The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-02-21
THE CURRENCY DEBATE.

Amendment OF the Finance Btil Re-
considered and Observation-Disclosures
Amendment Accepted Limiting tho
Volume OF Circulation to s4OO, 900, 900
Protests Against Imitation.
% WASHINGTON, Feb. 20. 1874.
In the Senate to-day Mr. LOGAN, rep) OF
H., said that yesterday morning when the
Chairman Of the Finance Committee pre-
sented petition OF bankers and merchants of
Illinois protesting against any increase in the
volume of the currency, he supposed 1t was
signed by many whose names he had noticed In
the newspapers who were the first to close their
doors. Subsequently he went to the committee
room and examined the petition, when he found
that the names he referred to were not attached
TO 1t. As he did not desire to 90 injustice to any
one he made this statement-the petition being
signed by respectable business men.
Mr. SCOTT, of Pennsylvania, presented petition
OF ban kers and merchants OF Philadelphia against
any increase in the volume OF the currency and in
favor Of Q speedy return to specie payments. Re-
ferred to the Committee on Finance.
Mr.. CoNKLING. of New York, introduced Q bill
amendatory Of the act to the rights Of citi
zens OF the United States to vote in the several
States OF the Union. Referred TO the Committee
on the Judiciary.
THE FINANCE DEBATE AGAIN.
The morning hour having expired the Senate
resumed the consideration Of the Financial bill,
the pending motion being to reconsider the vote Of
yesterday by which the substitute Of Mr.. Cooper.
OF Tennessee, was adopted.
Mr. MHRRIMoN, tdem.) Of N. O., said he was op-
posed to recommtttng the bill because 1t was well
known that the committee was against any in
crease In the currency. Therefore he desired to
have the committee instructed as he proposed.
Mr.. COMPILING said the Instructions proposed by
amounted 20 nothing, being for either contraction
or expansion, Depending entirely upon what
and In that respect the Instructions were wholly
silent. He favored the whole subject being re-
committed without any Instructions, leaving the
committee tree to bring In the best bill they
could. I'll 0aU lIY L. OIL N1I
THE PANIC NOT OVER.
Mr. CAMERON, rep.) OF Pa. said the country
needed help. The panic was not over. No doubt in
New York there was plenty OF money 10 the hands
o. ne money m sne men % o
their living, 1t was scarce. II this Congress ad.
journed without perfecting some measure OF relief
the distress to follow would be greater than that
OF last utumn. .l-
Mr. LOGAN (rep) presented Q petition signed by
volume OF paper currency. He said IL represented
all classes except the large bankers, and none OF
them had signed IL. Referred to the Committee on
M. MoREn1, Gepl, Of Me-. SAID that DAY after Ss5
other business, relterattng and restating their
theories. He had listened to this debate until his
brain had become 80 muddled that he had prayed
to heaven to have some rehei. (Laughter.) At
the end Of two months, alter all this diversity OF
the Senate must sss tn nss
be sent back to the committee, which could form
some nucleus at least for the Senate to act upon.
He opposed any Instructions to the committee,
and thought II they be left untrammeled, they
would report . measure far more satisfactory TO
Cease this struggle on the question OF fnance and
let the committee nave the bill
Mr. GORDON DEM Of Ca, said he did MOI not think
tor from Maine (Mr. MORRILL, thought 1t would be
more to trust the whole subject to the
the committee being OF his way OF thinking. There
were but two members or that committee not in
that in the hers wss w
dom. The Finance Committee did not represent
either the wishes or the best interests OF the
country. Rather than give vote on this nOOr to
perpetuate upon his people the yoke they now wear
ne would see his right hand wither at
cent ler annum out OF the toll and labor Of the
country, and 1t was no way to get out OF the diff
Guilty oy 81 these oanx ae DID not 1nins
Senator from North Carolina (Mr. Merrimon) that
he would not 60 IN ana help strike down this
monshed Senators who heard the voice Of the
banks and turned deaf ear to the demand Of the
wss so sSppse this ns could
q tho iaSorlng classes they had drawn he
ing, and as sure as the old ieudal power was
broken SO sure would the producing classes Of the
mand that this monopoly be broken. He hoped
the motion to reconsider would prevail.
NOTION no LAY ON TABLE.
Mr.. FERRY, (repl OF Conn.,, moved to lay the
bill and all amendments on the table. Lost
yeas II, nays 80.
Mr.. STEWART, (rep.) OF New. said the expert.
ment OF issuing irredeemabe paper currency had
iec ne aNa ets
paper, and he did not propose to pay our bonds by
starting printing press but would pay them in
gold, but he denied this. Forty millions OF people
would get oil the gold necessary. It had been
ucts Of the mines and the energies Of our people
enough gold would soon be accumulated. He
hoped that legislation would not be further IN the
direction OF dishonesty, but would come back to
the true principle.
MIR. BoREnAN, rep.) at quarter past four P. M,
moved that the senate proceed to the considera-
Mr.. saERAAN. gepl called for the yeas and nays,
and gave notice that he would call for the yeas and
nays on every proposition.
Mr.. FOREMAN withdrew his motion.
COOPERs AMENDMENT Reflected.
reconsider the vote by which the substitute OF Mr.
Cooper was adopted yesterday, and 1t was recon-
sidered yeas 81, nays 23) as iollows:-
sEea Si:y:sa, dsnsssI Ss;Sy SsSxsS ScsSxsi!s
osies5y, PATTERSON, fesse, Pratt. Ramsey, Robertson
AnRony Bacsnsnsm Chandler oont
n dSD ks nry
gent, Schurz scott, sherman, Stevenson wxr Stock
ton, sumner and Wadieigh-23.
Mr. Co0per's amendment was then rejected,
MERKINON'S AMENDMENT ADOPTED.
the question recurring upon Mr.. Merrmon's
amendment IL was adopted by yeas rs to hays u.s.
as i0iiOwS:-
YxAs-Messrs. Allison. Bogy, Boreman, Cameron Clay.
ton, Conover, Ferry OF Michigan, GOdthwaite Harvey
Hitchcock, Howe, Johnston, Logan McCreery MerrI
5ss:s, rT;;s ss$'sy' Robertson. Spencer, sDrssaa
..NAYs-Messrs Anthony, Boutwell,, Buckingham Chan
dler, ConkiIng Cooper, Cragin Davis Fenton. Ferry
q GonnectiSSt GILBERT Hsger. hamhi. Jones Kelly
Stevenson, stewart, Stockton Sumner and Wadleigh25
Messrs. Carpenter, Gordon, Wright and Ransom,
who would have voted for the amendment, were
paired with Messrs. Frelinghuysen, Bayard, Nor
rill OF Vermont and salisbury, who would have
voted against It.
Mr.. MerrimOn's amendment, as adopted, In
structs the committee TO report as as practi-
cable bill providing Tor the increase OF the ma