The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1874-03-24

.ne resumption of specie payment impossible
M,tnout $4,000 900 in gold in the country,
wnicn now contains but $50, 000,0 900, and ia
ooo tne issue OF legal blenders up to $500 000-
goO 10 meet the demand of increasing business.
beyond this he wanted no further issue than
Tree banking willugive that will be governed by
the law of supply and demand.
g, MI. Schurz read from former speeches of the
| senator from Indiana where THAT gentlemen
| expressed his views in favor of specie payments
| and the impracticability of free banking with
out specie payments He asked the Senator's
opinion of the legality of the $44, OOO, 900 issue.
MI. Morton said there had been some doubt
upon the subject, but in his opinion the Secre-
tary had authority as the law stood to issue it.
MI Schurz quoted a speech of the Senator
from Indiana, aud said the Senator some time
ago had charged him (Schurz) with knowing
put little of the financial wants of this country,
having been born in foreign country. He
lochurz) would like to know where the Senator
was porn, when two or three years age he ex
pressed similar views. He (Schurz) argued
that the business centres ofithe countryiare full
of money at the present, and the supply of
loanable funds abundant. The supply exceed
ed the demand, and the demand the supply
There was more money in the banks than could
md ready investment for good security. Per
sons who could not get money had no credit
The business of the country was slowly feeling
Its way from the quicksands of the crisis to the
safe ground of legitimate enterprise.
Mr.. Morton said the Senator from Missouri
uPpCdICu very Will lis T6COru. duu lie
(Morton) had been struck with the similarity of
the ideas of the Senator with those expressed
by him some years ago. He had examined his
old speeches and now found out where the
Senator got his ideas, namely from the old
speeches which he (NIorton) had delivered,
though of course they had been dressed differ
emily. He did not object however, as he
thought if his friend wanted to make speech
on that side he could not do better than to take
his (Morton's) old speeches. The Senator Tad
accused him of changing his opinions. True,
ne had changed his opinions on important
questions. Senator Schurz, it seemed, had
changed his opinion, too, on some questions.
Not long ago he was in full accord with the Re-
publican party, but he fell out with it and did
all he could to break it up. He had perfect
right to do so, however.
Mr.. Schurz-But the Senator from Indiana
always changes his opinion for the worse. If
he changed for the better would have nothing
to say. (Laughter-)
Mr. Morton said he remembered that the gen.
tleman (Schurz) had changed in another in
stance, one time when he was i'll the service of
Andrew johnson, and was sent South to in
quire into the conditi n of affairs. He enter
tanned views very different from those he had
since expressed.
Mr.. Schurz said the fundamental principles
of the Republican platform were specie pay
ment and civil service reform, and he;was in
favor of both. daughter
Mr.. Morton said as to the civil service reform
he had word to say. After Gen. Grant took
up the subject and put it into practical opera
ton the gentleman from Mississippi had moth
ing more to say.
The chair submitted message from the
President enclosing the report of the Board of
Irrgnation of the San Joqcuin, Tulare and
Sacramento Valleys CAL Deferred to the
Committee on Public Lands.
Mr.. Bayard spoke of the action of the Secre-
tary OF the Treasury issuing part of the $44,-
100000 reserve, and said it was fragrant viola
ton of the law. He did not think there was
To- lnu ,xrvho
was issued in accordance to the law.
Mr.. Wright defended the action of the Sec
rotary
MIR. Conk'ing said he had been sitting here
and he heard the action of the present and
former Secretary of the Treasury commented
on in issuing that reserve, till he felt his ST.
lence longer would be a neglect of his duty
He read from the debate of 1868, when the bill
to retire the fOrty-fOur million was discussed
and said the Senate refused to Incorporate an
express provision that no part of the money
should be issued again. The Secretary was not
to blame in constituting the,aw to enable him to
issue that reserve in case of an emergency He
thought nothing short OF the provision which
the Senate refused to engraft upon the bill
would close the door upon the issue of the S44,-
600, 900 reserve, The charge that the Secretary
had been guilty of usurpation of authority was
unjust and unwarranted, especially in the body
which had refused to incorporate the anne nd
ment which would have prevented any issue of
the reserve.
