The Portland daily press., 1874-03-25
Forty Third COngress-Fir st Session.
SENATE.
:" -xn-a A. {


Several petitions were presented.
The chair submitted the credentials of VIM.
Pinknely White, elected U. S. Senator from
Maryland for six years from the 4th of March
1875, which was laid on the table. He also
laid before the Senate resolutions of the New
York Chamber of Commerce upon the death of
Charles Sumner.
At the expiration of the morning hour the
Senate laid aside informally the bill to equalize
the distribution of currency and took up the
new financial bill reported by Mr.. Sherman
from the Committee on Finance yesterday
The provisions of the new bill were explained
by Mr. Sherman.
Mr.. Sherman said: 'The Committee had re-
ported in favor of fixing the amount of United
States notes at 1882, 900, 600, but he hoped soon
to be practicable to It back to the 1885, 000 600
and recover the ground lost by the panic The
deemed in coin and something must be done
looking to that end. He was no} prepared to
say any day could be fixed now for the redemp-
ton of q. s. notes in coin, bnt the time had
come when some action should be taken to give
these notes specie standard. One plan sug-
gested was to allow them to be received fro m
customs duties, and another to allow them to
be converted into bonds. He thought it a
good plan to allow them to be received from
customs duties, but the pledge in the act of
coin was in the way. That provision was a
wise one when adopted, but for the fact that
customs duties were collected in gold during
the war we could not have paid the interest on
our bonds as they would sink out of sight, If
this bill did not meet the views of the Senate
let another be adopted, but he hoped this
Congress would not adjourn with an increased
currency without any plan of redemption. If
such a course was to be pursued, the country
would be dishonored If the Senate thought
the operations of this bill too rapid towards a
return to specie payment, it could change the
time fixed 1t was true the Secretary of Treas
ury had some discretion under this bill, but
none to authorize to issue irredeemable paper
currency. The increase of national bank capt.
tai npder the bill would be about $110, 0OO, O0O
He did not think it would be any violation of
confidence to state that the Secretary of Treasu-
ry wished to retire an equal amount of green
backs as national bank notes were issued. 1t
had not been the design of the Finance Com
mittee to enter upon any serious modification
of the national banking act.
Iu conclusion, he sail this was not party
or sectional struggle but question involving
the faith and honor of the country and Con-
gress must provide national currency, we'll
distributed and one gradually approaching re-
demption in gold.
Mr.. Thurman said the Senator from Mich.
gan Ferry in one of his speeches had arraign-
ed him because he kept quiet through this dis
cussion. 1t was not a merit to speak. He
(Thurman) denied he had ever said the panic
was the result of an attempt of the creditors OF
the East to force the debtoIs Of the South and
West into specie resumption. He had never
made such ridiculous assertion On the con-
trary, he had always said the panic was the re-
suit of over trading and Congressional legisla-
ton embarking in new enterprises, and espec-
tally in the Northern Pacific Railroad scheme
He never uttered word in favor of initiation
but had expressed opposition to any violent or
was too much of an old-fashioned Democrat to
favor embarking on any career of initiation
which meant no resumption at all.
Senator Ferry had charged him with being
absent from the Senate when votes we've taken
on several amendments. If he had taken the
trouble to enquire he would have ascertained
that at that time he (Thurman) was on a sick
bed and unable to be in the Senate. Had he
been present he would have voted against all
the amendments and for the motion to recon-
NIT as he believed that in the Committee was
the place to perfect the the bill and not in the
Senate.
Mr.. Ferry said he was still at lost to know
where the Senator stood as he had submitted
no proposition, no plan. He inquired if the
gentleman was iu favor of the bill just report
ed by the Finance Committee.
Mr.; Thurman said that his present belief
was that he would oppose it, though he had
had not examined it carefully.
Mr.. Ferry said he wovld vote to make the
volume OF the currency $400,000000 and free
banking.
Mr.. Thurman said this bill fixed the amount
OF greenbacks at 1882. 200. 900, and only increas-
ed the national bank circulation to 0O00, 600.
Free banking meant an extension of the pa
tional bank circulation to many millions of dol.
lars The only limit would be the amount OF
government bonds which could be procured to
put up as securities. 1t meant an indefinite ex-
tension of irreIeemable paper currency aid
perpetuation of national Indebtedness. Ii ma
tional banking was to be perpetuated, the ma
tional Indebtedness must be, and with the en-.
high tariff would continue The perpetual ma
tional banking system meant that the people
of Ohio must pay SO or 81 more per thousand
for their lumber from Michigan they would
have to pay if they could get it from Canada