New-York tribune., 1874-06-12
XLIlID CONGRESS--Isr SESSION

LONG DISCUSSION, BUT NO ACT1ON-A , A'
AMOUNT OF BUSINESS FROM THE srn 1,i.,.r,
TABLE DISPOSED OF IN THE HoUsE-Thh D'',a ooN
- CIVIL APPROPRIATION BILL TAKEN - or -. r,rr
yxPREssEp REGARDING THE UInaii W
CIVIL SERVICE RULES. ., ,o-.
SENATE . WASHINGTON. June H. i''f
,,. coorr CRen PENN presented a remoh-
.trance of merchants OF Philacephia asanS. ~ ,, '
, ,. oo,n soc,iou OF the pending Tarin OIL
~, surpuaN fRep Ohio) from the Cohm''ee on
Finance reported favoraoly on 'he ho"se o " 80
e., of duty articles Intended for the lhterha,ionA
5000, ~ ,s7G and asked its present consideration
the bill passed. -.
Mr SCOTT Rep Penn.l, from the Committee on
rsams reported fayoraby the House bill to provide
for the payment claims awarded by the ,ice
Claims Comms VIII ,na xprston of the morn
inc hour he would ask the Senate TO consi9cl nac n
Mr. sdEGESp a sppropraoa S d b the Committee on
Appropraons thus ar had been very p patep.f Of memo
rails in favor OF the passage of what was know as %
Steamboat bill aud he toeIeiGfe eS Commerce Mr.
chandler II the Senate might expect report Oh 'na'
bi IN aNnIER uins W. REP MichJ said the Committee
Ccnmercp had considered that bill at several meetings
but had not yet able 10 agree upon report he
hoped however. that a report would be made soon: -
Mr. SARGENT ep Cab iatr9dnsed pos, Raad, h
INQUIRE and report If any Thsr % & sdons semi
mo1thly mail between Francisco, Japan, and China
Asieef Me FfRsPELINGHUYsEy Rep N ~ from the Judi
ciary Committee reported adversely on several piis IN
regard execution OF the laws of the United states
in The Territory of Utah, ami the Committee was DIS
sharsed from their further consideration He also re-
ported from the same COMMITTEE aH and
judicial officers the Territory OF Utah. Piaeed on the
Mr HAMILTON (Dem., Md called up the resolution
to pay F. W Sykes late contestant Tor seat In tne SEN
from March 1873 to May 2s 1874, the pending question
being on the OF Mr. Hamilton 10 insert $500 as
The question recnrred on Mr. Carpenters amendment
which Tas re Fsesed yss ya BY as v0'e but
Pending the call. Mr.. CONKLING (Rep. N ~ gave
ment providing for the amount Of actual expenses of
the contest incurred by and Mr. Spencer the
the oahs OF those gentlemen and to be audited by the
Committee Contingent Expenses OF the Senate,
Mr. SARGENT thought that most extraordinary
proposition and declared there was no precedent there
Mir ALCoRN (Rep. Miss) said tho proposition of the
Senator rom New ork was hnniiang u n, h,
Mr. CONKLING said he had not exchanged word
With Mr.. spencer on the subject.
The morning hour expired, and the CHAIR announced
that by previous agreement the Senate would consider
bills from the Committee on Military Affairs.
THE CONFERENCE REPORT on THE CURRENCY BILL.
Mr. MORTON (Rep.. Ind.) moved that pending and all
prior orders be laid aside and that the Senate proceed
10 the consideration OF the report OF the Committee OF
Conference on the Currency bill Agreed TO- and the
Mr. MORTON explained the report. and said This bill,
as reported by the Conference Committee takes away
the monopoly feature the National banking system,
and makes banking free aboshes reserves IN crcu
ore now held vaults of banks that account 1t
provides that each bank shall keep in the United states
Treasury equal to per cent or its circulation TO
be held and used for the redemption OF such crcula,
oD which sum however shall De counted as Par tba o,
banks The reserve on deposit Is let prsfs as m
aUired TO be kept in the Treasury. of the
Umted states for the purpose stated. :, The
free and put into circulation about , saI,OOoooo'
kept locked up IN the banks The nth section pro-
Ntdaa hat any Naftp
is by DEPOSIT Of S apd n9Ss sSs IN ths
bonds on deposit for the security OF
such but the amount OF bonds on deposit for cf
cuatOn shall not by this operation be reduced below
by Section the entire amount Of United States
shall be retired and reduced only IN the manner pro
This ends The idea of the and takes
@ eo 10 Of Contracting the hS
through the surplus revenue down to s51s0o 90 & nIs
bill provides that within 50 h DAYS aef % @ rsre sh @ oe
amount United States notes equal to three-eighths OF
the maximum of s3s2 OOOoOo such reduction shall
continue until the maximum OF United states notes
shall DO Cancelled and carried TO- the ae-
count Q; the sinking fund, provided ,5o,on IN the
computed at five per cent, shall be added annually to
the sinking fund but If the SUI Plus revenue oe not sur
this purpose. the Secretary Is authorized TO
issue sell sufficient amount Of United Staies bonds
senate provided Tor a reduction per cent of United
states notes but as compromise IL has been placed at
bel ween Ihe original report of the Finance Committee
and bill passed the Senate lhs still permits
reasonable expansion OF the currency. For every
s 500 United notes Cancelled, 10000 OF bank
Whole Volume Of currency s62,5OO. When the legal
tenders have been reduced By TINS bill to S3OOOoOOO
the bank circulation will have been Increased about
sgIs0oOOO and the aggregate volume of currency Will
have Increased about slS7o0O In the bill as 1t
isTs the holders Of United might convert
them into four and half per cent bond Tue Finance
Committee, in the bill reported oy them nxed the time
for beginning OF this conversion on the lst OF Jan
uary, 1871 As compromise we have liked In this bill
thai tpe i, authorizes the holders United
10 convert them either or the three bonds a
thor,ned by the act Of 1870 viz A. ~ and per
bonds The theory Of the bin is that per bond
will then in and that United states notes.
bepg convertible into them, viii also be at par; that
esntime United States will gradually appreciate
from present discount TO par and that this appre
ciaton will be gentle and slow, not exceeding u
cent per annv specie payments may be brought
without oppression TO the debtor class or derage
ment OF the business OF the country.
The bill then that the United States notes re-
ceved exchange Tor bonds shall be ressued by the
the of the holder IN the redemption of bonds
then redeemabe par in the purchase Of bonds at
the pubic service and when used meet current pay
ments. equal amount Of gold in the Treasury shall
perstive these notes shall he reisued for all
Of the four purposes mentionedj II not for the first
three tney 10 be paid out for the current
penses of the Government which will make gold
plus the Treasury and all equal amount Of gold, re-
ceiyed fr0m whatever source, must then be en-
'pioyed in the redemption OF the Five-twenty
bonds. should the legal-tender notes be at
par when the time Of conversion arrives, they
will be equivalent coin in the treasury, and can be
readily used IN the liquidation OF the pubic debit but
n not then they paid out for current expenses
gold in the treasury instead OF being used for
current expenses must 6e ep9yed & TO redeem @ the Five
Congress will in session when the time for the
OF the notes into bonds and can by legisla
ZION relieve the country the banks from any con-
traction, arrangement, evil. resulting from this
actmeu The bill has been proposed IN spirit OF com
promise, having IN view sucn an expansion OF the
rency be necessary TO meet the demands OF the