Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1874-12-24

authorizing the committee to hold its
sessions in New York
The Housethen went into committee
of the whole on the Naval appropria-
ton bill.
This bill appropriatcs about seven
teen millions, of which Ga millions is
for the pay Of men and officers, one
million and quarter for the establish
ments at Navy Yards and stations, 81
millions for tho preservation of vessels,
purchase of stores etc. one million
eight hundred thousand for the repair
of boilers, machinery etc, S7S thousand
for the Marine Corps.
SENATE.
Sherman moved that the Senate
proceed to the consideration of the
bill to provide for the resumption of
Specie Payments, reported by the Iii.
nance Committee yesterday. After
come discussion the motion was
agreed to by vote Of 80 TO Is.
II was announced after reading the
bill that the morning hour had expir-
ed, and under the head Of unfinished
business, Merrimon had the floor on
the bill for the better government of
the District of Columbia and refused
to yield TO Sherman's request in favor
Of the Finance bill.
Sherman gave notice when the Sem
ator had finished that he wonsl move
to postpone the further consideration
Of the District bin, and then take up
the Finance bill.
Merrimon then addressed the Senate
in opposition 10 tho amendment of
Morton to the District bill to provide
| for The election of Commissioners by
the people instead of having them ap-
pointed by the President.
o motion Of Mr.. Sherman the District
bill was laid aside. and the Senate proceed
ed to the consideration Of the bill to pro-
| vide for the resumption Of specie pay
ment.
| Mr.. Sherman discaimed any purpose Of
reopening the financial debate OF last year,
but assured the Senate that every word and
line Of the bill tended to tho announce
ment on the title. He then explained the
various provisions OF the bill, aud said the
FIRST section, providing for the redemption
of fractional currency with coin, met the
approval Of both the Secretary of the
Treasury aud the President. The second
which repealed the law making charge
for coming at q. 8. Minis, required sac.
riflce on the part of the Government to the
extent of $e6, 900 per annum. The third
section provides for free banking. Undol
the presentlaw banking is virtually free in
some Of the Western and Southern States
but 10 the great commercial centers Of tht
country it was not. This free banking sec
ton therefore provided for the enlargement
of the volume Of currency in case the bus
mess of the country demanded it. 1t alst
proposed to redeem U. S. notes to the extern
Of so per cent. Of the amount Of new banf
notes issued. The section did not propose
either contraction or.expansion Of the cur
rency, leaving it to be governed by tn
business merits of the community.
| The bill also provided ample means Il
maintain the provision for specie resump
ton. and no Senator could do,ibt that i
the bill became law specie payment
would be resumed on the FIRST Of Januar,
1879.
| Mr.. Schurz inquired ii the eighty pc
cent of the legal tenders redeemed were Il
be re-i,sued? "
Mr.. Sherman replied that that would b
question for consideration four years from
now, or as soon as the amount of legal ten
ders could be reduced to three hundred mil
J lions. He did not think anything could b
said in the bill as to whether that eight,
per cent. should be destroyed or re-issueti
He denied the Justice Of the remark Of MI
J Schurz, tha! he CSherman) admitted tina
; the Secretary might reissue the eighty mil
lions.
i Mr.. Schurz thought the bill ought to b
explicit on this subject, as if the last loop
hole was left the Treasury might rc.issu
thirty or forty millions, as has been don
before.
Mr.. Thurman endorsed the first and sec
ond sections Of the bill, but thought tn
third was very weak. The bill was one of
great deal Of omission and the least possibl
comm, iseion. lie refuted the idea that FIRE
} banking would revive the buyiless vi Il,
country, and predicted that the increase Q
national bank currency in four years woul
, not be over ten millions, and the retire
/ ment Of greenbacks over eight millions. =
. Nothing but time, honest economy and re
trenchment would revive business and re
store prosperity. It could not be done b,
. tinkering. He offered an amendment, rs q
additional section, making after June 30tt
1876, one.twentieth Of the custom dutie
receivable in legal tenders or national ban
notes after June 1875 one.tenth, and afte
June 1877 one.flfth receivable.
Mr.. Boey offered an amendment to III
Amendments, making the customs duties, al
. ter June Goth 1876, receivable in legs
tenders or coin, at the option Of the impor
tiers.
Il After some discussion, Mr.. Bogy's amend
ment was rejected without division.
II Mr.. Thurman's amendment was then re
jected-yeas ID; nays 90.
Fl Mr.. Salisbury moved to fix the time fo
!. the resumption of specie payments at Jan
= nary. 1877, instead Of 1879. Rejected.
Mr.. Schurz said he would vote for til
bill, in spite of oil its defects, because
contained pldge to return to specie pay
ments In 1879, but he predicted that til
financial minds OF the country would ga
that provision of the hill were inadequate t
carry out the proposition named in tn
title. He thought the bill would leave tn
currency Of the country in the same cor
dition it found 1t. He moved to recon
init the bill, so that some feature looking I
resumption of specie payment might be In
corporated in it. Rejected.
Mr.. Schurz then moved to amend tn
third section by providing that not les
than two millions Of legal tender should
retired monthly by the Secretary and de
; strOyed. Rejected-l0 to A.
The bill was then read third time an
plssed-yeas SO, nays IA.
Yeas-Allison, Anthony, Boutwell,, Car
penter, Chandler. Clayton, Cragin, Ed
munds, Fenton, Ferry (Mich.), Flanagan
Frelinghuysen, Hamlin, Harvey, Howe
Ingalls,, Logan, Morrill, (Me.) Morton
Oglesby, Patterson, Pease Pratt, Ramsey
; Sargent, Schurz, Scott, Sherman, Spencer
Washbnrn, West, Wright-32,