The Portland daily press., 1874-06-12
Extension of Patent. Refused.
Forty Third Congress-First Session,
SENATE.

.e SENATE.
rss u WASHINGTON. June 10.
The House bill to admit free of duty articles
intended for the international exhibition of
1876 was passed.
The Claims Committee reported favoraby on
the House bill providing for the payment of
claims awarded by the Southern Claims Com
mission and Mr.. Scott gave notice he would
call it up next Monday
A resolution by Mr.. Anthony to print the
report of the Fish Commissioners for 1878 and
1874 was passed.
The resolution to pay F. w. Sykes, late con-
testant for seat, his salary from March 4,
1873 to May %, 1874, was called up.
The motion of Mr. Hamlin of Maryland to
give him $500 was rejected
Mr.. Carpenters amendment to make it $4,000
was rejected by a rising vote.
Pending the call for the yeas and nays Mr..
Conklng gave notice that the amendment pro-
viding for the payment of Sykes and Spencer
the actual expenses of the contest were ver-
fed under oath.
Mr.. Sargent thought this an extraordinary
proposition and Mr.. Alcorn sad it was humili-
ating to. Mr.. Spencer and did not believe the
Senator would humble himself by accepting it,
The morning hour expired and the report of
the committee on the currency bill was taken
up. The report was explained by Mr.. Morton
as taking away the monopoly feature from the
national banking system, making banking
free. The theory of the bill, said Mr. Morton,
is that five per cent bond will by January,
1873 be at par in coin and that United States
notes, being convertible into them will also be
at par; that, meantime, United States notes
will gradually appreciate from their present
Discount to par and that the appreciation will
be gentle and slow. not exceeding three and
half per cent. per apnum, so that special pay
ments may be brought about without oppres-
sion to the debtor class or arrangement OF the
business of the country Should the theory OF
the bill not be realized, Congress will be in
session when the time arrives for the CONVEX
sion of the notes into bonds and can by legis-
lation relieve the country or banks from any
contraction, arrangement, or evil resulting
from this enactment. The bill is then .prepar-
ed in the spirit of compromise, having IN view
such expansion of the currency as may be
necessary to meet the demands of the country
and at the same time to bring the currency by
a gradual process up to par valne.
Mr.. Sherman thought the bill fair compro-
MISE Both houses desired gradual approach
to specie standard and this bill would secure
that end.
Mr.. Boutwell, desired to ask the Senator from
Ohio and the Committee what knowledge
they had of the condition of affairs which
would exist in 1878, which would justify this
step to specie payments as they dare not
take now The Senate was asked to do thing
three years hence which it did not dare to do
now.
Mr. Sherman said that the Senator from
Massachusetts, disclosed his opinion that the
country could not return to specie payment in
1873 He (Shermau) believed that the United
States had the power and ability to redeem its
notes in two years from this time, ard 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 to
secure the passage of the bill. This bill sub
stantially 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 be perfected by it would satisfy
anybody in its practical operation. He argued
that the bill was on the side of expansion, and
said it provided Ger the conversion OF legal
tenders into bonds after Jan. 1, 1878 That
clause would no doubt appreciate the legal ten
ders to some extent, but at the same time 1t
would depreciate bonds of the United States.
Mr.. Frelinghuysen said he could not vote for
the report He had no doubt of the sincere and
honest effort of the committee to present
measure which would be satisfactory. He be-
lieved there was common desire 20 return to
specie payments, and instead OF this measure
bringing the country tie such payments, 1t pro
vides that such thing should not be until 1878
nd even the bill holder would get bond and
not the gold. These promises would then be
resumed and the country be exactly 10 the
same position as now. He advocated the policy
of accommodating gold, and said that would
] bring the country to specie payment without