Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-05-15
The Senate Passes The New FL
nance Bill.
Wright's Wholesale Imitation
Adopted.
The Final Vote 20 to 10.
Glory Enough for One Day.
House Passes Bill to Regulate
Freedmen's Bank.
The Deficiency Bill Passed.
SENATE

SENATE
WASHINGTON, May 14.-When the
Senate was called TO order to-day at IL
O'Clock only thirteen members assembled on
the call Of the roll. The Chairman (Car-
penter) read from the rule forbidding the
transaction Of any business without quo
rum and said his attention was called to
! the absence of so many Senators at the
hour OF meeting yesterday when only four
were present. Hence his course to-day in
| calling the roll. After an explanation that
some Senators were engaged in committee
work and a statement by the Chairman that
only a motion TO adjourn was in order.
Chandler made such motion but with
drew it at the request of Senators, and the
Senate roll was again called and forty Sem
ators answered, being quorum.
The morning hour having exirped the
Senate resumed consideration of the
Finance Biu,
the pending question being the amend
ment of Wright to strike out fifty per cent
as the proportion Of legal tenders to be
retained as the new National bank notes are
issued and insert in lieu thereof twenty
five.
Mr.. Washburn inquired Of the Chairman
II IL Was lnC vi
Finance Committee TO compel the Govern
ment also to retain portion of its gold in
reserve with view to resuming specie
payment.
Mr.. Sherman replied no, and said such
course would be useless unless the Govern
ment had surplus revenues, which unfor-
tunately was not the case now.
Mr.. Washburn said, in his opinion, the
folx
direction as that required of the National
banks. He thought the nation
Better or Now
than it would be after the passage of this
bill. He had no doubt there were banks
all over the country which would be will
ing to surrender their circulation, receive
their bonds and sell them and wait till
January, 1877, when they could obtain
them at par. Congress could not afford to
do anything which would leave any uncer-
tainty. The business Of the country felt
that Congress was pledged to travel in tho
direction OF specie resumption, hSt In such
a manner as not to break Gown business.
He did not want any backward step
taken.
Wholesale Imitation Endorsed.
amendment and it was agreed to, yeas 32.
nays "a, as follows:
1eas-Alcorn, Allison, Bog, Boreman,
Cameron, Carpenter, Clayton, Conover,
Dennis, Dorsey, Ferry of Michigan, Gil
bert, Gordon, Goldthvaite, Harley, Hitch
Geek, Johnston, Logan, McCreery, MerTi-
mon, Mitchell, Morton, ogleshy, Patterson,
Pratt, Ramsey, Robertson, Spencer, Upton,
West, Window, Wright-S2.
Nays-Anthony, Rayard, Chandler, Conk-
ling, Cooper, Davis, Edmunds, Flanagan,
Fenton, Hagan, Hamilton of Maryland,
Hamilton of Texas, Hamlin, Howe, Nor
rill of Maine, Morrill, of Vermont, Sargent,
salisbury, Schurz, SIoat, Sherman, Stew
art, Thurman, Washburn-24.
An Attempt 10 Stay the Flood.
Mr.. Chandler said he gave notice yeSter-
day that if the amount Just adot ted should
be agreed to, he would move to lay the bill
on the table. He saw no use in wasting
time, and therefore made that motion.
Rejected-yeas 10: nays S..
More Of wrtghrs Amendments.
Mr. Wright moved to amend by insert
ing in the sixth line of the eighth section
the words, "In excess Of the highest out
standing volume thereofat any time priOrtO
such issue" so that the clause would read,
''And within thirty days after circulating
notes to the amount of 100000 shall
from time 10 time be issued TO the national
banking associations under this act in eX-
cess of the highest outstanding volume
thereof at any time prior TO such issue, it
shall be the duty of the Secretary of the
Treasury to retire an amount Of United
States notes equal to % per centum Of the
circulating notes so issued" etc. Agreed
TO yeas so; nays %.
Ala Per Cent. on the Gold Resump-
tion Bonds
Mr.. Wright moved to amend by striking
out per cent. as the rae of interest which
the bonds issued to redeem the present
United States notes after January, 1877,
should bear, and insert in lieu thereof A
per cent. Agreed to-yeas 80; nays 10.
Date of Actual Resumption Brought
Forward Three and n Half Years.
He next moved to strike out Is years as
the time when such bonds should be re
deemed in coin, and insert in lieu thereof
10 years. Agreed to, 81 to 10.
He next moved to strike out January
first, 1877, as the time when the United
States notes may be redeemed in the bonds
above mentioned, and insert in lieu thereof
July /, 1873. Agreed to without division.
ConkIing Prefers EquabIe Distribu-
ton 20 Imitation.
MIR. Conkling moved to strike out all after
the enacting clause, and insert in lien there
of the bill reported on the third of Februa-
~ last, providing for the withdrawal Of
National Bank currency from those States
having an excess TO the extent of forty-six
millions instead of twenty-five millions,
the sum named in that bill, and the redis-
tributiOn of that amount to those States
having less than their proportion. He said
that under this bill large amount would
be taken from New York, but he would
rather have it go than see imitation. He
hoped this substitute would be adopted
and the financial trouble settled.
Something Like what Ought go be
Done.
Mr. MerrimOn submitted an amendment
in the nature Of a subsI itute, providing for
the retirement and cancellation of all national
bank notes after May l, 1875, and directing
the Secretary of the Treasury to issue in
place of every hundred dollars of national
bank notes so cancelled, one hundred dol
lars in greenbacks, which shall be used
clIlcI IOI TIC IeueulptlOu Vi the PUBIC
debt or the payment Of the current ex-
penses of Government; repeating all laws
imposing tax on State banks greater than
that now imposed on national banks; pro-
viding that hereafter fifty per cent of the
duties on imports may be paid in United
States notes, and that after Jan. !, 1877.
United States notes may be exchanged for
ten years five per cent gold bonds, and that
the Secretary of the Treasury may reissue
the notes so exchanged; that after Jan. j,
1878, United States notes shall be redeemed
in coin, and for that purpose twenty-five
millions in gold and silver coin shall be an
nually reserved from surplus revenues of
the United States to prepare for specie re-
or if surplus revenues are not
sufficient to allow this amount to be re-
served, the Secretary may, in order to sup
ply the deficiency, sell any part of the one
hundred million five per cent bonds, and
that after the ''day of -, in the year
-, the fractional currency of the United
chall ha radaannad II, ciltnar aoin ard