New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-02-25
XLlIID CONGRESSES SESSION.
REGULAR REPORT OF PROCEEDINGS.

. UED IN TIRE sRNATE-rHE FRAMING BILL SILL
UNDER CONSIDERATION IN THE HOUSE.
co. SENATE. WASHINGTON. Feb a. 1875
Mr.. ScoTT (Rep., PENN presented resoiu-
Sons Of the Philadelphia Common Council protes''ns
against the lease of the CID Lazaretto e near
Island. for powder magazine. Referred 70 'ne e'"
snittee on Naval Affairs.
NJ, sCu1rpz IT an Rem Mol presented petition OF
erchants Of Chicago against any further Issue OF IRE
seemsb,e paper currency and in favor OF speedy re-
turn 70 speee payment Referred 10 the Finance Noin
nittee.
MI oGIEsBY rep, M presented petition OF Zo
.roerrhants and business men Of Chicago against any
further issue of irredeemsbe paper currency Referred
% the Finance Committee. 49,. -, o,-
snsiness men OF Chicago asking an OF currency
Referred TO the Finance Committee.
THE CURRENCY EoUALzArIeS BILL
The morning hour having expired, the Senate resumed
the consideration Of the bill eQusize the distribution
Of the currency the pending question being the motion
Of MI buckingham TO recommt the bill with insruc-
report in favor of increasing the volume OF cur
rency t0oco such instruction having been agreed
80 FRIDAY last. .
Mr. sCHURz 1ib Rep. MOI being entitled to the
AoOr. said that the demand OF those who favored an
increase Of currency, Judging from the instructions
agreed upon Friday, fell very far short Of what IT
originally was IL had not been his intention 10 address
was taken he had hoped from the confused luuble
Of propositions, that nothing wond be adopted us,r
ehta ~ the best interests OF the country Bul "ha
aspect was witnessed here '"S eey;urvm
Che second half OF the nlneteehth
,be highest legislative body OF this Republic seriously
debating the question whether new Issues oi
a1e I'm snpnort thereof which would make the civilized
world stare The argument had been nnId
never more he a standard OF value because theY were
not equal TO the products of industry AS wen mgnt
H. said thai the yard-Stck could never more be the
standard OF measure because u was not as long rs ron
Of cloth. II had been further argaea mat Aas'r,s,
tained condition OF prosperity Dy lISe s paPel
devsing OF 10 get rid OF That paper money
ami they would the arguments with sullle OF
derision He read from Marco Poo's travels in China
~ illustrate the effect OF the excessive issue OF lrredeem
able paper currency, and sad the supply oil currency
was oguated either by the area OF country popuh
ton of production alone but by these things
combined. The City OF Boston needed more CURRENCY
than All Of the Territories OF the United States combined
The State Of Rhode Island required more than the
whole OF the interior OF Atrlca, with IT'S teenng moh
o. human beings.
1t hal been argued thar the volume OF currency or
Engand larger than ours, athonSn the popuiatoh
less than that OF tins country lhat mlGh DC uu'
but The circumstances OF the countries were different
In England the number OF persons Receiving salaries
VA much tnan this country, and the exports
Sa eq tS SSop Mat nn Of United KSsdom
but 81 ODOOD and 100000, and although the
aggregate amount OF wages paid there
wac greater than paid in tins country
st larger than in England, and much greater than IN
the Unied States; therefore, ne argued tIat he com
business relations entirely different In the 0nsi-
ses ccnters money present Is abundant n not super
had been caused by drafts on the sOOOOoO reserve. OF
this amount something less than million had
beld in Boston. New-York. and Philadelphia He
Ihs country caused by large crops. and by the
having broken down, in great measure speculation
and gambling thus releasing large amounts of money
formerly employed IN such specuations and now used
aD legitimate channels OF business. IL was true that
this gambling and speculation was being revived 10
extent, hut il was being carried gu by dHerent
sass OF persons. ltwoud be revived still further by
every ncrease issue OF irredeemabo paper cur
renoy. In legitimate business scarcity OF currency
sometimes ielt but there was no necessity Tor IN
hauou' and u was IundanehL error 70 suppose that
Areal scarcity of money was al The bottom Of the mia
tion scheme. He argued that imitation always Stmu
The eentieman from North Carolina CIr Merrimon)
had complained that IN his state currency Was scarce
snd the Of interest high all OF which true. and
he OIL schurz deeply sympdthized with the people Of
The gentleman CIr. MeuiDonl wanted additional
sappls legal tenders sappose one OF two hundred
ISSUED. Would IL gave reuefi He thought not. There
were two ~oys ny winch This thls money would
defrtying the expenses OF the Government, and the
other by purchasing bonds If the United states in New
YORK civ The latter means would be resorted 10 of
and the consequence would ne, the additional
ieX of specniadon How would North Carolina or any
other s0vhorn STATE get ITS share Of this additi1al
reucy except by purchasing nj sho would have to
offer her products TO the market where tin
additional currency was and the currency would 20 10
that products offered for it, An Increase OF ire
deemabie paper currency, instead Of giving greater
facilities ior me transaction OF legitimate business,
would increase the wants or business. The premium
would require a greater amount OF money
Tor eAclanee; ls7uc more paper currency,
OF X Just slow does II cOnld forced
ino channels Of legitimate business nor out OF the chan
they were induging m dangerous and childish deu-
they Thought they mad the power to prevent
Issues from seeking the same channels rs Old ones had
Al Inflated irredcemable paper currency was not the
peopio's money, but the spcculators IL always lad
been 50 ana always would and the the Amer-
can people made ny their mDds 10 THIS fact and acted
upon 10 me better II would be for the honor OF tbe
Tie people Of the South well Of the whole conn
sry had gone through wastefu war, and thus the capt
"a OF The south especially had been diminished That
waste mad been increased after the by very Dad
governments in those states and the people there had
q make up the deficit it could not be made mp by
promises 90 pay. They must create wealth hy industry
sng PRODUCTIONS and would lose verv precious time As
well as waste their energy and influence by looking
90 artificial means TO and them Imitation Wo1td
sfiI more depress The agricultural interests Of the souh
and West ana that interest was the chief source OF
wealth TO sections The Senator from Indiana had
would Ice TO increase the currency, money would he
loaned iy them and returned TO the bank every 80 CO.
Persons to establish these banks must
buy the BOMBS "a Ne~-Sork to deposit
thousand dollar bond would cost sll20 The money 70
buy tins bond would be taken out OF the home cir ua
IAton and or that $1,000 bond they would get just 500
circulation; 50 thHt 10 would cost SLIGO 10 2et $500
sooth and West than ever New-Yor1 and New ana
had the capital aud, having the bonds there already
could send them to Washington aud get the circulation
the bonds. The free banking proposition would only
strengthen the grasp OF New 1OIb ahu NeW'EuGdud
npon the South ana West He dad not wish 10 De under
stood opposed to free banking entirely. he would
vote for system II there should DC coupled with 10
some practical system OF redemption.
He argued thar any iuhttiOn of the currency would
increase diminish, the rate OF interest, and said he
had lately received letter from old friend M Europe
wanted retire from business lie stated that he
could take S3OOC0 100000 from ms business, and
asked the OF linn Oir schurz, a. to investing the
money IN the United states in mortgages which would
pay Om To 10 pei cent interest But Gs Trend feared
s0sase M sne % ar5 Sohd U1nire of
the Senator trOm Indiana ir MOrtOn) what answer ne
would have made 70 that lctteri
Mr MORTON rep Ind) said he would Teply 20 the
BenatOT