The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1874-04-07

| WASHINGTON, ID. C., April 6.-MT. John
ston, of West Virginia, Introduced
bill giving Jurisdiction to the court OF claims to
hear the claim OF G. W. Curtis Lee, son of the
late General Lee, to the Arlington estate. The
petition accompanying recognizes the sacred use
| to which the property has been put, but thinks
that the petitioners should be compensated.
resumed the consideration of the bill to provide
| for the redemption and reissue Of United States
notes and Tor free banking. I the question pend,
Carolina, TO strike out the entire bill, with the
exception of the first and second sections, as
amended. These sections fix the amount of
United States notes at 10000 OOO and provide for
the issue Of 46,OoO,OOO additional national bank
Mr.. Sherman, of Ohio, said that the effect of
his motion would be to strike out the NTH and
mlttee, and they had been unanimously agreed
upon by the COMMITTEES. To strike out the ffth
authorize an increase of the public debt.
Mr.. Scott, of Pennsylvania, moved, as an
crease OF s46OOoOOO of national currency the fol-
/ lowing; "And each national banking associa-
| tion now organized, or hereafter to be organ
lied, shall keep and maintain, as
PART OF ITS RESERVE
required by law, one-fourth part of the coin re-
ceived by IL as interest on the bonds of the Uni
ted States, deposited security for the circula-
ting notes government deposits, and that
hereafter only one-fouIth of the reserve now pro-
scribed by law for national banking associations
available for the redemption of its circulating
notes from associations in cities of redemption,
aud upon which balances no interest shall be
The amendment was accepted by Mr.. Merri-
Mr.. Conkling of New York, moved an addi-
tional motion as follows: THAT nothing in this
OF the principal OF the public debtof the United
States
would not be adopted. il might be that som,
time il would be necessary 10 use additional
greenbacks TO carry on the government as was
tender reserve TO meet the 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 10
necessary to meet public necessities. He
(Sherman) declared over and over again that the
act on the part of the secretary was an unlawful
The amendment of Mr.. Conkling was rejected,
yeas "a, nays q, as follows
Yeas: Allison, Anthony, Bayard, Chandler,
Conkling, Cragfn, Davis Fenton, Frelingh huySen,
Hogan Hamilton, of Maryland; Hamilton, of
Texas Hamlin, Howe, Kelley. MorreIl, of Yer
man, Stewart, Sherman and WadIeigh.-2l.
Nays: Bogy, Boreman, Cameron, Carpenter,
waite, Gordon, Harvey, Hitchcock, Ingalls,,
Johnston, Lewis, Logan, McGreery, Merrimon,
Ramsey, Robertson, Upton, West and Window.
l-N.
have voted in the affirmative were paired with
Messrs. Mitchell, Wright, Brownlow, Sprague,
! Spencer and Ransom, who would have voted in
Mr.. Howe, of Wisconsin, offered an amend
ment to the second section, that within thirty
days after circulating notes TO the amount of
slO0OOO,OOO shall be issued to the national bank
tary of the treasury to retire an amount of
United States notes equal to oSeventy per centum
of the circulation notes issued, which shall be
in the further reduction of the volume of
500, 100 900 fixed by the preceding section, and
such reduction shall continue until the whole of
the 600 OO0
! CIRCULATING NOTES
shall be issued. Rejected; yeas 25, nays 80.
Mr.. Morrill,, of Vermont, offered as an amend
ment to the first section the following: Provided
that no part of the increase of the United States
notes hereby authorized shall be held to place
directly indirectly any money in the United
States treasury which may or can be held for
any future appropriation Rejected; yeas y,
Mr. Bayard, of Delaware, offered as an addi-
tional section the following: That the tax of 10
of state banks or state banking associations be
and the same Is hereby repealed. Rejected; yeas
The question then required on substituting
Mr.. Merrimons substitute as amended by Mr..
Scott for the bill of the coin and it adopted,
Yeas: Allison, Boyer, Boreman, Cameron, Car
penter, Clayton, Dorsey, Ferry of Michigan,
gals, johnston, Lewis Logan, Mccreary, Mer- @
rimon, Morton, Oglesby, Patterson, Pease, Pratt,
Ramsey, Robertson, Spencer, Upton, West and
Nays: Anthony, Bayard, Chandler, Conklin,
Gragln, Davis, Fenton, FTelinghqysen, Hogan,
Morrill, Of Vermont, Sargent, salisbury, Schurz
Scott, Sherman, Stewart and Wadleigh, "a.
mittee of the whole 1t was then reported to
the Senate, the question being will the Senate
agree to the bill as agreed upon by the commit
Mr. sherman then offered as a substitute for
the whole, the Bill originally reported by the
finance committee, with certain notifications,
extendiI the time for specie payment to Jsnu:
airy lst, 1874 and providing for retirement of 80
per cent. of the greenbacks in proportion to the
national bank currency issued. He again
blu looking towards specie resumption, and
appealed to the Senate to have such a clause in
Mr.. Howe moved that the Senate proceed to
EXECUTIVE BUSINESS.
Rejected, yeas 25, nays, 80.
The question was then taken on the substitute
of Mr.. Sherman, and it was rejected, yeas %,
nays, Is.
Mr.. Schurz, of Missouri, offered the following
as a substitute TO the bill agreed upon in the
committee of the whole And the secretary of
the treasury is hereby directed in putting into
circulation the full maximum amount OF 4OO,-
100000 of United States notes. to take such meas
ures as win not fail to prevent any additional
Of the spectators and stock gamblers
of the country and also from their remaining
tona issues of legal tender currency TO bs fairly
and impartially distributed among the people
of the west and south, and when any commun-
ity in the west south desires TO establish
national bank, the secretary OF the treasury will
furnish them an ample supply OF United States
bonds on which they may obtain their national
bank currency, and the secretary of the treasury
is further directed to TO it that the currency
be not deprecated by expansion, but that ft
be elastic in value and strictly stale In
value or, IL that cannot be accom- plished,
he well so judiciously arrange the depreciation
OF the currency that the debtors of the country
may be relieved OF as large as possible part Of
their burdens while the creditors shall not suffer
any loss but the secretary will take that
among the debtors so benefited ther shall not
be those who by over trading and reckless
speculation involved themselves in heavy liza
bflities and who now desire to pay a less value
than they owe The secretary Of the trea-
sury will take especial care that labor