New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-01-17
XLIIID CONGRESS--1sr SESSION

| pctitlODb were presented hSklHk
for the appointment OF commission to investigate az
to the manufacture and sale Of alcoholic liquors Re
| ferred to the Finance Committee
Mr.. ALLISON rep, Iowa. presented petition OF the
Chicago. Dubuque and Minnesota Railroad Company.
the Chicago Board Of Trade and Others in relation TO
the construction OF bridge across the MISSISSIPPI
River at Clinton, Iowa Referred to the Committee on
provide for the appraisemeDt OF merchandise 10 certain
cases II provides that whenever any merchandise shall
be imported by the manufacturer OF producer thereof
when the appraisers shall be OF the opinion that the
invoice Of merchandise does not correspond with the
such invoice state truly it's cost shall be the duty
of the appraisers FIX the actual market value Of said
portaon, by ascertaning the cost OF the or Of
goods Of similar character to other Referred
MI LOGAN Gaep., IlJ introduced a bill relating to
President TO retire any officer OF the Army Marine
corps. except the General Lieutenant OF the
Army whose name shall have been borne upon the reg
lister 46 years who shall be 81 years OF Also
bill 10 increase the department OF the Army, estab
hshing the number OF paymasters at hfty. Also
a bin authorizing appointments ana promotions In
certain staff corps and for other purposes authorizing
the President TO fill existing vacancies In the Medical
Department to, and including the grade OF Ldeuten
anCoonel and abolishing all POSITIONS above said grade
which now and NAV hereafter become vacant. IL
also authorizes the President to MI all vacancies In the
Lieutenant which It abosles. The bill also provides
that all officers hereafter retired ON account OF
wounds received In battle shall be retired according W
their at the time and not according to any
sOcaled rank Of command. An,
Library reported favoraby on a bill appropriating
81 500 OF the late Chief Justices L. b. fancy
and s. p. Chase TO be placed in the supreme Court
Mr. LEWIS IRep.. Val introduced q bill to remove
the political disabilities of Gen. v. K Morgan OF Vir
gnia. Referred 10 the Committee on the Judiciary
Mr. LEWIS moved that when the Senate adjourn to-
day it he 10 meet on Monday next. $3.50
Mr. MORTON R,p., IndJ hoped the motion would he
Withdrawn, the Senate should dispose OF the Finance
resolution THIS week. The motion was Withdrawn
The bill to establish postroutes was taken up.
Mr. SARGENT tRep., Cali spoke III favor OF having
Invested of system o: transportation OF merchandise
Pending the discussion the morning hour expired and
On motion Of Mr.. SPENCER 1ep., Ala) 1t was or
dered that when adjourn to-day II be to meet
on Monday next.
Mr. DAVIS Diem, Val offered resolution instructing
the Attorney General to to the Senate all
Information III office relative to the sale OF all Gov
eminent property at Hafpcr's Ferry V'snd the pend
Mr. EDMONDs nIcp, VIZ SAID there might be infor
nation on Use subject involving private interests, ana
resolution be referred 10 the Judiciary COMMITTEE 80
TIE SPECIE RESUMPTION QUESTION
The consideration Of the resolution reported by the
Finance Committee was resumed. and Mr.. SHERMAN
ep Ohio addressed the Senate. lie argued that sDe
Gle was the only true standard OF value and no other
could he established Bills OF exchange, drafts aud
eia cities NJ specie was too hcyy transportation.
