New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-01-20
XLIIID OONGRESS--Isr SESSION

| HOUSE To THE INITIATION POLICY DEFEAfED-
| MOTION TO PASS A BILL RESTORING THE
FRAMING PRIVILEGE ALSO DEFEATED.
| SENATE. .WAsHISGTOS, Jan. 49, 1874
Mr.. INGALLS, (Rep., Kansas) presented pc
tton of citizens OF that State rectng evils growing
out Of our present financial system. and asking that
| measures be taken to issue currency based on real
| estate securities. Referred to the Committee on FL
| nance.
| Mr. HAMLIN Rep, Me.) introduced a bill for the re-
lief OF the rtiand Company Of Portland. Me- Referred
| to the Committee ON Claims.
| Mr. BOGY Dem. MOI introduced bill TO reimburse
the state OF Missouri for expenses incurred IN the arm
! ing aud equipping Of troop. during tne iato war
Referred to inc Committed on Military An'lrs, ~, 4.
Mr.. MITCHELL Qep. Oregonj introduced a bill to
provide for the OF the Portland Oregon and
tho measure the trae interest OF commerce and
was approved by the people Of tne whole North Iacbe
Coast without distinction Of party. the people ot tha
section were actually sun ring for cheap ransporiaton
ana construction OF the road would result ~ gIet
| saving 20 the Government IN tho transportation OF
troops, mails. &c. Tue bill was referred 70 'he oeu
M NJ; Giy7TIvTy1DM Rep. Comm introduced bill FOR
the relief OF tb ChickaS~ Indians, which was referred
" the Committee on Indian Affairs. :, u,,., ., hu,
! Mr.. LOGAN Rep ILL introduced by request. PHI
10 appoint a commission the subject Of tho acOhOnc
! and fermented liquor traffic. Referred to me COM
Mr. FERRY rep. MichJ introduced bill 70 author
zc the construction OF Drifge across thc Doro hser
| at Detroit, Mich Referred to the Committee on com
| MIR INGALLS, Rep KanJ introduced a bill To in
corporate the Colorado Canal Irrigation and Land Com
4 pany Referred 20 Committee on Pablo land.
Mr.. RAMSEY Rep Mimi introduced on autnot y,
| ing the st. Paul aud Sioux City Railroad company ~
| Dakota Referred TO the Committee on Pubic Linu8
THE SPECIE PAYMENT QUESTION.
The Morning hour having expired. consideration
OF the re solution reported by the Finance Committee
was resumed. and Mr. WRIGHT tIscp. Iowa. addressed
the Senate He said that In his Judgment senators were
arrayed on two sides. either for contraction or eXpau
| sion: yet each denied the soft Impeachment He had
fiyaIv IN mt liz
| but feared words had only darscned Lis course
The Chairman Of the Finance Committee 50 furious FOR
resumption, SAYS himself that be ventures no HPlhoi
nor commits himself to any theory. In ono SchCo Oh
these nanciers there seemed 10 be entire unanmltya
they ascbe all the troubles To Overdose 81 rebcy
In lis Judgment our currency had no more 10 30 WIN
the monetary derIng ment than the halance'pOio Oh an
acrobat last years bird'snest For years Dotn tne
nation and individuals had teen overrahihg fuhnihS
into debt and people everywhere were ihie'teu M, NJ"
| haste TO get rich. We had been going on IKE "a
! hghprcssire Mississippi steamboat throwing rosin
nio the furnaces to eet along ia u , and
hat our currency had deprecated during the panic On
the contrary. had appreciated Bankers Ecld On 10 ~
! facIs spoke volumes IN favor of soclled deprec
ated currency II our currency was dishon9ied hoWn
was technically dishcnorcd week after rs Issue. was
the nation be adjuged bankrupt because lsitd 10
pay gold for these notes one KIND OF Legal tender Tor an
try /. pledged for tho redempon of these notes ana
they are good they can be made Inc milton
the clamor OF bghtc The real inquiry now Is. Is
IL uractcabe having cue regard iof ho I'm, o. tae
tuIn 10 spece paymcntl He Thought not, aud de1ed
any one TO show thar the Government had departed
In the name of lie good faith of the nation and in the
name of he people he protested against one being
aiinwod 10 charge Congress with violation OF the
nations pledge Wnen we have that prosperity ana
r1de whicn All should labor for then that great act OF
