Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-03-25
CONGRESSIONAL.
senate Takes up Sherman's Cur
rency Compromise,
And, after Debate, Adjourn
Without Action. - =
House Decides the Georgia Con-

llltOutr aCtAtt*e 81 81.
House Decides the Georgia Con-
- - - test.
E SENATE u slsTas
WASHINGTON, March 24.-Mr. Scott pro
senied petition Of citizens Of Blair county,
Pa, dep7ecating the re-enactment of the
duty on tea and coffee. Referred.
Mr.. Frelinghuysen presented petition
of citizens Of New jersey asking for the
passage of law providing for S,657,l0O
convertible bonds. Referred.
Mr.. Morton presented petition OF citi-
zens of Indiana and Kentucky asking that
the law of Congress relative to bridges
over the Ohio river be amended to require
400 feet spans and draw Of LOO feet. Re-
ferred.s
Sherman's Compromise
At the expiration of the morning hour
the Senate laid aside informally the bill to
equalize the currency and took up the new
financial bill reported by Mr.. Sherman
from the Committee on Finance yesterday.
The provisions of the new bill were ex-
blamed by Sherman. 1t fixes the maximum
limit of United Stateshotes at 3S2 millions,
Dul DEOtlUeo llAltb 4OA CfCA oOAAAAo
circulating notes issued to national bank
ing associations, the, Secretary OF the
Treasury shall retire 10 per cent Of United
States notes until legal tenders outstanding
be reduced to 500, 600 900.
Mr.. Sherman said the bill reported yes
terday, and just taken up, was not a salts
factory one, as was natural with compro-
misses. While it had the strength of a
z. - Ill ha xuaolrracc Of
such measure. There was necessity for
those on each side to yield their views to
some extent to the others, and unless they
should yield, no bill couldbe passed. There
might be some middle ground agreed upon
to the bin satisfactory to all. Ii only re-
manned for the Senate 10 say if this was a
fair compromise, whether it could improve
our currency and give the relief demanded.
He then had read the bill by sections and
explained the provisions of each. he said
United States notes at this moment are I'M
convertible, irredeemable and deprecated
at a rate of twelve per cent. They had de
preciated ever since their issue, at one time
being worth only forty cents in gold,
and were now worth only ninety
cents. The committee had reported in
favor of fixing the amount of the United
States notes at S3S2, 100000, that being the
amount now outstanding, but he hoped it
would soon be practicable to get back to
1856 00, 600, and recover the ground lost
BY the panic. The 1852, 000, goo had been
fixed upon, not because it was the best
amount. but because il was the amount
now in circulation. The time must come
when these notes must be redeemed in coin,
and something must be done looking to
that end. He quoted tie annual produc-
tions of the precious metals in this cOun-
try. the coinage, etc, and said be was not
prepared to say that any day could be fixed
now for resumption. He hoped Congress
wouldn't adjourn with increased currency
without any plan of redemption. If such
a course be pursued, the country would De
Dishonored.
The United States was rich enough to adj
vance its notes to par in gold, with its 40
100000 of the most prosperous people IN
the world. The increase Of National bank
capital under the bill would be about Sl10,-
O00, 600. He did not think it would be any
violation of confidence TO state that the
Secretary of the Treasury wished to retire
an equal amount of greenbacks as the Ma
tional banknOtes were issued. In conclu-
sion he said this was not party or section
al struggle, but a question involving the
faith and honor of the country, and Con
gress must provide anational currency, well
distributed, and one gradually approaching
redemption in gold.
Thurman Makes Personal.
Mr.. Thurman said he had never made a
personal explanation, but was forced to do
so now, by what had been said by the Sem
ator from Michigan (FeTy) in one Of his
late speeches. That Senator had arraing-
ed him because he kept quiet through this
discussion, as if il was not merit not TO
speak. He (Thurman) thought that to
delay legislation by speaking was almost
crime. The Senator (Ferry) had intimated
that he was shrinking from an expression
of his opinion, and read from the news
papers to support his argument. Before
Senator made charges against another Sen
ator he should be assured Of the truth
whereof he spoke. He (Thunnan) denied
that he had ever said the panic was the re-
suit of an attempt Of the creditors of the
East to force the South and West into
specie resumption. He had never
made such ridiculous re-
mark in his life. On the
contrary he had always said that the panic
was the result of over trading and congress
sionaI legislation, embarking in new en-
terprises and especially in the Northern
Pacific Railroad scheme. he never uttered
a word in favor of imitation, but had ex-
pressed the opinion that he was opposed to
any violent and sudden measures for re
sumption. He was too much OF an Ole
fashioned Democrat to favor embarking on
any career of imitation which meant no re.
sumption at all. The Senator (FerTy) had
charged him with being absent from the
Senate when votes were taken on the sew
eral amendments. If he had taken the
trouble to inquire he would have ascer
tanned that at the time he (Thurman) wa:
on sick bed and unable to be in the Sen
ate. Had he been present he would have
voted against all the amendments and fol
the motion to recommit, as he believed the
committee was the place to perfect the bill
and not the Senate.
Mr.. Ferry said he had commented Onthe
action of the Senator as expressed by on'
of the leading papers in Cincinnati. If IN
had offended, the journalist had offended
He (Ferry) was still at a loss to know
where the Senator stood to-day as he sub
mitted no proposition, no plan. He in
uuired of the gentleman (Thurman) if he
was in favor of the bill just reported by the
Finance Committee.
Mr.. Thurman said his present belief wa:
that he should oppose il, though he ha6
not examined it carefully, as he had M
time to do so; his impression was that h
would vote against il.
Mr.. Ferry said he would vote TO make
the volume of legal tenders 800, 100000
and for free banking.
Mr.. Thurman said this bill fixed thu
amount of greenbacks at S3S2, 900, 900, ant
| only increased the National Bank circula
| ton to the extent of S110,000,0O0. Free
banking meant an extenson Of Nationa
Bank circulation to many millions of dol
lars. The only limit would be the amoun
| of Government bonds which could be Sc
cured to put up as securities. 1t mean
| indefinite extension of irredeemable pape
currency and peIpetuation Of national IN
| debtedness. National banking was to b
perpetuated. national Indebtedness must be
and with this high debt, high taxation AM
| high tariffs would continue. The perpetual
national banking system meant the peopl'
must pay three or four dollars per Thousand
more for their lumber from Michigan thai
they would have topay if they could get i
| from Canada. II meant death TO free trade
and if the Senator (FerTy) was in favor o
extending the system of National Banks, h