The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1874-02-19
CONGRESS.
SENATE.


/ Commerce, protesting against any reduc-
tion In the appropriation for the work OF
tho public buildings In that city. Re-
ferred.
, Mr. Anthony, by request of the chair
! introduced bill TO extend the time fol
tho completion oI the Wisconsin Central
railroad. Referred.
,, MIR. Cameron gave notice that on To-
morrow, alter the expiration oil the morn.
! Ing hour, he would move to take up the
, House bill in relation TO the Centennial
, Exhibition. .' ... t
On motion Of Mr. Wright, the Senate
took up the bill 10 provide for the ap-
polntment Of 8 Commissioner on the sub
ject Of the alcoholic liquor traffic.
Mr., Ferry, oI Conn, opposed the pass.
age Of the bill.
Mr.. Wright said the subject was pro.
per one for investigation:by Congress.
MIR. Conkling agreed with Mr.. Wright
for the expenses OF the Commissioners.
The morning hour expired and the bill
went over.
The Senate resumed the confederation
OF the bill to equalizs the distribution Of
currency.
Mr.. Chandler said that at the proper
time he would offer an amendment, which
he had read for information. 1t provides
that the Secretary OF the Treasury shall
retire and destroy dollar Of legal tender
notes for each dollar Of national bank
notes issued.
Mr.. Howe gave notice that he would
submit an amendment as substitute for
that to be proposed by Mr.. Chandler pro.
viding that tho Secretary OF the Treasury
shall once in each month sell TO the
highest bidder for U. s. notes coupon
bonds equal to 85 per cent Of the addition.
al bank circulation issued during the
month proceeding, which bonds shall
bear interest at the rate OF 8 per cent per
annum, payable quarterly, and the prinCi.
pal shall be payable at the pleasure Of the
Government after ten years from date,
both principal and interest to be paid in
gold coin; but none of said bonds shall be
sold at less than par value, and the U. s.
notes received in exchange therefor shall
not be re.issuod but shall be destroyed.
Mr.. Morton said he would call the atten.
tion ol the Senate TO one evil that would
result from the passage Of this twenty.
five million dollar bill: 1t woul work
contraction Of the currency TO the amount
oftwenty.tive million dollars, because the
banks from which the money was 10 be
taken would understand that they would
be liable to be called upon any day TO re.
turn the money, Rnd they would not
lend It.
MIR. Frelinghuysen said he thought that
there was plan which would accomplish
all that was desired without producing
any embarrassment, BE would say let
the circulation be increased twenty-five
or fifty million dollars, and at. the same
time diminish United States notes to an
equal amount. The result would be that
without increasing tho paper money bank.
ing facilities would be increased In those
sections wanting 1t, and there would be
no withdrawal OF money from the East
to give 10 the West. The distribution of
the increase in the National Bank cur.
rency should be confined to those States
which have not their share. Again,
there should be provision made by
the House SO that banks should
have their notes returned 10 them
at certain times. Thus circulation
would be localized. He would not allow
any one to have the benefit Of creating
national bank unless such applicant pro-
duced license from his State or the
Governor thereof. This would secure
proper location Of the banks, as well as
the proper men to whom this valuable
franchise should be committed. He hoped
this whole subject would be committed
to the Finance Committee. In conclu.
sion, he said he favored the proposition
to. authorize the Secretary Of the Treasury
to accumulate gold with a view to specie
resumption.
After debate, Mr. Cameron said the
Senate was not full enough to-day, and
he would rather the vote be taken to.
morrow, and that the same hour be fixed;
he therefore moved that the Senate pro.
coed 10 the consideration Of executive
business, Rejected rsgrt' &.
The yeas and nays were taken on Mr..
Scotts amendment and 1t was lost. Yeas,
2si nays, 80.
Mr.. Howe moved his amendment as
an amendment to that Of the gentleman
from North Osroliana, Mr.. Merriman.
MIR. Thurman said the effect of this
amendment would be to compel the gov.
eminent to pay nearly two million dollars
per snnnm interest for the sake OF having
a little more money.
Mr.. Howe withdrew hls amendment as
an amendment to that of Mr.. Merrimsn's,
and offered 1t in connection with that OF
Mr. Cameron's, Tor an unlimited Issue OF
6ank currency,' as substitute Tor Mr..
Merriman' g amendment, which instructs
the committee to report bill increasing
the volume Of national bank currency %
four hundred million dollars.
The question being stated by the Chair,
Mr.. Howe said the last change Of front
by him was. mistake, and he would
therefore offer his amendment, ss he at
frat proposed, 10 that Of the gentleman
from North Carolina, Mr.. Merrimau.
4 The vote was taken on Mr.. Howe's
amendmeut--yeas 16; nays 40.
Mr.. Buckingham offered substitute for
herriman's amendment: That tho Fl.
nance Committee be instructed 10 report
a bill 10 provide for free banking; and for
funding legal tender notes into United
States bonds, and ior the redemption Of
United States bonds In legal tender notes.
Rejected,
The question then recurred 10 the
amendmentot Cameron, Tor the repeal Of
all laws restricting the amount oil Nation.
al Bank currency. ,rHl
Mr.. Morton said the Senate was not
full, and he moved to adjourn. The
motion was adopted, and the Senate then
adjourned.
WASHINGTON, Feb. 1s.-Alr. Sawyer
asked leave TO report, from the Commit.
tee on Commerce, a bill 10 extend until
April, 1879, the time for the completion
OF the Green Bay, Sturgeon Bay and
Lake Michigan Ship Canal.
Mr., Storm objected.
Mr.. Holman offered resolution direct.