Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-06-26
WHAT EIGHT HAVE BEEN DONE HITB.
ERTO TO KEEP THE NATIONS pPo-

WHAT EIGHT HAVE BEEN DONE HIrH.
BRTo TO KEEP THE NATIONS PRO.
MISE.
"S56,0O0,000 of the money that VIC
have applied to the payment of the
debt not yet due would have brought
all the remaining greenbacks
up to par. in gold. y y
40,OOO,OO0 Of greenbacks we paid rs
premium for our bonds would have ac-
compllshed this result of specie paw
ments. Senator Sherman, Republican
Chairman Of the Senate Finance Com.
nifttee.
| WHAT MORE THE FoRTY-THIRD CON-
GREss PROPOSED TO DO To BREAK
THE NATIONS PROMISE.
The bill increases the paper circu-
latlon SlO0, 000, 600, less only the amount
OF reserves restrained from circulation
by tde provisions of the second Sec
ton. president Grants Veto MESSAGE.
WHAT PRESIDENT GRANT AND THE
FoRTY-THIRD CONGRESS HAVE NOW
DONE TO BREAK THE NATION
PROMISE.
''That the amount of United States
notes outstanding and to be used as a
part OF the circulating medium shall
not exceed the sum of S3S2. OOO. 900.
which said sum shall appear in each
monthly statement of the public debt.
and no part thereof shall be held or
used as a reserve. section 6 of the
Conference Committees CuTTencg bill.
passed by both Houses Of Congress, siqn.
eddy President Grant, and nor the lar
Of the land.
PROGRESS OF PRESIDENT GRANT AND
HIS ADMINISTRATOR TOWARD
SPECIE PAYMENTS FROM 1869 To
1874.
Amount of broken pledges in circu-
latiOn five years ago, 1869 ....,, $3.50 600 600
amount OF broken pledges put in
circulation now, iSl4............ 3S2.OOO,OOO
Amount of progress backwards 8 e6,OOO,OOO
FRIENDS AND FOES OF SPECIE PAY
MENTs DECLARE THE ACT To BE
INITIATION.
1T is merely in my opinion the first
direct step to reputation. 1t is moth
ing else. Mr.. Flanagan, Republican
Senator from Teras.
''The question of the resumption of
specie payment is postponed. There
is no time fixed and no provision here
made for the resumption of specie pay
ments. was in hopes that
every Senator would vote for this re-
port without objection SENATOR her-
man, Republican, Chairman of the Fl
nance Committee. 4
The effect of the abolition Of reserve
will be, it will set free and
put into circulation some S31, O0O, 900 |
of legal tender notes that the law re-
qulres the banks TO keep locked up in |
their vaults. : Z Il Is practi
cal measure Of expansion to that ertcHt."
Senator Morton, of Indiana.
'Now there is not one word, syllable |
or sign of specie resumption in this
conference bill. OF |
course, the entire amount of the re-
serves, save what Is deposited at the |
Treasury of the United States, will be
at once let loose and thrown upon the
country, and as the Senator from Indi-
ana has properly said, 1T Is to that .r-
tent so much expansion. ''-Senat0r Nor
riH, of Vermont
This bill legalizes the issue of part
IF what was called the S44, 100000 re-
serve. The S44,OO0,OO0
we're retired, cancelled, destroyed,
wiped out as part of the legal
lender circulation and could not legal
y be put out again. = > Any
&c post Jdcto enactment IegaliziRg the re-
ssUe Of GRy part Of those retired United
States notes mould amount virtually to a
resh issue of iTredeertable paper ca5ren-
q as a legal tender IN time Of peace,
which looking at it from the point of
new of constitutional power or of
sound policy l cannot give my assent
o directly or indirectly. /
'annOt vote for any measure pretending
o legaliZe the reissue of any part of
he so-called S44,OO0,O00 reserve
instead of providing for the retirement
# the amount illegally issued. -
Senator Sehurz; Of Missouri.
The World adds: Congress has
hus finally won in its contest with
President Grant. 1t has made no steps
oward specie payments as recommend
d in the PRESIDENTS manifesto to Sem
tor Jones, Of Nevada. 1t has taken
way from the President the power
7hich he usurped and exercised without
'arrant of law, in letting out the So
allied reserve to initiate the currency.
There is not one word in any law of
he United States which implies that any ;
ortion of the S400,0OO,OO0 shall be
ED as a reserve. That is merely
mythical creation of the Treasury ]
department. for the purpose of keeping
p the notes which had been can !
lied. "-SeRatOr Sherman, June 90
J has taken away the Presidents I'M i
sed power to call In the reserve and S
lus to contract the currency. 1t has !
wen a legislative Endorsement of that
xecutive initiation which President ,
rant by the hands of the Secretaries t
the Treasury had accomplished
the amount Of S26,000,000. !
has seized and fixed that !
mount of imitation as that below a
hich there shall be no recession by c
W of Congress or act of the Presi- :
mt. r"The fear of contraction re- =
Ilting from taking back into the 1
reasury the S26,OOO,OOO of the ST. L
u, 900 reserve has been taken away" l
,nator Morton, jane 90. The Presi- .
ent has signed the bill and those /
7enty-six million steps further away o
ON specie payments have now all to t
retraced before the country can be :
en- SO near TO specie payments as it G
Is when General Grant became its
lief Magistrate.
THE amusing part of the late agita- a
N in France is the way in which b. Il