The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-05-15
CON 9 r { S S.
A Second Finance Bill Passed
re the Senate.
DETERIORATION OF GREENBACKs
Successful Manipulation by the
InfationistS.
The Day of Redemption Further
Postponed.

wAsHrNoroS, May II. 1874
At eleven O'Clock the President pro tenn. called
the Senate to order, and directed that the roll be
called to ascertain II quorum were present.
Bat thirteen Senators answered to their names.
Mr.. WINDOW. (rep) OF MIMI, said the Committee
on Appropriations had permission to sit during
the session OF the Senate, and that accounted for
the absence OF the members thereof from the
Senate Chamber.
Mr.. HAMLIN, (rep) OF Me-, said there were many
Senators In the building, undoubtedly, but en-
gagged in their committee rooms
The CHAIR (Mr. Carpenterl read from the rule
forbidding the transaction of any business with
out quorum, and said his attention was called
to the absence Of so many Senator'S at the hour Of
meeting yesterday; hence mis- course to-day.
Mr. SALISBURY. tdem.) OF Del, moved that
when the senaw adjourn to-day It oe to meet as
twelve O'Clock tomorrow.
The CBAIR decided that no motion was In order
except for Adjournment.
Mr.. CHANDLER trep.D OF Mich, made that mo-
riou but, at the request OF several Senators, he
Withdrew II and moved . call OF the Senate.
The roll was again called and forty Senators an
swered, being quorum.
The CHAIR directed that the journal of yesterday
be read.
Mr.. BOUTWELL,, trep.) OF MASS, rom the Com
the bill to relieve SHIPS and vessels from the pay
ment OF compulsory pilot fees in certain cases.
Placed on the calendar.
Mr.. BCcKINGHAA, tren.l OF Conn.,, from the Com.
mtttee on Commerce, reported favorably on the
House bill in reference to the operations OF the
shpping Commissioners act, approved June I,
THE DIPLOMATIC BILL
Mr.: GORDON, tdem.l OF Ga, from the Committee
on Commerce. reported on the House bill to
amend section 10 OF the act OF August Is, 1885, to
regulate the diplomatic and consular service OF
consular onicers should not be absent from their
post ior a longer period than ten days at one time
President and that compensation should should
not be - allowed i LOT any such absence
proposed also iorOids diplomatic or consular Of
ncers from corresponding in regard to the public
person nssspapsf Or PERIODICAL or Without the
consent OF the secretary OF State previously OBJ
m Of or
the country IN which they may be located, or ask
or accept any avor, once OF nt,e , o. any kind
consideration OF the btl.
:. Mr.. coNovEa, treP;l Of Fa, introduced resou-
SeEate. II not Incompatible with the public inter-
copies OF the correspondence In relation to the
TIE FINANCE QUESTION.
The morning hour having expired the Senate
resumed the consideration Of the finance bin, the
pending question being an amendment OF Mr..
cent? as the proportion OF legal tenders to be re-
tired rs new national bank notes are issued, and
Mr. wAsHBuRN, trep.) OF Mass, inquired OF the
Chairman (Mr. Snerman) II it was the intention OF
ment also 10 retain portion OF It's gold in reserve
with the view to resuming specie payment.
tive. and said SUCH i course would be useless IN
less the government had surplus revenues, which
unfortunately was NOT the case now
UNCERTAINTY Continued
MI. WAsHBUBN said, In his opinion, the govern
men r sa0na iao sp II sne m as
the discussion he had been struck with the differ
ence OF opinion existing among the Senators rom
would be to the interest OF the country that the
circulation OF national banks should be done away
with and the government issue all the currency,
ne would say let the national banks be laid aside.
He would inform the committee in all fairness that
he had serious doubts as TO the eject this bill
would nave upon the country. He feared that its
passage would create greater uncertainty ffsn
time, and probably the nation is better OF as il is
than 1t would be after the passage OF this bill.
AS TO whether It's effect would be expansion
traction depended very much upon the number
OF banks organized under it. He did not think the
ton o. many new banks. Bonds are now worth
49, but by waiting two and half years they can
S ri az r sou nE o. sy
would wait till that time before organizing new
banks all over the Country which wonld be wiiiinS
to surrender their circulation receive their bonus
AND eel them man, ana Ts I'll January ISL when
not arord to do anything which would leave any
uncertainty The business OF the country felt that
Congress was pledged TO travel In tue direction of
specie resumption but IN such manner as not to
break down business. He did not want any back
ADOPTION OF wRrGHr's AMENDMENT.
vote was then taken on Mr.. Wrights amend
ment. and it was agreed to-yeas 80, nays 24-as
follows:-
Ys.sasesrs AlcoT orr Allison BOgy, Boreman
Ssmsrsp @
yey Hitcncock Johnston, Logan MSCrseery Mssrrmon'
Robertson spencer, Upton, West Window and Wright
NArs-Messrs Anthony, Bayard. Chandler. conkling.
o9 Haws
Morrill, Of Maine, Morrill, Of Vermont Sargent sauls,
Washburn-az
Messrs. Lewis Brownlow, Ingalls, Norwood,
voted in the affirmative. we're paired with Messrs.
buckingham, Ferry Conn.,, Freinghuysen, Kelly,
stockton, Boutwell, and wadeigh, VINO would have
MI. CHANDLER SAID he gave notice yesterday that
be would move TO lay the bin the table. He saw
no use In wasting time now, and therefore made
that motion. keJected-yeas 49, nays IS.
AMENDMENTS MADE
Mr.. WRIGHT, trep.l OF Iowa, moved to amend BY
inserting In the sixth line OF The eighth the
words, "In excess OF the highest outstanding
volume thereof at any time prior to suc6
issue" so that the clause womb read "And
within thirty days after circulating notes to
the amount OF $1000,00o shall rom time
TO time be issued to national banking associations
under this act In excess OF the highest outstand-
ing volume thereof At any time prior such ISSUE
shall be the duty OF the Secretary OF the Treasury
TO retire an amount OF United States notes equal
70 twenty dive per centum OF circulating notes SO
tsSued,u &C.
Agreed to--yeas 90 nays %
Mr.. WRIGHT moved to amend by striking out Eve
per cent rs the rate OF interest which bonds is-
sued 70 redeem present United States notes after
January, 1871 should bear and insert in len
thereof tour and halt per cent
Agreed to--yeas 81, NAYS is.
He next moved to strike out fifteen wears "a tho
time when SUCH bonds should be redeemed In coin
and insert Ia lieu thereof ten years.
Agreed to-yeas 81, nays 10.
TIME or REDEMPTION POSTPONED.
He then moved to strike out July l. 1877 as the
time when United states notes may be redeemed
In the bonds above mentioned and insert In lieu
thereof July /, 1873.