The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1874-02-19

month sell to the highest bidder for United
States notes. coupon bonds equal to IS per
cent. of the additional circulation issued dur
ing the month proceeding, which bonds shall
bear interest at the rate of five per cent. per
annum, payable quarterly, and the principal
shall be payable at the pleasure of the govern
ment, ten years from their date, both principal
and interest to be paid in gold coin but none of
said bonds to be sold at less than their par val
ne; and United States notes received In ex-
change therefor shall never be reissued but
shall be destroyed.
Mr. Morton said he thought the argument on
the other side might be said to be on its last
legs when an attempt was made to compare
our money with that of the Confederate, He
SAID he would call the attention OF the Senate
70 an evil which would result from the pas age
Oh bnis We, 100000 bill. 1t would work con-
oGn OF currency to the amount of $25,000,'
IVY, because the banks from which the money
IS 10 De taken would understand that they
Would oe liable to be called upon any day to
return Ine money and they would not lend IT,
Mr.. Frelinghuysen said it migbt nrodnca a
good deal OF contraction but he Thought there
was plan that would accomplish ali thai was
desired without producing any iembarrs ssmept.
He would say let the circulation be increased
twenty-five or fifty millions of dollars and at
the same time diminish the United States tn
an equal amount. The result would be that
without increasing the paper money banking
facilities would be increased in those sections
wanting it and there would be no withdrawal
of money from the East to give it to the West.
The distribution increase in National Bank
currency should be confined to those States
which have not their share. Again there
should he provision made for an asserting
house, SO that banks shonld have their notes
returned to them at stated times. Circulation
would thus be localized. He would not allow
any one to authorize the increase of National
Banks unless such applicant produced license
from the State or Governor thereof. This
would secure the proper location of banks as
we'll as the proper men to whom this valuable
franchise should be committed. He hoped this
whole subject would be recommitted to the
Finance Committee.
10 conclusion he said he favored the propo-
sition to authorize the Secretary of the Treas
ury to accumulate gold with the view TO specie
resumption
amendment and rejected: Yeas-Anthony.
Boutwell,, Buckingham, Chandler, Couklng,
Cooper, Cragin, Davis, Fenton. Ferry of Conn,
Frelinghuysen, Gilbert, Eagar, Hamilton of
Morrill, of Vt, Sargent, Schurz. Scott, Sher-
man. Stevenson, Stewart, Stockton Sumner,
Wadleigh-28. Nays-Alcorn, Allison, Bogy,
foreman, Cameron. CARPENTER. Clayton, Dem
mis-, Ferry of Mich, Col thwaite, Harvey,
Howe, johnson, Logan. McCreary, Merrimon,
Mitchell, Morton. Norwood, Oggiesby, Patter,
sou, Pease, Pratt, Ramsey, Robertson, Spen-
Ger, Thurman, Typton, West, Wright-3O.
Mr.. Howe moved his amendment above re-
ported as an amendment to that of Mr.. Merrl
mon.
Mr.. Thurman said the effect of this amend
ment would be to compel the government to
pay nearly $2,00O,0O0 per annum interest for
the sake of having little more money.
Mr.. Howe withdrew his amendment to that
of MIR. Merrimon and offered it in connection
with that of Mr. Cameron's fol a limited issue
of National Bank currency as substitute for
Mr.. Merrimod's amendment which instructs
the committee to report a bill increasing the
volume of National Bank currency to $500, O0O,-
600. The question being stated by the Chair.
Mr.. Howe said that the last change of the
front by him was mistake and he would
therefore offer his amendment as be first pro-
posed to that of the gentleman from North
Carolina (MerrimonA
Mr.. Boutwell, said the amendment contained
in it principles which would bring this country
to bankruptcy.
Mr. Morton = evil the gentleman state
how"
Mr.. Boutwell-It is process by which you
increase demand for legal tenders and dimin-
lsh the supply. He thought the great error of
the present moment was the tendency of men
to rely on the principles of other countries
which were not applicable to ours. He was
disposed to look at thnkgs around us and take
counsel of what was within our own knowledge
We had in this country barring the circum
stance that our paper money is not redeemabe
in coin. A currency as good as any in the
world.
