New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-03-25
XLIIIp CONGRESSES SESSION.
REGULAR REPORT OF PROCEEDINGS.
SENATE WASHINGTON. March ~, 1874

enactment of the duty on tea and coffee Referred 10
the Committee on Finance. '
Mr.. FRELINGHUYsEN tRep.. N ~ presented peti-
ton tho citizens Of Jersey, asking for the passage
Of q law providing for 9.1 convertible bonds. ke-
ferred 10 the Committee on Finance. .,,.l...I ..L
Mr.. WEST (sep., La.) presented memorial OF the
New-orleans Grange for an increase OF the duty on
sugar, and said that tho present method OF vauing
sugars enables the reners to impose upon tho Govern
ment 70 the prejudice 'of the home produce A 'ne
remedy that abuse Referred TO tho Committee on
Mr. MORTON Gsep., INDY presented petition OF tho
citizens OF Texas alleging that the late Gov Davis OF
that State had been deprived Of his office four months
there in November last was in violation Of law Re-
K hs SSTTss On RSsSsi ana tho
cary Committee rePorssd y9rso on the en-, House o
tSerefrom and on his motion the bill taken up for
consideration Pending discussion, the morning nour
Mr. WADLEIGH CRsp., N. H.. from the Committee
on Military Affairs reported unfayoraeiy on large pS
asked that the Committee be discharged from their fur
Their consideration. 90 ordered. .,.,.,.,. ..
The CHAlRlsd before the senate the credentials OF
from N the State Of Maryland for six years from
also laid before the Senate the esoutons Of the
New.York Chamber Of Commerce on the death
ter Of the Secretary Of the Treasury in response to
resolution OF the Senate in references 70 the prepare
ton Of bonds notes. and fractional currency Referred
f. nit a AZ rsss OF q
against any further issue OF paper money and for
speedy return to specie payment Referred to the Com
mittee on Finance. .il b.. 900.
THE FINANCIAL QUESTION.
The senatei then resumed the consideration Of the
financial measure, and Mr.. SHERMAN tRep., Ohio
moved the pending bill to eQuaize the distribution
OF the National bank currency be laid aside informally
and that Senate take mp the bill to provide for the
redemption and of United States notes and for
free banking reported Dy him from the Finance Com
m
Mr.. SHERMAN then explained the provisions OF the
session the new Finance Committee had been hard at
work perfect bill. Over so different propositions IN
nittee aud it was difficult matter to agree upon
eral plan covering all tho propositions. 1t was
s srf fS aeys snoer aa
experienced by the Committee finding Itself divided
is divided on the subject First. there those who
favored return TO specie payment immediatey sec
third who desired TO some increase In the
TO ane ae ak to
payment. The Finance Committee, to obtain the sense
of the senate b ssa e daV OF Congress at the
present session 10 adopt definite measures TO re-
1859 for the earliest practicable redemption OF United
States notes in COIN upon which long discussion TOOK
rency was re ported and the discussion prolonged.
The bill reported yesterday and just taken up was not
mise and while i had the strength Of compromise 1t
also had the weakness OF such measure There was
views TO extent Others, and unless they should
yield no bill could be passed There ,,n must ,i,I
satisfactory all 1t only remains for the Senate now
to say If this fair compromise whether it would
He then the bill read by sections and explained the
provisions OF each He said that the United states
and deprecated at the rate OF II per cent They had
worth only 40 cents in gold aud were only %
cents. The Committee had reported IN favor OF
Hxng the amount OF United notes at 1884, 100000
at ne
would soon he practicable to get back 10 tue Soooo
oOooo had been n1ed upon because it the best
amount but 1t the amount now In circula
redeemed coin, and something must be done looking
to that end He quoted the annual productions OF
precious metals in this country, the coinage, &C.
and said he was not prepared TO say that
any day could be fixed now for the redemption
OF United States notes In CON- but the time had come
when action should be taken to give these notes
specie standard one plan iGr dns was
another TO allow them TO be converted into bonds He
yS%s SSa pa me aSS s% s 20 Ss
Is62-hat those duties should be collected Ia con-was
sadP Ps Nay But r9 o the fact at
collected in gold during the war We could not have
P pave , sunk oa of On sight this bill did
meet the Sa, he the nopsd This let cons
would adjourn with Increased currency, without any
Da Of wsad Sa S
rich enough advance its notes 10 par in gold with It's
@ s Of tue saT os Bnner In the face the
world and point 70 ourselves as the model Republic and
broken promises Tue panic had been made the reason
for great many extrayagant Ideas. -
II the thought the operations OF this Dill TOO
rapid toward return TO specie payment it could change
the time fixed IL true the Secretary OF the Treas
my had some discretion under this BILL but none to
authorize him to issue rredeemable paper currency
The increase OF the National bank capital under the Oil
would be aoon nS au IN not That the
Secretary Of the Treasury wished TO retire an
nate. were issued 1t mad not been the design of the
Finance Committee TO enter upon any serious Houluca-
tions Of the National Banking act. In conclusion, he
aid that This was not party or sectional struggle but
question involving the faith and honor OF the country
and Congress must provide national currency, we'll
distributed, and gradually approaching redemption
Mr. THURMAN Dem. Ohio) said he had never made
a personal explanaton but he forced to do so now
by what mad been SAID by the Senator from Michigan
had arragued him because he kept quiet through this
discussion. as il Z was not merit not to SPEAK; ne
1r Ferry had infatuated that he was uS shrink rnaS
from S newspapers to support his argument. Before
senator made charges against another he senator senator
mr. ThurmaD) denied that he had ever said the panlc
TO the debtors Of and West into
resumption. He had never made such ridiculous assei
that the panic the result or oyertradng and Con-
gressiona legislation, embarklng In new enterprises
scheme He never uttered a word in favor
Of imitation. but had expressed the g.. opinion
for specie resumption. He was too much or an old |
fashioned Democrat favor embarkinR on any career
OF imitation which meant resumption at all Tue |
senator Mr Ferry had charged him with being absent
from the Senate when votes were taken ON several
amendments In he had the trouble to inquire he
would have ascer aimed that at that time he Mr Thur
mani was on sick bed and unable to be In the Senate.
Had I've been present he would have voted against all
amendments and for the motion TO recomm, as he be-
ieved the Committee the place " perfect tho BILL
and not the Senate
Mr.. FERRY Qsep, Mich) said he had commented on |
the action the Senator expressed by one OF the
leading papers In Cincinnati III he had offended, the |
Journalist had offended He mr. Ferry was stit at
where the Senator stood today, as ne nau
submitted no proposition, plan lie inquired OF inc