The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1874-01-27

1',r i1leBai Young DelOre d uOge mart, OF the
United States Supreme Court, stating that
Der trial was not q fair one and that her con-
viction was in violation of the statute, and
asking that the fine imposed be emitted.
Referred.
petition of Philsdel phia merchants asking
the enactment of q law to provide for the
issue of 3 65-l00 bonds into which legal ten
ders may be converted. Referred. Also, a
petition of the citizens of Pittsburg, asking
to be reimbursed for expenditures incurred
in terrifying the city in 1863, in accordance
with the order Of the secretary of war. Re-
ferred.
MIR. Sherman of Ohio, introduced a reso-
luton instructing the commit ee on public
buildings and grounds to inquire into the
expepiency of suspending the expenditure
OF appropriations for all public buildings
upon which work has not been commenced,
and to cover such unexpended appropria-
tons into the treasury.
Mr.. Morton. of Indiana, submitted the
following resolution, which was laid on the
table:
tation routes to the seaboard be instructed
to consider and reoort bill creating COM
mission of five eminent and skilled persons
to be appointed by the president by and
with the advice and consent of the senate,
who shall examine and report to congress
what legislation is necessary and practicable
in regard to interstate railroads, TO promote
the following objects, viz:
The speedy transportation at reasonable
rate of freight and passengers.
The safety and comfort of passengers by
providing for the inspection of bridges,
tracks, locomotives and cars, and the reform
of any abuses that may exist in consequence
of extortion or unjust discrimination in
transportation of freight and passengers,
and in general, what regulations are Eeces-
sary to promote the efficiency OF railroads,
the interests of commerce and the conven-
fence and safety of the travelling public.
Mr.. Morton said that on Tuesday next he
would take short time to express his views
on thu subject.
Mr.Anthony, from tn committee on prin-
ting, reported favorably on the resolution
making it unlawful for the congressional
printer to print in the Congressional Record
any speech or part of speech hot actually
delivered in the senate or house of repre-
sentatives. Passed.
| Mr.. Davis, of Pennsylvania, introduced a
bill for the further Improvement. of the
Great Kanawha river. Referred.
| Mr.. Morton offered an additional rule to
those of the senate, declaring that no amend
ment to any bill for the creation of post
route shall be in order until after the refer
ence of such amendment to the committee
| on post offices and post roads. Referred.
| The morning hour having expired, the
consideration of the finance resolution was
resumed. Mr.. Boutwell,, of Massachusetts,.
addressed the senate. - He said the senator
from Missouri, Schurz. had been pleased to
arraign him for an opinion incidentally ex-
pressed on the financial question in this
chamber, and perhaps more at large stated
! elsewhere, and was pleased to characterize
these opinions as "do nothing policy
Those opinions during the past five years
were embodied in the financial policy OF
I1tl hror1 nl.oc
| of the government. The financial difficulty
through which the country had recently
passed had taught lesson. AS a teacher II
/ should be respected, but as a dictator, de-
manding that a policy tried should he
abandoned and one not tried be entered
upon, 1t was not worth attention. The num-
Der of failures of
LEGITIMATE BUSINESS MEN
During the late troubles were few. La
boring classes alone have suffered, and they
alone are the persons entitled to considera
ton, and to their interests he thought con
gress should now address itself He hoped
to be able to show that an imitation of pa
per currency would inflict standing and
lasting evils upon laboring men. He con
tended that there was frequently an lnfa
ton of currency in New York, and it's evil,
were disastrous. There is natural process
by which currency, whether paper or coin
used for the purpose of business, will accu
mulate in a particular place. When every
power of legislation should have beer
exhausted for the purpose Of dis
try, the result would be fail
ure. Currency will flow where it be
longs, and therefore naturally accumulat
in the city of New York. The banks o. tn,
city of New York, acting upon practice al
, most universal. pay interest on deposits, anC
| tbkar is hat of IN,
ing in Chicago, ST. Louis and other points
flows into New York. Fifty, sixty, o
seventy million dollars after being held Their
subject to call, and the accumulation of cur
, rency in New York by artificial means, Lex
. to an initiation of currency in that city ant
to specuIations, followed by disaster am
ruin. An imitation of the currency of tn
country would in time produce the same re
suits. He was therefore opposed to any in
crease in the volume OF the par or money O
the country, and, on the other hand, was op
posed to the contraction of the currency
He did not think deprecated currency il
itself great evil. BY that, he mean
to say that if the currency be deprecated
and prices and products OF labor be
come accommodated to that state o
things there are no substantials affectin.
the general prosperity of the country. TIL,
authority of the Il easury department to us,
the S44, 100000 of legal tender reserve, ough
never to have been questioned, but he trust
ed that the debate would settle the lega
right to use it whenever an emergency Oc
CURED, bearing in mind always that it was
not to be added to the volume of the cur
rency when issued, but to be restored to the
treasury as soon as practicable.
Mr.. Schurz. / understand that the gentle.
man maintains that the treasury had a legal
right to issue S44 900 600. Does he also main.
tain that the department has the legal right
to withdraw it sgaini
Mr.. Boutwell,. Keeping in view the legis-
lation of congress-, it was the duty of the
secretary Of the treasury to do so. Deducing
from the policy of congress- his conclusions
would be that 1856, 600, 900 was the amount OF
currency to be kept in circulation, and when
the exigency passed 1t was the duty of the
secretary to reduce the volume of currency
to 1856 600 600. He argued that the issue OF
the S44 600, 600, in his Judgment, was consis-
tent with the public interest in the highest