Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-02-25

a Solid Specie Speech from
Schurz.
He PIInctures the Imitation
Bubble,

He Punctrres the Imitation
Bubble,
And Places Morton and Cameron
HOrs de Combat.
House Debate ON the Frankina
Privilege.
General Interchange of Views.
SENATE.
WASHINGTON, Feb. 24-Mr. Ramsey
presented petition of letter carriers fol-
increased compensation. Referred.
MIR. SchnrZ presented q petition Of mer-
chants of Chicago, against any further issue
of irredeemable paper currency. and in
favor of speedy return to specie payment.
Referred.
Lincoln Laid ON tzle Table.
Mr.. Sherman presented a petition of the
Lincoln Memorial Club, of Ohio, asking
that the 18th of February, the birth day OF
the late President Lincoln, be declared a
national holiday. Laid on the table.
MIR. Oglesby presented a petition OF 20
merchants, business ofmen Chicago, against
any further issue Of irredeemable paper.
Referred.
Mr.. Logan presented a petition of 1,679
business men of Chicago, asking an in
crease of currency. Referred.
The chair laid before the Senate COM
munication from the Secretary of War in
response to a resolution, ,incloSing the report
of the Chief Engineer of the Army in re
lation to the breakwater at Duluth and the
amount necessary 10 put il in repair. Re
ferred.
Mr.. Cragin presented petition of eiti-
Zens of Washington, ID. c., asking that the
short session of Congress be continued till
May and that the Inauguration OF the Pres
ident of the United States be fixed for the
second Wednesday of May instead of the
fourth of March. Referred.
Mr.. Logan introduced bill authorizing
the President TO appoint Maj. AbsaIOm
Baird to be Lieutenant Colonel and In
spector general of the army to date from
June 13, 1861. Referred.
Mr.. Ramsey asked that the Senate pro-
eeed TO the consideration of the House res
olution explanatory of the resolution of
Jan. 81, 1868, in regard 10 limiting con-
tracts for stationery and other supplies in
the executive departments of the Govern
ment TO one year.
Mr.. Edmunds objected, and it was laid
over.
On the motion of Mr.. Morton, the Com
mittee on Privileges and Elections were au-
thorized to sit during the session of the
Senate.
The Senate then proceeded to the eOnsid-
Grafton of bills of the calendar, and num-
Der of private nature passed.
The morning hour having passed. the
Senate resumed consideration of the bill TO
equalize the
Distribution of Currency,
the pending question being the motion of
Mr.. Buckingham to recolnmit the bill with
instructions to report in favor of increasing
the volume # ,irrency to S40l00O,0O0,
such instruction having been agreed to
Friday last.
Mr.. Davis said that on Friday he had Of
fered an amendment instucting the Com
mittee to report in favor of free banking,
but when the vote was taken, the chair de-
cided it to be lost. He (Davis) said he
thought there were but few Senators who
voted when his amendment for free bank
ing was put, as they were not paying atten-
tion, and did not understand il. He, there
fore, desired to renew the amendment.
Mr. Ferry, of Michigan, said he occupied
the chair at the time, and had no doubt
there was a majority against the amend
ment. He therefore raised the point of
order that the amendment had been once
rejected.
The point was sustained by the chair.
Senator Schurz,
being entitled to the floor, said the demand
of those who favored an increase of cur
rency, Judging from the instructions agreed
upon Friday, fell very far short cf what it
originally was. Ii had not been his inten-
tion TO address the Senate further, until
Friday last when test vote was taken, as
he had hoped from the confused jumble OF
propositions nothing would be adopted
detrimental to the best interests of the
country. But what an aspect was witness
ed here to-day the highest legislative body
of this Republic seriously debating the
question whether new issues of irredeem-
able currency Should be resorted to, and
arguments made in support thereof which
would
Make the Civilized World Stare.
The argument had been deliberately
made on the floor Of the Senate that the
precious metals could never more be a
standard of value because they were not
equal to the products of industry. As well
might il be said that the yard stick could
never more be a standard of measure be
cause it was not as long as the roll of cloth.
In business eenters money at present is
abundant, if not superabundant. The gem
tlemen had asserted that this abundance
had been caused BY the drafts on the S44,-
000, 600 reserve. Ofthis amount something
less than a million had gone South and
West, all of which being held in Boston,
New York and Philadelphia. He argued
there was an abundance in all the country
caused by large crops, and the crisis had
broken down 4 great measure Of specula-
tiOn and gambling, thus relieving large
amounts of money formerly employed in
such speculatiors and now used in the
legitimate channel of business. 1t was
true that this gambling and speculation
was being revived 10 some extent, but it
was being carried on by different classes.
1t would be revived still further
by every increase in the issue of irredeem-
able currency. In legitimate business
scarcity Of currency was sometimes felt,
but there was no necessity for imitation.
1t was a fundamental error to suppose that
a real scarcity of money was at the bottom
of the initiation reform The gentleman
from North Carolina (Merrimon) had com
planned that in his State currency was
scarce. In his State he would do all in his
power to relieve them. The gentleman
{ (MerrimOn) wanted an additional supply
of legal tenders. Suppose one or two mil
lions more Of unredeemable paper currency
should be issued. Would it give relief?
He thought not. There were two ways by
which this money could be put upon the
One was by defraying the ex-
penses of Government, the other by pur-
bonds of the United States in New
York City. The latter means would be re-
serted to OF c6urss, the consequence would
be an additional amount or currency WOnld
be thrown into the very vortex of specula-
tion. How would North Carolina
or any other Southern State get its share Of
this additional currency? By purchasing
it. She would have to offer her products
to the market where the additional cur
rency was, and the currency would go to
North Carolina just as it does now, only 70 |
the extent that products We're offered for it. !
An increase of irredeemaLle paper curren-
cy, instead of giving greater facilities for |
the transaction of legitimate business