The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-27

OF the government to nx the amount of circua-
tion and leave that where it should be left to be
regulated by the wants OF the people. The pro-
vision for lree banking IN this bill mad none OF the
redemption principles 50 essential for safety and
success he announced that he would vote against
the bill.
RESUMPTION NOW PRACTICABLE.
Mr.. MORRILL, trep.) OF VT, argued In favor OF
specie resumption, and said IL was an absurdIty TO
say this country was too poor to undertake the
OF the provisions OF the bin and SAID he fivored
the retirement OF the legal tenders dollar for
dollar as national bank notes should he issued.
n. LOGAN said this BIN had been reported here
by the Finance Committee, ana he had not heard
single member OF the committee speak IN favor OF
It except the chairman, and he Mr. Logan believed
he was rather doubtful. The committee asked the
Senate to vote for the oil when all Its members
The hour offour O'Clock having arrived the CHAIR
announced the ten minutes rule would be
forced IN accordance with the agreement entered
Mir. HOWE, lrep.) OF Wis, SAID he would vote
against reducing the circulation OF legal tenders
and was also opposed to their increase. He would,
therefore, support the bill OF the committee, beIev
ing it best to leave the circulation as it Is at
present.
MI. THURMAN, tlem.) OF OHIO, said, although the
bill OF the gentleman rom Missouri (Mr. Schurz)
should be adopted here, 1t would not pass the
other house alter the vote OF Monday In that body.
Mr. FERRY, rep.l OF Conn.,, said that under no
circumstances would he vote for an expansion OF
the currency. He believed the legally authorized
issue OF greenbacks was 1885, 00O, 600, ana would,
therefore, support the amendment OF the gentle
man from Missouri (Mr. Schurz). There was no
necessity Tor the government to issue an increase
OF irredeemable paper currency. Such action
would be TO dshonor the country at home and
abroad.
REJECTION OF Mr.. scHURzs AMENDMENT.
The question being on the amendment OF Mr..
.hity.six,' - so that the maximum limit OF United
States notes should be 1856, 600 instead of
$685.. O00,0 00 as reported by the committee it was
lost by IL yeas 10 40 nays, as lOows:-
YkAs-Messrs. Anthony, Bayard. Chandler, Conklin,
Gragin FenSn Ferry OF GGnnestieut Frenghaysen
Morrill, c Of Ms anne Morrill, Of Vermont Sargent saus
M N1liisNMessrs. Allison, Bogy, Bore:nsn, Boutwell,
Es5psner conSysr Cooper DAVIS Ferry
Howe, ingalls,, Johnston, Lewis Logan NcCreery, Mer
PeaSe rrat Ramsey Ransom
man, spencer, sprague, stevenson, thurman, Hptor
Messrs. Flanagan, Jones' Kelly, Stockton ana
Edmunds, who would have voted for the amend
ment were paired with Messrs. Brownlow, Dorsey,
Clayton, DENNIS and Wright, who would have
voted against 1t.
THE FOUR HUNDRED MILLION DOLLARS LIMIT
Mr.. WRIGHT, rep.) Of Iowa. moved to strike out
the whole OF the first section OF the oil alter the en-
acting clause and insert that the amount Of United
States notes ior circulation Is hereby fixed at $780,
600, 900.
Mr.. MORRILL,, rep.) Of VT, moved to amend the
substitute by inserting after the word dollars"
as 1OllOwS:-"At which amount 1t shall remain,
until reduced as hereinafter provided"
Mr.. WRIGHT opposed the amendment and said
1t could be adopted afterwards lie thought the
fourth section OF the bill the same as the
amendment Oh the gentleman from Vermont mr.
MOrrilD.
Mr.. CoNKLING, (repJ ofN. Y, said il the amend
ment OF the gentleman from Iowa llr. Wright)
should prevail now 1t would only logical for the
majority voting for 1t To vote down the fourth
ton OF the bill, which provided for the reduction OF
legal tenders down to the sum OF $500 600 900. The
time to resist the amendment now at the thres-
hold, and he hoped the amendment OF the Senator
IRON Vermont (Mr. MorrilD would prevail.
