The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-07
It DO cnangeaDle INTO COIN. Our currency mr.
number OF years had been innrm for three

|
| number OF years had boon innrm for three
Etyst-It is not excnangeablc for coin.
Second-It had ever been subject TO the shifting
VIII Of congress. and currency could be stead
! iast when every year could be tipkered by Con-
gressional maJorites or Congressional coinbina-
TONS
Ths'd-lt ~ nirm because it Is arbitrary, being
| For this bill he could not vote, because il de-
ciared departure from the principles OF honesty
out the whole So 900, 900 reserve il proposed 10
put out and keep out Hredeemab!e bank paper
only smooth the way 10
DISASTER AND DISTRESS HEREAFTER
such q policy spurns the experience OF every
cpoch OF nlstory tralnpleS upon ana violates the
iaith OF the nation. Every department OF the gov
eminent was pledged TO redeem this paper. be.
sloes tue declarations OF The National Conventions
! OF that political party which chose most OF the
senators upon this ioor well a. the Chief Magis-
.rate OF the nation, who was also pledged against
Mr.. STEWART. (rep.) Of New, said the passage OF
Imis Dii was step IN the wrong direction, and
great uLSaster would be sure TO follow. Fhe losses
10 the commerce ana business OF the country would
DC immense, ana this day would long he remem-
the saddest vote he had ever seen in the senate,
and II promises great evil.
mr.. FKELiNGHusES, trep.) or n. j., moved TO ad-
Journ. Lost, by ~ yeas 10 80 nays.
Mr.. ANTHONY, lrep.l Of r. l.. said In tirue OF
profound peace, with all the elements OF prosperity
ana abundance. aud with money plentiful. the
nenaee was about 10 ada largely TO the paper cur
seft the slightest measure looking TO redemption.
he thought such action contrary to all experience
ana all laws or political economy, and would enter
his protest against it by his vote.
A DEMOCRAT RErUDIATES INITIATION.
NM Mr. NJ rnuaMAN ,dem OF Onto sad Alter TOUR
s,cnate-ln disregard OF the recommendations or
the Chief Magistrate, IN disregard OF the recon-
inendationS OF the secretary OF the Treasury and
utter contempt Of the experienced Finance Com
mttee-had adopted measure proposed oY one or
adopted the measure OF a democrat. he (Mr.
thurman could take no credit IN this triumph
which his democratic friend rom North Carolina
(Mr. Merrmon) had achieved. Alter ali their DIS
cussion IL was reserved lort pine woods OF North
country. He tMr. 1nurman) would dsband the
republican party though he could not say the one
TO which he belonged was very solid ON this dues-
ton. (Langhtcr) The action OF the Senate to-day
simply meant that no man or his age would ever
again see in this country the money referred to by
our.ioreiatners and the trainers OF our constitu-
ton.
THE PLEDGE or THE ADMINISTRATIONS.
Mr. En- SaRsENI, rep OF Cal, SAID the passage OF
but he relied upon another department OF the gov
eminent to set right the wrong which had been done
here. This administration had been elected upon
pledge contrary TO this bill. He mr. Sargentl
believed there were men enough IN the East and
in the West to sec any party PERISH or the leader OF
any party perish who attemptedto hood the coun-
try with lrredecmabe currency.
Mr.. aCuEKZ said ne felt humiated Us an Ameri-
can citizen at the action or to-day. Gentlemen
who favored the bill might think themselves bene-
nted, but The day was not lar Distant when they
would curse the hour they gave such vote. The
day was not lar OF when the people would recover
their ana save themselves from these states
men. who would lead the country 10 ruin.
MI. CARPENTER, trep.) OF Wis.,, said he only arose
60 say that those upon his side had agreed among
themselves to remain silent, III order that there
might be vote. They had resolved 10 say nothing,
other.
would be vetoed, ana said such action Oh the part
oil the President would but add 10 his great fame.
Mr. MORTON said there would he an opportunity
TO reply to these most extraordinary speeches, and
he would avail himself OF it, but Tor the present he
PASSAGE or THE BILL
The Dll was then read third time and passed
by-yeas 90 TO nays ~, us follows:
p~ae Harvey Grs kse1ry Lewis
Prai,erson feass Prart ismseys Robertson spencer
aesa eHd censns Cooper
o 81 paS d hasef
Kelley Morrill, Of vermont sargent sanisbnry, scaurs
Messrs Gordon, Brownlow, Mitchell, sprague
Conover, Ransom and Wright. who would nave
voted for the BILL were paired with Messrs. Bayard
Flanagan. Boutwell,, Morrill (of Mainel, Stevenson
Stockton and Edmunds. VINO would have voted
TEXT OF THE MEASURE
The bill as passed reads as folows:-
R,i % S TIC amount Of United States notes aud the
Thar the maximam amount Of United States notes Is
SECTION 2rha si6 tso0Ju notes for circulation in
se sSea 20 naons now By law
tied, and which may be organized hereafter ana sach
Increased circuiauon shall be distributed among
the several States provided in section ] OF the
act entitled AN Act 10 provide tor the redemption OF the
three per centum temporary loan
increase OF national bank noes approved July H. 1870;
and each national banking association organized
hereafter to be organized, shall Keep and maintain
part its required by law one-fourth
coin received by interest bonds Of the United
states deposited security circulating gov
crnmen deposits. and that hereafter only fourth of
the reserve now prescribed by law Tor national banking
associations shall of balances due
available the redemption Of its circulating
from associations i'll cities OF redemption and upon which
balances no interest shall be paid.
The Senate at ha!fpast six O'Clock p. NJ, adj
jOurned.