, 1874-12-28
THE FINANCE BILL.
Explanation Of the Measure.
Speech by Senator Shermah Of
Ohio.


mat, Dco, a. explaining tho bll Of the Finance
Coinslltte1:
an parslpkSr: do not Intend to Ecoron tho.dc.
hau oil tho nnncal topiea Ut tin last nesAlon That
dnatc wa4 carrctl TO aarh great lcgth TINT 1t WAN
,rrltaliy but rlyslcally. Tho seato ID composed ot
TIC Hsie ersoilA wlo shared ID tllat esatp sud ts
htl to inytto tho dtscuss1un Of tho variuus topGs
prescntod III that debate. The eonate Ia low within
isss 'ssot 1 'ssS ia % ad ,ao @ ia @ se,ora
fucH throughout tu country. shared by NIL eaescs
Gf III ns t ia a 0Dfg1r e y ns% s%ty ~ s to te e
l',roses OH ihe iutorta topcs embraced i'll thia btlt:
aud my to acnntora all sides Of tho loso at thln
Declared by tic tttia of tho b mud this without rcsy-
ing n!l tho tronblcsoc h. df!siclt g'1oatois Which
were dsctsaa at tho H., 'esss Il son'sn1 FEY FEW
thu iass If financial tntca discussed nt tue ast ses;
ston. 1a urpoao In dcclnscs upon tho titlo Of tho hill
mcrs' Every word. evtry llue, mud every l'rvygio,
Of ss hlll is III harmony With lint title. II Will te
NAV iii s1,ors III ,sy larc,ilnrs ot o eslro of
suiiu Hcnatota, at It 0ca 10 fnrtrr III that rcctio
nn soe Senators wero willing to hulpors Ut tIe ast
cexstah fro every neiner of the scnatc. It We N-
dertale 10 see now to curry ont tne Individual yews
any GtIi promote tha object an, therefore, tlIts
bill Aaa demanded Of every ono wlo has So''srnted 70
Il tnl:a fur aarrsndcr u seine portsons o. hls m
my duty DONG, NO fir rs THU bill II concerned,
t tic character of esu provisions, witost entering
o glngo topic tint gave rsso - thp los discussion
tie resumption of speeie-my1nes The tlrss sec.io.
Of thu I'LL provides fur tho resumption Of spccie-pay-
nents III tAe fractional currency; IL u conil4e to
ile.lar pesio Of time thu sato of tho dclnnud for s
YER bnlIlu. aud 'npre esvpenly tho rocent aeson Of
a 9 s at o enss Is Hss, e
wIthuu any ua Ut rovcnn, without any aaeEiiiee to
en'rr tho nurkes for tile purchase Of bullion ant ro'
sl,lte specis ay ent or fractulAl CURRENCY Tho
uuyernu,eilt ot tho United statea, without ay sacri-
tlee. Ut price about eqalsalent To-, or perhaps
ala.pw nbove our fractional currency.to psirehaac
silver bullion iu the o1,cy nlnslota Of the world,
nluBtly Of on production entirely of our
owl, production. Tha bl simply tlisuetA that lilo
Secretary Of tho Treasury sla purchase tists b9lvls,
plaeo Of tho fractona currency To that extent Y Is
q resumption Of speeu payinctita uEoh tAo Silver
aailanrd for tue fractional clsreuey. This secton Is
Treastry md tho President u tho United States. but,
beltava will l1cc. with general concurrence OF cYery
abc 10 embrace the prescut time to eo'n'neslro tls
operation without amy loss u u Government. except,
perAh tho cost of M o son1g0 % G s sysr y %As M
orIi,ary course Of business Shous amy inereasc Of
now prepared, Immediately upon the aRsaBo Of tins
bill rcsuio tho collaEe Of silver coins IF all thu
sgal , M 9fst9fe M ~ sa nays ro
coed to col the silver co!na, and 81 ono Ut tile several
ways to issue them i tho iacc Of fractional currency
leuI not dwell further upon thia Section, bscause
hcuvo 1t will mert with thu gbcr assent Of tue Ssn
nte It p,oyllrs for tho lnsaediasu resumption Of
n'nediay III ,ossiGetila IL, NJ sooi, ~ tho Govern.
,p.t Ut the United 6tncs cam III tho illnts of the
United States, coin tue silver co!l: That lrocesa may
tell, depending entirely upun tho f0reo 1llat 1ny bo
employed in that drection It takes mint longsr
onoraiou p Il INV vii i'np nroaDy % o .nra a n It Would
to ruis1 my considerable anlou,t uf gold cntn.
Mr. IIaniltun VI Marya,Id-1 would ask tho senator
ii tlcro iA authority to ruiasuu that frautlonal curren
Air. slcr,nan-1 will como to that In 4 moment.
scrnout tlmt nuw EXITS 10 export oIlr gold bulilon
fro thu un[tcd Staten to Great Britain, where, by hv
congratulated laws of that cuunry, they coin money
free ot charge. This scetiun involves l. surrender Of
upout 5oo1 yc!r Of ruyenne that H. thu Goyerl
eut II tha United statcs rrcesed lust year fvrco!u-
g. eG'' Of ssI coincd To only sacrifice d row
onue, therefore, by ts Becni aeeton Of tie OIL, is
thu saerlcu surrender Of 49, o, which, lerc'onrc,
III ortes to convert IT into coln. III tll1 ornou Of
,any en among Them tho 5ccreary Ut tho Ircasli-
hsr. Of Senators heretofore, luis wli tcni III .
fsA' sSsSs q ts Guy sod te ox'
n,cnt thu untes States uertakeB 70 put Ao1d bull
iiun uo gold com without asditions! chargo the
|
into tic mjuts for cage nutl Letig nut to the form
Ut AMERICAN com II is Thought By great many rcuplo
extent it docs so II prepares IN 1or specie payments
That Is tic whnc Of tic scfon. sectlul, Thu third
scctfou Of tile btll contains Nllly tw or tlrce nra-
iyu proportions To lrst Is that utter tie russagt
Of thia uct barking nnll be freq Perhaps there Is no
idea stronger il tho minds Of Tho American people
tIan feeling Of hotiIi.y against tnouupojy priv
oo tat ou i,, or set of ie,l eau ciiJoy Which ts de-
lied to another 1mu VI vel of men, Under tho Inv u,
Il nav stands bankiv ia SUBSTANTIALLY FREQ III thu
sollttern a. sono of The weaer, ststss but banking
IL not FREQ m thu rcat cuu,.nercal Staes-In tho oIe
| Stu,cs--wler. wealth llus accumulated fol
| ares. Tits may 10 . nero sentimental
| uoiut. hut It il well enough to meet it
und by the operation Of Ills bl1l bankarl
Ia matto free SO tht 1t will bo no difficulty hereafter
| for INV cornolutiou Urguuizct as u Nut{ounI U4uI
either to rreso lie circulation or for banks to be Or
uuuixed under the provisions uf existing aws to Egut
Circulating notes to any extent within tho limits, ant
u,o, tle terms and PROVISIONS Of tho Banking law
Ihfs sncto,. tlerofore by nakluu barking FREQ prc
yes for MI enlargement Of thu currcucy in casc th
business Of ,lo community demands IT, aud t cas
uny bank lu tIo United States ruy thik it advisable
or ro,tnble to tsslu circulating medium, iu th
fur!n nf bunIuoicy under The cou1,ons aud li,nttu
tinns II tu ]tlnkinn law Oounl.I viii dial fl mo
~ F'N