Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1874-06-12

the effect to raise the price OF greenbaeks
a few per cent. but It would also depre-
eiste the bonds. He defiiea1 that the
bill would ever bring the country 10
sYscie payment, and all huctnta. :
tfone now complained Of would
be Just as bad after Jam
uaryy 1878. Gold wousd=not rensatp
In country where the price Of every
thing seemed to be so high as to drive 1T
out, aud a revulsion would then be ten
times greater than II the country shetIid
return to specie payments to-day m
fate the currency, and il Furnishes
money which can never be boarded nor
exported. He thought the bill handled
Ia a circle, and expressed the opinion
that the only way 20 restore the country
to prosperity was to return TO the true
3 andard Cf value instead Of, by an arbi-
t aTy measure, raising the price OF green
baeks. It would be far easier to reduce
the volume thereof, so tlat it would Ap.
proximate the price OF gold. He be-
lieved it easy,,to return TO specie. pay
nlents within two years without any
damage to the Interests OF the country.
He pTptested against the passage Of this
report. He believed that its friends did
not know wkatifs effect would be; evil
and Only eva wOusi spring ont OF It's
passage He was opposed to Aay propo-
sitiops which bad attempted to override
what God himself had made as money.
He thought that when tfle country en-
tered upon gold basis, it would enter
upon an era Of prosperity which would
be wider for century, i Iars aa a
Senator Harvey favored depletion
of the conference report. The senator
FROM Nevada L JSnesl had called gold
"God-made money" He Harvey
thought that q new doctrine, and could
ffnd nowhere In his readings where HS<s
had said the legal-tender Of a country
should be gold.
Senator Hogan spoke Ia favor Of the
report, and said he was surprised to hear
men opposing it, here to-day, who some
time ago advocated the very same fea-
tures It contained. Those who had
called senator's on his side inflationists,
had declared themselves in favor ofspe-
Gle payment; now they had q measure
for specie redemption presented to them,
and il they should put themselves on
record against it, the tables would be
turned. The bill was not satisfactory to
him, but he was willing to support 1t to
settle the vexed financial question, and
abandon for the time being his opinions
on the subject. He appealed to his
friends On both sides to act in q spirit of
concession, and not as II the real one
made up this mighty hemisphere.
The passage of this bill would hrlng
peace and prosperity TO the country. Z 3
Senator Thurman said, IL the passage
lof-the bill should stop discussion on the
currency question, and make people stop
talking ABOUT what amount css money
they we're going to have, and 90 to work
and earn 1t, it would do good, but he did
not think il would have that effect.
Senator Boutwell, said that the eighth
section Of the bill transferred the finan-
cial powers OF this contest from con-
gress to the spectators of Wall street
and throughout Europe, and when the
first of January, 1878, should approach,
there would be q demand for the repeal
of this section, because the country
would see that it could not stand the
combined SPECTATORS of the world.
Senator Morton said the argument of
/ the. gentleman Senator Boutwell, was
to the effect thar return TO specie pay
ment at any time would be ruinOus to
the country.
h Senator Boutwell, denied that such
was his argument, and contended that
the country would gradually approach
specie payment.
Senator Carpenter, from the commit
tee on Judiciary, reported bill to de-
termine the jurisdiction of circuit couKts
of the United States, and to regulate the
removal of eanses from State courts, and
for other purposes, which was ordered
to be printed and recommitted TO the
committee. A
Pending the discussion on the confer
enee report on the currency bill, the
senate went into executive session, and
soOn after adiourned