Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1874-12-23
Congressional Proceedings.
SENATE.

TUESDAY, december ~.
Pending the question on the District of Colum-
ba bill--being the motion of Mr.. Morton, to pro-
vide for the election of Commissioners by qualified
voters of the District, instead Of having them ap
pointed by the President-Mr. Merriman spoke in
opposition to it, and entered into lengthy argu-
ment as to the powers of the federal government
over the District of Columbia.
Mr.. Boutwell, introduced bill to amend title 3
of the revised statutes of the United States, enttl
ed Regulations of steam vessels"
Referred to the committee on commerce.
Mr.. Sargent submitted resolution instructing
the light house board, as organized by the board
is in the best form to promote Its efficiency and
harmonious action.
Agreed to.
Mr.. Sherman, of Ohio, moved that the pending
bill, to provide better government for the Dis
trct of Columbia be laid aside, and that the SEN
ate proceed to consideration of the bill to pro-
vide for the resumption Of specie payments.
Agreed to.
Nj. sherman said he did not intend to reopen
the debate on the financial topics of the last ses
sion. The Senate was composed Of the same per-
sons now, and it was idle to reopen it. 1t now
less than three months from the time of adjourn
ment and that there was general feeling that
Congress should do something.
He desired to say to the Senate that cverA word
and every line of this bill tended to the announce
ment in the title. The bill might fall short in
many particulars, but 1t was one that demanded
reasonable concession from every Senator.
He then explained the various provisions of the
bill, and said that the first section providing for
the redemption of the fractional currency with
coin met the approval of both the Secretary of the
Treasury and the President.
The second section, which repealed the law
making charge of one-ffth per cent. for convert
ing standard gold bullion into coin, required q
sacrifice on the part of the government to the ex-
tent of $50, 900 per annum, that being the amount
levied last year upon those who brought gold bull
ion to be made into coin.
The third section provided for free banking.
Under the present law banking is viltcaly free in
some Of the Southern and Western States, but in
the great commercial centres of the country it
not free. This free banking section therefore,
provided for the enlargement Of the volume of the
currency in case the business of the country de-
manded it. 1t also proposed to redeem United
States notes to the extent of Sper cent. OF the
amount of new bank notes issued.
The section did not propose either contraction
or expansion of the currency, leaving it to be
governed by the business wants Of the communi-
ty.
The bill also provided ample means to maintain
and provide far specie resumption, and no Senator
could doubt that if the bill became law specie
payments would be resumed ON the first of Janu-
uar, 1879. If efforts should be made by Senators
to engraf other questions on the bill, they would
lead to its defeat.
lie reviewed the several plans for specie re-
sumption heretofore considered by the Senate and
salu ne nau Deeu couPcueu W SuTTeuucT us lucas
in regard to resumption.
Mr.. Schuz enquired if the eighty per cent. of
legal tenders redeemed were to be reissued.
Mr.. Sherman said that would be question for
consideration four years from now, Or soon as
the amount of legal tender shall be reduced to
$500, OO0, 900. He did not think anything should
be said in the bill to whether that point should
be destroyed or reissued. No man knows how
fast the new notes will be issued but their issue
would undoubtedly revive the business interests of
| the country before the arrival of the time when
legal tenders are to be reduced to $500 900 900
one or two Congresses would have met and disap-
peared, and he thought it much better to leave the
question Of destroying and reissuing that money
i to the future.
| Mr.. Schurz-The Senator then admits that the
| Secretary may reissue the 50 per cent.
| Mr. Sherman-I do not make any such sdmis-
| sion.
Continuing his argument he said it would not
| be wise to introduce in this bill controversy
which would destroy that unity by which the good
it contained could be accomplished
He approved the bill because every portion Of il
tended to specie payments.
Mr.. Schurz said Congress ought 10 make the
bill as clear IS possible. The Senator SHERMAN
knew from his own experience that if the leas