specie resumption Will be accomplished way al TINS
struggle To get back 10 specie paynen-f lie haI oeh
answered Because il Is the worlds CURRENCY He
tho world would get over some OF IT'S Oid noos
on this subject Nations were becoming more nsiuse
with each other and were working toge,her n9r mar
| moniousy. As This system increased the world wond
adopt currency not 80 5emsnd noie a
for greenbac. would have but paper currency
and That issued directly by the Government me "a
o1ai hapi, were necessity, and the in
Gury now was worthy of attention, was there urener
M their AFFAIRS. lie thought it advisable 10 have the
currency eas;e WIN ,ot sSIo He favored
small rate, the nation Was paving too much In
eresi both pnpc ana pIy1e rho $40 cnt Of ytaya
CANT interest II we return 10 speeds payment now We
must reC CT thai 2reenDacks WILL be bought up by
capitalists at deprecated value and held for the gold
millennium, thus Increasing me monetary deranGemen
aud cnppinG business. Nothing should ne done 10 con
tract should 20 right ahead steadily II there Is
| q furnace IDLE encourage 1t To BEGIN WORK IL any
work and ali will we'll IN conclusion, he denied that
| payneut and no expansion or The currency.
Mr. LOGAN rep, I'D SAID The regulation OF me cur
rency been u'ect WATCH has been much discussed
bat the word money" Itself has yet been fully
defined IL necessary to relieve the presenl stingenoy
by placing the curency on secure basis Inc various
pias for this purpose really embrace bn; two
Leores-one, e return 20 specie pay meuts 10y forced
circulating currency by releasing that which
hoaried or y direct increase IN
81. return to specie pay msht necessary ior Tue
stability OF our guireEs ,ti ans nas
been assumed. however, that Iuetac basis Is neces
sary a STANDARD OF value ana lnedlum OF eNcndnee
IL i proper inquire whether metallic basis affords
an adequate remedy against financial strngency and
the eyis attributed to paper currency II may be re-
piled first that metallic basis is not absolutely neces
! sary; second, that STANDARD OF value shOnld De
a i istingushed from a medium Of exchange History
nd
not necessary 10 srcuIe staClhty 10 our currency IIe
experience all enlightened nations shows that under
such such return is mpracticabie, and
that attempts to force coin resumption nave frequently
occasoned inanciai disorder Hoiu anu slFet aone re
main permanently the medium OF exchange nut the
value gold and silver is Inadequate to represent the
products OF labor aha trade. Inc amount Oh specie
annually produced IN this country a. compared WIN Tue
value of the animal productions Is a. " 70 1
law The general progress OF commerce IN all countries
has compelled constant changes rom com 70 paper
| money. Gold or siiver have been assumed 10 nave
fixed and nvarahe value, put there Is no PROOF that
the relative values OF gold and SILVER have Always been
contrary, shows fluctuations of value. \ specie
basis not of necessity prevent panes The neces
sty OF paper currency Is shown by ne fact that is III
| present IN most civilized nations
specie payments considered such return at present
| inpracIcahie and unnecessary lie continued: cold
payments They do and cannot represen the value
OF labor, industry and commerce. consequently gold
medium OF exchange IN this country A healthy and
vigorous % an of 81 He
proceeded to answer the question. us, is sound
emit as will tend 20 moderate increase
Of the currency He argued that specie payment
not be reached through forced contraction without dan
ger OF national bankruptcy. The present amount OF
Currency IL manifestIy inadequate. The only way to
specie payment is by further contraction or legislative
proclamation. Further contraction Is impraceable I'm
mediate resumption would cripple If not ruin every in
dustry. The importation OF gold must be greater aud
the expectation far less, before We can con
increase Of the currency would not, had
been affirmed by other senators, iniure the Western
farmers The history OF last decade shows That the