The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1874-02-18
CONGRESSIONAL.
TUESDAY, February II

Seaate. --Mr. Schurz presented memo.
rial of leading bankers and business mer
of St. Louis, praying q speedy return to
specie payments and an opposing any in.
crease of the currency. 8
Mr.. Spencer, from committee on military
affairs, reported bill in reference to lands
owned by the United States in the city and
county of San. Francisco.
Mr.. Fenton presented memorial from
importers and merchants IN New YORK
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DISTRIBUTION OF THE CURRENCY.
At the expiration of the morning hour
the bill to eaualze the distribution of the
national banking circulation was taken up,
the pending motion being that Of Mr.. Buck
ingham to recommit the bill to the finance
committee.
Mr.. Merrimon moved that the committee
on finance be instructed to report as soon as
practicable bill providing for the increase
of the national bank circulation, so that
the whole volume thereof shall not exceed
$400, 000, 900.
Mr.. Sherman expressed himself as in
favor of free banking, but not free bank
ing without redemption, as had been pro-
posed.
Mr.. Wright opposed the motion to re-
commit. He thought the general govern
ment should be divorced from the banking
business. and would be very sorry to see
the amendment Of MIR. Cameron pass. In
coming years nothing would DO more OF Q
reproach 10 Congress than that 1t legislated
in behalf Of banks when SO many members
of Congress were interested IN banks. He
trusted that no more steps would be taken
for the organization OF national banks. ;.
Mr.. Scott moved to amend Mr.. Merri-
mons amendment by instructlng the com,
mittee to provide for the redemption Of
the national bank currency IN specie OF
interest-bearlng bonds OF the United States
| He favored the motion to recommit. ~
t. Mr.. Ferry (Mich.) said that the motion
to recommit carried with it the question
whether there should be an expansion or
contraction of the currency. There was
nothing to be gained by recommlttal
which would be practical waving OF thu
question before the Senate. l..L
Mr.. Hamlin opposed any increase OF thu
currency. He said he would sooner vot'
to take fifty millions Of banking circula
ton from New England, however un]us
it would be. than to vote for the issue 0
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