The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1874-04-07
J COW aREis.s. Z
SENATE.

1 ~ eAAS SNAAk Va SA14IlH W AG1
tths aimofiG. W, Curtis Lee, son.Oi tn
Ilste Gen. Lee, to the Arlington estatl
The petition Sccomp anylng the bill re
eognlEea the sacred use TO which III
property has been put, but says the peti
toner should be compensated.
Mg. BogY presented a resolution Of tn
Mies1nti Legislature tavoring the passae
otthe House bill ior The improvement 3
the mouth OF the MissisAippi river. Re
terred.
The bill to provide for the payment o
tho lands Of the Louisville & Portland
Canal Co. was taken up, the pending
question being to refer 1t to the JudiciarI
Committee.
Mesars. Thurman and McCreery Cd,
posed such reference and favored thC
CON lttAl ofthe sfblectt0 theC Commit.
tse ~ finance, which was adopted altel
some oiScussion.
The morning hour having expired tht
Senate resumed confederation OF the bill
q pJlyl6e !os theredsmption Sud reissue
LoiU4iiea State notes,aiid fer free bank
ing.
Tie question pending was the motion
-pl h,Es Merffman TO strike out the entire
bill With exception oithe first and second
sections as amended. These sections fi1
The empupt. Of United States notes q
500 go0. 600, and provide Tor the issue o.
e4s. 1900 additional national bank cir
culGtior.
M fisherman said the effect OF the
motion would be to strike out the flfth
and atrth sections Of the bill as reported
py The Committee, and they had beer
nnAnimously agreed on by the Commit:
tee. To strike ont the fifth and sixth
secttola would be By inference to author.
ize an Increase Of me public debt,
ME- Scott moved, as an amendment Ia
the section authorizing an increase ol
48 POO 300 to the National Bank ,curren,
cy, the following: "And each National
banking Association now organized OF
hereafter to be organized, shall keep and
maintalnas 0 part Of Its reserve required
by lswS 4 one-toutth part Of the coin re-.
ceived By II as interest on bonds oil the
United States, deposited as security fol
circulating notes or government deposits
and that hereafter one oneiourth Of the
receive nov. prescribed by law for Ma.
tom 3anl;fng Associati lions, shall consist
OF hplances due 10 an Association, avail:
abi9 ior the redemption Of Its circulating
medium, from Associations In cities q
Ieda al1dQn, and i1pon Rhiclf Bal nces no
interest shall be paid" =
The amendment was accepted by Mr..
Merrimsn. :" :
Mr. Conkli1g moved an additional
section, as follows: That nothing. in nm
act shall be construed to authorize Un IN.
crease Of the principal OF the public debt
oi the United States :
Mr.. Norton hoped that this section
would not be adopted Il might be that at
some time 1t would be necessary to use
additional greenbacks to carry on the
government, as was the case when the
Secretary hRdto use the legalitender re.
serve TO meet tho current expenses of the
government.
Mr. Sherman argued in favor of the
adoption Of the section. The action Of
the Secretary in Issuing the reserve had
been referred to as necessary to meet the
public necessities. BE (SheFman) did not
approve Of thatactlon, and had declared
over and over again that the act on the
part OF the Secretary was an unlawful
one. = 80 =
The amendment Of Mr.. ConkliDg was
rejectcd-yeas "a. nays 81.
The question then recurred on sub
stitutlng Mr.. MeErimon's substitute. as
amended by Mr.. Scott, Tor the bill of the
COMMITTEES and It was adoptcd-yeas q,
nays "a. e'-' %, ~.
The bill having been considered in the
COMMITTEES Of the Whole, 1t was then re-.
ported, the question being, will the Sen.
ate agree to the bill as agreed upon by the
Committee Of the Whole,
Mr, Sherman then offered as q substi-
tute Tor the entire bill agreed on In Com
mtttee OF the Whole. the bill originally
reported by the Finance Committee,
with certain notifications extending the
time for specie payment to January 1St,
1877, and providing for the retirement Of
90 per cent Of the greenbacks, in proper.
ton TO the National Bank currency Is.
sued. ef.- aIgE 5T1
Mr.. Sherman again spoke Of the i'm.
portAnce Of having something in tho bill
looking towards specie resumption, and
appealed to the Senate to have such o
clause In It. 7i #t'rsFs
MIR. Howe moved that the Senate pro.
coed TO executive business.
Rejected-yeas 25; nays 80.
The question was then taken on the
substitute Of Alr. Sherman, and 1t was re-.
Iected. Yeas 2S; nays %.
The amendments made In Committee
OF the Whole were then concurred in
without "a division, the question. being
shall the bill DO read . third time. Passed.
MIR. Conkling said the bill proposed TO
put out and keep out thewhole lorty.four
million reserve. II proposed to put out
and keep out the irredeemable bank pa.
per. Temporary relief might come from
It, but 1t would only smooth the way TO
disaster and distress hereafter. Such a
policy spurned the experience Of every
epoch ofhistory, and trampled upon and
violated the faith Of the nation. Every
Of the government was
pledged TO redeem this paper, besides the
decl rltion. OK the National Conventions Of
that political party which chose most Of
the Senators on this floor as well as the
chief magistrate OF the nation, who was
also pledged against that policy.
Messrs, Stewart and Anthony protested
against the passage Of the bill
Mr. Thurman said that after four
months deiiberauon the dominant party
In this Senate III disregard Of the recon-
mendations Of the Chief Magistrate, In
disregard Of the recommendations Of the
Secretary Of the Treasury and In utter
contempt Of the experienced Finance
Committee, had adopted a measure pro-
posed by one Of the minority. The great
Republican party had adopted o measure
Of the Democrats. BE (ThurmAn) could
take no credit In this triumph which his
Democratic friend from North Carolina,
Merriman, had achieved. Alter all their
IA g. ~.