The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1874-12-23
FORTY-THlRD CONGRESS
WAsHINGToN, December %.
SENATE.

WAsHINGToN, December %.
SENATE.
Mr.. Scott presented memorial of the
Board of Commissioners appointed by
the Governors of several States, to take
steps for the improvement of the Ohio
river and its tributaries; calling the at.
tention of Congress to the Importance of
making appropriations for such improve
ment. Referred.
Mr.. Lewis presented memorial Of the
clergymen of the District Of Columbia,
asking that church property be exempt
from taxation. Referred.
Consideration ofspecie Payment Re.
sumption.
Mr.. Sherman moved that Senate pro-
ceed to the consideration of the bill to
provide for specie payment, reported
from the Finance committee yesterday.
The motion WAS agreed to, and the vote
stood yeas 80, nays l8.
The bill was then read, when the chair
man, Mr.. Ferry, Of Michigan, announced
that the morning hour had expired, and
that the Senate would resume the consid-
Grafton of unfinished business, which WAS
the bill for the better government Of the
District of Columbia, upon which the
Senator from North Carolina, Mr.. Mer-
riman, was entitled to the floor.
Mr. Sherman asked Mr.. Merriman to
Yield that the finance bill might be con-
sidered, but Mr.. Merriman declined.
H. hot
when the Senator had finished, he would
move to postpone the further considera-
tion of the District government bill and
take up the finance bill.
Mr.. Merriman then addressed the
Senate in opposition to the amend
ment of Mr.. Morton to the
District bill, to provide for the
election of Commissioners by the people
instead of having them appointed by
the President.
Mr.. Pratt submitted a resolution in
structing the Committee on Pensions to
inquire into the propriety of reporting
bill placing on the pension roll at the
rate of eight dollars per month, the sur
viving soldiers of the Indian war Of 1911;
were married before the first day Of JAN
uaIy, 1925. Agreed to.
Mr.. Sherman moved that the pending
bill, to provide for better government for
the District of Columbia, be laid aside,
and the Senate proceed to the considcra-
tion of the bill to provide for the resump-
ton of specie payment. Agreed to.
Discussion on the Financial Bill.
Mr.. Sherman said he did not intend to
reopen the debate on the financial topics
of last session; that the Senate was COM
posed Of the same persons now, and il
was idle to reopen it. 1t WAS
now less than three months from
time of adjournment, and that there was
II general feeling that Congress should
do something. He desired to say to the
Senate that the bill might fall short in
many particulars, but was one which de-
mandcd reasonable concessions from
every Senator. He then explained the
various provisions of the bill, and said
the first section, for the redemption of
fractional currency, met with approval
BY the committee, Secretary Of Treasury,
and President. The second section,
which repealed the law making change
of l-5 one per cent for converting stand
ard gold bullion into coin, required sac
rifce on the part of the government of
$4,000 per annum, that being the
amount levied last year on those who
brought gold bullion to be made into
coin. The Third section of
the bill provided for free
banking. Under the present law, bank
ing i virtually free in some of the west.
ern and southern States, but in the
great commercial centres of the country,
it WAS not free. This free banking Sec
tion, therefore, provided for the enlarge
mcnt of the volume of currency in case
the business of the country demanded it.
1t also proposed to redeem United States
notes to the extent of 80 per cent of the
amount of the new bank notes issued; the
section did not propose either contrac-
tion or expansion OF currency,
leaving it to be governed by
business wants of the community. The
bill also provided ample means to main
tain and provide for specie resumption,
and no Senate could doubt that if the bill
became law specie payments would be
resumed on the l,t of january, 1879. If
efforts should be- made by Senators to
cngraft other questions on this bill they
would lead to its defeat. He reviewed
the several plans for specie resumption
heretofore considered by the Senate, and
said he had been compelled to surrender
his ideas in regard to resumption,
Mr.. Schurz inquired ifSO per cent legal
tenders redeemed, were Ia be reissued.
Mr.. Sherman said that would be a
question for consideration years from
now, or soon as the amount was reduced
TO S3O0,OOO,OOO He didn't think it should
ne said in this bill, as TO whether the sc
per cent legal tenders should be destroy
ed or rriSSucd. No man knew how fast
new notes would be issued, but their Is
sue would undoubtedly revive the busi'
mess Interests af the country, before the
arrival Oft the time when legal tenders
would be reduced to 100000, 600
One or two Congresses would have met
and disappeared, and he thought it much
better to leave the questions of destroying
or reissuing that money to the future.
Mr.. Schurz-Thc Senator then admit:
that the Secretary may reissue the 80 pei
cent again.
Mr.. Shcrman-I do not make any such
admission.
Continuing his argument he said thai
!. would not be wise 10 introduce into
this bill \ controversy which would des
s,roy that unity by which the good it con
tanned could be accomplished. He op
posed the bill because every portion OF j
| tended to specie payment.
| Mr.. Schurz sand that Congress
ought to make the bill a. clea
a. possible. The Senator SHERMAN
] = e., IL ann nIn.riancn that i