The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-02-18
The NATIONAL CURRENCY QUESTION.

The morning hour having expired, the Senate
resumed the consideration OF the bill to equalize
the distribution OF the currency, the pending mo-
ton being that Of Mr.. Buckingham TO rec0mmit
the bill to the Finance Committee.
Mr.. MERRIMON, dem) OF N. c., moved an amend
ment to instruct that committee to report as soon
as practicable a bill providing for increase Of
the national bank circulation, that the whole
volume thereof should not exceed $500. OO0, oO0
Mr.. WRIGHT, rep.) Of Iowa. said he would OPP
pose motion to recOmmlt the bill. He believed
the government should be divorced from the bank
ing business and would not like to see the amend
ment OF the Senator from Pennsylvania mr.
Cameron) passed. He gave it as note OF warn
ing that in coming years nothing would be such a
reprOach to the action OF Congress as the fact Of
its legislation to organize banks where members
OF Cong ess became members Of such banks and
legslated upon the subject He hoped no further
steps would be taken towards the organization Of
national banks.
Mr.. SCOTT submitted an amendment to that OF
Mr.. MerrimOn providing for the redemption of the
whole body OF the national bank currency in specie
interest bearing bonds OF the United States. He
said he hoped the motion to recommit would be
adopted. The best way to dispose OF this whole
question was to refer it back to the committee and
get their views on the subject.
Mr.. FERRY. lrepJ Of Mich, said the question to
whether there should be an expansion or contrac-
ton OF the currency. He could see nothing to be
gained by the recommittal, as the committee must
report upon the same subject anu the whole de-
bate would be gone over again. The effect of the
motion to recommit vas practically to waive the
question before the Senate.
MIR. SHERMAN, (rep) OF Ohio, said the PROPOSE
tions looking to a coin redemption were impracti-
cable. as there was not enough coin in the coun-
try, ana we could not draw to this country any
large sum Of com without disturbing the monetary
TO our disadvantage The United States now has
$780, 900 OF its notes outstanding which 1t has
ne giving op eacn note Son@ on
which the interest would be paid promptly It had
aa ta tn the result wGsd be
that such would be the case. The money
would now into the Treasury and could be paid
Should be established there must be coupled with
administration OF General Grant commenced with
the solemn declaration that the greenbacKs should
be made good as gold nothing had yet been done
/ looking to that end, but instead 1t was now pro-
posed to increase the currency again. He thought
the proposition Of his iriend tMr. Cameron) for an
| II adopted, would array against our promises to
pay the whole banking interests Of me country
against IL. The Senator from Pennsylvania (Mr.
Cameron) by mis- proposition was attempting to
create balloon with bladder, and he mad neither
basket, ropes nor ballast. He mir. Snerman)
hoped this dill would be stripped Of all things
thrown around it, and passed as reported by the
committee. The other questions could be deter
mined afterw ards.
any balloon without drags. He would take such
men as his friend from ohio (Mr. Sherman) who
He MT Uameron Believed the country woTId re
sumo specie payment In due time. Give the peo-
pie time to WORK out their necessities and specie
payment would be resumed The country could
| soon resume II these greenbacks were out or the
way, and he proposed ev ms substitute to take
back TO the committee they would still have
| their own notions and would endeav0r to
strengthen such notions before reporting. The
result would be that 1t would come back in such
chaotic condition that the whole question would
Mr.. MORTON, (rep.) OF Ind. said the motion to
refer was a seductive one, and there was no good
reason for 1t. The committee had already con-
sidered the subject nearly four months, and all
they offered was what his friend (Mr Sherman)
called this little b' to take $25 oOO, 600 from New
was excuse for thus act OIL spoliation upon New
England, except upon the principle that the cur
ANY withdrawal OF the currency would result dis
astrousy to New England.
MONEY! Was Sound to now to New Enaand hut tn he
would ask why it that last lall cotton could not
be sold for ten OF even i've cents pound in the
South when IL was worth fifteen CentsY There
demand for 1t In the East, but the money was
not there to buy it.
Mr.. MORTON SAID II this national banking system
could not be adjusted to the wants OF the whole
country i must give way: Although he detesled
friends from the South that neither lie nor
ns Mould , Se yoaS ns Inn wen
BY violence FROM the banks OF three
or four States ana distributed among Others
He had no idea that SUCH a proposition would ever
become q law 1t was deIusiOn. There had
been a sort oil weakness running through this de-
bate and that was That the demand for more cur
rency was an attack upon New England. VINO
made that attack He did not; neither did those
an n 5 te CT fh was
and wanted to withdraw the SIS, 100000 from that
MIR. HAMLIN said he was disposed to give the
South and West more banks, but he would vote to
take s5O.oOO,OOO from New England and give
to increase the irredeemabe paper cur.
rency one dollar. New England organized
Il was pocsine to its very centre They claimed
that this circulation was worth something now,
aud it weuld be unfair to take it away. However,
rather than meet the hazards aud evils OF giving
more irredeemable paper currency he would vote
tn take away from New England more tnan that
ing the currency might as well be met here aud
now. 1t was the labor OF the country which must
country and, II the currency be Increased, the
time for payment would be prolonged. We had
gSe sS ta woed Se ss n o, ase
the volume OF currency and thus go over
the ground again which had been already trodden.
He thought IL unwse that the Senate Of the United
states, as reasonable, sane men, wnen the sun OF
the nineteenth century Is going down, should be
here asking Tor more irredeemable paper money.
When the door should be open to such currency
without limitation he gave notice that those
establish four banks to one established in the
states now having less than their proportion.
MIR. THURMAN, tdem) OF Ohio, said 1t had been
said that the American people were eminentiy
practical, but he was sorry the same could not be
SAID OF the Senate Of the United States. The
Senate would not let any single measure Of the
committee 60 through, but loaded it with all
OF propositions on the general subject. The COM
mittee was fully competent to act upon each sub
jet separately, aud one should not thus be loaded
down with others. He favored the re.
was to be stable and was to be elastic To
be stable, that Is to be fixed. and to be elastic Is
that 1t Is not to be fixed. (I.aughter5 He had
never heard Of such thing since General JACK
sons famous letter that a jud4ciOus tariff cap
tured Pennsylvania. He did not believe in in
structing the committee, but desired the subject
to be recOmmitted without INSTRUCTIONS.
Pending the discussion the Senate. q few min