Mr.. SHERMAN said II 1t was the intention OF the
| Senate to declare that as the maximum limit OF
the greenback circulation alarm would be created
| throughout the country. He opposed the amend
| MIR CoNKLING said he knew nothing to equal this
| proposed action since he had been in the Senate
except once, and that was the refusal to insert
the provision forblddlng the Secretary OF the
Treasury to reissue the $44, O0O 600 reserve, be-.
cause some Senators thought 1t was not necessary
! TO Go 80. lie hoped the Senate would not be hood
! winked now, so as not to see the designed differ
ence between the words maximum amount and
! circulation. DID any man suppose II was u mere
matter OF style which led the Senator from Iowa
| (Mr Wright) to use this language? 1t meant to
serve, and If the amendment should be adopted
the reserves could be issued IN addition to the
$4OO, 0O0, 900.
MI. WRIGHT denied that such was his Intention
but he preferred the amendment as he had
worded 1t.
| Mr. UONKLING said the Senator from Iowa would
not waste time over words II they did not mean
something, as the gentlemen went for things not
or words 81, ne r o1nKng hoped Tae a amend
! would be adopted. some one had SAID that amend.
ment could be adopted afterwards. 1t could not
! under the rules, and 1t must he adopted now or
! never. He hoped the Senate would have the
courage to stand up and say what 1t meant Hew
to the line, no matter which way the chips might
Mr.. WRIGHT said the rules would not prevent the
subsequent Adoption OF the amendment or Mr..
! NORTH.
, Mr. SHERMAN said If the Senate should adopt the
words 'lOr circulation" as the gentleman pro-
posed IT could not afterwards strike them out.
MIR. MORTON (rep.) denied that the amendment
of MIR. Wright had any deep and hidden meaning.
Mr.. MORRILL, SAID he did not offer his amend
ment for the purpose OF entanglIng the bill. He
desired to improve IT.
/ The question being on Mr.. Morrls amendment,
~ nllnu
Ter, Conking Cooper Cragln: Davis fenton, Ferry of
OF eys hS%
Maine morrill, Of Vermont sargent salisbury scn W
ieish-ss .u.... uonr un-....n c.-.....-
conorer of Mcan
s ns aSro ew oss
rT% Wes 5
Mr.. SHERMAN moved to strike out the words
sfOr circulation IN Mr.. Wrght's amendment and
insert before the word amount the word "maxi-
! num- 50 that it would read ''maxlmum amount
or United States notes is hereby fixed at
mir. WRIGHT modified his amendment to read in
Mr.. scHuRz, Obj OF Mo-, moved to strike out the
word .amount'' and insert "limit."
Mr.. WRIGHT said he saw no difference between
the words amount and limit.
Mr. CoNKLING inquired why the gentleman in
sisted on the word ''amOunt' II he thought II
meant the same as 'limt."
The amendment to insert the word 'qimip' was
lost without u division.
Mr.. Wrlghts amendment. as modified by him,
was then adopted-yeas 81 TO rs nays-as toi.
/ lows
YEAs-Messrs. Allison, Bogy, Boreman, Carpenter
/ Conover, Ferry OF Michigan, uoldthwae, Goraon Har
vey, Hitchcock, Ingalls,, johnson, Lewis, Logan Nc
Creepy Merrmon, Mitchell, Morton, Norwood, Oeesby
spencer. sprague Upton. West and WINDOW 81.
NAYs-Messrs Anthony, Bayard, Buckingham, Chand
Ter. Confling Cooper Uragin Davis Fenton. Ferry Of
land Hamilton Of Texas, hamn, Howe, Morrill, o
| sherman stevenson. stewart Thurman and Wad
eigh-2o.
Afr. MERRIMON, (dem.) OF N c., moved as q substi
tute Tor the whole bill the foilowng:-
SECTION l--1hat the maximum limit of the United
States notes for circulation Is hereby fixed ut 900
at which sum it shall remain.
SEC 2-Ihat the in notes for circulation, ir
addition to such circulation now allowed by law shall
be issued 70 national banking associations now organ
ICED, which may be hereafter organized and such
creased circulation shall be distributed among the
eral states provided III section Of the act entitled AT
o provide for the redemption OF the three
loan certificates and for increase OF national banl
I notes." approved July IL 1870
FREE BANKING.
Mr. LOGAN moved as an amendment to the sub
stitute OF MIR. MerrimOn the following