The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-02-17
PROCEEDINGS OF CONGRESS.
SENATE.
WASHINGTON. Feb. 10, 1874.

WASHINGTON. Feb. 10, 1874.
THE CASE OF SENATOR MITCHELL.
Mr. KELLY, (dem) Of oregon. presented Pc
tti0n OF citizens OF that State in regard to charges
against his colleague, Mr.. Mitchell, and asking
that the same be investigated by the Senate
Mr. KELLY said he had been acquainted with
Mr.. Mitchell for twelve years and knew nothing
in the world derogatOry to his character. In
presenting these charges he desired it to be dis
tinctly understood that he said nothing in favor of
or against tnem-tbat matter should be lett with
the committee. He moved that the subject be
referred to the Committee on Privileges and Elec-
tons. 1t was so ordered.
THE VOLUME OF THE CURRENCY.
Mr.. LOGAN, Fep) OF H., presented the petition
OF the Illinois Legislature, citizens Of Chicago and
Others, asking Tor increase in the volume OF the
currency. Referred to the Finance Committee
EQUALIZATION OF THE CURRENCY.
beng considered until after the present Oil to
eauaize the distribution currency be DISPOSED or
Inc moraihg hour having expired the Senate re-
distribution OF currency.
MR. cAhERoN's SUBSTITUTE
Mr.. CAMERON moved to strike all out after the
enacting clause OF the bill, and insert a subsl-
tute provision that part OF the National Currency
act 81 Su1e 8 1904 and parts OF several acts
which limit or res riot the amount OF notes lor
circulation be repealed, and that all associations
national banks, with a circulation, subject to the
limitations now provided by law except tue llml-
tatlon as To circulation which Is hereby repealed.
NOT ENOUGH CURRENCY.
Mr.. CAMERON, in advocating the adoption OF his
banking iacties so necessary to transact the busl
ness OF al energetic industrious people. Being q
practical man he looked at these things from
practical standpoint. He had not heard single
business man say we mad enough currency. the
national banking system had done much good
and shoald be extended HIS substitute
was designed to satisfy the demand lor more
money. without causing any shock to capital al
ready Invested in good faith. Ihe law now gave a
fixed amount OF currency, allowing no greater
abundance OF money at one time than another yet
1t was well known fact at some seasons OF the
year we want more money than at others. This
fixed amount OF currency was terror TO honest
men and uollee to spectators. The increase Of
resume specie payment sooner than by any other
process the pre- sent national BANK currency was
metallic currency. increase the acilitles, and ma
honal bank notes would soon take tie place OF
CONTRACTION DISASTROUS.
Mr.. PRATT, (rep.) Ol Ind, said thousands OF men
were out OF employment now Oh account Of the
scarcity Of money. Al attempt to return to specie
payments now would be disastrous to the whole
country. and he would oppose every scheme look
my to specie payment now It was not that the
at TINS time. They well understand that they must
pay them by the burdens OF taxation and they
action. Inc present currency would buy anything,
and the people OF the country knew 1t was good.
1ne naClOnAl DanK nOJeS possessed most OF the
portant features Of greenbacks, except one-they
were not legal tenders for payment OF
private debts. He favored the removal of the
law which limited the circulation to 1854. OoO 900,
and would allow ali banks to 20 into banking upon
an equal footing with the banks already estab-
always be equal to the DEMAND Free pamHi H
had been successful In the states and would be
sgain. Inc Issuing OF bank notes should be left to
the law OF supply and demand. He would support
the substitute OF the gentleman from PenDsyl-
vania tMr. Cameron), 0elleving 1t to be a wise
could not shut his eyes to tue fact mat the only
road to resumption was by contraction, and that
would be disastrous to the country.
MORE TAXATION.
Mr.. FRELINGHUYsEN. OF New Jersey, said the
adoption Of sucn measure as that proposed by
the gentleman from pennsylvania would be tramp
ling under loot the promises made to red EN- our
notes In coin, and II adopted the widest specula.
greater injury to the financial aud business inter +.
ests OF the country than the rebellion was. He
thought there was ample provision for banking
already, with good, wholesome restrictions. He
favored, In the first place. making the eXpendi-
lures OF the government as small as was consist
we are not paupers or bankrupts, unless we choose
by our own Jolly to MAKE ourselves so. The
second thing we ought to do is 70 impose more
taxes. The people OF this country understand
that this is their government, and their own pros
perty is inseparably united with Its prosperity.
Whenever there Is necessity Tor 1t they desire to
be taxed In accordance with their wealth. He
Se 81 tqs ES q Be
creased from twenty to thirty-twO cents per
pound. which would yield Eeyenpe. 9g $l2 600.
Congress had taken the tax OF tea and coffee,
though that act had not decreased the price OF
those articles. The people had to pay as much as
ever ior them. He was not disposed to make the
people pay more by renstating that tax. but If it
should be restored revenue OF 5000 100 per an
mum would be the result Hence, he favored,
first, reasonable retrenchment; second, necessary
taxation, and third. redeem the pledge made to
pay the treasury notes IN coin.
FLANAGAN, OF PLANAGAN's MILL
Mr.. FLANAGAN, trep.) OF Texas, said he was OPP
posed to imitation and would support the bill as 1t
came from the committee. They did not want more
money in Texas TO be gained by imitation. They
wanted money there, but would give their cattle,
their sugar and their cotton for It. Coin what
the people wanted and should get back to
specie payment as soon as possible. The senator
ferred to Our financial arrangement as sick
patent he approved or the idea that the patient
was SICK, and there were plenty OF ply scians here
They inquired daily as to the symptoms and dis
cussed learnedly but did nothing and the patient
remained sick. The people inquired OF the doctors
II there was any hope, and they replied, III the
recover Naughter.l At first this patient had
pulse OF LOG and lOS; now 1t has gone up to liz and
Id and II we are going to give It forty or seventy
laughter.) No half dozen Senators agreed upon
any definite plan. He would suggest that the
FINANCE Committee frame bill having In view
SPECIE RESUMPTION IN GOOD FAITH.
Let the treasury OF the United states, properly
organized advertise that the government will
buy every bale OF cotton raised IN the South dur
ing the next twelve months and pay for 1t In
greenDacKs, say lac. for ordinary. Ice. for good,
lsc. for low middlings, 2Oc. for middings and 22o
for good middlngs, that would be an average OF
lSc. per pound, and would build up that distressed
nne price though not inflated one. Fonr
million bales OF cotton would be made In the
south: Value 1t a. SIS . bale and there would be
$500 0o,000 expended there. He thought this
senate might DrOnOsa acme meana tO roturu to