The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1874-04-02
MlscfIIAMq.
Forty Third COngress-First Sessi ON
-s' The Financial Question. sli-- .
WAsHINaToE, March "a, 1874.
e- SENATE.


Mr.. Morton presented the petition of cit
liens of Indiana and Kentucky asking
that the law of Congress relative to bridges
over the OhiozriEer be amended to re-
quire that bridges over that river shall
have four hundred feet span and pivot
draw of one hundred and sixty feet. Re
ferred
At the expiration OF the morning hour
the Senate laid aside the bill to equalize
the distribution of the currency and took
up the new financial bill reported by Mr..
Sherman from the Committee on Finance
yesterday.
Mr.. Sherman said the bill reported yes
terday and just taken up was not satis-
factory one, as 1t was an unnatural COM
promise, and while it had the strength of
Compromise it had also the weakness of
such measure. There was necessity
for those on each side to yield their views
to some extent to each other, and unless
they should so yield no bill could be pass
ed. There might be some middle ground
agreed npon to make the bill satisfactory
to all. 1t only remained for the Senate
nov to say if this was fair compromise;
whether it would improve our currency
and give the relief demanded. He then
had the bill read by sections. and explain
ed the provisions Of each. He said Unit
ed States notes at this moment are incon-
vertible, irredeemable and deprecated at
the rate Of u per cent. They had depre-
clated ever since their issue, at one time
being worth only forty cents in gold, and
were now worth only ninety cents. The
Committee had reported in favor of taxing
the amount of United States notes at
$3S2, ,000. 900 that being the amount now
outstanding, but he hoped it would soon be
practicable to get back to $356, 900 600
and recover the ground lost by the panic.
The $685., 2,000, 900 had been fixed upon not
because it was the best amount. but be-
cause It was the amount now N ciIcula-
tion, The time must come when these
notes must be redeemed in coin and some
thing must be done looking to the end.
He quoted the annual production of pre-
cious metals IN this country, the coinage,
etc, and said that he was not prepared to
say that any way could be fixed now for
resumption. He hoped Congress would
not adjourn with increased currency with
out any plan of redemption. If such a
cou Sc, should be pursued the country
would be dishonored The United States
was rich enough to advance its notes to
par IL gold with its forty millions to the
II u.
increase Of National Bank oapital under
the bill would be abont $1I0, 600 600 He
did not think it would be any violation of
confidence to state that the Secretary Of the
Treasury wished to retire an equal amount
of greenbacks as National Bank notes
were issued 1t had not been the design
of the Finance Committee to enter upon
/ any serious modification of the National
Banking Act In conclusion, he said this
vas not party or sectional struggle, but
| a question involving the faith aud honor
of the the country, and Congress must
provide National currency, we'll distrib-
uted, and one gradually approaching re.
| demption IN g0ld-iL EEa llsrzaoEC-l
| Mr.. Thurman said he had never made a
personal explanation, but he was forced to
do SO now by what had been said by the
Senator from, Michigan (Ferry) in one oI
his late speeches. That Senator had ar.
raigned him because he kept quiet through
this discussion, as if it was not a merit
not 10 speak. He fThurman) thought
that 10 delay legislation by speaking Was
/ almost crime. The Senator (Ferry) had
/ iptimated that he was shirking from tht
expression Of 6is opinion, and read from
q newspaper to support his argument,
Before Senator made charges against an,
/
4 truth whereof he spoke. He Thurman
4 denied that he had ever said the pani,
was the result of an attempt of creditors O
the East to force debtors of the South auC
II West into specie resumption. He haC
never made sucha ridiculous assertion il
his life lon the contrary he had alwavl
eaid that the panic was the result of over.
trading and Congressional legislation, EN-
barking IN new enterprises, and espeoiali,
in the Nonthern Pacific Railroad scheme
He nevsr uttered q word in favor of ipfia
ton, but had expressed an opinion that b,
was opposed any violent or suddei
measures tor specie resumption. He va
too much Of an old fashioned Democrat t,
favor embarking on any career ofinfiatio1
which meant no resumption at all ThI
Senator (Ferry) had charged him with be
ing absent from the Senate when the vote
were taken on several amendments. Ifh,
had taken the trouble to enquire he woul,
have ascertained at thas time he Thur
mani wrs on a sick bed, and unable to h,
IN the Senate. Had he been present n,
would have voted against all amendment
and for the motion to recommiL, as he be
HeYed IN the Committee was the place Il
perfect the bill and notiR the Senate.
Mr. Ferry said he had commented on the
action ot the Senator, as expressed by on,
otsthe leading papers in Cincinnati. Ifhl
had offended, the Journalist Ind offended
He (Ferryl was still at loss to know
where the Senator stood to-day, as he haC
submitted no proposition, or no plan. he
inquired OF that gentleman (Thurmanl i
he was IN favor Of the bill Just reported by
the Finance Committee. r
Mr.: Thurman said his ispresent belief wa:
that ne wonld oppose it, though he had