Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-01-17
CONGR EssE0NAL.
Sherman's Speech on the FL
nances,
He Ventilates the Broken Pledges
of Radicalisin,
And Says Now is the Time to
Resume.
SENATE.


the manufacture and sale of alcoholic
liquors. Referred.
Mr.. Allison presented a petition OF the
Chicago. Dubuque and Minnesota railroad,
the Chicago Board of Trade and others, in
relation to the construction of a bridge
across the Mississippi at Clinton, la. Re
ferred.
Mr.. Howe, from the Committee on Ii
brary, reported fayorably on the bill apprc=
priating $4,000 for busts Of the late Chief
CesIi room. Passed.
Mr.. Lewis moved Wien the Senate ad-
jOurned to-day it be to Monday next.
Mr.. Morton hoped the motion weuld he
Withdrawn, as the Senate would dispose of
the finance resolution this week.
The motion was Withdrawn.
The bill to establish post routes was
taken up and pending discussion the
morning hour expired and the bill went
over.
On motion OF Mr.. Spencer 1t was ordered
hat when the Senate adjourned to-day it
be &c Monday next.
HarPer's Ferry.
Mr.. Dawes offered resolution instruct
ing the Attorney General to communicate
to the Senate all information in his office
relative to the>esle OF government property
at Harper's Ferry, and the pending suits in
regard thereto. Referred to the Judiciary
Committee.
Sherman's Speech
Consideration of the resolution reported
by the Finance ComIpittee was RESUMED,
and MF. Sherman addressed the Senate.
He argued that specie was the only true
standard of value, and no other could be
established. Bills Of exchange, drafts and
pTOmiSSOTy notes were used in -ettle'nent
in commercial cities, az specie is so heavy
for transportation. In England, where the
specie standard of value is Zealously MAIN
tanned. only two per cent. of commercial
settlements are in specie. Great Britain
and France recognized the importance of
maintaining their paper at specie value, and
performed it, while the United States rec
ogniZed this duty and refused to perform
it, The only reason why the national
banks have not paidtheir notes in coin. was
because the United States did not so re-
deem its paper. Ii the United States was
TO withdraw its deprecated paPer money,
the national banks would have to redeem
their notes In coin. Congress was bound
both by public faith and good policy TO
bring our currency to the specie standard.
He read from the act of Congress. $40
strengthen the public credit" and said tie
United States by it gave pledge to redeem
these notes in coin. Without referring to
the decisions Of the Supreme Court, lie
rested the argument on that plegde alone.
That pledge was TO redeem these notes at
the earliest practicable period, in coin.
How have we redeemed that promise1
Congress made the promise in response to
the public voice, and say TO you, with sOr-
row, that Congress has done
No Single Act
the tendency of which is 10 advance our
paper to the gold standard. Four years
have passed away since then--and dollar
in greenbacks is worth no more than it was
in March. $50. These were facts. although
i might be painful to recite them. The
Congress Of The United States had done no
aet the tendency of which would lead one
10 suppose that the promise was 10 be re-
deemed. -Four hundred millions of the
public debt had been paid-a dels not yet
due-and not 4 single dollar of the debt due
hal been paid. We were living now in
daily violation Of the pledge made by the
Congress Of the United States, and had ac-
tudlly added 10 our currency since the act
Of ISty.
On June -. 1863, the legal tenders cut
standing amounted To 35G millions. On
the first of January last they amounted to
331TS.4SI. $50, or increase in this form of Sc
curity Of -, ,5S1.339. The fractional cur
rency which In 1863 amounted TO 27,50S.-
92S now amounted to 4S.5j4, 192, being an
increase of over 81. .0O9, 900; and again the
National bank circuiai ion had been in
creased fiom 29G.TS9,G00 70 a39.SSl, 900,
making the total increase Of currency over
S2.00U,O09. He argued that il had been
practicable during the last four years to
advance our notes to special value. If not,
when would it be? Should the redenS-
tiOn of the pledge be postponed till the
iublic debt be paid. One-tenth Of the
amount Of money which had been used to
pay the public debt. not due, would have
brought the country TO specie payment.
This thing of postponing the fulfillmen: Of
a promise could not be longer maintained
with the view Of reducing the public debt.
If we postpone redemption in order to paw
the public debt, it will be many long wears
before this cOnSUmmatiOn. most devOutlv
to be wished, can be reached. If the inha-
tiOnists wanted one hundred millions
more now, how long would it be before
they would want 4 hundred million more.
Men would be
Always in Debt,
and always demaTding an increase Of cur
rency. Where would it stop? Just where
our ancestors stopped, at the close of the
Revolution. He regarded it rs the crown
ing achievement of the Government that
just after the close of the war it redeemed
ali its obligations. The present is the time
to stop and bring our currency to the gold
standard. Every bond or note of the gov
eminent had been issued upon a sacred
pledge that the interest and principal should
be paid in coin. Had the provisions of the
legal tegder act been carried out. we would
have returned to specie payment long ago.
Many things had been done in times Of eX-
citement and peril, when the Government
was in danger, which it would not be pro-
per to do now. He was willing to take his
share of the responsibility of those acts.
He reviewed the financial policy of the
Government since tie war, and regretted
the act Of April, 1866, which deprived the
holders of our notes from converting them
into interest bearing bonds at par. More
evils had resulted from that act than from
any other act of our financial system. II
in the first session of Congress, when An
drew johnson was President, Congress had
passed a funding bill, all the evils which
have grown out of our disOrdered currency
would have passed away. But the country
was excited then. The question ofthe diff
| ferences between the President and Con
| CreSs and the questions of the civil war pre-.
vented any consideration of our finances
| The act of April l., 1866. was passed after
an hours debate, and it conferred upon the
Secretary Of the Treasury powers never
conferred upon any one man before. He
next spoke of the reisSuing of the legal ten
| der reserve. and said he thought the spirit
of the aci OF Congress was against the re-
| Issue thereof.
Mr.. Boutwell, said it had been absolutely
necessary during his administration as
well as during that of his successor 10 draw
| on his reserve to maintain the public cred
il. The Attorney General had given al
opinion Us TO the Secretary having the
right to do so.
Mr.. Sherman said he did not blame the
| Secretary Of the Treasury. but he thought
| it would have been better for Congress to
| have taken action that would not have per
mittcd the reissue of that fund. He re
viewed the plans proposed for a return tC
| specie payment, and said no doubt th'
| most certain way TO accomplish that enc
was bv retiring the nOies. but the trouble
would be that policy of contraction wOul,
| be so SeveTe that the people could not