The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-26

rial OF the iron, coal and other companies of Ohio
stating that business there Is IN state OF stagna
ton on account OF an insufficient volume of cur
rency. ami asking that the same be increased and
free banking be authorized. Referred to the Com
mttee on Finance.
Mr.. MORTON said the memorial was signed by
1fty-one firms, and, the Senators from Obi O had
not heard OF the petitions for more currency from
that State he desired to call their aiien ton to
this. He also presented resolutions for more cur
rency adopted by large meeting Of business men
at Indianapolis, Ind. Referred to the Committee
ON Finance.
Mr.. FERRY, (rep.) OF Mich. said few days
ago he had the honor to present a memorial for
more currency from merchants OF New York. and
one OF the papers OF that city had been pleased to
question the fact OF the petition being genuine.
He felt THANKFUL to some Of the New York papers
for publishing the memorial in full and indicating
him.
Mr.. LOGAN, (rep.) OF H., presented petition
OF l64 business men of New YORK for an increase
In the volume Of the currency. 1t was referred to
the Flint Committee.
The morning hour having expired the Senate
resumed the consideration OF the bill to provide
Tor the redemption and reissue OF United States
notes. and Tor tree banking.
AMENDMENTS.
&. Mr.. ScHURz, liD.) OF NO., moved to amend
two" ana inserr4ng s.ifty-six,D so That the max
imum limit OF the United States notes should be
$3S6oOOooo. instead OF $685. 100000 as nxed by the
Mr.. wnIGar, (rep.) OF Iowa, gave notice that he
would O1er an amendment to strike ont the whole
OF the 1rst section OF the BILL and insert q section
providing that the amount OF United States notes
for circulation be fixed at $500, 00O, 900.
Mr.. SCHuRz argued against egalZing the por-
ton OF the S44, COO, 900 reserve now In Circulation
and said that 1t had been the intention OF Congress
10 retire taas reserve and there was no authority
Mr.. BAYARD, (dem.) of Del. opposed any increase
Journal OF Congress OF December 1865, where the
Senator from Michigan (lr. Ferry, then menl-
traction.
Mr.. FERRY. Of Michigan, said he did so vote then,
having yielded his Judgment TO that Of the Secre-
tary OIL the treasury. He afterwards saw the Jolly
OF contraction and voted to arrest it.
NO SPECIE RESUMPTION WITHOUT CONTRACTION.
Mr.. BAYARD said whether the road to specie pay
ment be nard or easy 1t must be travelled He aid
not mean to say that by contraction alone could
specie pay ment be reached, but 1t could never be
reached without contraction. He would never
give his vote for any bill which proposed to in.
crease the currency. AS to the reissue OF part OF
tine s44OoOOOO reserve it was without The authority
OF law, and he could not vote for $780, 900 green
back circulation provided for by TINS b as 1t legal
homer TO style any portion OF the greenbacks
which had been retired as reserves.
Mr.. FRELINGHUYsEN, (rep.) or N. j., said he did
not understand that any part OF the $4 600 mad
been cancelled or destroyed. The whole amount had
rotary McCul0ch The law meant that they
should be retired and go into reserve.
which there could not be difference OF opinion,
and now that the Secretary or the Treasury was
nco It was to be expecsed that there or Hs e b
those who would side with him. He lMr. Bayard)
argued that there was but one fund which ever
to s50oO0,O00, and had long since passed out OF
existence.
SECRETARY RICHARDSON DEFENDED.
bates OF Congress- to show that the Secretary OF
the Treasury was perfectly justified in placing the
! construction on the law which he did, and his
actlon IN reissuing portion OF that reserve was
not IN violation OF law. The omission to declare IN
the law that the Secretary Of the Treasury should
| not reissue the money enabled him to construe
the law as concerning The right upon him to reissue
It. The argument made by the gentleman from
ONO (Mr. Shermanl, q few days ago, that the pro-
vision lornIdding the reissue was not put in be.
cause 1t was not deemed advisable to send the bill
back 10 the House Tell to the ground as the bill
was amended in other ways and went back to the
Mr. SHERMAN, rep.) Of Ohio said this legal discus
sion as to the right of the Secretary to issue the
mas ssS @ se o.es aad been
| them. There was good ground Tor difference Of
opinion on the subject, but he hoped it would not
be discussed now. .l,rr
PERTINENT QUESTIONS
Mr.. SCOTT (rep, OF Pa, said after all the discus
sion on this subject, ana having heard all the hnan-
cIal theories lrOm the time of Marco Polo down to
Amasa Walker .rehearsed here, he utterly de-
sbect u It was not his purpose to dscuss the
financial problem generally, but there were three
Mss wn he pledge e lesf IN e
! 1869 to be redeemed Second, what character or
currency shan Congress furnish the people OF the
rency shall be issued 2
He said with either one OF these questions un-
settled business would be unsettled. No sane
man would say that the government could enter
upon specie payment Immediately, and as gold
could not be gwen for notes he would redeem
them in bonds OF the government, which to-day
are as good as gold No financial system could be
devised which would prevent panics. AS to the
character Of the currency 10 be furnished the
people, he desired to see currency redeemable in
gold. He believed there could be paper currency
brought to par II 1t be redeemed gold or bonds.
That currency should be founded the national
faith. Before concluding his remarks Mr.. Scott
yielded 70 MIR. Schurz Tor motion that the Senate
proceed to tile consideration OF executive business.
9 THE VOTE TO BE TAKEN TODAY.
Mr.. SHERMAN gave notice that tomorrow he
would ask the Senate to remain in session until
Two or three decisive votes on the Financial bill
should be reached. tr.
Mr.. LOGAN hoped there would be an agreement
entered into now to commence voting tomorrow
fixed Senators would then be present.
Mr. SHERMAN submitted resolutions providing
that after half-past two O'Clock tomorrow after
noon speeches on the Financial bill be limited to
ten minutes each. F
Mr.. BAYARD objected. He said he did not desire
to see such @ rule adopted There was principle
against limiting debate upon subject like this.
Were It upon an appropriation bill, involving no
important principles. he would not object. He
hoped the Senate OF the United States would be
the place left In the country where the debate
should be lett to the entire discretion OF the men,
bers OF the body.
Mr.. SHERMAN gave notice that tomorrow he
would ask the Senate to pass the resolution.
The motion OF Mr.. Scnurz TO go into executive
session was agreed to.
7ne possibility Of a ne,c issue OF inconrertib,e
paper regard Nth amazen,ent and anxiety, and
in nayjudgnaent, such issue ,coutd De a detri-
r,ent and Shdne.-CHARLEs SUMNER.
THE DTcTRTCT m COTTyMRTA