Mr.. Thurman hoped the whole subject would
be recommitted without any instruction to the
committee. The subject was so complicated
aud there was such diversity of opinion that
it would all be unsatisfactory in the end, it the
committee should be instructed. He holght
the best thing to do was to pass the bill as it
came from the committee.
vote Was taken on Mr.. HOwe'S amend
ment-yeas 16, nays 40.
Mr. Buckingham offered as substitute for
Merriman's amendment that the Finance
Committee be constructed to report a bill to
provide for free banking and for funding legal
| fpndpr nOtpS iptO (1ni Q6 StatnS hnpds and the
redemption of United States bonds in legal ten
| der notes. Rejected.
The question then required on the amend
| ment of Mr.. Cameron for the repeal of all laws
| restricting the amount of national bank cur
rency.
Mr.. Morton said the Senate was not full and
| he therefore moved to adjourn. At $40 O'Clock
the Senate adjourned.
A resolution was adopted that the Secretary
| of the Treasury inform the House of the amount
paid since January 1, 1866, for the transporta.
ton OF troops and government property by
| railroads which receive u government aid
A bill holding from sale the lite of the old
lighthouse station at Wyatt Point, Narragau-
| sett Bay, was passed.
| A resolution was adopted that the Committee
| on Public Buildings investigate the alleged vio-
| lation of tie eight hour law on the post office
| at New York
| A motion to reconsider and lay on the table
| the vote of yesterday declaring W. w. Well
shire entitled prima facie to a seat from the
| Sd District of Arkansas was land on the table,
| and Wellshire was sworn in, taking the IRON
| clad oath.
Mr.. Frye of Maine, from the judiciary Com
mittee, reported bill providing that any per
| son who shall be convicted of the crime of man
| slaughter in any United States Court in any
| State or territory or in the District of Column
| bia, shall be imprisoned not exceeding twenty
| years and fined not exceeding $1,000 He stat
| ed that under the existing law the maximum
lmDrISOnmnut for ma for 10
After suggestions from Messrs. Lawrence Bass
| and others, Mr.. Frye inserted the proyiso tn at
the act shall not affect any prosecution now
pending Or the prosecution of any offence already
| com nitted. The bill passed.
MIR. Frye also reported bill making punish
ment for extOrtiOn by officers or persons acting
under authority of the United State, fl inc not
| exceeding $500 and imprisonment not exceed
ing three years-passed. Also bill providing
that no person be prosecuted, tried or punished
| in any United States Court for any offence not
| capital, or for any fine or forfeiture under any
| penal statutes unless indicted Or information
found or Instituted within five years, except in
Case of persons fleeing from justce-passed
also bill providing that where occupant of
| public land having color of title has made val
| liable Improvements thereon, and bis title is
\ found afterwards not good, be be euttled to all
| the rights and remedies as provided in such
cases in their respective States or territories.
| Passed.
Mr. Eyre also reported a bill providing that
| in trial of all indictments informatious, COM
| plains anu other proceedings IN United States
Courts the person charged shall at his own re-
| quest, but not otherwise, be a competent wit
ness, the law to apply to all prosecutions now
pending.
On. motion of Mr., Gooch the bill was made
to apply to courts martial and Courts of inquiry
| aud then passed.
Mr.. Poland of Vermont, from the judiciary
Committee, reported bill for the appointment
| of a commission on the subject Of alcoholic
liquor traffic, the commission to consist of five
| persons, who are to serve without pay for two
years but be allowed allowed all necessary in-
cidental expenses and a secretary at $1,000 a
| year. Referred to Committee of the Whole.
Also bill to provide for deducting any debt
due the United States from any Judgment re-
| covered against the United States by such debt
or.
| Mr.. Butler of Massachusetts, from the same
| committee, made an adverse report the me-
| mortal for the acknowledgment of Almighty
| God aud Christian religion on the Constitution
| of the United States. Laid on the table.
! The bill reported by the Post Office Commit
| tee in regard to the distribution of public doc
uments came up as a special order, aud Mr..
| Woodford raised the question of consideration,
remarking that he wanted to have action on
the subject of the $44, 0000 900 reserve, and that
| a uuastiOu Of uhlIc DrinLinU and FRANKIE