The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-24

RK HERALD, TUESDAY,
t. spproysd nsrsS Be ana the
anna s f. ss os or
Issued shall never exceed sSOaooo,c00. ''''' ''
The following ID the vote IN detaii:-
YnAs-Ms.srs Adams, Arthur, Ashe, Atkins A S
\ cq$Ss SlsS
s S:~ ssssf si
Fsd
y .xsS s Saas,sa
Hubbell, Hunter unton Hurbut, Hyde. 6asson. KILN
fss AniHs ss, aiss', n ryssS ass
MSnTos Myers Neal Segsy SSe
Ph vsn
RoSn 81 BIAS
Ross susk, sayor indiana savior Ohio scadder Of
ssnss
s, q
WIia%s Wisconsin, Williams q iSSls8a, Nil,s%;
sSa and
NAss@Messrs. Albert. Archer. ssrnam, Bass, srom-
COX
Harris q Msssachasssts HARVEY Of ooanseticq lien;
f sopfr Tsy
ss aqtFs sn Ps &
feHce s sans RnSSs r fse
KoSerts sawyer Sehumaker scene% scSddsr OF New
Stone, Storm, To%ase$a. .Trsnain, %slaTcn, ward p
willard Of OIL Michigan and woodiord-H 7"'N VI '"'
Mr. BUTLER said that ne had voted for the bill
because representing the interests OF New Eng
land. he did not think II worth while to ding her
directly in the face OF the whole country
Counter Petitions Flooding the Senate
on the Question OF Tnhation-Opposing
Interests OF New York Merchants-The
Equalization Bill-Nr. Sherman's SUBJ
stitute-Free Banking and Retirement
Of Grecnbacks-Spcech Of Mr.. Morton.
WASHINGTON, March %. 1874.
In the Senate Mr.. FERRY, rep.) of Mich,
presented petition, signed by 700 of the business
men OF New York, asking that the volume Of legal
tenders be fixed at $4 600, 600 and favOring free
banking. lie read from letter accompanying the
petition in which the writer said that until within
a few weeks past he had been or the opinion that
nearly every in that city opposed any increase
in the volume OF currency; but recently he had
been more intimately associated with dry goods
men and others and had found the head OF nearly
every business establishment In favor OF more
currency and Tree banking. Mr. Ferry said his
attention had been called to an implication by the
metropolitan press that the signatures to the Pc
tttion formerly presented by him from New York
merchants for more currency were not genuine.
He knew nothing of the men who signed the
paper, but, in his Judgment, those signatures were
genuine. The one he now presented was signed
by Francis skiddy, E. H. Purdy Co., Fernandez
& Colvo, A. ]. Aiken Co. and others. The petition
was referred to the Committee on Finance.
He also presented q petition Of citizens Of Wayne
county Michigan, asking that legal tenders be
substituted for national bank notes. It was re-
ferred to the Committee on Finance.
THE COTTON EXCHANGE ON INITIATION.
Mr.. CoNKLlNa also presented . preamble and
resolution Of the New York Cotton Exchange,
which, ne said, was signed by every member there
Of expressing the belief that any additional issue
OF paper money by the government would be in
curious to the nation, as the country was already
sunering from an overabundant issue OF such
money, and asking legislation Tor speedy return
to specie pay ment. He said the reading OF the let
ter BY the Senator from Michigan (Mr. Ferry in.
duced him tMr. Conkllngl to read an extract from
letter OF Grinnen, Minturn Co., IN which they
had presented memorials Of New york merchants
Tor an increased circulation, and the writer's sad
think any prominent merchants OF that city had
signed memorial for expansion. and that bust
ness men were opposed to imitation.
NECESSITY OF IMMEDIATE ACTION.
Mr.. CoNKLING said he would move the reference
OF the memorial to the Committee on Finance, and
would ask the Senate to indulge him to submit
some remarks on that motion: Since the first
speech Of his friend end rom Illinois lMr Logan he
but in the interior OF New York State also, and
had met many discerning persons, not persons
f1ntn
he could appeal to get the sense of the community.
In one thing pertaining to this financial business
all agreed, republicans and democrats, cOntrac.
tionfsts and innationsts, and that was the great
duty as well as necessity resting upon Congress to
see that whatever is 10 be done on this subject be
to great extent is paralyzed. owing to the uncer
tainty. felt: No man knew by what standard
suppose this was owing wholly to the inactivity OF
the senate, but believed great part Of IL was due
to that fact. The members or this body must GER
tainly be instructed now as much as they possibly
could be by discussion, and the sentiment was uni
versal throughout the country for immediate ac-
tiOn Congress owed 1t to itself and to the people
to lose not moment, day or hour in making an
end OF this debate. II there was to be imitation
let the people know it; or ii no action was to be
taken let that TACT be stated. Either one Of these
vance Such signal should be given, and Congress
should no longer keep the business of the country
hanging between heaven and earth, like Ma
hornets cOffin He would say to his friend from
ONO lMr. Sherman), who had charge Of the bill,
that he would stand by him in any effort to reach
O vote.
The petition was referred to the Finance COM
mttee.
PETITION FAvoRINd THE FOUR HUNDRED MILLION
DOLLAR LIMIT
Mr.. LOGAN, (rep.) OF ILL.,, presented memo
rial OF the business men OF New York city, asking
Congress to take immediate action on the financial
question, to Increase the volume of legal tenders
TO $500, 100000 and provide for free banking. He
Co.. Wentworth Co., H. B. Cianin 4 Co., s. s.
Fisher; Dexter, Abbott Il Co., Frank Co., Devlin
4 Co. and $50 others. He knew the signatures to
be genuine. 1t was referred to the Finance Com
mttee
Mr.. Logan {rep.) said, like his friend from New
York (Mr. COnkling), he deprecated the cOntinu-
ance OF this discussion, but it was not brought
about by those who favored an increase in the
volume Of currency, but by contractionists, and
He produced number Of railroad tickets and
merchants and butchers certificates which he
said circulated as money in his section.
A SUBSTITUTE FOR THE EQUALIZATION BILL.
The CHAIR called attention to the fact that this