Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1874-03-24

when two or three years ago he express
ed similar views He (Schurz) argue,
that the business eenters of the countr1
are full of money at present, and tn
supply of loanable funds abundant
The supply excseded the demand, anC
not the demand the supply. There wa
more money in TIE banks than coulC
find ready investment for good security
Persons who could not get money has
no credit. The business of tn,
country was slowly feeling it
way from the quicksands of the crisis Il
the safe-ground of legitimate enterprise
Senator Morton said that the senatol
from Missouri appeared to be very ia.
miliar with bis record, and he Morton
had been struck with the similarity Of
the ideas of the senator with those ex-
pressed by him some years ago. He
had examined his cid speeches, and now
found out where the senator got his ideas,
Ciz. from old speeches which he Morton1
had delivered, though, Of course, they
had been dressed differently. He did
not object, however, as he thought If his
friend wanted to make a speech on that
side be couldn't do better than to take
/ his Morton old speeches. The senator
had accused him of changing his opin-
1 ions on important questions. Senator
! SchuTZ, IT seemed had changed his opin-
/ ion, too, and on some questions not long
ago he was in full accord with
the Republican party, but he fell
out with it, and did all he could to break
it up. He had perfect right to do so,
however.
Senator SchurZ-But the senator from
Indiana always changes his opinions for
worse. If he had changed them for
better l would have nothing to say.
Laughter
Senator Morton said he remembered
that the gentleman TSchurz1
had changed in another instance.
One time when he was
in the service of Andrew Johnson, and
was sent south to inquire into the con-
dition of affairs, he entertained very
different views from those he had since
expressed.
Senator SchuIz-The fundamental
principles of the Republican party were
specie payment and civil-service reform,
and he was in favor of both. Laughter.
Senator Morton said as to the civil
service reform he had a word to say.
After President Grant took up the sub
ject and put it into practical operation,
the gentleman from Missouri had not
thing more to say.
The chair laid before the senate a
message from the President enclosing
a report Of the board of engineers on
irrigation OF San Joaquin, Tulare and
Sacramento valleys, California. Re-
ferreG.
Mr.. Bayard spoke of the action of the
secretary of the treasury in issuing part
OF the fOrty-four million dollars reserve,
and said it was 8 fragrant violation of
the law. He did not think there was
lawyer or layman who would say that
the reserve was issued in accordance
with law.
Mr.. Wright defended the action of
the secretary.
Senator Sherman hoped now that the
senator from Connecticut TBucking-
haml would withdraw his motion to re-
commit the bill TO equaliZe the distribu-
ton of the currency and he 1Sherman7
would then offer the bill reported by
him to-day as a substitute for
the original bill. The matter would
then Oe directly before the senate.
The chair suggested to the chairman
Of the finance committee that a more
simple way would be to introduce q bill
this evening, and have it made the
special order for tomorrow.
Senator Sherman said that in order to
test the sense of the senate, he would
move to indefinitely postpone the bill to
equalize the distribution of currency,
and take upthe bill reported by him this
morning from the finance committee.
Senator Ferry said so much time had /
been consumed in this discussion, that |
now, upon the eve of taking the vote, it |
would hardly be just to indefinitely
postpone this measure for the purpose Of |
taking up a new one.
Senator Logan took the same view as
the gentleman from Michigan.
Pending the discussion Senator Stew
enson moved to adjourn. TIE motion
was adopted and the senate adjourned.
INTHE HOUSE.
WASHINGTON, March 23.-Under call
of the States bills were introduced and
referred repeating the law which forbids
the payment for army supplies, ETC., to
persons not known to be opposed to the
rebellion.
By Mr.. Averill for the relief of set
tiers on railroad lands; also, granting
lands to Minnesota to endow an astro- |
nOmical observatory and school.
By Mr.. Smith Va authorizing the |
Washington, Cincinnati and st. Louis |
railroad company to extend and con-
struet its line into the District of Co |
lumbia, and through West Virginia, !,
Ohio, Indiana, and Illinois to st. Louis. |
and branch road from some point in |
Indiana to Chicago, and giving a guar /
antee of the United States on its first |
mortgage bonds as sections of the road .
are completed.
Mr. Garfield, from the appropriation /
committee, reports back the senate bill 1
appropriating ten thousand dollars for 1
the expenses of the district investigating /
Passed.
Mr.. Dawes moved to suspend the /
rules and discharge the committee of
the whole from the four hundred mil
lion currency bill, in order to have it
in the house now.
Mr.. Maynard opposed the motion,
that the question was in
vOled ia the general bill reported from
the committee on banking and cur
rency.
Mr.. Butler Mass. asked Mr.. Dawes
whether he would admit amendments.
Mr. Dawes replied that he was in
structed by the committee on ways and
means TO admit amendments that
WOulQ reOuce the sum DelOW four hum
ired million dollars, but not to admit
that would increase the
sum above four hundred million dol
lars.
Mr.. Cox asked Mr.. Dawes what be in
tended to do with the reserve already
out.
MIR. Dawes replied that the amend
ment which he proposed to offer was,
that hereafter the total amount Of Uni
ted States circulation at any one time
shall not exceed fift-siX million dollars,
and directing the secretary Of the treas
ury to withdraw from circulation and
cancel whatever amount of such notes
is now ia circulation beyond that sum,
as soon as can be done consistently with
the exigencies of the treasury.
Mr.. Z. II. Roberts n. Y. desired to
indicate an amendment, which he pro-
posed to offer, fixing the sum at three
hundred and eighty-two million dollars,
the sum now out, but Mr.. Butler OBJ
iected to further debate.
A motion to suspend the rules was sec
onded by a majority Of the house, and
then the rules were suspended by vote
Of 153 to $40.
Mr.. Roberts then offered his amend
ment providing that the total amount of
notes issued, or to be issued,
shall be, and shall never exceed, three