Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1874-01-22
SENATE.

Numerous petitions for the appoint-
'meat or commission on LIQUOR man.
ufacturc traffic was presented.
Allison presented a petition from
tue Chicago, Dubuque and Minnesota
Railroad Co, Chicago Board az Trade
snd Others, in relation to the construc.
ton Of bridge across the Mississippi
At Clinton, Iowa.
Howe, from the Library Committee,
reported favnrabfy on bill appropri-
atiDg $25, 600 for busts OF the late Chief
Justices Taney and Chase for the Su-
preme Court room. !; Tho bill passed.
The Post Route bill was discussed
TIL tho expiration OF the morning hour.
ltwas ordered when the Senate adj
journed, to-day il be until Monday.
The consideration OF The Finance
Committee resolution was resumed,
and Sherman addressed hesseriate.
\ Tue consideration Of the Finance
Commiftee's resolution was resumed.
Mr.. Sherman addressed the Senate.
Mr.. Sherman said that specie was
the only true standard Of value, and
no other could be established. Bills
of exchange had been used for conve-
nience in heavy settlements. England
AHA KaucS IScu6uACu tHc IiupOTtauCa
Of inaintainiDg Their papertat par val
sue. and didrsc. The United States re-
c0gnized this duty, .but refused to per-
form 1t. The National Banks woulfs
be forced to redeem their notes In coin
If The United Statesd did theirs. Con-
|gresseis bound, by public faith and
good policy, to bring our currency to
q specie standard. Congress had
promised, BY the act OF 1859, from
which he read; 10 do this at the earli-
est practicable monent, but, be, was
sorry, To say, had done no. single act
tendipg to redeem it's pledge. A DOL
lar III greenbacks ID worth no more
now than then. Four hundred mil
lions Of the public debt not due had
been ipaid. but not q single dollar Of
tho debt that was due and VIC had ar-
tually Increased the currency since the
F1Ot of 1859 to the extent Of oycr.eighty-
! two millions IN legal. tenders, fraction
|,al currency and national bank notes.
He argued had it been practicable
during the past four years TO advance
ON tn0tea 70 specie value, Ane-tenth
Fthe amount which had been used to
pay Tie ptibliC. debt not due, would
have restored 1pecie pAynlenfssFhe
demands OF inflAtfonists c00ld never
be met. They would neysr have CUR
|gencyn ncuough. Tho present Was tho
time % stop and bring currency to .
gold standard. He reviewed the IL
|nancial policy Of the Government sincs
tle war and regretted the act of April
lla66, which deprived the holders Of
legal tenders from converting them in.
| to interest bearing bonds at par, de-
claring that more evils had resulted
from that aet than from any other of
our financial system. He spoke Of re.
Issuing the legal tender reserve and
said he thought the spirit Of the act of
Congress wssrgainst ID. -
'He reviewed the plans proposeA for
resumption Of specie payments. and
thought the surest way vas by retir-
/ ing Che notes, but feared the contrac-
! ton Hould be too severe upon the
people. He favored the plan ef tax
inkt some y. 3. bonds which in ordi-
nary times is on q par with gold, and
authorize the conversion Of all notes In
/ TO this kind OF bonds, and mentioned
some plans presented. @
sHe nAxt reviewed some Of the argu-
ments against resumption, and thought
that the only one well taken was that
II would be burdensoIna TO the debtor
ciass. On this account he desired to
zee the return gradual, hut thought
that ncE was tho best time TO .com-
mence, as the people were now IN debt
iess than ever before.
He referred TO the national banking
fsystam, which he ihought,a good one,
Il hut he would prefer to see but. one