Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1874-06-12
SENATE.

strance from the merchants of PhiladeI-
phia against the passage of the twenty
ninth section Of The pending tariff bill
Senator Sherman, from the commit
tee ON finance, reported favOrably on the
house bill to admit free of duty srtiIes
Intended for the international exhibition.
The bill was passed.
Senator Scott presented a memorial
from the workingmel of Pennsylvania,
asking for restriction VI ten per cent.
duty on iron and steel, and for free bank
ing. sReferred. -..-.
Z Seaats Feeling ghuysen, from the ejudici-
ary committee, reported favoTably, with
anaeadment, on the house bill in rela-
ton TO the courts and judicial officers IN
the Territory of Utah. Placed on the
calendar. The amendment proposed by
d. the committee is to strike out the sew
I serTth seStlon. This section provides that
the common law of England, as il is de-
/ fined and modified by the courts of last
resort in those States OF the United
s. ates where common law prevails,
shall be the rule of decisions in all the
courts of Utah, so far rs it is not repug-
! uant tosor Inconsistent with the eonsti--
ksatihIf1and laws OF the United States
and existing statutes of said Territory.
The resolution to pay Mr.. Sykes, the
4 Contestant for q seat Ia the senate from
Alabama, was called up. The pending
cues ion being on the motion Of Senator
Hamilton Md. to insert six thousand
five huadred dollars as the amount of
| compensation, it was rejected. The
question then recurred on Senator Car
renters amendment to insert three thou
sand dollars, which was rejected by
rising vote, but Senator Sargent de-
mandsd the yeas and nays.
Pending the call, Senator Conklipg
gave notice that Wnen in order he would
submit an amendment providing for the
amount of the actual expenses Of the
contest incurred by Mr.. Sykes and Sen
stor sitting member, the
/ accognts hsrefaf 10 he fkTiiied by the
oath Of these gentlemen, and to be au-
dited by the committee on contingent
| expenses.
l q Senator Sargent thought. this a most
| extfabfdinafy 'frcp p6sil on and declared
I that there was no precedent therefor.
Senator Aleorn7said the proposition of
| the senator from New York was humili-
HtiHgs to Senator Spencer and he did
| not believe that senator would humble
! himself by accepting the money.
! Senator Uonkling said he had not ex-
| changed asyord with Senator spencer
/ on the subject, ssssa5
The morning hour expired, and the
chair announced that by previous agree
| ment the senate would eonsi Ter bills
/ from the committee on military affairs.
Senator Morton moved that the pend
/ ing and all prior orders be laid aside,
/ and that the senate proceed to the con.
sideration OF the report OF the commit
I tee of conference on the currency. The
bill was agreed to- and the report was
received at length.
Senator Morton explained the report
| as taking away the monopoly feature
from the national banking system,
| making banking free, etc. The theory
of the bill is, said Morton, that five per
cent. will, by January lst, 1878, be at
par ia coin, and that United States
notes being convertible into them, will
\ also be at par; that meantime United
Il States notes Evils glaiaally appreciate
i from their nrestnt discount 10 par, and
that this appreciation will be gentle end
slow, notexeeeding 81 per cent. pes an
! nun. so that Specie payments n1ay be
brought about without opposition to the
debtor class, or TO the dstTiment OF the
! business Of the country; or should the
/ theDrg Of tlIs bal not besrealiZed, con-
\ gre3s WI be n session when the time
arrives for the conversion of the notss
/ into bonds, and can by legislation re-
! Ueye the country or the banks from any
eonGAeticn GerangeInent, or evil result
: fpg nom this ehaet63ent. This bill has
been prepared in view Of compromise,
seeing in view such an expansion of
I c,frency as Hlsys Be necessary TO meet
( the demands of the country, and at the
same time bring currency, by gradual
process, up to par value.
/ Senator Sherman said, he thought the
bill a fair compromise as both houses OF
congress desired q gradual approach to
/ q specie standard, and this bill would
| secure that end.
Senator Boutwell, said he desired to
! ask the senator from Ohio and the COM
mittee, what knowledge they had of the
( aondition of affairs which would exist
in ISIS which would justify this step to
spee;e payment, a. step which they did
not dare to take now. The senate was
:, asked to do .athing three years hence
4 which it did MOI dare do now, and who
knew what the condition Of affairs would
be then.
Senator Sherman said the senator
4 from Massachusetts, disclosed his opinion
that the country could not return 10
sneofe f,ayraent in 1878. He fisherman
believed the United States Of America
has thespower aRd abilityio redeem Its
notes In two years from this time.
Senators Morrill, VII, and treling-
huysen, said they could not vote for the
} report.
Senator Jones sai6'ir seemed 70 him
that this bill bristled all over with infia'
ton. edid not share with the senator
from Ohio (Sherman] his con1de ct
that legislation wsVid not be changed
! before January, 1878, in such aEHannel
as to entirely ignore every feature OF THU
{ bill. He IJones1 did know that infia
5 tlsn Of the bill would be immediate
: There had been a greet talk about re
. sumption Of specie payment, but 1t va
4 utterly Impossible TO resume specie pay
y ment and have 1t pernaanent WITH TIL
: great volume of gTeenbacks 10 elreula
d ton. The bill proposed to make green
Il backs redeemable in bonds, and then re
d issue them. DE laid it down as proposi
ton which never had been dispute
tnat specie paymentcsn never be maiI
tained without a contraction Of the vo
l. ume of currency. The bin would hav