The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1874-01-22
Ghe y)iroiaia State SollrId
CONGRESSIONAL.
Yesterdays Proceedings.


women, and they were referred to the CONS
mntee on privileges and elections.
Mr.. Frelinghuysen presented resolu-
ton of the legislature of New Jersey,
asking an appropriation for the celebration
of the Centennial anniversary of American
Independence. Also memorial from the
Camden board of trade against the repeal
of the bankrupt law.
On account Of its length the House re-
fused to print the annual report OF the
Indian bureau. A resolution was passed
calling upon the attorney general for infor-
nation concerning the sale of the govern
rnent property at Harper's Ferry.
Mr.. West introduced bill for q geoogi-
cal survey Of West Virginia. Referred.
THE QUESTION.
Mr.. Merriman was recognized as en-
titled to the floor on the finance question.
lie contended that gold and silver were the
only standard of values. This, he, held,
was the idea entertained by the founders of
the republic, who put it in the constitu-
ton that the government should exclusive
ly control the coinage Of the money, should
punish counterleiters, and that the states
should not have this right and this, he in
sisted, had been the policy of the govern
ment from that day to the present time.
He argued that it was impossible for Con-
gress to make any law that would put
greenbacks upon par with gold until q
specie basis for exchange was established,
and the need was 10 return to pecie pay
ments at the earliest possible moment.
He reviewed the history of the cur
rency since 1861, declaring the issue
of greenbacks was force loan from
the people, who had been de-
prived of the interest upon this loan to the
pre- sent day. lie did not complain Of it.
There was necessity for it, and the gov
eminent did right, but it had pledged itself
that these greenbacks should be redeemed,
and this should be done as speedily as pos
sible. He favored declaration that there
should be return to specie payments on
the fourth day Of July, 1876, the one hun
dreth anniversary OF our national inde-
pcndence. lie favored present increase
of the currency claiming that the present
volume was not sufficient to meet the re-
quirements Of the business interests by at
least hundred millions. He complained
Of the unequal distribution of the national
bank currency, which operated against the
interests of the West.
In reply to the argument that there was
u redundancy of currency in New York
and the East, he said that it was fair pre-
sumption that it was required there or it
would be sent to the South and West, where
the demand for it was SO great, Another
reason was because of the allowance Of
interest made by the Northern banks. He
commended that it was not Just to compare
the volume of our currency with that Of
England and France, for in those coun-
tries the business interests were so
compact that exchanges were made with
greater facility. In London one dol
lar would pay hundred dollars
day, while in some instances in the South
it took dozen days to pay one dollar.
A contraction and consequent appreciation
of the currency was not just to the debtor
class, and it was for this reason that he
proposed to put off specie payments to
such future day that the business interest
Of tie country could accommodate itself to
the new order of things. He declared
himself opposed to the national banking
system, as monopoly, and because they
were conducted wholly on the credit sys-
tenn, drawing excessive interest from the
people.
Mr.. Gordon next addressed the Sen.
ate upon the resolution reported from
the finance committee. He said there
were three propositions which could not be
denied upon which he proposed to base his
remarks.
FIRST. That whenever in an agricultural
country such as the United States, the cul
tivaon of the soil ceases to be remunera.
tive; when the profits are absorbed BY
others; when the producer grows poorer
and the non-producers grow richer; when
wealth ceases to disseminate itself, and con.
,t,oka ~, l,a do Of tha tbo,
was something wrong, either in the finan.
cial system or in the legislation, or in both
The two other propositions were correl.
alive. That when, in an agricultural
country, an inconsiderable number of citi-
zens possess the power to divert from its
ordinary channels of trade q sufficient
quantity Of the circulating medium to raise
the prices at which it could be obtained
there was something radically wrong.
Third. That when the prices paid for
the use of the circulating medium are so
excessive as to be above the profits OF pro-
dnction there is evidence Of existing wrong.
Mr. Chandler said that it had been
claimed that we wanted more money, but
there was one thing more necessary we
wanted better money and he would try
and show how they could have both. He
contended that stability was an essential
element, and that once established the
business Of the country would adjust itself
to the volume of the currency.
The memorial from the national board
Of trade in relation to the deepening and
improving the inland waters of the United
States was referred to the committee on
transportation routes to the seaboard.
After a brief consideration of the post
route bill, the Senate adjourned
House.-Mr. Plat (Va.) asked leave to
offer series Of resolutions instructing the
committee on banking and currency to in
quire into the expediency of-lst. Author
izing the national banks to increase their
circulation from 80 to 100 cents on the
bonds deposited as security. 2. That all
national bank circulation shall be limited
to twice the capital stock; and to remove
the indncement to pay interest on deposits.
3D.. 70 devise such legislation as will au-
thori2e such circulation as will raise
an amount to be measured by the actual
business demands of the country. 4th.
To devise such legislation as will tend to
remove the antagonism between. capital
and labor. 81.
AT this point Mr.. Randall (Pa.) OBJ
jected
Mr.. Platt (Va.) said he wanted to have it
referred to the committee on banking and