The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-01-17
Senator Sherman on Finance and
49, National Coed Faith.
SPECIE PAYMENT A SOLEMN DUTY.
The Tendency Of an Irredeemable
Paper Currency to Foster Ex-
travagance and Create Debt.
RESUMPTION TEE SAFE POLICY.
SENATE.
WARRINGTON, Jan. 10, 1874.

hume rous petitions presented asking for the ap
pcantanent a commission to investigate the
Racturc and sale OF alcoholic liquors. Referred TO hi
Finance Committee. ...-.. I.
Mr. ALLISON rcp) Of Iowa, presented petition tn
Chicago, Dubuque and Minnesota Railroad Company
the Chicago OF Trade others in relation TO III,
construction OF bridge the Mississippi River
Clinton. Iowa. Referred TO The Committee Commerce
i-ittfi ft BILLS INTRODUCED.
Mr. RourwEiL. TepJ of Mass, introduced bill to pro
vide for the aDpraisemcnt Of merchandise in certain
cases Referred to the Finance Committee
nr. LOGAN, rep) OF III, introduced o bill making re-
nrements IN the army and marine corps obligatory ate,
acertain age. Referred 70 the Committee ON Military
Affairs
90 Also bin authorizing appointments and promotion.
IN the Medical and Ordnance Departments Of the army
end for other purposes Referred the committee
Also bill to increase the pay department Of the
army. Referred to the committee
III. HowE Nep) OF Wis, from the Committee the
library reported favoraby on bill appropriating
for bust Of the late Chicf Justices r. b. fancy and
e BE- IL ss eGu s 70
shs poispsa s,sahi n; Of GsnsIsl R. Morsan Of
NJ LEWIS moved that when the senate adjourn to-day
MSe 70 meet on Monday next.
wthdrawn senate should dispose q The finance
The motion was withdrawn
Nj IT, sSSssnrsos TeP5 Of > c. introduced bill direct
essyer Of The State Bank Of ChSrestoa s. C.. certain
on finance s.A'e'
Mr. Bputwells bill for the merchandise
s:s sSs p y
At s
sPih s iG slses
~ no anne or 81
sssds e. similar e. Character to other parties
Obligatory upon President to any oi
Gs he Tine
Zen DC borne upon the register forty-vs year, who
Iosss . neees sss the pay department Of the
anp nS
ss grade IL es
al %
sf fF' also Of pr ssss%s
% BATHS ssa BE- se
their actual rank at the time and according 70 any
Mr. Ss,s sp cf Mt spoke having
Pending the discussion the morning expired and
On motion Of M: srEscxR Gep., Of Ala, it was or
sAIs o. COMPREHENSIVE PROPERTY At HAnrra's rsnrY.
sructng tie Attorney General to communicate to the
sending suits in regard thereto. ''' o. Gnu INC
ton on the subject involving private Interests and
resolution be referred to The Judiciary COMMITTEE So
D SENATOR SHERMAN ON FINANCE.
The consideration OF the resolution reported by the
sp G senate and Mr.
specie was the only true standard Of value, and
promssory notes We're used IN settlement IN
IN
I II sy two Great N sna sns
nizcd the importance Of maintaining their paper at
s1a r ss O.
+ The only reason why the national banks
hs ia ps st S0R y
%
teeir notes in gold CONGRESS is bound both by public
ss. Cur sss.s
ssf
s::s $ 9ss
CONGRESS som made dow the IL that
the psSiis voice. and say to yo oSsD %l's
aGny 70 ou aSs the
n oS en e In back
than in March, 1870 These were facts al.
:nsss %E r e SS no .sl ise
S to Ha s paS
se Ssd net ys %
m; and had actually ADDED nd to our since the
is .%oq. .ss ,Ds g s, q
ahs as5n # ss'qT' g
1Sy sSn'f And ks ssns *
R s BEEN in ns
rss asssss
Of e q 3 VuS MSe SsO be
been used to pay the public deb. not due would have
ssssss, as sSsS ms d $ promise This aSss
public deb We n nep ssv the
Ss oS Srds e s the uc DEBT
Se Be 9sacSsa he &
ssis ssy rss a.shs1
m Sua G be In debt and always M
z. Re REGARDED srownin
redeemed ali Obligations The present Is the s time to
ss and aT s % n sss sssn s
spS inc ssous 0sso D,a that the interest,"
the proyisios of the Legal Tender carried out
Many had IL times o sai s AND and
peril when the government was in danger, which il
posty Of s those "i ae,s e Re '"H e
R0s s %ne psr s
ne nq no e ouI nc,s hs PRIVILEGE
resulted from that act than IRON any other our
funding bill ali the evils which have grown a out nas d our
Ss" ss aw " sus as
sns o nsnse Of
The OF April " 1885 passed after an hours de-
bate and conferred upon the Secretary the Treas
ury powers never conferred upon any one man before
He spoke Of reissung the legal tender and
said he thought tAe sit OF the act OF Congress
Gr BoUTwELL said it had been absolutely necessary
during his administration of the Treasury Department
well during that OF hs successor to draw his
reserve TO maintain the public credit The Attorney
General had opinion as to the Secretary having
The right to do 90.
Mr. SnERnAN said he did blame the Secretary Of the
Treasury he thought would have been better tor
Congress to nave taken action that wond not have per.
itfed that fund. He reviewed the plans
proposed for return to specie payment and said no
doubt the most certain accomplish that end was
By retiring the but the trouble would be that the
policy OF contraction would be severe that the people
could not stand H. The plan which he favored most was
BY taking bond Of the United States which in ordl
nary times shown 70 be worth in gold and author
i.s the OF all into this Kind Of bond
He did intend to commit himself TO any particular
plan, as he had private opinion the subject 10 be
ssued but would rsview some Of the benefits VIII Oh the
latter plan presented. II had been said that the notes
under such plan would flow into the Treasury TOO
the government could use these notes In ton
q our six per cent bonds Every dollar the Ave
enty bonds 10 now due and payable at the Treasury IN
CON, nna ny rcdeemtng them 81 he proposed, II would