The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-28

The Task Of Satisfying the Growers Of
the South and West.
REDEMPTION OF UNITED STATES NOTES.
Shall the Public Debt Be Further
Increased?
WASHINGTON, March 81, 1874.

| increased!
| WASHINGTON, March 81, 1874.
The Senate resumed the consideration OF the bill
| to provide Tor the redemption and reissue OF
United States notes and for free banking, the
pending question being on the amendment OF Mr..
Morrill,, rep.) Of VT, to the first section of the
| BILL prohibiting the use of any portion OF the
! S40O, 1000 authorized by that section, AS
amended by Mr. Wright for the purchase Of
bonds OF the United States above par or for the
current expenses OF the government
| Mr.. LOGAN, trep) OF Ill., opposed the amend
ment and said 1t meant simply that none OF the
money authorized by the section could be Issued
! Ii bonds could not be purchased with 1t, ana It
could not be used for the current expenses OF the
government, how was II to be put in crcuation9
Mr.. MORRILL, modified his amendment by striK-
ing out the latter part relating to current ex-
penses, 80 that 1t would read-"but no part OF the
same shall be used in the purchase OF bonds Of the
United States"
Mr. FERRY, (rep.) of Mich, said he was in favor
OF leaving the section as 1t passed yesterday. He
had every confidence In the Secretary of the Trea-
sury, and thought that officer could distribute the
money In his discretion.
Mr.. MORTON, {rep) OF Ind, said the amend
ment Of the gentleman from Vermont (Mr.
MorrilD was calculated to defeat the action
Of the Senate OF yesterday. 1t reminded hun
Of the man who was in favor of the Maine
Liquor law, but opposed to It's execution.
1t had been said that the money would be all paid
out and stay in Wall street. He denied that IL
would do so, and he hoped the amendment would
be voted down.
Mr.. MORRILL,, OF Vermont, asked If the Senator
from Indiana mr. Morton) favored the Secretary
Of the Treasury increasing the public debt by pur
chasing bonds above parf He (Mr. MorrilD would
now withdraw his amendment and see what kind
of bin the majority would get up.
Mr.. LOGAN said he did not like such insinuations
as were thrown out by the gentleman from Ver-
mont mr. Morrll) that he would withdraw his
amendment to see what kind Of bill the majority
would get up. Did the Senator (Mr. MorrilD think
there were no brains in the Senate except In his
own headS His action only showed determine
ton on the part of certain Senators to defeat the
VIII Of the majority In the Senate When Senators
lnsnuated that none were able to perfect bill
besides themselves they arrogated a good deal
A QUESTION OF POLITENESS.
Mr.. ScurRz, Qb.) of No., said he wanted to give
stand that the language he had been using towards
the minority In this body was very lar from being
polite ANY member Of the Senate had the right
to offer any amendment he pleased. No Senator
enjoyed higher reputation for fairness and
honesty than the Senator from Vermont (Mr. Nor
/ RIM and when that Senator used his privilege OF
submitting amendments he should not be criti-
cised. He Nir. Schurz) could not submit TO such
language were il applied to him.
Mr.. LOGAN said he was replying to the Senator
from Vermont mr. MOrrilD. The Senator from
Missouri tMr. Schurz) said he would not submit to
1t. II he (Mr. Schurz) should repeat the remark
made by the Senator from Vermont II would be
seen whether he would submit to 1T. He (Mr
Logan did not attempt to bully any man; neither
would he allow any man to bully him. The Senator
from Vermont was fuzzy able to deienu himself
the Senator mir Schurz) the champion here
Who made him the censor or this Senate Chamber
If he CIR. Logan at any time made use Of any dis
courteous language no man in the Seuate would be
quicker to take 1t back.
Mr.. MORRILL, said they all understood the man.
| Der OF Senator Logan. and that manDer he proba-
bly, could not help. The Senator did make some
remarks that were rather peev!sh. He Mr. Nor
rIlD did not intend to reflect on the majority but
merely Withdrew his amendment to allow the ma
| jority to perfect the bill.
Mr.. LOGAN SAID his manner was his own, and not
subject to criticism. Sometimes he might be wild
and sometimes otherwise, but he was In earnest
| in what he said.
Mr.. ScHURz said he entirely agreed with the
| Senator from Vermont and with the Senator from
Illinois that the manner Of the latter was his own,
he had the most profound respect for the majority.
Mr.. LoGAN-f0u are satisfied now, are you?
| Mr.. SCHURZ-Oh, yes.
Mr.. LOGAN-Wel, so ami.
Mr.. Morrills amendment having been with
drawn the question REQUIRED on tne amendment
Of MIR. Logan TO the substitute Of mir. Merrlmon,
submitted last evening.
FREE BANKING NOT SATISFACTORY FOR TIE SOUTH
Mr. SHERMAN, (rep.) of Ohio. said the amend.
ment of Senator Logan presented the simple ques-
ton whether the Senate was In favor OF free bank
ing or not ii Tree banking should be established
banking capital would all concentrate within 100
miles OF New York city, and the West and South
would be more dissatisfied than ever.
MIR. CoNKLING, (rep.l OF N. ", said the second
section OF the substitute submitted by the gentle
man from North Carolina Cir Merrimon) provided
Tor an increase of $46,oOoOOO in the national bank
circulation while the very next section, submitted
by Che gentleman from Illinois, provided for ali the
circulation which could be obtained.
Mr. GORDON. (dem.) OF Ca. asked Mr.. Logan to
accept the third section OF the committees bill.
He (Mr. Gordon) believed with the gentleman
from Ohio tMr. Sherman) That II free banking was
audnopzed the national banking capital would
concentrate within one hundred miles OF New
somewhat the South and the West.
Mr. LOGAN said his purpose was to offer his
amendment TO the first section OF the bill Of the
gentleman from North Carolina In place Of the
ond section OF that bill. 1t was offered yesterday
at the hour OF adjournment after brief examina-
ton.
Mr.. MORTON, Of Indiana, thought the argument
OF the gentleman from OHIO tMr. Sherman), that II
Tree banking was established the national banking
capital would concentrate within 100 miles OF New
YORK city, was erroneous. The national banks
were not profitable without deposits, and there
were already enough In the East to absorb all the
deposits offered, While hundreds Of towns have no
banks at all, and If banks be established there
they wonld have sufficient deposits to make them
profitable.
Mr.. SCOTT, rep.) of Pa. said he would be glad to
see all our national Indebtedness now held abroad
brought home for the purpose Of establishing ma
tional banks. He did not understand the amend
ment OF the Senator from Illinois tMr. Logan. 1t
repealed the twenty-seventn section of the Ma.
tional Banking law which referred to penalties to
be imposed upon officers OF the Treasury and
tional banks for issuing notes not authorized so
that, II the section was repealed notes might be
issued always, whether government bonds be de-
posted or not
Mr., LOGAN said it was not proposed to repeal the
whole OF the section, only such part of 1t as limited
the circulation. The amendment had been pre-
pared by the senator from Pennsylvania (Mr.
Cameron, but as this gentleman was absent yes
terday he (Mr. Logan, by request, offered 1t for
him and would stand by II.
Mr.. CAMERON (rep.) moved to strike out In Mr..
L0gans amendment "twenty-seven" and insert
"twenty-two" which amendment was accepted by
Mr.. Logan.
Mr.. MORTON moved to strike out the second sec