The Portland daily press., 1874-03-26
Forty Third Congressional Session.
SENATE.

WASHINGTON. Mar. ~.
Several memorials were presented, including
one from the Ohio Coal and other companies
asking an increase of currency and free bank
ing.
The Senate resumed consideration of the bill
to provide for the redemption and reissue of
United States legal tender notes, ard for free
banking.
Mr.. Schurz moved to amend the first section
by striking out 50 aud inserting 56. so that the
maximum limit of the notes be $685., 900, 900, as
fixed by the bill.
Mr.. Wright gave notice he would offer an
amendment to strike out the whole of the first
section, providing that the amount of United
States notes for circulation be fixed at $780, O0
000
Mr.. Schurz argued against legalizng the
portion of $44,000,O0O reserve now in circula-
ton, and said 1T had been the intention of Con
gress to retire that reserve, and there was no
authority for its issue.
Mr. Bayard opposed any increase of irredeem.
able paper money. He read from the Journal
of Congress of December, 1865, where the SEN
ator from Michigan, FERRY. then member of
the House of Representatives, voted for contrac-
ton.
yielded his Judgment to that of the Secretary of
the Treasury. He afterwards saw the folly of
contraction and voted against it.
Mr.. Bayard said, whether the road to specie
payment will be hard or easy it must be travel
led. He did not mean to say that by cOntrac-
ton alone could specie payment be reached
but it could never be reached without cOntrac-
ton. He would never give vote for any bill
which proposed to increase the currency. As to
the issue of part of the 81, 900 reserve,
it was without authority of law. and he could
not vote for $685., 900 circulation provided
for by the BILL as it legalized that issue. He
argued that it was gross misnsmer to style
any portion of the greenbacks which had been
retired as reserve.
Mr. Freliughuysen said he did not under
stand that any part of the $44,OOO,OO0 had
been cancelled or been destroyed. The whole
amount had been withdrawn in a nature of a
reserve by Secretary Mccullough The law
meant that they should be retired and go into
reserve
Mr. Bayard said there was no question upon
which there could not be difference of opn-
ion, and now that the Secretary of the Treas
ury was in sore strai9s for the justification of
would be those who would side with him He
(Bayard) argued that there was but one fund
which ever could be called a reserve fund, and
that amounted to $50,0O0,OOO, and had long
since passed out of existence.
Mr. Conkling read from debates of Congress,
to show that the Secretary ofthe Treasury was
perfectly justified in placing the construction
on the law which he did, and his action in reis-
suing portion of that reserve was not in vio-
lation of the law. The omission to declare in
the law that the Secretary should not reissue
tine money enabled him to construe the law as
comforting the right upon him to reissue it.
Mr.. Scott said After all the discussion on
this subject, and having heard all financial the
cries from the time of Marco Pao down to
Amasa Walker, rehearsed, he utterly despaired
OF throwing single ray of hope on the SUP
ject. 1t was not his purpose to discuss the n
nancial problem generally, but there were three
questions which be would refer to.
First-How and where is the pledge con-
tanned in the act of 1862 to be redeemed!
Second-What character of currency shall
Congress furnish the people OF the United
States?
Third-What quantity of that currency shall
be issued?
He said with either one of the questions I'M
settled business would be unsettled. No sane
man would say that the government could en-
ter upon specie payment Immediately, and as
gold coud.not be given for notes. he would re
deem them in bonds of the government which
to-day are as good as gold. No financial system
could be devised which would prevent panics
As to the character of the currency to be fur
nished the people, he desired to see currency
redeemable in gold. He believed there could
be paper currency brought to par if it be re-
deemed in bonds or gold, and that the currency
should be founded in the national faith,
Mr.. Sherman submitted a revolution that at
ter half-past two o'clock tomorrow, thursday,
afternoon, speeches on the financial be limited
to ten minutes.
Mr.. Bayard objected He said he did not de-
sire to see such rule adopted.
Mr.. Sherman gave notice that Tomorrow he
would ask the Senate to pass the resolution.
After Executive session at five o'clock, the
doors were re-opened and the senate adjourned
HOUSE.
The House met at 10 o'clock a. M. Mr.:
Sprague of Ohio in the chair, and proceed ed
with the discussion of the bill to regulate in
terstate railroad commerce The proceedings
from 10 to II o'clock are supposed by sort OF
parliamentary fiction to belong to the legisla-
tive day of yesterday.
The bill supplemental to the mining act was
discussed and the amendments were adopted.
The bill regulating interstate railroad COM
merce was taken up, and Mr.. 6. +. Hoar OF
Massachusetts,, addressed the House in favor
OF the bill. He described it as proposing
wise cautious, simple, experimental remedy
for known common law, right and enacting