Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-05-14

1
WASHINGTON, May 13.-Mr. Oglesby
| introduced a bill for the relief of the Chieka-
saws and the adoption of freedmen. Re-
| ferred.~
West ViTginia's War Claims.
Mr.. Davis, by unanimous consent, adj
dressed the Senate upon the bill introduced
by him appropriating 100000 to reimburse
the State of West Virginia and its citi-
zens for losses incurred by reason
OF the destruction Of bridges, court
houses, school-houses, churches, etc.,
by the Federal troops during the late
war; He spoke Of the organization of his
State Government and the situation OF the
State during the war, claiming she had
been aloyal government from the very be-
ginning, but from her peculiar situation
was forced to bear the brunt of hard knocks
and cr3ei blows from both OF the contend
! ing armies. He appealed TO the Senators
to do justice to the claim as well as those Of
the border and Southern States.
The FOur Great Water Routes.
Mr.. Window submitted the following
resolution which he gave notice he would
ask the Senate to consider when the finance
and civil rights bills had been disposed of:
Resolved, that the Committee on Appro-
priations be and hereby are Instructed TO
report amendments TO the river and harbor
bill making appropriations for completing
surveys and estimates for each Of the i'm
prOvements recommended by the select
Committee on Transportation on the four
routes indicated in their report, Ordered
to lay on the table, on motion of Mr..
WiIIdam,
Mr. Sherman said he felt it incumbent
on him TO call up the finance bill, but he
hoped its consideration would not occupy
more than to-day and tomorrow.
Mr.. Scott gave notice that after the
finance bill, he would ask the Senate to
consider bills from the Committee on
Claims.
The Senate proceeded to consider
The Finance BILL
Mr.. Sherman argued that free banking
would be fatal unless accompanied by some
provision for coin redemption. If the gov
eminent should at once assume the respon-
sibility of issuing all the circulating me
dunn, the amount of interest saved to the
government would be about $1,000, GOO.
But to abolish the national banks the gov
eminent " Guild lose about $4,000, 900 taxes,
now imposed upon them. Another diff
Guilty in regard to the United States issuing
all the currency, was that they had not that
quality Of flexibility which is indispensable
to circulating medium. The government
cannot loan money, move crops, or enter
into the business Of banking. Another OBJ
lection was that without One-third Of the
currency issued by the government there
would be no possibility Of an
equal distribution, nothing to secure loans
or promote discounts and exchanges. He
knew many Senators favored free banking
and would vote for it with some hesitancy.
There were some advantages in the system
which he would not pass by, and one Of the
first was that it would repeal the monopoly
in banking. He explained the provisions
for redemption contained in the bill and
said, without them, he would never vote
for free banking The Finance Committee
had gone as Tar as it could, consistently with
the duty and honor of the Government.
He submitted TO the Senate that it should
take the bill as a whole and rot tear it to
pieces.
Mr.. Logan inquired what would he the
general result Of the bill whether it be for
imitation or contraction.
Mr.. Sherman replied that one Of the sec
tons provided for expansion and another
for contraction. The general effect upon
the whole would be to expand the CURRENCY,
but with such restrictions and limitations
as to cause depreciation.
Mr.. Logan said the % and Sd sections of
the bill would work contraction Of over
S40,GO0,000. The bill did a good deal
none than it was intended to do. He de-
MED that ii gave any increase to the cur
rency, and that there was anything in it
except the name of free banking. 1t pro-
yided for the retirement first of fifty per
cent. Of the greenbacks, as the new national
bank notes were issued, and also compelled
them to keep twenty-five per cent. in legal
tenders upon the amount of their deposits,
and an additional five per cent i'm In,
treasury for redemption purposes, so that
it worked contraction TO the extent Of ten
per cent.
Mr.. Scott called up an amendment Of
the Finance Committee presented by him
yesterday. He said he offered the amend
ment in the interest Of the Government
and for the convenience of the banks.
Mr.. SchUrZ said the reserve which the
banks are required to keep is for the plIr-
pose of paying depositOrs should they de
mand it, and that reserve should be in the
currency of the country. Gold is not cur
rency at this time and had no business in
the bank reserves.
The amendment was rejected-yeas 16,
rays 81.
wriShts Amendments.
Mr.. Wright submitted an amendment to
strike out 80 per cent, and insert % per
cent as the amount Of greenbacks 10 be re-
tired.
Mr.. Chandler said the amendment was
evidently intended TO kill the bill, and if it |
prevailed he would move to lay the bill on |
the table.
Mr.. Wright said he offered the bill in the
spirit of fairness, and with the hope of |
agreeing on bill.
Mr.. Howe said if there was ANYTHING
which he deemed national disgrace. it |
was the fact that we had millions and mil |
lions Of national promises discredited and |
at
Every Peanut Stand
in the country. He wanted TO get rid of /
this state Of affairs, though he desired to
avoid contraction if possible, as that would
be injurious to portion of the country.
Mr.. Chandler said he was willing to meet
those who favored imitation by voting for
this bill, but if it would be amended as
he had no doubt it would be met
by another veto.
The'chair (Carpenter) called the gentle
man to order and announced that it was
improper for Senator to allude to a pro-
spective veto.
Mr.. Chandler begged pardon, and said
his opinion was founded on the sentiments
by the President in his veto mes
sage.
Mr.. Morton said he did not believe il
was 10 the interest of the Government to
convert any part OF its non-interest paving
iebt into an interest paying debt. 1t seem
ed to be generally conceded that free
banking should be authorized aud
The Monopoly Feature
OF the present National Banking system
destroyed, which had made it many enc
mics. But the price of free banking was
o be the retirement Of so per cent Of the
Teenbacks, to which he was opposed. He
lrgued the bill was in the interest of con-
raction. He voted for the amendment |
hough he opposed the retirement of any
Teenbacks, as he did not believe that
roper step towards return to specie nav
nents. The President in his late message
'oldly met the Issue by stating substantial
y that the way TO return to specie nav
nent was to first get the gold to do itLwith.