The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1874-01-30
CONGRESSIONAL.

THURSDAY, january g

Yesterdays Proceedings.
THURSDAY, January 90.
Senate. Fenton presented petit
ton of leading bankers and business men
of New Yorks against any initiation of the
currency.
Mr.. Ferry (Mich.) presented memorial
of citizens Of Illinois, asking the issue Of
the entire reserve and the issue of 1855
convertible bond.
Mr.. Conkling introduced bill to amend
the national currency act.
A motion submitted by Mr.. Hamlin to
discontinue the furnishing of stationery,
etc., to the reporters was referred to the
committee on contingent expenses.
Mr.. Carpenter then took the floor and
addressed the Senate on Louisiana affairs,
replying at some length to the arguments
of Mr.. Morton in favor Of the Kellogg
government.
Mr.. Bayard concluded his speech on the
finances, commenting in severe terms on
the course Of the present and last Secretary
Of the Treasury, who, he declared, had
violated the laws, and he thought they
should be held to as strict responsibility
for this as should the humblest citizens Of
the land. He saw daily the necessity of
retracing our steps, for the tendency of the
present condition of things was danger
GUS Capitalization. The people were more
and more becoming accustomed to looking
to the general government for aid in all
their enterprises. The government was
tending to vast monopoly, in the shadow
of which individual liberty would wither
ard die.
MIR. Morrill,, of Vermont, replied to
some Of the positions assumed by Mr..
Boutwell,. He read from the Congress
sional Globe of March -, 1866, where
Mr.. Boutwell, had voted in the affirmative
on a resolution introduced by Mr.. Alley,
of Massachusetts, cordially endorsing the
contraction policy of Secretary McCul-
loeb, and pledgng the earnest cooperation
of the House in measures looking to
early specie resumption. Mr.. Morrill, then
quoted from the reports Of Mr.. Boutwell,
as Secretary of the Treasury, which he said
showed that for the first three years OF
his administration of that department he
adhered to the principle of the resolution
for which he had voted. He secuted the
idea Of Mr.. Boutwell, that the country was
too poor to return to specie payments, and
spoke Of the immense sums beng spent by
the government in the erection of public
buildings in Boston, New York and else
where.
Pending further discussion, the Senate
went into executive session and then adj
journed.
House.-Mr. Maynard (Tenn.) from the
committee on banking and currency, re-
ported bill to amend the several acts pro-
viding national currency, and to establish
free banking and for other purposes.
The bill, the general provisions of
which have already been made public, re-
peals the act Of June Sd, 1864, so far as 1t
requires a reserve to be held on account of
circulation, but requires five per cent. of
its circulation to be kept on deposit at the
treasury, and whenever its notes are
presented to the treasury from any
anrce in sums of 81 900, the Treasurer is
notify the banks, which are required to
ay into the Treasury an equal sum in U.
notes, when new notes, printed and en-
aved at the expense of the banks, are to
issued to such banks to the same amount,
lie old not being cancelled and destroyed.
The bill also repeats all laws allowing re.
serves to be held elsewhere than in It's own
vaults, and authorizes the establishment of
banks without circulation. on the deposit
of $4,000 in the Treasury of the United
tates.
Some time was spent in discussing the
time and manner in which the bill should
be discussed, whether in committee of the
whole, the morning hour, or in the House,
and finally Mr.. Maynard moved to recon-
nit the bill. The House rejected this mo-
ton, and the bill went to the committee OF
the whole.
Mr.. Maynard gave notice that two weeks
from to-day he would endeavor to have the
House go into the committee Of the whole
to read the bill.
Mr.. Maynard reported adversely the
bill introduced early in the session by Mr..
Kelley (Pa) for the improvement of the
currency and the reduction of interest on
the public debt, with the recommendation
that it lie upon the table.
Mr.. Kelley opposed the recommended
ton of the committee, and moved refer
ence of the bill to the committee of the
whole. So ordered.
Mr.. Maynard also reported the bill to
establish and maintain national savings
repository in connection with the Postof-
flee department. Referred to the COM
mlttee of the whole. NJ
Mr.. uurlbut Qll.) introduced bill to
resume the title and control of land
granted TO railroads where the terms of
the contract have not been complied with.
Referred to the committee ON public
lands.
After recess from AGO p. m. till 7:30
the House adjourned at 9.15.
The Suu and its EnyeIODes