Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1874-02-25
Debate in the Senate on the BIZ to
Equalize the Distribution OF the
Currency.
Debate In the House on the Bill to
Regulate the Distribution Of Pub
lie Documents.
Interesting Miscellaneous Business in
Both HOuses-LineOln's Birthday
Increase Of Currency, Etc.


WASHINGTON, February Z4.-Sena-
tor Ramsey presented a petition from
the letter-carriers, for increased compeDsa-
tiOn. Referred.
Senator Howe presented joint resolution
from the legislature OF Wisconsin, In favor OF
the removal Of all Indians fiom that state
Referred.
House bill for the relief of Matthias White
head was passed, under a call OF the States.
Bills were introduced and referred, by SEN
ator Wood, to regulate the service of the col.
lection of customs, and to regulate duties on
By Senator smith IPa. Ito enable the Mem
onites of Russia to effect permanent settle
mentS on the public lands.
BY Senator smith VA TO abolish the
office OF internal revenue commissioner.
Senator Schurz presented petition from
the merchants of Chicago against any further
issue of iTredeemable paper currency, and in
favor of a speedy return to specie payment.
Senator Sherman presented petition of the
Lincoln memorial club, of Ohio, asking that
the twelfth OF February, the birthday OF the
late President Lincoln, be declared national
holiday. Laid on the table.
Senator Oglesby presented the petition of
business men OF Chicago against any further
issue of irredeemable paper currency. Re-
ferred-
Senator Logan presented the petition of one
thousand nine hundred and sixty seven bust
ness men of Chicago, asking an increase OF
currency. Referred.
nication from the secretary Of war in response
to resolution inclosing the report ofthe chi ef
engineer OF the army IN I6laLlOn the Dreak-
water at Duluth, and the amount necessary 10
put it in repair. Referred.
Senator Cragen presented a petition from
citizens of Washington City, District of Co
lumbia, asking that the short session of con-
gress be continued till May, and tnRt the in-
auguraiiOn of the President of the United
states be fixed for the second Wednesday in
May, instead Of the fourth Of March. Re-
ferTed.
senator Logan introduced bill authorizing
the President to appoint Major Absalom
RaWd as lieutenant-colonel and inspector
general of the army, TO date from June l3,
1861. Referred.
SENATOR Ramsey asked that the senate pro-
coed to the consideration OF the house resolu-
tion explanatory OF the resolution OF January
81, 1868, in regard to limiting the contracts for
stationery and other supplies in the executive
department of the eoverRInent to one year.
Senator Edmunds objected, and it was laid
lOn motion OF Senator Morton, the COM
mittee on privileges and elections were
authorized to sit during the session OF the
senate. -
The senate then proceeded to the considera-
tion of the bills on the calendar, and num-
Der of a private nature passed. The morning
hour having expired the senate resumed the
consideration of the bill to eQualize the dis
tribution of currency. Pending the question,
being a motion OF Senator Buckingham TO
recOmmit the bill with instruction to report
In favor of increasing the volume OF currency
TO four hundred million dollars, such in
struction having been agreed to on Friday
senator Davis said on Friday he had offered
report in favor OF free banking, but when the
vote was taken the chair decided ii to be lost
He lDavisl said he Thought there were but few
senators who voted when his amendment for
free banking was put, as they were not paying
attention, and did not understand it. He
therefore desired 10 renew the amendment.
Senator Ferry Mich. said he occupied the
chair at the time, and there was no doubt
majority against the amendment. he there
fore urged the point OF order that the amend
ment had been once rejected. The point was
sustained by the chair.
Senator Schurz being entitled to the floor,
said: The demand of those who favored an
increase of currency, Judging from the in
struetions agreed upon Friday, fell very far
short of what 1t originally wa. 1t had not
been his intention to address the senate
further, until Friday last when the last vote
was taken, as he had hoped, from the con-
fused tumble OF the proposition that nothing
would be adopted detrimental to the best iu-
terests of the country; but what an aspect was
witnessed here to-day The highest legislative
body of this republic was seriously debating
the question whether new issues of trredeem-
able currency shOUld be resorted to, and argu-
ments made in support thereof which would
make the civilized world stare. The argu-
ment had been deliberately made on
the floor of the senate that precious
metals could never more be standard
or value, because they were not equal 70 the
products of industry. As well might 1t be
said that yaIdstick could never more be the
standard OF measure because II was not as
long as a roll of cloth. In. business centers.
