Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-02-20
CON NGREsSIONAL
WV 1e1S A<S-fCA~SA ~A-A%s
The Financial fuss in the Senate.
CamerOn's Free National Bank
ing Rejected.
Merrimon's Increase of National
Banks to $4O0,OOO,OOO
Recommended.
House Debate on Franking Pri-
vilege.
Grassland Assails Beck of Ken
tiicky.
The Financial Tuss in the Senate.
Grassland Assails Beck of Ken
A Scene of senseless Excitement.
SENATE.

a Scene of Senseless Excitement.
SENATE.
WASHINGTON, Feb. 1S-Mr. Sherman
presented memorial of 200 bankers, mer-
chants and others of Illinois, and many
leading firms of Chicago, protesting against
an increase in the volume cfpaper currency.
Mr.. Logan said he had heard of that me-
mortal. Some Of the men who had signed
il had been the first to close their doors last
fall and had refused TO pay their deposits
or had paid them with all kinds of paper.
AT the proper time he intended topresent a
memorial to the Senate which would show
what was prevailing in that part of the
country.
Mr.. Conkling from the Committee of
Commerce reported favorably on a bill ap-
propriating $4,000 to dredge and protect
the navigable channel at the mouth of Buff
falo River and TO remove the sand bar
caused there by the gale of December last:
Passed.
Nr. Cameron moved that the Senate pro
ceed TO the consideration of House bill in
relation to the Centennial exhibition.
After discussing, Mr.. Scott said there
was necessity for acton on the bill and
moved it be made the special order for
Monday next.
Mr.. Schurz hoped the Senate would fix
an early day as possible for the considera-
ton Of this bill without interfering with
the other great questions before it.
The motion was agreed to-.
At the expiration of the morning hour
the Senate resumed consideration of the
bill to equalize the
Distribution of Currency,
the question being the amendment Of Mr..
Cameron to the instructions to the COM
mittee proposed by Mr.. MerrimOn.
Mr.. Cameron's amendment repeals all
acts of Congress which limit or may be
construed to limit or restriet the entire
amount of national bank notes for circula-
tion, and provides that hereafter associa-
tions organized or that may be organized
for carving ON The business of banking.
shall establish and organize national banks
with circulation, at any place within the
several States and Territories of the United
States, upon the terms and conditions,
and subject to all the restrictions and lIIni-
tatiOns provided by law, except the limita-
tion upon the amount of circulation. which
is hereby repealed.
Mr.. Ferry, of Michigan, said while he
was in favor of the government issuing all
the currency, he was willing to accept
National bank currency if he could not
have the entire circulation in greenbacks.
Referring TO the value of Greenbacks and
the act of Congress to strengthen the public
credit, he said it was not so much the SER
vices of the gentleman (SIr. Sherman) as
Chairman of the Financial Committee
which strengthened the public credit, as it
was the services of the other Sheman's
marching TO the sea and Grant fighting in
the Wilderness. just as MIR. Ferry referred
to the other Sherman marching TO the sea
GEN. sherman Entered
the Senate Chamber by the main door.
His entrance at the moment when his name
was mentioned created some amusement on
the floor and in the galleries.
Mr.. Morrill,, of Vermont, read extracts
from New York papers to show that in
1868 Mr.. Morton was in favor of specie
payments.
Mr.. Morton said that in 1868 he believed
specie payments could be resumed. The
times then We're more auspiciOus than now.
Mr.. Bogy asserted that the West was suf-
fering for want of money TO carry on in
dustries. He hoped the amendment of the
Senator from Pennsylvania would pass.
The question being on Mr.. Cameron's
amendment, it was rejected by 26 to 30, as
| follows:
Yeas-MeSSrs. BOgy, Brownlow, Calpen-
ter, Dennis, Ferry of Michigan, Harvey
| Hitchcock. Howe, Johnston, Logan, Mitch
ell, Morton. Norwood, 0glesby, Patterson
| PeaSe, Pratt, Ramsey, Robertson, Spencer
| Upton, West, Window and Wright-26.
Nays-Allison, Anthony, Boutwell,, Buck
ingham, Chandler, COnkling, Conover
Cooper, Cragin, Davis, Fenton, Ferry O
| Connecticut, FrelinShuysen, Gilbert
| GO!dthwaite, Hagar, Hamilton of Mary
land, Hamlen, Jones, Kelley, McCreery
Merrrimon, Morrill, of Maine, Morrill, o
| Vermont. Sergeant, SchurZ, Scott. Sher
man, Stewart, Stockton, Sumner and Wad
leigll-32.
Mcssrs. Alcon, Gordon, Hamilton o
| Texas, Stevenson and Dorsey. who woulI
have voted III the affirmative, were paire,
with Flanagan, salisbury, Ingalls,. Spragu,
and Edmunds, who would have voted il
the negative.
| The question recurring on Mr.. Merri
mons Amendment instructing the com
Inittee to report as soon as practicable,
bill providing for an increase of the Ma
tional Bank circulation so that the who'll
volume thereof shall not exceed four hun
dred millions dollars, Mr.. Gordon submit
ted q substitute, instructing the committe
to report as soon as practicable bill for
Free Banking,
and providing for the eonvertibility 0
United States Treasury notes into law in
terest bonds OF gold coin at the option c
the Government, and the bonds convert
ble into Treasury notes at the option of th
holder. Rejected. Ayes 20, nays so, bot
Brownlow and Cooper voting aye.
Cooper Bushes Things.
| Mr.. Cooper moved TO insert the follow
ing as a substitute for Mr.. MerrimOn'
amendment: That the Committee on Ii
nance be instructed to report bill prOvi
ding for the convertibility of United State
treasury notes into gold coin or , per cen
bonds Of the United States, and also fO
free banking under the provisions of III
national banking act. Adopted without
roll call.
The question then recurring on the mo
ton of Mr.. Buckingham to recOmmit, tn
bill authorized the instructions above pro
vided by Mr.. COoper's amendment, severa
Senators inquired if the substitute of MI
Cooper had been adopted.
The chair said it had, no one having call
ed for the yeas and nays.
Mr.. Morton demandedtheye yeas and nays
The chair (Carpenter) decided it wa
too late, the vote having been announced
Mr. MerrimOn moved to reconsider tn
vote by which the substitute of Mr.. Coope
had been adopted.
Mr.. Conkling said three Senators wante,
an illustration of the infOrmality of thi.
whole proceeding. He submitted they ha,