The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1874-02-17
Forty Third Congress First Session
SENATE.

SENATE.
WASHINGTON. Feb. Is.
Mr. Anthony presented memorial signed by
the officers of the National Banks in Massa-
chusetts and Rhode Island protesting against
the withdrawal Of currency from New Eng
land. Laid on the table.
Also petition of the Providence Medical
Society in relation to promotions in the medical
corps of the army. Referred to the Committee
on Military Affairs.
Mr.. Kelly of Oregon, presented petition of
citizens of that State in regard to charges
against his colleague (Mtchel) aud asked that
that the same be investigated by the Senate.
Mr.. Kelly sed he had been acquainted with Mr.,
Mitchell for twelve years, and knew nothing
in the world derogatory to his character In
presenting these charges he desired it distinctly
understood that he said nothing in favor or
against them That matter should be left with
the Committee. He moved that the subieel be
referred te the Committee on Elections, and it
was 50 referred. ~
The credentials of Mr.. Withers of Virginia,
were presented and laid on the table.
Mr.. Moreman, from the Committee on claims,
reported without amendment bill appropriate
lug about 100000 to pay 2OS loyal citizens of
Loudon county, Va, for their property destroy
ed by fire in conformity with Maj Gen. Sheri-
dams order, dated Nov. 9th, 1864.
Mr.. Freiinghuysen presented memorial of
colored citizens, desiring the government to
send them to Liberia, as the colonization Socie-
ty is unable to do SO; also asking government
aid for railroad into the interior of Liberia.
Referred to tbs Committee on Commerce.
Mr.. Wright presented a petition of citizens
of Iowa, for the restoration of the duty on tea
and coffee, and for an increased duty on man.
ufactured goods. Referred to the Committee
on Finance.
At the expiration of the morning hour the
Senate resumed the consideration of>the bill to
equalize the currency.
Mr. Cameron offered a substitute for the
Committees bill. repeating all acts of Con-
gress which limit or restrict the amount of
notes for circulation. and providing that all
associations organized to carry on business
shall be free to establish national banks with
circulation subject to all the limitations now
provided by law, except the limit as to circuIa-
lion, which is hereby repealed.
Mr. Cameron, advocating his substitute said
the country was deficient in banking facilit es
He had not heard single business man say
we had enough currency. The national bank
| ing system had done much good and should be
extended. His substitute was designed to sat-
| isfy the demand for more money without caus-
ing any shock to the capital already invested
in good faith, The law now gave fixed
| amount of currency allowing no greater album
da .ce at one time than another, yet it was a
well known fact that at some seasons of the
year we want mere money than at Others This
liked amount or currency was terror to hon.
est men and jubilee to spectators. The in
crease OF national banks would enable the
United States to resume specie payments SOON
| er than by any other process.
The present national bank currency was
| equally safe and far more convenient than the
| metallic currelcy. 1ncreace the facilities and
the national bank notes would soon take the
| place of greenbacks.
Mr.. Pratt said that thousands of men were
| out OF employment now on account of the scar
| city OF money. He favored the removal of the
! law which limited circulation to 1854, 0OO, OOO
and would allow all to go into banking upon an
equal footing with banks already established,
| and thus the supply of currency would always
| be equal to the demand. He would support
| the substitute of the gentleman from Pennsyl-
| vania, (Cameron) believing it a wise one. He
| favored a return to specie payments, but could
not shut his eyes to tine fact that the ouly road
| to resumption was by contraction, and that
| would be disastrous tc the country
Mr.. Frelinghuysen said that the adoption of
| such measure as that proposed by the GENTLE
| man from Pennsylvania, would be trampling
| under foot of the promises made to redeem our
| notes in coin, and if adopted the widest spec
ulation would follow Its adoption would be
| of greater injuIy to the financial and business
| interests of the country than the rebellion was.
| He thought there was ample provision for
banking already with good wholesome restric-
| tions. He favored in the first place, making
| the expenditures of the government as small
| as consistent with the dignity and welfare of
| the nation, for we are not paupers or bank
| rupts unless we choose by our own folly to
make ourselves so. The second thing we ought
| to do is to impose more taxes. The people un-
| derstand that this is sheir own government, and
| their own prosperity is inseparably united with
its prosperity, and whenever there is necessity
| they desire to be taxed in accordance with
| their wealth. He believed the tax ON whiskey
| should be incrn ased to one dollar per gallon.
| That would yield revenue Of $50, 00O, 900. The
| tax on tobacco should be increased from 20 to
| 80 cents per pound which would yield reve-
| nue. of Sl2,O0O.O0O Congress had taken the
| tax off from tea and coffee though that act had
| not decreased the price of those articles. The
npOnQ had tO a uuch a for thou,
| He was not disposed to make the people pay
| more by reinstating, but if it should be re-
| stored revenue of $180,000 600 per annum
would be the result. Hence. he favored first, a
| reasonable retrenchment; second, necessary
taxation and third, to redeem the pledge made
to pay the treasury notes in coin.
>. ar Flanagan said he was opposed to infla-
ton, and would support the bill as it came
from the Finance Committee. He suggested
tnat that the Finance Committee frame a bill
having in view special results upon government
lalth. Let the Treasury, properly organized,
advertise that the government will buy every
pale OF cotton raised in the South for the ne xt
Twelve MONTHS and pay for it in greenbacks,
say IA cents for ordinary, 16 cents for good, 18
cents tor low middlngs and 20 cents for good
| middling.
Mr.. Buckingham said ahe Finance Commit
tee, by the bill reported, seemed to have the
single object in view, to relieve certain por-
| tons of the country The discussion which
| had ensued would no doubt be benefit to the
| Committee and he therefore moved that the
! bill be recommitted to the Finance Com mittee,
and with the views of the Senators now
brought out by discussion, the Committee
| could frame bill which would harmOnize with
the views of the majority. He hoped his mo-
ton would be adopted.
Mr.. Scott thought that time would be saved
by recommitting the bill aud letting the COM
mlttee report measure covering all the ques-
| tious
Mr.. Sherman said the Finance Committee
had reported the bill to equalize currency as o
bona hide measure of relief, and he did not be
lieve there were five Senators against the origi-
nal proposition, but it had been loaded down
with other questions.
MI Logan said that all the members of the
committee who had spoken favored the recon-
INITIAL The bill might be recommitted as Of
ten as they liked. but he wanted it understood
that there must be vote, and the issue could
not be lodged. They might just as well face
the music at one time as another. 10 recon-
NIT the hill would only serve to reproduce the
same arguments already eliyered, aid no time
would be gained.
Mr.. Morrill, of Maine said that his mind had
not been made up on any one of these PROPOSE
tions and there should be time for deberaIiOn
aud counsel. If the Senator from Illinois (Lo
gam was willing to establish free banking in a
country with between $70O.OOO,OOO and $500,
000,OO0 of irredeemabe paper currency he was
rather holder man than most who have dealt
with the subject. The whole range of ques
tons brought up here on the bill had not beer
passed upon by the committee and he thought
the Senate should have the views of that com
mittee. He would therefore vote on the mo
ton to recommit with the expecton that thu
committee would at an early day present the
subject to the Senate for action. The more thu
49, .-s-lS ~