The Republican journal., 1874-12-24
A Resumption Plan,

|
resumption in four years from January,
and this is the way in which it is to be
facilitated To authorize free banking
and to Withdraw greenbacks to the extent
OF eighty per cent. Of the amount of new
! bank notes issued also to issue silver coins
IN place Of the fractional currency, which
amounts 10 $4,000 900. The Washing
ton correspondent of the Boston Post I'M
der date Of Monday, says
| Nobody in the Senate seems to be seri-
| ouslN opposed to the bill as a whole, but
the setting OF date for the resumption of
| specie payments is a matter on which there
Is a wide difference Of opinion, and some
grave doubts are expressed regarding the
| proprlety OF fixing q time at all for re-
SUMPTION but it is argued that any measure
| which shall 90 through this Congress
| ought to be so framed as to give assurance
| that return to specie basis is thing to
| beeNpected in comparatively near future.
As yet there has been no general public
| expression IN the House this session upon
| this or any kindred matters, but from all
that can be CLEANED through private con-
! yerSaIlOnS with members, there is a dis
| position IN the House almost if not quite
It's strong rs that manifested during the
| past lew days by Senators TO harmonic
| party differences by united action upon
some measure which will give relief to
the business interests Of the country. or
failing in giving actual relief, to do some
| thing toward the eradication from the
minds OF business men of the doubts and
| want OF confidence occasioned by the I'M
| settled condition of affairs and the uncer-
tain provisions Of law
| The bill was considered in the Senate on
Tuesday, with the following result
Mr.. Thurman said the LIST and I'd Sec
| lions of the bill were all right, but the Sd
| Section he thought was very weak this
was bill Of great deal of omission. and
the least possible commission. For wear
| past there had been free banking in many
portions Of the country, and the conse-
| quence was that the currency had mcreas-
ed abouta million and half dollars. Pass
| this bill, and he yentured the assertion that
the increase of national bank currency in
the next tour Years would be not over two
millions OF dollars, and the retirement Of
| greenbachs not over eight millions. The
panic upon the country now was the re-
| suit Of oyertrading and extravaganza un-
| til at last the bubble burst and then came
a season Of retrenchment or economy. In
| the history OF this country 1t was shown,
| that the business OF the country never re-
| yiyed in a less period than four years after
a panic. Nothing but true economy and
retrtnchment would set business in motion
| and make the country prosperous 1t could
not be by tinkering. or by bills which
omitted everything and contained nothing
| He offered an amendment as an additional
| section. That from and after June 80,
! 1879, one-twentieth part of the customs
duties shall be payable in United States
| legal tender notes or in National bank
notes, ana after June 80, 1876. tenth.
and after June 80, 1877. one-ffth part
thereof may be paid
MIR Bogy moved to amend the amend
nent BY striking out all after the word
thar in the first line, and insert in lieu
| thereof proviso that on and after July
/, 1870, duties on imports be paid in legal
tender notes or coin at the option OF the
| importer He spoke at some length in
| support Of his amendment, and said he
would vote tor the bill reported from the
Finance Committee with his amendment
attached otherwise he would vote against
the bill
Mr.. Bayard enquired OF tile Chairman
| OF the Finance Committee. Mr. Sherman.
if he would object to inserting the word
destroy after the word redeem in the
third section, so that it would read, lit
shall be the duty of the Secretary Of The
! Treasury to redeem and destroy the United
| States notes in excess only Of $500 600
0OO,n etc
Nj. Sherman said he had stated before
that in his opinion that question should be
left to the future and he could not consent
to the amendment
Mr.. Bayard said the honorable senator.
(Sherman) had betrayed here both his en-
| balrassment and his displeasure when such
questions We're asked him He (Bavard)
hoped the country would notice the answer
OF the chairman of the Finance Committee.
who, representing his party friends here.
declined TO allow the bill to be amended
1t was we'll known for wears past that the
Treasury Department had been governed
without law in a manner, and the money
redeemed would be reissued unless q pro
hibition be inserted in the bill He Thought
this a double faced bill, and it seemed to
him to be Juggling with question which
ought to be a matter of honest business.
Mr., Hamilton of Md. said that one effect
of this bill would he to ask the next Con-
gress to pass law authorizing the reissue
OF the 50 per cent. redeemed The next
House Of Representatives would have
Democratic majority and he did not want
his party to be in the way of temptation
Iaughler)
Mi. BogY's amendment was rejected
without division. Mir. Thurman amend
ment was rejected Yeas u; nays 33.
Mr. Salisbury moved to strike out 1879
as the time folsfeturn to specie payments
and insert 1877 Rejected.
Mr. Hamilton moved to strike out all
after the enacting clause and to insert in
place thereof that from and after the 4th
of July, 1876 nothing but gold and silver
shall be legal tender for the payment OF
debts contracted thereafter
Mr.. Stevenson opposed the bill because
he would not know whether he was voting
for contraction ~ expansion. He was I'M
willing to leave it in the power of any
Secretary OF the Treasury but would not
leave such power in the hands of any
Secretary, either Republican or Democrat.
Mr.. Hamilton said he would withdraw
his amendment
Mr., Edmunds objected, and said it could
not be Withdrawn. A call for the yeas and
nays having been demanded the chair
(Allison) ruled that it could be withdrawn
The yeas and nays not having been or
dered, a demand was made, but the Senate
did not order them The amendment was
then Withdrawn.
MI Carpenter desired to put in pro-
test upon the ruling Of the Chair upon the
demand for the yeas and nays, The de-
mand had been made, and the question
should have been put, if the Senate would
order them before the Senator from Mary
land could be permitted to withdraw his
amendment.
Mr. Schurz said he would vote tor the
bill in spite OF all its defects He would
vote for it because it contained pledge
to return 10 specie payments in 1879, and
the members Of this body voting for the
bill would do all in their power to make
the pledge good He did not think all the