Mr.. Sherman said the reason the amendment
was not. adopted. was that the Senate thought
the bill perfect without it, and it was not deem
ed advisable to send it back to the House after
so much time had been consumed. He was
sorry now the amendment had not been adopt
ed, and thereby all this cor troversy avoided
He hoped the Senator from Buckingham
would withdraw his motion to recommit the
bill to equaze the distribution of the currency,
and he would thensoffer the bill reported to-day
by him as substitute for the original BILL The
matter would then be directly before the Sen
ate.
The Chair suggested that a more simple way
would be to introduce the bill this evening, and
nave it made special order for tomorrow
Mr.. Sherman said, in order to test the sense
of the Senate, he would move to indefinitely
postpone the bill to equalize the distribution Of
currency, and take up the bill reported by him
this morning from the Finance Committee.
Mr.. Ferry of Michigan, said so much time
had been consumed in this discussion that now
be just to indefinitely postpone IT.
Mr.. Logan took the same view.
Pending the discussion the Senate adjourned
HOUSE.
A lurge number of bills wore introduced, in
Guiding the following, free importation of ship
building materials; a bill giving U. S. Courts
exclusive jurisdiction of Indien reservations;
bill to create Indian reservations in the terri
tories Of Wyoming and Idaho; authorizing the
Choctaw nation to bring suit against John
money wrongfully obtained.
A bill was passed appropriating $4,000 for
the expenses of the District Investigating
Committee
Mr. Dawes moved to suspend the rules and
discharge the Committee of the Whole from
the S400,00O,0O bill, in order to have it copsd-
cred in the House now.
Mr.. Maynard of Tenn. opposed the motion,
submitting that the question was involved lin
the general bill reported from the Commit ee
mr.,
Mr.. Butler of Mass, asked Mr. Dawes
whether he would admit amendments.
Mr.. Dawes replied he was instructed by the
Ways and Means Committee to admit amend
ments that would reduce the sum below $780,
600, 900, but not to admit amendments that
would increase the sum above $500, 1000 600.
Mr.. Butler remarked he did not like to vote
or act in a straight jacket
Mr.. Dawes replied that his colleague would
not be put in a straight jacket because the mat
ter would DO within the control of a majority
of the House.
Mr.. Cox of New York. asked Mr.. Dawes
what he intended to do with the reserve already
out. ~ ..--.
Mr.. Dawes replied tat toe amendment he
proposed to offer was that hereafter the total
amount of u S. circulation at any time shall
not exceed 1856, 000 000 and directing the Sec
retary of the Treasury to withhold from circu-
lation and cancel whatever amount of snch
notes as is now in circulation beyond that sum
as soon as it can be done consistent with the
exgencies of the Treasury.
Mr.. Roberts desired to indicate an amend
ment he proposed to offer, fixing tho sum at
1882, 100000, but Mr.. Butler objected to further
debate.
The motion to suspend the rules was second.
ed by majority of the House, and the rules
were suspended, 1853 to 81
Mr.. Roberts then offered his amendment pro-
viding that the amount of legal tender notes
issued or to be issued shall be and never exceed
$685., 100000
Mr.. Dawes then offered the amendment al
ready indicated by him and moved the previous
question.
Mr.. Cox desired to ask the Speaker a ques-
ton, but was met by numerous calls of order
Mr.. Coburn of Ind, desired to offer an
amendment, or at least to have it read.
Mr.. Butler objected, stating, however, that
he was in favor of Mr.. Coburn's amendment,
proposed to go on in that condition.
Mr.. Bandall of Pa, asked Mr. Dawes wheth-
in case the bill should pass fixing the
he nd,