money, at present, is abundant, If not super
abundant. Gentlemen had asserted that this
abundance had been caused by drafts on the
forty-four million dollars reserve. OF tnis
amount something less than million had
held in Boston, New York, and Philadel-
phiR. He argued that there was an
abundance all over the country, caused by
large crops, and the crisis having broken down
\ in a great measure speculation and gambling,
! thus releasing large amounts of money for
merly employed in such speculatlons and
| now used in legitimate channels of business.
| 1t was true that this gambling and speculating
/ was being renewed to some extent, but It was
rffar9N bN- n fol
| 1t would be renewed still further by
| every increase in issue of irredeemable paper
] currency in legitimate business. scarcity
! of currency was sometimes telt, but there was
! no necessity for imitation, and 1t was funda-
mental error TO suppose that the real scarcity
| scheme. The gentleman from North Carolina,
| [Merrimonl had complained that in his State
currency currency iSa was scarce, ana the rate ,o OF
| and he [SchGrzl deeply sympathized
with the people of that state. He would do
man Senator Merrimonl wanted an addition
/ al supply of legal-tenders. suppose one or
! two hundred millions more of trredeemable
| give relief? He thought not. There
were two ways by which this money
| could be put upon the country. One
! by defraytng the expenses of the Cover pment,
and the other by purchasing bonds OF the
] United States in New York city. Tne latter
means would be resorted to, of course, and the
! consequence would be that an additional
amount OF currency would be thrown into
! the very vortex of speculation. How would
! North Carolina or any southern State get its
share Of this additional currency by puTchaS
| ing it. She would have to offer her products
1 to the markets where the additional currency
| was, and the currency would go to North
/ Carolina just as 1t does now, only to the ex-
! tent that products were offered for it. An in
| crease of irredeemable paper currency, in
stead OF giving greater facilities for the trans
| action of legitimate business, would increase
wants of business, the premium on gold would
| run up, prices would increase, and it wonld
| a greater amount of mOleV for
4 Change. Issue more paper currency and il
4 woold go where there was need of it. Just as
/ slow as it does now 1t could not be forced into
/ the channels of legitimate business, nor out
| of the channels of speculation, anu he
would say TO senators that they were
! childish delusion, If they thought they had
the power TO prevent the new issues from
seeking the same channels the old ones had
An inflated, iTredeemable paper currency was
I not the peoples money, but SPECTATORS. The
south did not need more currency; they need.
the difference between capital and currency
/ They must create wealth ny industry and
] time, as well as waste their energy and inf1u-
ence, by looking to artificial means to aid
/ them. The Imitation would stiD more depress
the agricultural interests of the south and
I west, and that interest was the chief source ol
I wealth to those sections. 1t is true the New
England States had an excess OF
national bank circulation, but the
1 establishments OF additional national
l banks in the south and west would not rene
DIV the evil Inc senator from lQOlaDa mac
| argued that the organization Of new national
\ banKs would be 70 increase the currency, a.
I money would be loaned by them and returned
I II the bank every thirty, sixty and DinetS
I days That argument was a fallacy. Persons
/ 10 establish these banks must buy
/ bonds in New York TO deposit in
the treasury, in order to get the
( eirculafion thousand-dollar bond woulC
/ cost eleven hundred and twenty dollars. The
I money to buy this bond would be taken ou
/ OF herne circulation, and for that one thou
sand dollar bond they would get just min,
hundred dollars circulation; so that 1t would
cost eleven hundred and twenty collars tc
| get nine hundred dollars TO establish 1re'
banking and it would be worse for the soqt1
and west than ever. New 1ork ana New
England had capital, and having bonds there
already could send Them TO Washington
! and get circulation without taxing any
money from their circulation 70 buy tn'
bonds. The free banking proposition woulS
strengthen the grasp of New York and NeV
England upon the south and west. he az
not want TO be understood as opposed 10 Ire
banking entirely. He would vote Tor such
4 system, If there should be coupled with l
some practical system of redemption. de az
/ gued that any imitation of currency Wouls
increase. not diminish, the rate OF In
ielest, aud said he had lately recetve'
letter from an old friend In Europe VIII
, wanted 10 retire from business. He statea
that he could take three or four hundres
thousand dollars from his business aud ask et
advice from him lsSeuAtor Shurzl as n the in
! J NestTneDt OF mOuAV In ffo TT,rfs-A .asate. a,