The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1874-01-20

Holman, requiring That all oils making ap-
preparations OF money or property, or re-
quiring such appropriations to De made, or
authorizing the payment out of the appro-
priations already made, shall be first con-
sidered in committee of the whole. The
speaker in the course of the decision, stated
the necessity of the proposed bill. The ex-
isting rule on the subject established in
1894, required all proceedings touching APP
preparations of money, to be discussed in
committee of the whole, and if that rule
were before the house without having re-
ceived the construction given to Ii for many
years past, the chair would rule that it EN-
braced everything covered by the
proposed change but that rule
had received a series of constructions
which had too large an extent, and nullified
the safeguard OF that rule. Bills were fire.
quently brought in involving an appropria-
ton to be subsequently made, or be paid out
of some appropriation already made, both
being very clear and palpable evasions of
the spirit of the rule OF 1854. The scope of
the proposed rule was to cure these defects,
so that whenever proposition involves the
payment from the public purse it shall
be, and of right ought to be, discussed
in committee of the whole. 1t was an in
valuable impro cement on the present prac-
tice. This rule was adopted, and the house
entered a discussion on the right of a
member who had voted, but who was not so
recorded, TO have his vote entered. After
the result had been announced, the speaker
ruling in the negative, and several members
arguing to the contrary, the house adjourn
ed, leaving the question to be finally settled
Tomorrow.
WASHINGTON, u. c., Jan. Is.
The Senate, at the expiration of the morning
hour, resumed the consideration of the resolu-
ton reported by the finance committee.
Mr.. Morton reviewed the speech of Senator
Schurz made ye terdsy. and said he could not
agree with the gentleman. He (Morton) be-
leved that, in order to bring our currency 10
par, we must resort to some other means than
contraction. He was opposed to a reduction in
the price of labor or commodities. IL IL be done
IL should be done very gradually. 1he senator
tSchurz) would do IL all at once. He would de
Niagara rails
Mr.. schurz.-The senator was mistaken, he
didn't desire it all 20 be done at once
MIR. Morton replied that he accepted the cor
rection OF the gentleman. a thoughtful sailor
in going from Lake Erie 10 Lake Ontario, will
gradually, hut impulsive one would go over
Niagara, and 1t was so lin regard TO the re-
sumption of specie payment.
Mr.. Fenton said that while he concurred In
the view OF the gentleman from Missouri,
Schurz, he didn't desire to be understood as adj
yOcating rapid withdrawal of the currency. 1t
should be done prudenly and the time fixed to
commence the resumption Of specie payments.
gentleman from New York (Fenton) like
That offered by the gentleman from Missouri
iMr. SchurZl contraction OF the currency. IL
would be well for the country 90 understand
now that the proposition Is that we return TO
specie payment by a contraction of the cur
rency. The great body OF the people Of the
northwest, ana he believed of the south, now
thought the currency circulation too small
He argued that the United states could not be
guided by the experience of England in
the matter OF contraction. There was
hardly n man In England living } miles from
bank and most of them lived in towns and viii
lagos IN sight of banks. Facilities for bank cred
1 a nd ~
a volume OF currency. England. with her ST.
0O,OOO people. had S6cO,OO0,0OO currency, and the
United States, with her 400000O0 of people, had
sSO0,0O,0OO currency. He did not think our cur
rency redundant. Ii had been argued thatwe had
built railroads too fast. He did not believe a
railroad too many. Probably sometimes they
had been built in advance OF the settlement, but
they were always the pioneers OF civilization
lie inquired of the gentleman from Missouri
| (Schurzl what countries had made the greatest
progress in the last ten years.
SchurZ replied that he could not answer now,
not having the statistics before him.
Mr.. Morton said he had been Informed that
Austria, Russia, Germany and Italy had made
such progress. Austria the greatest comparative
~ speaking TO the United States, Russia next,
Rod, the currency of Austria had been at a dis
count OF from TO ~ per cent; that of Russia
where from 5 to % per cent. He desired TO again
state that the recent panic in our country did
not spring out of any defect in our currency.
panic but on the contrary increased in value.
He saw behind all this contraction argument,
the
OLD STATE BANKING SYSTEM
Looking up. He hoped the country would
never return 10 that system. nor anything like
ii. file had understood that his friends on the
other side of the house (the democrats), with but
two exceptions, opposed the present national
banking system. One of the senators from
Missouri (Afr, Bogy) few days since said his
state wanted more currency, while the other
(Mr. Schurzl yesterday said it had too much.
Which of these gentlemen represented the peo-
pie? He ventured to say the former Mr.. Bogy)
represented the great majority.
Mr. Morton, in conclusion, argued that the pol
| ley of con ractiOn was disastrous and ruinOus.
lie would rather see the currency increased 3
currency TO day, compared with the wealth and
business of the country, than there was years
the country at that time. These things were not
to be whistled down and settled by the visions
Of John Stuart Mill: The system OF wages and
this country than the map of Europe would an
swer for the map OF North America.
Mr.. Howe, of Wisconsin, said that so many
! plans had been devised that he began to think
| it would be unpatrfotic in him not to say some
4 thing. and he had therefore given notice n few
cordance with such notice, he had sent TO the
clerks desk and had read n bill, the title OF
which is, bill to provide for the gradual with
drawal from circulation of the irredeemable
national notes, and the substitution therefor of
unjust restrictions upon banks of issue, and
upon the amount of circulation. He
said he thought the country was doing
business on scaffold a good way MP
! frum the solid ground, sustained by
"a statute. Repeal that statute and business win
tumble down. He didn't propose 10 disturb the
volume of currency, but steadily appreciate It's
value. He advocated the passage of the bill and
expressed III opinion that IL would be the safest
/ road to return to specie payment. The govern
Inent should maintain neutrality between
those who demand more and those who demand
| less currency.
! Mr.. Sherman, of OHIO, announced that he
would speak on the resolution tomorrow, If no
other senator desired to do so.
| Mr.. Schurz, OF Missouri, said il had been sug-
gested to him by the senator from Mass
| achuse:ts, Boutwell,, that he had done him an
injustice in his speech yesterday, in saying that
/ he Boutwell,. had advocated the doctrine that
| the government was bound only by its own
pleasure In redeeming legal tender notes, and
might not therefore redeem them at ALL If 1t
\ we're able to do 80. He had certainly no inten-
tion to do Mr.: Boutwell, any injustice.