The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-25

low them to be received for customs Duties; but
he pledge IN the act OF isS2 sha1 those dIss
provision was wise one when adopted But tor
tue TACT that customs duties were collected in gold
sunk out OF sight. II this bin did
adopted But he hoped this Congress would not
adjourn with increased currency without any plan
country Would be dishonored. Tne United States
was rich enough to advance its notes to par In gold
with It's 4o,ooo,ooo Of the most prosperous people
in the world. We haunt the Star-Spangled Banner
In the lace Of the world and point 10 ourselves as
the model Republic, and he hoped we would not
The panic had been made the reason for great
many eXtravagant ideas. If the senate thought
the operations OF this bill too rapid towards
the time hxed. lt was true the secretary
81 ss,. the ne, Treasury haG some discretion under
deemable paper currency. The increase OF the
national bank capital under the bill would be about
$ll0,00o,00o He dad not think It would be any VIC
alon OF confidence to state that the Secretary OF
the Treasuary wished TO retire an equal amount Of
1t haa not been the design OF the Finance Commit
tee TO enter upon any serious modification OF the
was not party or sectional struggle, but ques
ton involving
THE FAITH AND HONOR OF THE COUNTRY,
and Congress must provide a national currency,
well distributed and one gradually approaching
REDEEM ton IN gold.
Mr.. THURMAN (dem.) said he had never made a
personal explanation, bus he was forced to do so
now by what mad been said by tile senator from
Michigan tMr. Ferry IN one vi his late speeches.
That senator mad arragned him because ne Kept
quiet through this discussion, as II 1t was not q
merit not 70 speak He tMr. Thurmanl thought
crime. The Senator (Mr. Ferry had minated
that he was shrinking from an expression OF his
opinion, and read from newspapers TO support HIS
argument Before Senator made Charges against
another Senator he should be assured OF the truth
whereof he spoke. He tMr. Thufman} denied that
he had ever said
AAAH Ht'Ao
the East TO force the debtors OF the South and
West into specie resumption. He had never made
such ridiculous assertion IN his lio. On the con-
result Of Overtrading and Congressional legisia-
ton ernbarkng in new enterprises. and especially
uttered word in favor OF imitation, but mad ex.
pressed the opinion that he was opposed
soeo anS resnmnon He was too masn Of an
0ld-iashioned democrat to favor emoarking on
any career Of imitation which meant no
resumption at all. The Senator (Mr. Ferry had
charged him with being absent from The senate
when votes were taken on several amendments.
have ascertaIned that at that time he tMr. Thur
man) was on sick bed ana unable to be In the
voted against ali amendments and Tor the motion
to recOmmit, as he believed the committee was
the place IN which to perfect the bill, and not the
Senate.
WONDERFUL A SENATOR WITHOUT A FINANCIAL
PLAN.
Mr.. FERRY, trep) OF Mich, said he had com.
mented GA the acton OF the Senator as expressed
by one of the leading papers in Cincinnati. Ii ne
had offended the journalist mad offended. He (Mr.
Ferry was still at a loss " know where the Sena-
tor stood to-day as lie mad submitted no PROPOSE
ton, no plan. lie inquired OF the gentleman tar.
Thurman) II he was in favor OF the DILL just re-
ported by the Finance Committee?
MI. THURMAN said MS present bel1ef was that he
wound oppose it, though he had not examined IL
carefully, as he had not time to do so. HIS impress
sion was that ne would vote against It,
MIR. FERRY said he would vote to make the VOL.
ume OF legal tenders $400, 100000 and Tor Tree
banklng
Mr.. THURMAN said this bill fixed the amount OF
greenDackS at 1882 00O OOO ana only increased the
national bank circulation to the extent OF
SllO 100000. free banking meant an extension OF
the national bank circulation TO many millions OF
dollars 1ne Ouy limit would be the amount OF
government bonds which could be procured TO
put up as securities. 1t meant an indefinite eX-
tension OF rredeenable paper currency aud
PERPErUATION OF THE NATIONAL INDEBTEDNESS
Ii national banking was TO be perpetuated the ma
tlOnal Indebtedness must be, and with the endur-
ance OF this nigh debt, high taxation and high
tariff would continue. The perpetual national
banking system meant that the people OF OHIO
must pay So or ST. more per thousand Tor their
pay II they could get 1t from Canada. II meant
DEATH TO FREE TRADE,
and II the Senator (Mr. Ferry was IN favor OF ex
tending the system OF national banks he was III
favor OF extending national Indebtedness lie de-
MED that the bill lust reported made currency
elastic. On the contrary, 1t fixed the amount by
Just arbitrary rule rs that OF the present day.
Though he felt adverse 10 the Dill now, ne Thought
1t infinitely better than imitation. He quoted rom
the second section oil the b and said ne could not
support 1t because IT was too severe III Its pro-
visions.
Pending the discussion the Senate, on motion OF
Mr.. FRELlNGHUYsES rep.l went into executive
session.