The weekly Oskaloosa herald. [volume] (Oskaloosa, Iowa) 1855-1885, 1874-01-22
SONGRESSIOka,.

In the Senate on the 1e,,
Allison presented a pet;,inn, senator
Chicago, Dubuque & III assenao 81 Pm tGe
road T Co., the Chicago Board nf
Trade and others, in relation - ~, oi
construction of a bridge across ,he
!" ississlppi lSs at Clinton, Iowa.
Rn;,a; IG senate Committee on Public
,ba. nbutG;lngs and Grounds have decided
ST. - VIII not be expedient to CON.
s,uer any propositions for eroot;n- Un
,h government buildings this vear ans
tnat the work should ba ooye' anu
tnose now in progress. nueo U,hIas 20
strictly Indispensable "hich are
senator Sherman said that sno:
WAS the only true standard vaInp oo,s os
ne otner could be established h;m. TTu
OF exchange, ETC., were use5 e. olils
ven,ence IN heavy settlements EOn
land and France recoonized 81 Eng
portance of maintaining their nanor M
a. specie value and did SO; the TT
?. recognized this duty and ref;,sej
TO perform it. The nationa, u has1'
would be forced to redeem uHs thn;s
notes in coin if the q. s J;J Tp 1aeir
Congress is bound by public faith
anu good policy to bring our curren.
cy to a specie standard. Conores,
mad promised by an act of 'se from
wnich ne read, to do this at its aarl
.orrr .eS. practical "a t moment, but he was
sorry l TO say it had done no SINGLE
doI,S AL senaing to redeem its pledge. A
ooiiar IN greenbacks is worth ~
more more now than it would be If tho %
S4oo,ooo,0o0 of our public debt no.
due, had been paid, with not o', : s;na.Io nGs
uo,isr s OF the debt being due. And
we nave actually increased the
amount amor OF currency, since the act | of
200 ooos, TO the extent of over $50 ooo.
ooo IN legal tenders, fractional ou,
rency, and national bank notes
ne argued that it had been pract;
oaDie @ during the last four years to ad.
n Sanoe our notes to specie value
one-tenth of the amount which boa
seen used to pay the public debt not
due would have restored snecia nau NV
men1. The demands of inflatiopists
never never could be met. They would
never nave currency enough present
1t was time to stop and bring cur.
rency to gold basis. He reviewed.
the financial policy of the Govern
neh' since the war, and regretted
the act OF '56, which deprived the
holders OF legal tenders from con-
Verting them into interest BEARING
bonds at par, declaring that more
evils had resulted from that ac, than
any other of our financial system
lie spoke OF re-issuing the legal ten
der reserve, and he said he thought
the spirit of Congress was against it
lie reviewed the plans proposed for
the resumption of specie paymepts
and said that he thought the surest
way was by retiring notes, but feared
the contraction would be too severe
on the people. He favored the plan
OF taking some U. S. currency. which
Ia ORDINARY times is worth par gold.
ana authorize the conversion of ali
In this kind o. bonds, and mentioned
some benefits this plan presented
lie next reviewed some OF the argu.
ments against resumption and
tnnught that the only one well taken
was that 1t would be burdensome to
the debtor class, and on their ac-
coans ne desired to return gradual
put thought now was the best time
10 cOmmauce as peOnIe uere nou in
aeot less than ever before. He re.
TERED to the banking system which
he thouget was a good one. but he
would prefer to see but one kind of
circulation in this country, and that
issued by the government converti-
ole at the will of the holder into
gold. AT the close of SheIman's
speech, Wright gave notice that he
desired to address the Senate, Mon
gay upon the pending resolution, land
the Senate adjourned till Monday.