The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1874-06-12
BY TELEGRAPH.
48D CONGRESs....FIRST SESSION.

The morning hour having expired, the
Senate took up the report of the conference
committee on the currency question. The
report was read at length, and Morton cX-
planned the bill in detail He concluded by
saying that the bill has been prepared in
spirit of compromise, having in view such
an expansion of currency as may he neces-
sary to meet the demands of the country,
aud at the same time to bring the currency.
by gradual process, up 10 par value.
MIR. Sherman thought the bill a fair com
promise. Both houses desired gradual
approach 10 specie standard, and this bill
would secure that end.
Mr.. Boutwell, said lac desired to ask the
senator from Ohio and the committee what
knowledge they had of the condition of
affairs which would exist in 1873 which
would justify this step TO specie pay
meus-a step which they did not dare to
take now The Senate was asked to do
thing three years hence which it did not
dare TO do now, and who knew what the
condition of affairs would be then?
Mr.. Sherman said that the senator from
Massachusetts disclosed his opinion that
the country could not return to specie pay
ments in 1873 He, Sherman. believed the
United States of America has the power
and ability TO redeem its notes in two years
from this time, and the fears of these
gentlemen who were unwilling to take an
affirmative policy would disappear. He
would have been glad to have the time
fixed for 1877, but yielded his views on
that point in order to secure the passage of
the bill. This bill substantially secured the
results which had been desired, and he
hoped The senators would not turn their
backs upon it.
Mr. Morrill, of Vermont said he could not
vote for the report as he did not believe the
bill proposed to he perfected by 1t would
satisfy anybody in its practical operations
He argued that the bill was on the side Of
expansion. and said it provided for the con-
version of legal tenders into bonds after
Jan. 1st. 1873, that claims would no doubt
appreciate legal tenders to some extent.
but at the same time it would deprecate
the bonds of the United States.
Mr. Jones of Nevada, said it seemed
20 him that this bill bristtlcs all
over with initiation. He did not share with
the senator from Ohio, Mr. Sherman, his
confidence that legislation would not be
changed before January, 1878, in such a
manner as 10 entirely ignore every feature
of this bill He (.Jones) did not know that
lanation under this bill would be immed
ate. There had been great talk about re
sumption of specie payment, but it was ut
terly impossible to resume specie payment
with this great volume of grcenbacks in
circulation.
The bill also proprose'l to make green
backs rcdecmable in bonds and then re-
issue them Mr. Jones laid it down as a
proposition which had never been disputed
that specie payment can never be maintain
cd without contraction of the volume of
currency. The bill would have the effect
TO raise the price of greenbacks IL few cents,
but il would also depreciate bonds to
small extent. He denied that the bill
would ever bring the country to specie pay
mcnts. and all fluctuations now complained
of would be Just ms bad after January,
1873. Gold would not remain in the coun
try when the price of everything would be
so high as to drive it out and the revulsiou
would he ton times greater than if the
country should return to specie payment
to-day. Initiate the currency and it fur.
nishc' money which can neither he boarded
nor exported. lie thought that the bill
travelled in Il circle, and expressed the
opinion that the only way to restore the
country TO prosperity was to return TO the
true standard Of value Instead of 10y an
arbitrary measure for raising the price of
greenbacls, it would be far easier to re-
duce the volume thereof so that it would
approximate the price of gold
lie believed it easy to return to specie
payment within two years without any
danger to the interests of the country. He
protested against the passage Of this report
He believed that its friends did not know
that its effects would be evil, and only evil
would spring out of its passage. He was
opposed to any propositions which had at
tempted to override what God himself had
made as money. lie thought when the
country catered upon gold basis it would
enter upon an era of prosperity which
would be unbrokcn for a century.
Pending discussion on the conference re-
port on the currency bill, the senate, at 6
o'clock, proceeded to the consideration of
executive business, and soon after adjourn
cd
HOUSE.
mittcc of the whole. Mr.. Dawes in the
chair. On sundry civil appropriation bills
it appropriates S23, G27,7l3.
The first paragraph in the bill was an APP
preparation of 81, 745, SOY for public print
ing and papers, including the cost of print
ing debates, with provision that the wages
of government printers and binders shall
not be above the average price of similar
work in New York, Philadelphia and
Baltimore.
On motion of Mr.. Hawley, of Con
nectcut, after discussion extending over
an hour and half } the provision in regard
to the wages of printers and binders was
striker out.
On motion of Mr.. Woodford, after 4
brief discussion, the item to pay the widow
of the late Mr. Melisl his salary till the
date OF his successors election, was amen
ded by allowing the salary to the end of the
present Congress.
Mr. Kellogg olIeredan item appropriatinl
| S25 900 to enable the President TO carr,