knew nothing of the men who signed the paper nut
in his Judgment those signatures were genuine. The
one he now presented signed by Francis SSiddy, f.
H. Purdy & Co., Fernandez COlvo A j. Aiken Co.,
snd others. Tue petition was referred TO the Committee
Mr. CONHLING QRep. N.Y. presented preamble and
resolution OF the Newiork Cotton Exchange, which he
.a was Il neG by every niber tn reO expressing the
belief any additional issue OF paper money by the
country was already suffering from overabundant
issue OF such money and asking legislation for speedy
return to specie payments He said the reading of the
by The senator from Michigan (M Ferryl induced
him CIR. Conkinl TO read an extract from ettef OF
Grinue Mnturn & Co., IN which they referred TO the
frc, that some Western Senators had presented
memorials Of New YORK merchants Tor an increased
circulation; ana the writer's SAID win ample means ~
knowledge that they ola not think any prominent mer-
chants OF that city had signed Or dSI
ana that business were opposed 10 lnnatIon. .,
Mr. CONKLING SAID he would move ule reIe d %
ssk the senate TO indulge him to submit some remarks
on that motion. Since the first speech OF ms friend from
NewYork cry alone, but in the interior OF New-York
state also aud had met many discerning persons not
whom he could appeal TO- get the OF the com.
annity In iiuDg pertaining TO this financial busi-
tonts ard inaadchists--and that was the great duty
and necessity resting upon Congress TO see that WHAT
spring business has halted and TO great extent IS
patalyzed, owing TO the uncertainty felt No man
knew by what standard of value he was TO calculate
Tie dld not suppose that this owing wholly to the
nsctiyy OF the Senate. but believed great part OF II
cody must certainly he instructed now as
much they possiUly could be by discussion aud the
.,ptmeut was unanimous throughout the cOuntry Tor
Immediate action. Congress owed II TO Itself ana TO the
people TO lose not moment day, or noun ID s y
be kno Wn IL there 10 be conracton Icy the people
know II action to be taken let that fact be
stated Either one of three announcements would
be signal for advance. Suoh signal SHOULD Do gwen
and Congress should no longer keep the business OF the
country hanging between heaven and EARTH ike Mo
b.mmSd,s coiD He would say TO has friend from Ohio
mir shermanJ who had charge OF the BILL that he
would stand 6y him IN any effort TO reach VOTE The
petition referred to the Fluance COMMITTEE.
business men OF New YORK City, asking Congress take
immediate action the financial question 10 increase
tho OF legal tenders TO $OOO00oo and provide
Tor free banking He said the memorial was signed by
WIN. L. strong Co, Wentworth Co.. ID; y. Clanl9 q
Co, s. =. Fisher, Dexter, Abbott d Co., Frank d Co..
Devln Co.. and $50 Others lie knew tue signatures 10
Mr. LOGAN said, like ms friend from New.fork Nir
COnkg Ae deprecated the continuance OF this discus
son. but not brought ABOUT by those VINO favored
an increase IN the volume currency but by contrac
onss. and those ON tins side had 10 answer tef state
ments He produced number o: railroad ti'kcts aud
merchants ANA butchers certificates, when he said cur
ouated az money IN his section. -. A., A., =,
Tho CHAIR called attention TO the fact that this de-
bate was all OF order.
Mr. SHERMAN Glep., ohto, from the Committee on
Finance, reported OH 10 provide for the redemption
and reissue OF United and for free banking,
aud gave notice that tomorrow ne would ontr u as
distribution Of National bank currency
rTne bill published in The TRIBUNE yesterday.
Al the end of Section published, should be added
the wOrGE, and upon which balances no Interest shall
be paid" Add also as an additional section the i00W-
SIC That nothing in this act shall be construed to
authorize any increase IN tue pubic debt OF the Oned
Mr. SHERMAN said the bill was a compromise meas
nrc and Mas the result Of great labor the part
Committee. Some OF ITS features were not approved OF
by all the members OF the Committee, and ho himself
tad given his adhesion 10 some ot It's provisions WIN re-
Mr. THURMAN Dem, Ohio, asked bis colleague Oir;
Slcrmaul what the probable effect OF the DH
would bcsOmchDg about the practical workings oil ~
Il become "a
MIR SHERMAN said that tomorrow he would make
bief statement provisions each section, and
wat the practical results OF the Dill would Dc II II should
Mr. BOGY Dem MOI. from the Committee on Private
Land Claims, reported a substitute for the bill enabling
Claimants 10 lands within the limits OF the Territory OF
NcW-M 10 institute proceedings TO try the validity
their Tue substitute makes the provisions OF
uc bi apply To COLORADO anu Arizona as wen as new
Mexico, allows the United states District Courts for
hose dtscs 10 hear and determine the peuon OF any
person claiming lands IN those Territories by virtue of
auy Spanish or Mexican grant, ON which patents have
Tue Supreme Court the United States. The provisions
of the limited to such claims rs may be presented
within years alter the enactment oi tue BILL Placed
on the calendar.
Mr. THURMAN Dem. Ohio gave notice that after
the currency question should be disposed Of he would
ask Senate take and consider the bill just re-
ported by the Senator trom Missouri Mr. Bogyl asst
was necessary IL become law order 10 settle
disputed claims which should have been settled twenty
Mr. SHERMAN (Rep., Ohol presented preamble and
resolutions of the Importers and Groeers Board OF
crease volume OF paper currency and favorng
early resumption OF specie payment referred to the
MT. CONKLING rep, n. " presented memorial
signed BY Phelps, Dodge q Co, /. p Morton, Jackson
g. schultz and other citizens OF New-iork City, asking
such legislation may be had by Congress Rs Will
OF the Centennial Celebration, and
facilitate the thorough organization OF International
exhibition Referred to the Committee on Appropria
tons.
TIE CURRENCY EQUALIZATION BILL.
The morning hour having expired the CHAIR an
nounced that the Senate would resume the consideration
OF the bill to equaze the distribution OF the currency,
that being a special order for to-day.
Mr WEST Qsep, La moved that the pending and all
other orders be laid aside and that the Senate proceed
20 the consideration Of the House bill appropriang
10000 TO improve the mouth OF the Mississippi River.
lie said asked TO take the bill IN the interest OF the
great commerce OF the West the commerce OF that
section was parayzsd for want OF improvements at the
mouth OF the Mississippi. The motion OF Mr. West was
lost.
The Senate then resumed the consideration OF the bill
70 eQuaize the distribution OF the currency.
Mr. MOTION REP; Ind SAID there FeV were three
ate steps resumption those who believe in doing
nothing those who believe that sOme increase OF
currency necessary meet the demands of business
which would be given by making banking