Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1874-12-23
oopbole be left. the Treasury might reissue thirty

was very weak. This was o bill of great deal
Of omission and the least possible commission
For year past there had been free banking in
many portions of the country, and the consequence
was that currency had increased about million
| and half dollars Pass this bill and he vcntured
| the assertion that the increase Of National Bank
currency in the next four years would not be over
| $l0000,000 and the retirement of greenbacks not
| over SS,0O0,OO0.
The panic upon the country now was the result
of overtradng and extravaganza, until at last the
bubble bursted and there came q season Of re-
| trenchment economy. In the history of this
country it was shown that the business of the
country never revived in q less period than four
years after panic. Nothing but true economy
and retrenchment would set business in motion
and make the country prosperous. 1t could be
not by tinkering or by bills which ommitted every
thing and contained nothing.
He offered an amendment az an additional Sec
ton, "That from and after June 80, 1875, one
twentieth part Of the customs duties shall be pay
able in United States legal tender notes or in Ma
tional Bank notes, and after June 80, 1876, one
tenth, and after June 30th, 1877, one-ffth part
thereof may be paid.
Mr.. Bogy moved to amend the amendment by
striking out all aft err the word that" in the first
line and inserting in lieu thereof proviso that
on and after the LIST of July, 1875, the duties on
imports be paid in legal tender notes coin at the
option of the importer.
He spoke at some length in support of his
amendment, and said he would vote for the bill
reported from the finance committee with his
amendment attached. Otherwise he would vote
against the bill.
Mr.. Bayard enquired of the chairman of the
finance committee (Mr. Sherman) if he would OBJ
ject to inserting the word destroy" after the word
'redeem" in the third section, so that it would
read ut shall be the duty of the Secretary of the
Treasury to redeem and destroy the legal tender
United States notes in excess only of $500, 000,-
600.
Mr.. Sherman said he had stated before that in
his opinion that question should be left to the fu
ture, and he could not consent to the amendment.
Mr.. Bayard said the honorable Senator (Sher-
NAM had betrayed here both his embarrassment
and his displeasure when such questions were
asked him. He (Bayard) hoped the country would
notice the answer Of the chairman of the finance
committee, who, representing his party friends
here, declined to allow the bill to be amended. 1t
was well known for years past that the Treasury
department had been governed without law, in q
manner and the money redeemed would be re-s-
He thought this double-faced bill and it seemed
to him to be juggling with aquestion which ought
to be matter of honest business.
Mr.. Hamilton, of Maryland, said that one effect
of this bill would be ia ask the next Congress to
pass law authorizing the reissue of the so per
cent. redeemed. The next House of Representa-
tives would have democratic majority, and he
did not want his party to be in the way Of temp
tation. Uaughter.)
MIR. Bogy's amendment was rejected without
revision.
MIR. Humans amendment was rejected; yeas
Is; nays, 80.
Mr.. Salisbury move to strike out 1879 as the
time for return to specie payments and insert in
stead, 1877.
Rejected.
Mr.. Hamilton moved to strike out all after the
"enacng claims" and to insert in the place thereof
that from and after the 4th of July, 1876, nothing
but gold and silver shall be legal tender for the
payment of debts contracted thereafter
Mr. he ,v,,,
ing for it he would not know whether he was vot-
ing for expansion. He was unwilling to leave it
in the power of any Secretary of the Treasury to
expand currency at his pleasure. He had great
faith in the honesty of the present Secretary Of
the Treasury, but would not leave such power in
the hands Of any Secretary, either republican or
democrat.
Mr. Hamilton said that he would withdraw his
amendment.
Mr.. Edmunds objected, and said it could not be
withdrawn.
call for the yeas and nays having been de-
manded, the chair (Allison) ruled that it could be
withdrawn. The yeas and nays not having been
ordered demand was made, but the Senate did
not order them.
The amendment was then withdrawn.
Mr.. Schurz moved that the bill be recommitted
to the committee on finance, with instructions to
incorporate in it such provisions calculated
to open the way for specie payment
Rejected.
Mr.. Schurz then moved to amend the third Sec
ton so as to provide that not more than two mill
ion dollars in legal tender notes be retired month
y by the Secretary of the Treasury, and the legal
tenders so retired shall be cancelled and destroyed.
Rejected; yeas, 10; nays, "A.
The bill was then read third time and passed;
yeas, 80; nays, IA.
Mr.. Boutwell, presented the memorial of James
Allen and others for the erection of light house
and signal station at Star Island, near the Isle of
Shoals
Referred to the committee on commerce.
Adjourned at Al.
HOUSE.
The Speaker presented communication from
the President with petition of colored citizens
of Alabama, in regard to the troubles in that
State
Referred to the select committee on that sub
ject.
The Speaker presented the applications OF a
large dumber Of members for leave of absence
so large number that Messrs Garfield and FL
bridge suggested doubts whether quorum would
be left
The applications were all granted.
Adjourned 3 40 o'clock.