Ia England where the specie standard III Nale Is Jt
settlements IN specie Great Britain and France
recognized the mportaGcG OF MAINTAINING tnelI
Uuod States recognized thls duty ana rcIuseu 70 per
form IL. 1lo only reason why the National BANKS nai
paid their notes. cola was BECAUSE the united
States did not so redeem IT. paper II tht o.fd oGtts
the National Banks would have redeem tbeif notes ia
gold Congress II bound UOth by puuic i"Ith abu E1t
policy, 10 Dnug our currency t. specie stuard lie
read from the of Congress TO streng hen the pubic
credit and said the Uneu states Dy IL gayc The pesc
to redeem these notes IN coin. Without referring
to the decisions of the SIpreme COur, he rested
his argument on that pledge alone. 1hat pt'hge was
To- redeem these notes at tue earliest practicable period
in con Hu
made the promise ia response 10 me ppilc voice
single act, the tendency OF when Is 10 advance our
paper gold standard -Four years have passed away
sluce tLen. and the dollar IN grccuDhcks Is worth no
more than 1t in March, 1870. These were facts,
although It might ne r pInu s,aco had Sns
no act the tendency of which would lead one TO snposo
that the promise to De redeemed fOTr nunGred
yet due: aud not single dollar OF the debt que had
been paid We were living now IN daily violation 81 tue
currency since the actooi 1869 GA jane 80 1902 the
tue lst OF January ey amounted To sJs4sl,S9
increase IN thus form OF security Oh s44'foi,5s9,
10 ,o ~ "v.r s2I o0 600 And again tne Ma
ona bank circulation had bcch Increased from s2J9,'
$4,000 s39oo 600, making the total increase on Tue
over ss2OOoOOO lie arEned that y h.o ooen
specie value Ii not, wien would II Del should
the rtdempGn c Of den tine be Saa onesnt Of
the amount OF money which has been used TO pay
the country to specie payments. THIS thug of
postponIng The funl mont promise could not be
longer aimed wltn the of reducing the puol!c
debt. II postpone the redemption IN oro,r To pay
the public deOt IL Will be many long years before ths
c0nsuumation. most dcvoutly TO he wished can he
reached. II the HhitiOnists wanted one huhdred NIL,
lions now, how long would II be DC ore thy Womb
another hundred millions more Men "ouia
always be III debi, and always DC demanding ah increase
OF the currency. Where would 1t stopf just where our
auccstors htopped at the close o. the revolution.
lie regarded 1t tne GROWING achievement OF inc
Government that Just after the close OF the war 1t re
deemed All obligations Tie present Is Tue tune 10 stop
aud bring our currency To gold standard Every bond
note of the Government had Deeh Issued upon inc
eacred pledge the interest and principal shodld 90
PAID III coin. Had the provisions oil the Leea! lenuer
act oeen carried out we woud have Leturhea TO
payment long ago. Many things had Doeh done III Ies
excitement aud peril, when the Government was Va
was wiling to take ms share OF inc fesp pom
sibiliIy of those acts. lilo reviewed the the
war and retted the act OF April, 1866 which deprived
holders of our notes from converting them mo
inteesbearlnc bonds at par More evs bad resulted
from that from other act OF our financial
system H. III the first session OF Congress wnen An
drew johnson was President. Congress mad passed
funding bll all the evils which have grown out OF
dsordercd currency would have passed away.
lions of difference between the President aud
Congres snd Questions ou9 psnceu TSe ACT Of
AprI H. ls6G, was passed after an hour debate anl IL
conferred upon the Secretary OF the Treasury powers
never conferred. upon any one man before He next
spoke reissung the legal tender reserve ana sdl ms
thought the spirit OF the act OF Congress was against
Mr. BOUTWELL, (Rep., Mass) SAID 1t had been sbso.
lutey necessary during ms administration well as
nri9c maj of hs successor TO draw on the reserve ~
the public credit. Tho Attorney General hhu
gwen opinion the Secretary having the right TO
MI SHERMAN said he did not blame the Secretary OF
the Treasury but he thought would have been better
for Congress taken action mat would not have
permitted the reissue OF that fund he reviewed tns
mans proposed "a return 10 specie ments aud sald
n doubt the moss way TO accomplish that end
was by retiring the notes but the trouble would De tna
the policy OF contraction would be severe that the
n ,r,le could not stand IT, The plan which he favored
,oIt was by taking bond OF the United States
.bich in ordinary times Is shown to be
worth par In gold aud authorize the CONVEX |
80 a., nj, notes this kind OF bond. He did not In