The Portland daily press., 1874-12-23

vid Mcfarland, Ellsworth; A. l.. Skinner,
Bucksport: Samuel L. Miller, Waldoboro; w.
HI. Erery, Fairfield; Joseph Brown, Newcas-
tie: Hiram Bass, Camden; Samuel G. Thurlow,
Belfast: Abel Curtis, Machias; Willis NJ. Hay
cock. Ca.ais.
Forty Third Congressional Session.
f .. SENATE.
WASHINGTON, Dec. %.
Mr. Sherman moved that the Senate proceed
to the consideration of the bill for the resump-
ton of specie payments. Agreed to- 80 to IL:
Mr. Schurz inquired if it was the purpose OF
the Senator TO discuss the bill to-day.
Mr.. Sherman replied that he proposed TO
press the bill to a passage to-day or tomorrow.
MIR. Schurz was anxious for return to specie
payment, but thought that due time should De
given for an examination OF the DILL
Mr.. Sherman said it was important that the
financial question be settled, and he thought
that this bill ought to be passed and sent TO the
House without delay.
Mr. Schurz said the details OF this Dill were
of too much Importance to be disposed OF IN
few hours
Mr.. Bayard hoped the bill would not be taken
up till after the holidays.
After debate the bill was read, being con-
Guided at one o'clock, when the Chair announc-
ed that the morning hour had expired and the
II being the bill for the better government OF
the District of Columbia, upon which Mr.. Mer-
rimou was entitled to the floor.
Mr.. Sherman asked Mr.. Merrimon to yield
that the finance bill mi ght he considered, but
he declined.
Senator finished he would move to postpone
the further consideration of the District gov
eminent bill and take up the finance bill.
Mr., Merrimon then addressed the Senate IN
opposition to the amendments OF Mr.. morton
to the District bill, to provide for the election
of Commissioners by the people. instead OF
having them appointed by the President:
Pending the question OH the District bill, be-
ing the motion of Mr.. Morton to provide for
the election of Commissioners by qualified vot-
ers of the District instead OF having them ap.
pointed by the President, Mr. Merrimon spoke
in opposition to it, and entered into lengthy
argument as to the powers of the federal gov
eminent over the District of Columbia.
MIR. Boutwell, introduced bill to amend title
three of the Revised Statutes of the United 9,
States, entitled, Regulation of steam vessels,
Referred to Committee on Commerce.
Mr.. Sargent submitted resolution instruct
ing the Committee ON Appropriations TO inquire
whether the lighthouse board was organized by
the board in the best form to promote its effl-
cheney and harmonious action, A tS th 70;
ing bill to provide better government for the
District of Columbia be laid aside, and that the
Senate proceed to the consideration OF the Dill
to provide for the resumption of specie pay
ments. Agreed to-.
MIR. Sherman said he did not intend to reop-
en- the debate on financial topics of the last SEES
sion The Senate was composed OF the same
persons now and it was idle to reopen 1T. 1t
was now less than three months from the time
of adjournment, and there was general feel
ing that Congress should do somethlng. ne
desired to say to the Senate that every. word
and every line of this bill tended towards the
announcement in the title. The bill might fall
short in many particulars, but it was one which
demanded reasonable concessions from every
Senator. j.
the bilt and said that the first section provid-
ing for the redemption of fractional currency
with CON- met the approval of both the Secre-
tary of the Treasury and the President. The
second section, which repealed the law making
charge of Is of per cent. for conyerung
standard gold bullion into coin, required sac
rifice on the part of the government TO the ex-
tent of $85,000 per annum, that being the
amount levied last year upon those who brought
coin. The third section provided tor free bank
ing. Under the present law banking is virtu-
ally free in some of the Western and Southern
states, but in the great commercial centres OF
the country it was not free. This free banking
section, therefore, provided for the enlargement
of the volume of currency in case the business
of the country demanded it. 1t also proposed
80 Der cent. of the amount of the new bank
notes issued. The section did not propose eth
er contraction or expansion of the currency,
leaving it to be governed by the business wants
of the community. The bill also provided am
pie means to maintain and provide 1or specie
resumption, and no Senator could doubt that,
il the bill became law, specie payments would
be resumed on the first of January, 1879. II
efforts should be made by Senators to engratt
other questions on this bill they would lead to
its defeat. He reviewed the several plans TOR
specie resumption heretofore considered by the
Senate, and said he had been compelled to sur
render his ideas in regard to resumption.
Mr.. SchuIz inquired if the so per cent. legal
tenders redeemed were to be re-issued.
Mr. Sherman said that would be question
for consideration four years IRON now S Nr as as
reduced to S3,O00,000. He did not think any
thing should be said in this bill as to whether
that so per cent. should be destroyed or re-lssu'
ed, No man knew how fast the new notes
would be issued, but their issue would IN
doubtedly revive the business interests OF the
country Before the arrival OF the time when
legal tenders are to be reduced to $500 0OO, OOO,
one or two Congresses would have met and dis
appeared, and he thought it much better to
leave questions of destroying and re-lssulng
that money to the future.
Mr.. Schurz-The Senator then admits that
the Secretary may reissue the eighty per cent.
again?
Mr.. Sherman-I do not make any such ad'
mission.
Continuing his argument, he said it would
not be wise to introduce into this bill contro
versy which would destroy that unity by which
the good it contained would be accomplished:
He approved the bill because every portion OF
it tended to specie payments.
Mr.. Schurz said Congress ought to MAKE tne
bill as clear as possible. The Senator lSher'
man) knew from his own experience that it the
least loop.hole be left the Treasury might re is
sue thirty or forty millions, as it did once be-
fore.
Mr.. Thurman said the first and second sec
lions of the bill were all right, but the third
section, he thought, was very weak. This was
bill of great deal of omission, and the least
possible commission. For year past there
had been free banking in many portions OF the
country, and the consequence was that curren-
cy had increased about million and half dol
lars Pass this bill, and he ventured the asser-
ton that the increase of national bank curren-
cy in the next four years would not be over
5000, 600, and the retirement of greenbacks
not over $S,0OO,00O The panic upon the coun,
try now was the result of the Over-tradlng and
extravaganza, till at last the bubble bursted and
there came season of retrenchment and econ
Ony.
In the history of this country it was shown
that the business of the country never revived
in less period tina n four years after panic
Nothing but true economy and retrenchment
eAS
country prosperous. 1t could be not by tinker.
ing or by bills by which omitted everything and
contained nothing. He offered an amendment
as an additional section, that from and after
June 3Oth, 1876, one-twentieth part OF the Gus
toms duties shall be payable in United States
legal tender notes or in national bank notes, and
after June 30th, 1876, one-eighth, and after
June Both, 1877, one-tfth part thereof may be
paid.
Mr.. Bogy moved to amend the amendment
by striking out all after the word that, in the
first line and inserting in lieu thereof pro-
viso that on and after July 1. 1875, duties on
imports be paid in legal tender notes or coin at
the option Of the importer He spoke at some
length in support of his amendment and md said al
Finance Committee with his amendment at
tached Otherwise he would vote against the
bill.
Mr. Bayard inquired of the Chairman of the
Finance Committee tMr. Sherman) if be would
object to inserting the word destroy after
the word redeem in the I'd section so that it
would read, SIT shall be the duty of the Secre-
tary of Treasury to redeem and destroy the
legal tender U. S. notes IN excess only of $500,
10000, etc"