The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-27

Passage by the Senate OF the Provision
Expanding the Greenback Currency to
500, 200, OOO-Pr0pOsal to Initiate the
National Bank Circulation to the Sumo
Amount and to Establish Free Bank
ing,
WASHINGTON. March 20, 1874.
The morning hour having expired, the CHAIR
announced that the Senate would resume the con.
sideraton OF the bill to provide for the redemption
and reissue OF United states notes and for free
banking.
Mr.. SHERMAN. Tep.) OF OHIO, called up the reso-
luton submitted by him yesterday, and amended
1t so to provide that after three O'Clock to-day
debate should be limited to ten minute speeches
on each amendment, and that it should be in order
to move recess from five TO hal.past seven
O'Clock p. NJ.
Mr.. BAYARD. (dem.) Of Del, opposed the adop-
ton OF the resolution.
Mr.. HAMLIN, TepJ of Me- hoped it would pass.
He said he was tired Of having the Senate sit day
after day for the purpose OF allowing few Sena-
tors to address empty seats on the financial ques
ton. Other subjects must be discussed this ses
siOn and il the Senate wasted time on this there
would be no time for debate other measures.
The western members seemed to think that this
financial question was one Of special interest to
them. He desired to say to them that it was of no
there was objection TO the resolution OF the gentle
man from Ohio (Mr. Sherman) he (Mr. Hamlin) pro-
posed that general agreement be made now to
commence voting at three O'Clock to-day, and after
that hour speeches on each amendment be con.
fined TO ten minutes on the part OF each Senator.
After some further discussion Mr.. Hamlin modified
his proposition as to provide that voting should
commence at four O'Clock instead OF three O'Clock,
ana, as modified, 1t was agreed to.
WHAT KIND OF CURRENCYY
Mr.. SCOTT (rep.) OF Pa, being entitled to the
floor said when the Senate adjourned yesterday
he was speaking of the character OF the currency
the government should furnish the people. There
were now i've sorts of currency-hrst, the Treas
ury certificates for gold Deposits second the gold
notes, issued by three banks in California; third,
the national bank notes; fourth the legal tenders
and, fifth, the fractional currency. He would be
glad to notes issued by the government to
take the place or all these. He argued that one of
the most Objectionable features of the national
banking system was that OF the government pay
ing two per ceEt into State treasures upon ma
tonal bank securities held by 1t. He referred to
the reissue OF portion Of the $44 100000 reserve,
and said ii there was blame Congress was entitled
to its share it did not expressly prohibit the Sec
rotary from reissuing that fund. The bill came
from the committee did not command his entire
approval, but he was disposed TO adopt it, He
would be governed by circumstances as to whether
he would offer any amendments. On some OF the
provisions of the bill he was paired with his COL
league mr. Cameron), who was detained from the
Senate by the death of q member OF his family
but on other provisions which they both agreed
to he would vote.
DEFECTS OF THE BILL.
Mr. FEEToN, QiD.) of N. Y, said his views on
the great financial problem were well known. ana
he did not propose to reiterate them now. The
people expected Of Congress decision in order
that they might know where they stood.
He despaired OF getting what he thought
was the best measure, though 1t was
not surprising that there were conflicting
opinions on this question among men
representing various interests. After all
this diversity OF opinion there a common in
terest and he deprecated any attempt at sectiona,
feeling on the bill There were no corporations OF
capital in New York or Massachusetts antagonistic
TO the growth Of Illinois or Georgia. He would
gladly support any measure which promised re-
turn to specie payment, but he did not see any
thing in this bill which tended to that end. When
q correct principle should be adopted on the cur
rcncy question the trouble would settle itself in
harmony with the industries and trade
Of the country. He favored the free
banking section in the bill, but did not.
concur In the details OF free banking, ana
an arbitrary limitation Of II seemed paradoxical