Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1874-03-28
The Currency Question Stih On
the BOards-Every Han has
a Pet Scheme-NOthing
Definite.
Proposition to Purchase "FOrt
HustOD," in Tennessee, for
the Site of the Fisk
University.
A Bill Authorizing Settlements
with Georgia and Tennessee
Railroads and the Gov.
ernment-Etc.
SENATE.

SENATE.
WASHINGTON, March a7.-!The chair
laid before the senate a Joint resolution
of the Wisconsin legislature, for the
speedy construction of a ship-canaI
around Niagara Falls. Referred.
Senator Lewis moved that when the
senate adjourn to-day it adjourn to
Monday.
Bills to remove the political disabili-
ties of Thomas Hardeman, of Georgia,
and VIM. L. Cabell, of Texas, were
teken up and passed.
Senator Allison submitted a resolu-
ton, instructing the secretary of war to
communicate TO the senate the report of
the board of engineers who made the
examination for the bridge over the
Mississippi river at st. Louis. Passed.
Senator Davis submitted resolution,
instructing the secretary of the treasury
to furnish the senate with a statement
showing the amount due the govern
ment from paymasters, quartermasters,
| commissaries, collectors of internal
revenue and customs officers, and of the
freedmeD's bureau, since January l,
1866, together with the names Of such
delinquents, from what States they were
appointed, and If suits are now pending
! to recover the amounts. Laid on the
table and ordered to be printed.
The senate then resumed the consid-
Grafton OF the bill to provide for the re-
! demption and reissue of United States
notes and for free banking, the pending
| question being an amendment Of SCna-
tor Morrill, VT to the first section of
! the bill, prohibiting the use Of any Dor
! ton of the four hundred million dollars
authorized by that section as amended
! by Senator Wright, for the purchase of
bonds Of the United States above par, or
| for the current expenses of the govern
ment.
Senator Logan opposed theamend-
ment, and said it meant simply that if
| the money authorized by the section
could be issued-if bonds could not be
purchased with it, and it could not be
used for the current expenses of the gov
ernment, how was it to be put in circula-
ton?
Senator Morrill, modified his amend
ment by striking out the latter part, re-
lating to current expenses, so that it
would read, "but not part of the same
shall be used in the purchase of bonds
of the United States above par"
Senator Ferry Mich. said that he
was in favor of leaving the sectlcn as it
passed yesterday. He had every conf
dence in the secretary of the treasury,
and thought that officer could distribute
the money in his discretion.
Senator Morton said that the amend-
ment of the gentleman from Vermont
Morrill, was calculated to defeat the
action of the senate yesterday, and he
hoped the amendment would be voted
down.
Senator Morrill, asked if the gentle
man from Indiana MortOn] favored the
secretary of the treasury increasing the
public debt by purchasing bonds above
par. He Morrill, would now withdraw
his amendment, and see what kind of a
bill the majority would get up.
Senator MorrilPs amendment having
been withdrawn, the question REQUIRED
on the amendment of Senator Logan to
the substitute of Senator MerTimon,
submitted last evening.
The following is the text Of Senator
Merrimon's substitute:
Section First-That the maximum
limit of United States notes for circula-
ton is hereby fixed at four hundred mil
lions, at which sum it shall remain.
Section Second-That forty-six mil
lions in notes for circulation, in addi-
ton to such circulation now allowed by
law, shall be issued to the national bank
ing associations now organized, or which
may hereafter be organized; and
such increased circulation shall be
distributed among the several States, as
provided in section one of an act en-
titled can act to provide for the re-
demption of three per cent. loan GER
tificates, and for an increase of national
bank notes." approved July y, 1870.
Senator Logan moved as an amend
-, h. NJ
mon, the following: "That so much of
the twenty-seventh section oHthe ma
tional currency act, and of the several |
acts supplementary thereto, and such of |
the provisions Of the act to provide for |
redemption of the three per cent. tenn
porary loan certificates, and for the in |
crease of national bank notes, approved |
July II, 1870, and SO much, or such parts |
of any other act or acts of congress ss |
limit, or as may be construed |
so as to limit or restrict the en-
tire amount Of notes for circulation |
to be issued under the said national cur
rency act and the several acts sup
Elementary thereto, be and the same are
hereby repealed, and that hereafter all |
associations organized, or that may be
organized for carrying on the business
of banking under the provisions of said
act shall be free to establish and organ
ize national banks with circulation at |
any place within the several States |
and Territories of the United States, |
on the terms and conditions, and SUBJ
ject to all restrictions and limitations |
provided by law, except Limitation of |
the entire amount of circulation, which |
is hereby repealed. That each national |
banking association now organized, or /
hereafter to be organized, shall keep and |
maintain as part of its reserve re-
quired by law, one-half part of the
coin received by it as interest |
on bonds of the United States deposited !
as security for circulating notes and for
government deposits; that hereafter |
only one-half Of the reserve now pre- |
scribed by law for national banking as
sociatiOns shall consist of balances due |
to an association, available for the re- /
demption OF its circulating notes, from /
an association in cities of REDEMPTION, |
and upon which balances no interest |
shall be paid"
Senator Morrill, [Vt.] moved as an
amendment to the first section of the |
bill as amended by Senator Wright, the |
following: I" But no part of the same /
shall be used in the purchase of bonds of |
the United States at above par, nor for /
the current expenses Of the govern /
ment.n
Senator Sherman said the amend,
ment of Senator Logan presented the |
simple question as to whether the SEN
ator was in favor of free banking OF not. |
If free banking should be established, !
all the banking capital would be con-
centrated within one hundred miles of |
New York city, and the west and south |
would be more dissatisfied than ever.
Senator Conkling said the second sec
ton of the substitute submitted by the |
gentleman from North Carolina Mer- |
rimon] provided for an increase of forty
six million dollars in national bank cir |
culatiOn, while the very next section, |
submitted by the gentleman from Illi- |
nois, provided for all the circulation |
which could be obtained.
Senator Gordon asked Senator Logan
to accept the third section CT the bill.
He [Gordonl believed with the
gentleman nom Ohio Eshsrman1 that