The Portland daily press., 1874-01-23

prapriatious into the Treasury. Agreed
The consideration of the finance resolution
was resumed and Mr.. Boutwell, addressed the
Senate. He replied to Mr.. Schurz's remark
that BoutwelPs policy while Secretary Of the
Treasury was ''do nothing policy by saying
those opinions had been embodied upon the f.
nancial policy of the government the last five
years. The late panic as a teacher should be
needed, but as dictator demanding the adop-
ton of an untried policy. it did not deserve at
tention. He knew of no failure If one impor
tant business man in the State he represented.
Congress seould address itself to the relief of
the laboring classes, as their interests suffered
the most during the panic He cOntended that
lnnation OF currency would infiict lasting evils
upon the labOring men. 2 VT
Currency instead of remaining IN Chicago. St
Louis and other points. flows to New York
wneIe banks pay interest upon it, as high as
$70,OOO,OOO some times, being held there sub-
lect to call. The accumulation Of currency in
H N nora, py ats'nciai means, led to initiation
followed BY disaster and ruin An imitation Of
the currency of the country would. in tina
produce the same results. He was, therefore
opposed to any increase in the volume of the
paper money of the country, aud on the other
was opposed to any contraction of the cur
rency.
He did not think deprecated currency in
itself great evil. but he meant to say that if
currency be deprecated and prices and products
OF labor become accommodated to that state of
things, there are no substantial evils affecting
the general prosperity Of the country. He de-
tended the issue Of reserve by the Secretary of
the Treasury, and in response to Schurz said it
was the duty of the Secretary to withdraw it
again. The action of the Treasury in this mat
ter was the interest of the public, as the Secre-
tary could not sit silent and inactive while ruin
and disaster to the country were apparent He
favored return to specie with limitations set
forth IN the report OF the Secretary of the
Treasury in 1872. in contravention of the state
ment that we were not nearer specie than four
years ago. He stated in 1869 gold averaged 32A
premium, and in 1873 averaged Is 84-1O0 The
act of Congress of 1869 served to strengthen
credit in this country in the markets of Europe
up to the standard of equality with any other
nation. He held that till there was an equal
izaton of our currency and coin the policy Of
redemption would be dangerous.
In response to Mr.. Gordon of Georgia, who
asked if the producing classes grow weather..
Mr.. Boutwell, stated that for the past four
ears the South were more prosperous than be-
business, to which Gordon asserted, but still
holding that the producing classes were not
wealthier. III ~
MI. Boutwell, considered the general fact that
the South were more prosperous than ever de-
monstrated they were improved in wealth.
win imitation interest on money with contin-
ually advance. 1t is possible to have depreci-
ated currency and yet the paper in circulation
could be nOminally redeemable in coin, He
opposed free banking as leading to undue an
increase of currency and the plan of converti-
BILE bonds proposed by Mr.. Sumner would re-
suit in contraction and hoardmgs. Should we
go into markets to purchase gold to redeem le-
gal tenders, the Bank of England and combn-
ed money markets of Europe would be arrayed
against us. The plan Of resumiug in Year
was unpracticable as the treasury could not &C.
cumulate gold enough to resume The only
escape was to allow the Secretary of the Treas
ury to buy per cent bonds with the proceeds
OF sale OF 3 per cent. He said MIR. Schurz IA
,yored resumption. Let him show how it can
be done, Hs continued by saying that the or-
ly remedy after five years struggle was taxation
Or else bear disgrace by borrowing money to
pay the expenses of the government -
Mr.. Gordon read statistics to snow that the
productions of Georgia we're less than half in
1870 than in 1860. Adjourned.
HOUSE.
Mr.. Houghton of Cal, offered a bill for
uniform registry of sea going vessels to afford
govern rebates on merchandise damaged on the
importation. Referred to the Committee on
Commerce. ,o9 30 -.ef .'lJIi4 ELIlIfH
The conference report on the bill to pay off,
cial reporters was presented aud gave rise to
considerable discussion, and was finally agreed
Mr.. Dawes of Mass, from the Committee on
Ways and Means, reported back adversely the
bills to repeal all taxation on bank checks and
friction matches and moved their reference to
the Committee on the Whole, and make them
the special order Wednesday next Agreed
to. s.s-.
Mr.. Dawes also reported bill to fix the
amount of legal tenders at $400,O0O,0O0, and
moved to make the bill special order in the
Committee of the Whole Thursday next.
Mr.. Maynard of Ten, upon the Committee
OF Banking and Currency, suggested that the
consideration of this bill might be arranged to
go on ia connection with such measure of
policy as the Committee on Banking and Cur
rency might present. EEEsft.4
Mr.. Cox Of N. Y, wanted to see little more
definiteness in lie matter. The3bIll settled
nothing as to future policy. The bill proper
y interpreted, legalized the issue Of the reserve
was step away from resumption, and the peo-
pie would so regard it. The tendency was to-
wards initiation,
Mr.. Dawes motion was agreed to, and the
bill made special order in the Committee of
of the Whole Thursday next
MIR Kasson of Iowa, from tho Committee on
Ways and Means, reported q bill concerning
the deposits in savings banks, constituting exist
ing laws. Referred to the Committee of the
Whole.
Mr. Sheldon of Louisiana, from the same
committee, reported a bill to establish bonded
warehouses for the storing and cleansing Of rice
for expectation. Passed. JED
After long discussion without coming to q
vote, the House, at half past four took recess
till 7,30. - q, .a,'- ..it Hua .s7s.. Lard
The evening session will be for TIE consldera-
ton of the bill revising the statutes.
The evening session was dull, not more than
30 members were present. The House adjourn
ed at 10 o'clock, - ga