The democrat. [volume] (Weston, W. Va.) 1868-1874, 1874-02-02
xInId CONGRESS.
EENAfR.

Eulogies were pronounced on the late James
Brooks and W. ID, Foster, and resolutions OF
respect adopted.
Mr.. Ferry, OF Michigan. said a. be shared In
the public anxiety that the Senate should act
on the question Of finance Immediately, no
proposed TO modify his substitute for the reso-
luton OF tho committee, 10 ~ to narrow the
subject down to moderate Increase Of the
currency. He, therefore, withdrew the sub
hhtuie formerly presented by him, and sub
mltted the followingI
"ThAt the Committee on Finance be directed
10 report 10 the Senate, at AZ early day ~
practicable, such measures a. will restore COM
lnerciAl confidence, and give stability and
elasticity to the circulating medium through
molGnte increase OF the currency"
Mr., Frelinghuyscn presented bill to secure
resumption OF speclo payments without con-
tracing the currency, and Il was referred TO
the Committee on Finance. II authorizes tho
Secretary Of the Treasury TO issue s295, 0O0, 900
OF six por cent. ton.forty bonds, 10 be disposed
Of from tlnO TO time, for the purpose OF pur-
chasing two hundred million dollars Of gold
coin, with which to redeem lepal.tender notes Of
the United States; and II shAll DO In the dis
erection Of the Secretary OF tho Treasury, 70
soon a. ho shall deem Il oxpcdlent, With such
amount Of gold A. for tho ttmo being 10 may
have procured, to commence and continue the
redemption Of legAl.tendOn. When redeemed
they are not to be relssued, except In exchange
for gold coin at par, aud when 80 reiasued they
shall DO rOdoomable IN gold coin, but tho total
amount OF legal tenders outstanding and re-
deemed shall GtnO time exceed three hundred
and flfty-si1 million dollars. The bill further
provides that II, after commencing said re-
demption, the Government shall DO unable 70
redeem part Of said legal tendon in gold, the
Secretary may redeem them by exchanging the
Aforesaid bonds at par for them.
In his reply to the Finance report OF Senator
SehurZ, Mr.. Morton, OF Indiana, said: " Tho
United States could not DO guided by the OK.
perienc0 OF England In the matter Of con-
traction. There was hardly 4 man living five
miles from bank, and most Of them lived In
towns and villages In sight Of banks. The
facilities for bank credits there were much
greater than In this country, and there was not
tho necessity for 10 great volume Of cur
reney. England, with hor thrty-ono million
people, has six millions currency. And the
United States, with her forty million people,
had only eight millions currency, lie did not
think our currency redundant, It had been
argued that We had built railroads too fast
lie did not believe n Senator on this floor
would say his State had one railroad too many.
Probably sometimes they had been built IN
advance Of settlement, but they were always
tho pioneers Of civilization, 10 desired TO
again state that the recent panic In our country
lid not spring out Of any defect In our cur
rency. The currency did not run down during
tho panic, but on the contrary increased IN
value H0 saw behind all this contraction
argument the old State banking system looming
up.
Mr.. Howe, Of Wis, introduced bin for the
withdrawal Of irTedeemAble national notes and
the substitution Of redeemAble national bank
notes.
Mr.. Logan, OF ILL.,, introduced bill relating
TO retiroments from the army. II proposes to
make II obligatory upon the President TO ro-
tire any officer OF tho army or Marine Corps
except the General or Lieutenant General Of
the army, whose name shall have been borne
upon the register 10 years or who shall DO 90
years Of age.
In the financial discussion, Mr.. sherman, OF
Ohio, said that on June 30, 1860, the legal tenders
outstanding amounted to $3.50, 900, O0O. On tho
lst Of January last they amounted 10 ISIS, 49,
$50, or All increase In tho form Of security OF
s22.4si, $50. The fractional currency, which
in 1869 amounted to ga, 5Os, 92s now Gmonnte
TO sis, b5i, 7g2, being an increase Of over s2l,-
0O0, 900; and again, the national bank circula-
ton had been Increased from S290, 7s9, 900 to
1855, 1881, 900, making tho total Increase on the
had been practicable during the last four Year,
to advance our notes to specie value. II not,
when would II be Z
Mr.. Mitchell, Of Oregon, introduced I'LL TO
provide for the incorporation Of the Portland,
Oregon and Salt Lake Railroad and Telegraph
Company, the United States Government 10
guarantee the payment Of interest on the COM
pAny's bonds to the extent Of ten thousand dol.
lars por mile,
Mr.. Logan, Of H., In discussing the finance
question said he did not oppose an ultimate re-
Turn to specie payments, but considered such
return At present imprActicablo aud unneces-
sAry. Gold and silver are not sufficient in
amount to return to coin payment. They do
not and cannot represent the value Of labor,
Industry, and commerce, consequently gold and
silver cannot now serve rs the standard OF
value OF medium Of exchange In this country.
The confidence OF the people In our paper
currency has never wAyered. In tue days Of
the panic gold foil TO one hundred and six. The
Senator from Missouri showed that the amount
Of Our currency per capita In 1860 was fourteen
dollars and fifty cents, and that Il is now
nineteen iollArs. The logical result goes even
further. In 1850 the amount Of property per
capita was FIVE dollArs and tWeniy.slG cents,
which increased 70 seven dollars and ninety
Que eonta In 1870. The same rAtlo Of Increase
Of currency would now require twenty-five
dolllrs per capita, total circulation Of eight
hundred and fifty million dollAn. This amount
Is now needed for active circulation. II would
not 10 In excess Of the amount per capita in
Great Britain and France. The most reliable
recent statistics represent the circulation In
France at fifty dollArs per capita and In Great
britain At twenty-five dollArs per capita. which
latter is ten per centum more than IL here
demanded.
HOUSE.
The Education bill wa discussed and post.
poned I'LL March.
Tho Senate substitute for the House Salary
bill was passed by GAG Yeas to % Nays.
A new rule, requiring that all bills making
appropriations shall he flrSt considered In Com.
miitee OF tue Whole, was adopted.
Supervising Architect Mnllett has recon.
menaed to the Post.ofiee Committee the
forfeiture by the Pacific Mail Company Of the
additional subsidy Of $780, 900.
Mr.. Smith, Of n. Y, from the Committee ION
Elections, reported = resolution declaring
Messr. Wilson and Martin entitled TO seats
from the Fint and Second Congressional
Districts Of West Virginia, and minority 70.
port was presented by Mr.. HAzelton, Of Wis.
The consideration Of the Naval Appropriation
bill was completed and the bill passed.
The Committee that went TO New Orleans TO
Investigate the charges against Judge Durrell
believe that he will 10 lmpeAched.
The Naval Appropriation bill was passed
without amendment, Just a. II came from the
committee. The entire amount appropriated
Is sixteen and half millions This is fully
three and half millions less than the average
annual appropriations for the last FIVE or six
years. and Is within 4 million a. low As the
APPROPRIATION for 1850. Tho House has passed,
and the Senate, with slight amendment. has
eoncurred In, bill appropr1Ating four millions
for tho extraordinary expenses Of the navy.
Mr. Small, Of n. H., asked leave TO offer 4
resolution, instructing the Committee on