Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1874-01-14
The Senate DeYOtes q Few Lines to the
Question Of FiDanee-Op Opposition TO
Initiation OF the Currency.
Salaries of the Army and NaYy-SenatOr
Brooks EulOgized-The Nash
vile Insane Asylum.
The Senate Amendment to the Salary
Bill Passed In the HOuse-The
Boston POstOfliee, Etc.
SENATE.

WASHINGTON, January Ex-senator
Ferry Mich. said that as ne shared in
the public anxiety that the senate should
act on the question of finance immedi-
ately, he proposed to modify his substi-
tute for the resolution of the committee,
so as to narrow the subject down to a
moderate increase of the currency. He,
therefore, withdrew the substitute for
merly presented by him, and submitted
the following: "1'hat the committee on
finance be directed to report to the SEN
ate, at as early day as practicable, such
measures as will restore commercial con-
fidence, and give stability and elasticity
to the circulating medium, through a
moderate increase of the currency"
Senator Frelinghuysen spoke against
imitation and in favor of the return to
specie payments; making United States
notes a legal-tender was only an eXer-
else of war power, but the time had now
come when the exercise of that power
should cease, and an earnest effort
should be made to keep the solemn
pledge of the nation. If the
system of paper expansion was in
sisted on the day of government bank
ruptcy would be sure to come. In con-
clusion ne presented bill to secure the
resumption of specie payments without
contracting currency, and it was re-
ferred to the committee on finance. 1t
authorizes the secretary of the treasury
to issue two hundred and twenty-five
million dollars in six per cent. ten-forty
bonds, to be disposed of from time to
time for the purpose of purchas-
ing two hundred million dol
lars in gold coin, with which
to redeem legal notes of the Uni
ted States, aud it shall be at the discre-
ton of the secretary of the treasury, so
soon as he shall deem it expedient with
such amount of gold as, for the time be-
ing, he may have procured, to COM
mence and continue the redemption of
legal tenders. When redeemed, they
are not to be re-issued, except in eX-
change for gold coin at par, and when
so re-issued, they shall be redeemable
in gold coin, but the total amount of
outstanding and redeemed
shall at no time exceed one hundred
and fifty-six million dollars. The bill
further provides that if, after COM
said redemption, the govern
ment shall be unable to redeem part of
said legal-tenders in gold, the secretary
may redeem by exchanging the afore-
said bonds at par for them.
Senator Gordon introduced a resolu-
ton directing the committee on civil
service and Tetrenchment to inquire into
the eXpediency ofreportiDg bill to re-
duce, as far as possible, the compensa-
ton of officers of the army and navy
whose salaries exceed five thousand dol !
lars per annum, and asked that it be
laid on the table for the present. 1t was
so ordered.
A bill was introduced by Senator
Brownlow for the relief of the trustees |
nf the insana hnsnital at Nashville. |
BY Senator Observation-Disclosures |
ing the secretary of the interior to use
Tor their original objects all unexpended |
of appropriations for Indian |
service standing on the books of the |
department. June 80, 1873. Referred.
Senator Sumner introduced bill pro-
Viding that the bust of the late Chief
Justice Chase be placed in the supreme
court room. Referred.
Senator Hamlin introduced q Joint
providing for the appointment
If commission of four, two members
Of the senate and two of the house, to
dguire into the condition of the navy
md ascertain what changes are neces-
ary to bring it to higher state of dis
ipline, and that two officers of the
lavy, not below the grade of command
r, be detailed for duty with the com
the report of said commission
o be presented at the next session of
cngress. Referred.
A message was received from the ,
ouse, announcing the adoption of
esolution in respect to the memory of
ames Brooks and Wilder D. Foster.
Senator Fenton addressed the senate
n the life and character of Mr.. Brooks, ]
nd Senator Ferry, of Michigan, deliv- !
red eulogy on Mr.. Foster, after which
he usual resolutions OF respect to their
lemory were adopted, and the senate !
djourned.