The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-01
CURRENCY DEBATE IN CONGRESS
Action OF the Senate on the Imitation
Bill.

Bill.
WASHINGTON, March 81, 1874.
The morning hour having expired the Senate
resumed the consideration Of the bill to provide
for the redemption and reissue OF United States
notes and Tor free banking, the pending motion
being that OF Mr. Morton to strike out section OF
the bill.
Mr.. SHERMAN, rep) of Ohio, said he desired to
amend the section, but under the ruling OF the
Chair his motion was not in order
While the motion to strike out was pending Mr.
CARPENTER tMr. Anthony in the chair said 1t was
the duty Of the presiding officer to interpret the
rules OF the Senate, and in making the ruling yes
terday he was governed by the rule OF The Senate.
The practice OF the Senate for the last twenty
years may have been different from strict inter-
probation OF the rule, but that was by general con-
sent.
Mr.. SHERMAN offered resolution that pending
substitute for the whole bill or motion to strike
out section OF the bill, 1t shall be in order to per-
feet by amendment the section proposed to be
stricken out.
MI. CARPENTER, rep.) of Wis., offered as an
amendment resolution amending the twelfth
rule SO that pending q motion to strike out and
insert the part TO be stricken out ana the part to
be inserted shall each be regarded for the purpose
OF amendment as a question, and a motion to
amend the part to be stricken out shall have pre-
cedence. Agreed to.
Mr.. SHERMAN Withdrew the resolution submitted
by him.
Mr.. MORRILL,, (rep.) OF Vt, moved to strike out,
In the fourth section Of the bill, seventy per
retired as additional national bank currency is
issued, and insert ninety per centum.
Rejected-yeas 20, nays 81, as follows:-
Cooper crasa Feno sssr
of Maryland Hamin, jones' Morrill, of Vermont, morrill,
ana aa Was sialge salisbury schur Stewart stockton
conover DAVIS bennis Ferry Mchgan
Gord9n, Hamilton Of Texas, Harvey, Hitchcock Howe,
ESs5et Morton ,Nerwoed osissDys Patterson, fsass'
prasue oa west and
THE FOURTH SECTION STRICKEN OUT.
The question then REQUIRED on the motion OF Mr..
Morton to strike ont the fourth section, and iG
was agreed to-yeas 90 nays q, as lolows:-
ssSfy sfse'qssF
gan MeTrmon Mshe Morton osssby
and rFv
NAysmNsssrs. Anthony, Bayard, Buckingham, chand.
haysen, Hager, Tam ton Of Maryland, Hamilton q
81 ma Msw Morrill, sch Maine
Stewart, stockton, Thurman Wadegh and Winslow-27.
MIR. GORDON, (dem) OF Ca, offered an amendment
State the same amount OF circulation in proportion
to wealth and population as the State OF Maine
Mr.. LOGAN, rep) of ILL.,, accepted this in lieu
Of his amendment offered several days ago.
MT: FENToN, Gep) OF n. Y, moved an amend.
Of June, 1854 which provides that the national bank
currency shall be taken at par, and providing for
certain central points where national banks shall
redeem their notes in legal tenders.
Mr.. NORTON (rep) OF Ind, said the whole effect
Of the amendment would be to depreclate national
bank notes.
MIR. FRELINGHUYsEN, (rep.) Of N. j.. said under
the imitation now being authorized national bank
currency would be low enough
MI. FRNTON'S amendment was rejected-Yeas IL
nays 81.
Mr.. BUCKINGHAM, trep.), OF Conn, offered an
amendment providing that on the LIST OF January,
1876 United States legal tender notes, SUNS ~
Treasurer OF the United states, either with cain u
with United States bonds at par the principal o
such bonds to be payable in coin IN ten years and
bear interest at the rate OF five per cent per an.
mum; and hat the principal OF any United States
bonds bearing interest IN coin at rate not less
than six per cent per annum, whether due or
not, shall, on demand be paid in legal
tender notes and the accrued interest in coin.
The amendment was rejected-yeas 7, nays 80.
Mr. BUCKINGHAM then offered an amendment for
the redemption OF legal tender notes In coin or
bonds the same as above, with the exception OF
the latter part In regard to the redemption Of
bonds which he erased.
Rejected-yeas q, nays 80.
Mr.. SARGENT tnen moved to adjourn, and the
motion was adopted-yeas q, nays 28
The Senate then, at ten minutes to five, ad-
journed.
The possibility Of neto issue or t7conpertibh
paper Iregard scith an,dzement ana anr,ety and,
IN nay opinion, such an issue aoould be a deut-
aaent and Shane.-CHARLEs SUMNER.