, 1874-02-25

i1lstr,ctlon nt lilo Nnynl Acnon,y for retlot ouEi
nccrs ul,all bo four ycass instead Of two.
NOMINATIONS.
THO President scnt The following nominations
to the eonalo to-tlny H. IL. Lindsay, United
6latcs Attorney for Novadn. fostmnBtcrs-
JAnea Terrier. Jeifnrsonvillo, Ind; Samue! T..
Baldridge. Jackson, O.; John 7. Taslor, La-
osgno. Nan.; II. Carpenter Hamilton, Ncv.
LEuAL-TENDENH
Outstanding logat-tonslors $381 ,330.327.
CONGRESSIONAL RECORD.
WaF,1,Soros, D. O., Fob. "a.
PETITIONS.
Atr. RAMSEY (blinn.) prosentcd petition
from lettor-carriors for Increased compensation.
Nir. HOWE (wis.) pseaentotl n joint resolution
Of tho Legislature Of Wisconsin In favor OF tie
removal Of the Iutliana from that State. Refer.
rod. -.-
Mr; soHunz {n1o.) presented = petition of
merchants Of Chicago against any further issue
OF irsodeenlable paper currency, and IN favor Of
Mr snEnMAN 2o.] Presented petition potition of
the Lincoln Memorial Club Of Ohio. asking that
Tho 18TH Of February, the birtl4dny Of tho lnto
President Lincoln, bo declared national holi-
day. Lnit on tho table,
Mr.. OGLEsDY Gll.) presented petition Of
270 merchants and business men Of Chicago,
againBt any further ieBue Of irredoemable paper
currency. Referred.
Mr. LOGAN M 4 h} presented !, petition 10 Of 1,oe!
currency. Referred.
DULUTH nnEAKwATEn.
Tho CHAIR laid before the Senate con1nu-
ntca.ion from tho Secretary Of War, In rcspopEo
to resolution, ,inclosing reports Of tho Chief
Engineer of tho Army III rotation to n break
water ut Duluth, and tho amount necessary to
put it III ropnir. Referred.
DISTINCT PETITION.
Mr.. CnAG1N presented petition from Gill.
zens of Washington, d. c., asking that tho ehort
session Of Congress be continued till May, and
that tho Inauguration Of tho President Of the
United States 10 fixed for tho SECOND Wcdnes-
day In May, instead Of tho 4th of March. Re-
ferrcd.
ARMY PROMOTION.
President to nprui,lt Mini. Absolon, Baird to bo
Lieutenant Colonel aml Inspectoy-Goneral Of
tho Army, to dato from June IL, 1867. Referred.
STATIONERY CONTRACTS.
to tho consideration Of The House resolution
explanatory OF tho resolution Of Jan. 81, 1868,
il, rcgard to limiting contracts for stationery and
other supplies in executive departments of Gov
ernmcnt to one ycar.
air. 11DaIUNDS objected, and It wns laid over.
On motion Of ltr. NORTON Tho Committee
OH Privileges and EtectionB wcro authorized 10
sit during tho session Of the Senate.
PRIVATE nlLLs. ....
Tho scnato then rrocect died 10 tho co,'aiocrn-
tior Of llila Oh the calcndar, and number OF
private natura were passed.
Tilt: CURRENCY UtIIa
Tho 1nnrnius lDnr having expired; the Senate
resumed consideration Of tho bill to elali.o tho
t,ou beng tho motion Of Mr.. buckingham to
rccolntnit tho bill with instructions 10 report il,
lnvor Of increasing the volume OF currency to
2400, ,000.o90, such instruction having boon
agreed to on Friilay lost.
Alr. DAVIS (W. va.) said on Friday le had
ofrorcd Nil amendment instructing tho Commit
tee to report III fayor Of FREQ bunk;ng, but when
tho vote WIS tnkcn the Chnir decided it to bo
lest. llo tDayiH) said ho thought there were but
few Senators who who voted when his aulond-
mont Tor FREQ bInkihg was pnt NJ thoy Were not
paying attention, and did not understand II. Ho
therefore tteaircd tn renew tho amendment
htr. TLlsllY {AIcls.) sail llo occupied the chair
ut the time, and Ind no doubt there was ma
raIEel tho point Of o,der tAat tho amendment
had Econ once rejected.
Tho point was SUSTAINED by the Chair.
MIR. bCHURZ, being entitled to tho floor, ea!d
tho demand Of those who favored nh incroasa
Of currency, judging from tho instructions
whatit originally 1thad not boon his inton-
tion to adtress tho Senate fu1thor until Friday
lust, when tho lust vote was talson. aB ho had
hoped from tho confused jumbo Of propositions
tho bost interests OF tho country.
horo today. Tho gest esislatiro I et1ea Sody Of
this Republic seriously debating tho question
Ehould 10 reaorted to, and arguments mado III
support thereof which would mako tho civilized
world stare. Tho argument Ind been deliber-
Rtoly made on tho floor Of the Serato that pre-
eions metals could mover more be q standard Of
yaluo, because they werc not equal to tho pro-
tl.lctH Of industry. AS we'll might it bo said that
tho yard-stick could never more be tho stnndnrd
Of measure. recause it was not as
long ns roll Of CLOTH. In business
not S osssa LAD h1Sanas assstoa
that this abundance had been caused by tho
drafts Oh tho S44, ,000,00o rcsorvn. OF this
amount, something lcss than 81 100000 had
gone South mud West, nearly all Of it being held
argued TINT there was an abundance all over tho
country, caused by the large crops and by tho
crisis having broken down In great measure
speculation and gambling, thus rolcasing a largo
speculations and now used in the Legitimate
channels Of business. 1t was truo TINT tl,is
gnmbling and speculation was being revived to
somo extent but it was being carried on by a diff
fcront class Of persons. 1t would be revived
still further by evory increase in tho Issue Of If
redeemablo paper currency. III Legitimate busi-
l,csR scarcity Of currency was sometimes felt,
but thcro was no necessity for iniation. and 1t
was fundamental error to supl,oao that 4 real
scarcity Of n'onoy was at tho bottom Of tho i1l-
t.eH-.tA 9eS"os AAo boAtto1Aat4 44oA4 1so!tA
Catolins [hlerimon) had complained that in his
stato currency waa scarce, md tho rato Of iutor-
est high; all Of Which was true, and lo (Schura)
deeply Bympathizcd witt. tho poopo Of tllat Stale.
I!o would do all iu hia power 10 rclievo them.
Tie gentleman (Nrorrlmon) wanted an additional
supply Of legal-tolltlors. Suppose ono or two
hundred millions moro irrodeomable paper cur
re1oy should 10 Issued. Would it giyo relief
llo thought not. There would 10 two ways by
which tllls money would no put upon tho oo,t,l.
try. Quo by lolraying tho expenses of the
Government, and thc otIor by lnfchunIng bonds
Of tue United States In Now York City. Tho
ln!trr 1noans would DO 1esortod to. Of course,
md tho consequence would ba an additional
amount or currency would he tbrown into tho
very yostox Of speculation How would North
Calolina or any, othor Southern State got ita
silare of tlls additional currency? by pilrohaa-'
Ing 1t. Sho would layo to onor her
prodacts to tho marliot whore lho al-
tlitiollnl currency was, and tho currency
wuud 60 to North Carona just al
1t tloca now only to,the oxtent tlat productswero
offered for t.. Au increase of irrodoenlahIo
paper currency, inetead of giving greater faci!i-
ties Tor tho transaction IT lostitnato business,
would ncrenso tho wants of businosH Thu
premium OIL gold would run up. PRICES would