Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-03-24

lliOuSH TIC PAOPOoOu oOiiiOoig oOOu1 hAU
way.
Mr.. Conkling presented a resolution o.
the New York Cotton Exchange which he
said was signed by every member thereof
protesting against imitation of currency and
asking legislation for a speedy return Il
specie payment. Mr.. COnkling spoke il
favor of immediate action on the financial
question.
Mr.. Logan presented memorial of bust
ness men of New York city, asking Con
greSs to take immediate action on the finan
cial question, to increase the legal tender:
TO 500, ,OO0, 600, and provide for free bank
ing.
Mr.. Borman presented petitions from his
State, asking an appropriation for the i'm.
provement of Kanawha river. Referred.
Rouge ct NOir.
Mr.. Morton presented petition of col
ored citizens residing in the Indian Terri
tory, setting forth that they are deprived Of
all civil rights. Referred.
sherman's Compromise.
Mr.. Sherman, from the Committee on
Finance, reported bill to provide for the
redemption and reissue of United States
notes and for free banking, and gave notice
hat tomorrow he would offer it as a sub
stitute for the pending financial bill TO
equalize the distribution of bank currency.
Mr.. Sherman said the bill was a compro-
mise measure, and was result of great labor
on the part of the committee. Some Of its
features were not approved of by all the
members of the committee, and he himself
has given his adhesion to some of the pro-
visions with reluctance.
Mr.. Stewart submitted a resolution in
structing the Committee on Rules 10 en-
quire into the expediency of making the
rule so that the morning hour in the Sen
ate should continue until half past eleven
o'clock, during which time there will be no
debate on any subject not regularly before
the Senate. Referred.
Mr.. Sherman presented a preamble and
resolutions of the Importers and Grocers'
Board of Trade, of New York City, re-
monstrating against any increase in the
volume Of paper currency, and favoring an
early resumption of specie payment.
The morning hour having expired the
chair announced that the Senate would re-
supe the consideration Of House bill to
eaualize the distribution of currency, that
being the special order to-day.
Mr.. West moved that the pending and
all other orders be laid aside, and the SEN
ate proceed to the consideration Of House
bill appropriating $4,000 to improve the
mouth of the Mississippi river. Lost.
Morton ON Finances.
The Senate then resumed consideration
of the bill to equalize the currency, and
Senator Morton addressed the Senate at
length thereon. He said that the issue oi
United States notes should be made Legal
up to the aggregate of S400,000,000. Al
| increase of currency to meet demands Of
| increasing business is not imitation in any
reasonable sense. Currency is the instru
ment of business and should increase witt
| it. He asked no other increase than tht
| free banking bill gives. In this debate, in
| fation had been confused with deprecia
ton. To initiate currency is to increas'
| the amount, whether in metal or paper
| beyond the demands of business. Wher'
| imitation is arbitrary, as in Germany, b.
| accident of war, it produces arrangement
| but where it is in obedience to the de
mands of business it produces only health.
/ effects. As well talk of Initiating with cot
| ton mills, because their number is no
/ limited by law, as of Initiating th
currency by free banking. The SenatO
from Missouri (Schurz) had argued that tn
people of the West and South were loser
by the establishment of National Banks
| and it would be better for them to let tn
East have them all. This was telling il
| effect they did not know what was good 70
| them, Greenbacks have no local habita
| ton. but 90 wherever the currents of trad
take them. Currency issued by banks il
loans is legalized; like amount return
| periodically to be borrowed again. An in
crease currency just keeping pace will
| population and business will not depreciat
it or produce an
Unhealthy Increase OF Prices.
| The whole business of the country is upol
| a level with currency; and the relativ
| prices of all commodities are adjusted +
each other as perfectly as if it was coin in
stead of paper. The conversion of curenc
prices exports into gold prices is as easy a
converting dollars into pounds sterling
from export you deduct the premium; t
| imports you add 1t.
Mr.. Schurz said this financial discussion
had already attracted the attention of tn
foreign press, and if such proposition fo
| expansion should become a law, as ha(
been made here, we would become tn
| laughing stock of the whole world. He in
uuired of Senator Morton as to his opinion
of the legality of S44,O00,000 reserve.
Mr.. Morton said there had been somt
doubt upon the subject, but in .his opinion
the Secretary had authority, as the Law
| stood, to issue it.
Mr.. Shurz quoted from the speech of tht
Senator from Indiana (Morton) and saiC
that the Senator sometime ago had charged
him (Shurz) with knowing little of tn,
| financial wants of the country, having beer
| born in a foreign country. He (Schurz
| would like to know where the Senator wa
born, when two or three years ag) he ex
pressed similar views. He (Schurz) argued
| that business centres Of the country are ful
| of money at present, and the supply o
loanable funds abundant. The supply ex
ceeded the demand, and not the demand
| the supply. There was more money in the
banks than could find ready investment fo
| GOOD security. Persons who could not gel
money had no credit. The business of tbs
country was slowly feeling its way from
| the ouicksands of crisis to the safe GROUND
| of legitimate enterprise.
Mr.. Morton said the Senator from Mis-
souri, appeared to be very familiar with his
record. He (Morton) had been struck with
the similarity of ideas of the Senator witt
those expressed by him some years ago. He
had examined his old speeches and now
had found out where the Senator got hi:
idea, namely, from old speeches which he
| (Morton) had delivered, thoughgof course
they had been dressed differently. He die
not object, however, as he thought if hi;
| friend wanted 10 make a speech on that
side he couldn't do better than TO take his
(Morton's) old speeches. The Senator had