The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-05-15


bearing that rate Of interest could not be sold "
M Mr.. ALLISON, trep., OF Iowa, said he had voted
with the majority and he did not believe that vote
would depreclate the Rreenbacxs. he Ottleved
and half per cent bonds would be At par in god.
He believed that TOUR aud q hslf per cent BOMBS
now would bring par "a gold were Y not Tor the
bonds yet undisposed Of OF course no Que would
purchase those bonds at . lower rate Of interest
A 0REENDAcx cURKsNcY AND sPRcrE RESUMPTION.
Mr.. MEHRIxoN, tdem.l OF N. G., submitted an
amendment, IN the nature Of substitute, provid-
tIonal bank notes alter July l, 1876 and directing
the Secretary OF the Treasury issue In place OF
in greenbacks, which shall be used either for the
redemption Of the public debt or the payment OF
current expenses OF the government; repeating
than that now imposed on national banks; pro-
viding that hereafter nifty per cent OF the duties
and that alter January ISL United States note:
may be exchanged Tor ten year i've per cent gold
bonda and that the Secretary Of tue Treasury
may reissue notes 30 oxchan Red; that after Janu-
AIRY !. 1878, United states notes shall be redeemed
in CON- and Tor that purpose S2o 0oo 900 In gold and
surplus revenues Of the United states to prepare
Tor specie resumption; or u the surplus revenues
are not sufictent 70 allow this amount to be re-
deficiency seIi any part 81 $780, 900 90 Of ve per
cent bonds; and that after the -- day Of.
States shall be redeemed In silver coin and do
stroyed.
MI. CoNkLNG inquired II that amendment was
The CHAIR replied it was under the new rule.re-
Gently adopted, although 1t was an amendment In
Mr. MoRRiLL. trep.) OF VT, raised the point OF
order against the substitute or Mr.. Merrimon that
tax on bonds and also provided for the payment Of
ry per cent oil the customs duties In United states
notes ana therefore could not nrst be considered
Tue CHAIR overruled the point OF order
NATIONAL BANK RESERVES.
At the request OF Mr.. EDMUNDs, (rep) OF Vt. Mr..
Conkling withdrew his amendment TO permit MIN
TO oner one requiring national banks TO keep on
hand . sum equal TO one-haf their circulation, to
be held and used only Tor the redemption OF such
Mr. CoNKLINa then renewed his amendment with
. slight cnange IN the pnraseology but the Chair
HAfter lengthy debate upon the decision OF the
Mr.. MORTON Crep.I OF ind, saia It was very wen
for Senators who thought they understood points
OF order and had made study OF that subject to
nave an opportunity Of airing their learning.
Mr EDxUSDs withdrew his amendment, and that
OF Mr.. Conkling's then being in ORDER it was re-
The question then Deng on Mr.. Merrtmon's sub
stituse = was reested.yeas :, nays aoMMessrs;
Maryland, AcCreery, Merrimon and Ransom voting
in the Affirmative.
'sbau" instead Of .'mayn IN the clause autnoriz.
ing the Secretary Of the Treasury to reissue United
states notes redeemed after July !, 1878, as pro-
vlded in the ninth section.
Agreed to-yeas Is, nays IA.
THE REISSUE OF GRRENBACKS.
Mr.. MORRILL,, Of Vermont, moved to strike out
the clause IN the ninth section just amended, as
fOllows:-'And the Secretary Of the Treasury snail
reissue me United States notes 50 received, or. II
TO the same amount either to purchase redeem
the puonc debt az par IN coin or to meet the cur
rent paymeneB for public service.n
This amendment was rejected without division.
THE REDISTRIBUTION PLAN REJECTED.
the q IRE rom those ssaIes
having an excess Of the national bank circulation
and the Redistribution thereof to those States hav.
ing less than their proportion.
THIS was rejected BY vote OF Is yeas to Is nays,
as f0llows:-
;, yx.s-Messrs anthony. Boutwell,, Buckingham. oonk
land Hsmln Jones Merrill q ysr%ent sargent schuf
SStf
E R1Iss spencer sDrasue, Upton, Window and
Messrs. Bsyard, Chandler, Salisbury, stewart,
Stockton, Frelinghuysen, and morrill, of Maine,
with Messrs. Gordon, Conoyer, Foreman. Dorsey,
HITCHCOCK, Ingalls, and West. who would have
the bin was then reported to the Senate. ana
amendments made In Committee OF the Whole
were concurred in.
Mr.. BUCxNGHA1 moved an amendment to the
ninth section, SO as to provide, Il holder Of any
bonds issued in exchange for United States notes
tion OF fifteen years, the secretary OF the Treasury
shall pay the principal IN United States notes and
the accumulated interest In coin.
Rejected.
Nj. SCOTT, (rep) OF Pa, moved to strike out
twenty-five per cent as the amount OF the United
State notes to be retired and insert forty per cent
IN lieu thereof
Rejected.
THE FINANCE BILL PASSED.
The bill was then rea0 q third time and passed
yeas Is, nays lS-as follows
IEAs-Messrs Alcorn, Allison Bogy, Carpenter, Clay
ton. Dennis, Ferryo Michigan GoIdthwAise, Harvey,
Howe johnston Logan, AcCrcery. Aerrmon, Mitchell,
ogesny. Patterson Pratt, Ramsey, Ransom, spencer,
sprague. Upton Window ana Wright.25
NAYs-Nessrs Anthony, Boutwell,. Buckingham,
Conkling, Cooper, Davis Edmunds, Fenton, nager.
Hamilton OF Maryland, Hamln, jones' Morrill, OF YER
mont, sargent scott, Sherman, stewart Thurman and
Washpurn-l9
PAIRED.
Messrs. Gordon, Foreman, Conover, Brownlow,
Ingalls,, Morton, Pease and West, who would have
voted TOR the BILL were pared with Bdyard, Saus-
bury, Chandler, Ferry, OF Connecticut, Freling-
huysen, Morrill, OF Maine, Schurx and Wadleigh,
who would have voted against IL. 49,
Mr.. HOWE, (rep.) OF Wis, introduced o bill to
authorize the settlement or the claims oil the sew
eral States or five per cent OF the value OF the In
dian reservations. Referred TO the Committee on
Public Lands
Mr.. CONKLING moved that the Senate adjourn,
remarking that glory enough had been achieved
for one day. wnicn was agreed TO, and, a. quarter
past ak, the Senate adjourned.