The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-07
the SENATE'S SHAME.
Passage Of the Bill Initiating the
Currency to $500, 100000.
Manly Denunoiation of Opposing
Senator'S
schurs's Burlssque Utop:an schems-Rs Rejection
OF Provisions for the Salvation OF
the Country's Credit


WASHINGTON, Aprii q. 1874.
The morning hour having expired, the Senate
resumed consideration OF the bill TO provide for the
redemption and reissue or United states notes and
for nee banking, the question being on the motion
OF Mr.. Merrlmon. ldem.) OF N. o., to strike out
the entire blii, with the exception OF the first and
second sections as amended. These sections Xix
the amount OF United states notes mt 100000. 900
and provide or the Issue or $40, 600 additional
national bank circulation.
Mr. SHERMAN, rep) OF OHIO, said the eject OF
the motion would DO to strike out the nitn and
sixth sections OF tue bill Is reported by the com
mttee. and they had been unanimously agreed
upon by the committee. To strike out the fifth aud
sixth sections would be by inference to authorize
an increase OF the public debt
BANKING RESERVES.
Mr.. SCOTT, trep.l OF Pa, moved As an amend
meat 70 the section authorizing the Increase Of
sis,0ooo 600 national bank currency the following =
And each national banking association now organized'
par Of its reserve required BY law onetoar,h part Of
United states deposited security ior Rotating notes
Or government deposs ana that hsreai.er only one
banking associations shai consist o. balances due e. an
ns notes rom assocIatons in Giles Of redemption and
upon which balances no interest shall be paid
The amendment was accepted by Mr. MerrimOn.
! THE NATIONAL nRBT
Mr.. CONKIING. (rep.l OF N. u, moved an add
I tonai section as follows
That nothing this shah be construed 70 authorize
o. the principal OF the public debt Of the
Mr.. MORTON, rep.l OF Ind, hoped this section
would not be adopted II might be that some time
it would he necessary TO use tue additional green
backs to carry on The government, as was the case
when the secretary had 60 use The legal tender
reserve TO meet the current expenses OF the gov
ernment.
Air SHERMAN argued IN iavor OF the adoption Of
the section. the action OF the secretary IN issuing
the reserve mad been referred 10 N necessary 10
meet the public necessities. He lAlr. Shermaul
did not approve OF that action. and had declared
over and over again that the act on the part OF the
secretary was an unlawful one.
The amendment OF Mr.. Conkilng was rejected by
yeas "a, nays ~, as loll0ws:-
conkling, Cragn, Davis Fenton, frellnghuysen Hager
ns KIM 3! % ion S as1a
scharz;. scott sherman. stewart, Thurman and Wad
SAYs-Messrs, Bcgy Boreman, Cameron, Carpenter
o Ma1s esds sa oRnso
Logan McCreery, Merrmon Norton Norwood Shy,
Windham--27
Messrs. Boutwell,. Edmunds, Flanagan. Morrill,
OF Maine, Jones and stockton. who would have
voted N The affirmative, were paired with Messrs.
Mitchell, Wright BrownOw, Sprague, Spencer and
M Rowh ep o W ,s s
ment to heSecOnd section that within thirty days
alter circulating notes TO the amount OF 500
shall be issued TO national banking associations 1t
shan be the duty OF the Secretary OF the Treasury
10 retire an amount OF United States notes equal to
I seventy per centum o! the circulating notes so
| issued which shall be in further reduction OF the
volume OF 100000 600 fixed by tue preceding sec
tion and such reduction shall continue until the
whole the S46,00c0 900 OF circulating notes shall
be issued. Rejected-Yeas. %; nays, 80.
Mr. MORRILL,, rep, OF W., offered as an amend
ment to the first SECTION the following Provided
that part OF the increase OIL United states notes
indirectlyany money in the United states Treas
ury wh!chmay or can be held for any future appr0-
priation.n Rejected-Yeas, %; nays, 81.
FREE BANKING REJECTED.
Mr. BAYARD ldem.) Of DEL. offered as an addi-
tionai section the foilowing:-
by law upon the notes OF State banks or State
banking, associations be and the same is hereby
Reected-yeas l.. nays 80.
SUBSTITUTE ACCEPTED.
The question then REQUIRED on substituting Mr..
Merrimon's substitute, amended by Mr.. Scott,
for the bill OF the committee, and II was adopted
yeas 20, nays 24-as ioIlows:-
sSst pSss5sssS, %ssis %
fsa nS rrss ksmsey Robertson Spencer
NAYS :-Messrs Anthony, Bayard Chandler, Conkling
81 h.ff
Sera ana
The bill having been considered in Committee OF
The Whole it was then reported to the Senate, the
question being, .sW the senate agree to the bill
as agreed upon by Committee OF the Whole ~
SPECIE RESUMPTION DEFEATED.
Mr.. SHERMAN then offered as substitute for the
entire bill agreed upon in Committee OF the Whole
the Dill originally reported by the Finance Com
mlttee with certain notifications extending the
time for specie payment TO January !. 1871 and
providing for the retirement OF fifty per cent OF the
greenbacks In proportion to the National Bank
currency issued.
having something in the bill looking towards
specie resumption, and appealed TO the Senate to
MI HowE moved that the Senate proceed to
executive business. Kejected--Yeas 25 nays 80.
Messrs. MORRILL, OF Vermont, HAMLIN, trep) OF
Me-, and others SAID they would vote for substl-
tuting the bill onered by Mr.. Sherman for that
agreed upon in Committee OF the Whole, but
would vote against It's final adoption by the Senate.
They would vote tor substituting It. believing IL to
be better than the one agreed upon, though II did
not meet their views entirely.
Mr.. CoNKLING and Mr.. HAMILTON, tdem.l OF Md,
said they would vote for ". hoping that II ii be
substituted Tor that agreed upon in Committee OF
the Whole 1t could be further amended and made
Tne question was then taken on the substitute OF
Mr.. sherman and II was rejected-Yeas %, nays
.'AMoNG THE cLovER.r
Mr.. SCHUgZ, dbl OF No., offered the following
az "A substitute 10 the bill agreed upon in Commit.
tee OF the Whole -
And the secretary Of the Treasury hereby directed
OOOJO OF United States notes. take sures
o% 1' s Se OF
n ho ie 'Gsas a a1 rS%
issues Of legal tender currency be fairly and impair
amy Gss
furnish Ss Gn ample upy q
bonds on which they may obtain their national bank
and the secretary OF the Treasury further
directed TO see to that the currency not deprcc
ated by expansion but that DC elastic in volume
strictly stable value, If that be accom-
pished he will iudicously arrange the deprec atio
the currency that the debtors the country be
leved OF As. large rs possible 2 part Of their
fer any loss But the Secretary will take care
that among the debtors benefited shall not be those
who by overtrading and reckless speculation, involved
themselves in heavy liabilities, and VINO desire "a
pay less value than they The Secretary the
Treasury will take special care that the laboring
and the men OF small means TO whom the compa
MES. savings banks. national and banks
poyers owe over 100000 in deposits and unpaid
do not suffer loss in the value OF such debts
them and that the 25o0pO manned soldiers and sailors
and the widows and orphans. who receive $50 UO,0N
! pensions annually. be robbed Of any
part Of the value Of such pensions through such
depreciation OF the currency And the Secretary
Treasury Is further directed to inquire, the first day
OF each month. whether there is equal distribution
per capita Of the currency between England and
France and the United states and also in the deren,