Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-04-02
CONGRESSIONAL.
Further of the Financial Tangle.
Both Houses in Full Blast.
Strong Protests against Initiation,
SENATE.

WASHINGTON, April 1.-Mr. MerimOn,
from the COMMITTEES on Claims, reported a
joint resolution allowing Robt. NJ. and Ste
phen A. Douglas to have their cotton claim
adjudicated by the Court of Claims. Agreed
TO.
Mr.. Davis, from the same committee, re-
ported favorably on the bill to pay Janacs
and
E 8. Cameron, Of Tennessee.
for property taken during the war. Placed
ON the calendar. In reporting the bill, he
said the claim had been declared a just one
by Gen. (now President) Grant.
Mr. Buckingham called up House bill to
secure to the Episcopal Board of Missions
the land in White Earth Indian reservation
Z Minnesota, on which is situated that
church an other buildings. Passed.
Mr.. Schurz presented a joint resolution
of the Legislature of Missouri for the i'm
provement of the mouth of the Missouri
river.
Financial.
The Senate then resumed consideration
of the bill TO provide for the redemption
and reissue of United States notes and
free banking, the pending question being
an amendment of Mr.. Gordon TO that Of
Mr.. Logan, which provides for the organi-
zatiOn of national banking associations in
any State or Territory having a less pro-
portion of national bank circulation than
the State of Maine, and the issue of such
currency on the basis of population and
wealth, until each State and Territory has
an amount of such bank circulation equal
to t1at of Maine.
Mr.. Davis moved 10 amend the amend
ment by striking out Maine and inserting
in place thereof Pennsylvania. Mr.. Davis
said, according to a calculation which he
had made, the additional circulation under
Mr.. GordOn's amendment would be about
2S0,000,000, but if his (Davis') amend
ment be adopted the additional circulation
wOlld be Sl10,0O0,000, based upon New
York, as proposed by the committee, it
would be about Sl24,0OO,0O0.
Mr.. Sherman said on the basis of Maine
the additional circulation would be about
S63, 100000; on the basis of New York
S110,000,000. If upon the basis of Penn
sylvania it would be Sl10,000,000.
Mr.. Gordon accepted Mr.. Davis amend
ment.
A Close Vote.
The amendment of Mr.. Logan having
been offered as a substitute for the third
section of the committees bill, and he hay
ing accepted the amendment of Mr.. Gordon
and also the amendment of Mr.. Davis.
which provides that the national bank cir
culation in those States and Territories
having less than their proportion shall be
upon the basis of population and wealth,
until each State and Territory has an
amount of bank circulation equal to that
| If Darrcx-lrarafa laorriprr tho caafinra as 70
ported by the committee, with the excep-
ton of substituting Pennsylvania for New
York. was rejected by yeas . TO nays 20,
Mr.. Cooper voting yea.
Fractional.
Mr.. Morrill, Of VermOunt, offered an
amendment providing that the maximum
limit of fractional currency, issued for cir
culation shall be fixed at forty millions,
and that the excess outstanding be with
drawn as early as practicable.
Mr.. Jones opposed initiation and favored
| fixing the time for the return to specie pay
ment in January or July 1876, and the
people would put their houses in order for
| it by that time.
Mr.. Morrill's amendment was rejected,
yeas 10 nays 80.
DecenfraIizing.
| Nr. Sherman moved an amendment E.
psaling portions OF sections 81 and 80 OF
| the national currency act, so as to require
| f1at National banks shall keep their lawful
money reserve within their own vaults, for
bidding them to keep their reserves else
where, and providing that a National bank
shall not redeem its notes at any other
/ place than over its own counter.
Mr.. Sherman gave notice that he would
offer other amendments one of which would
To be to reinstate the second section of the
bill in a modified form so as to provide for
a return to specie payment in 1877. Again
lie would like to see the Fourth section re-
insiated and modified by striking out IC
as the ratio of legal thenders to be retired
and insert in lieu 80.
Mr.. Logan offered as an amendment the
bill introduced in the House of Represen
tatiTes a few days ago by Mr.. MerrimOn re
quiring National banks to keep 5 per cent
of their circulation in the Treasury of tn
United States, to be used in the redemp
tion thereof, but subsequently withdrew it
Mr.. Chandler moved the Senate adjourn
and upon this motion the yeas and nay:
were called and the motion adopted by 2
to -. Adjourned.