The Elk County advocate. [volume] (Ridgway, Pa.) 1868-1883, 1874-04-23
XLIIId CONGRESS.


Mr.. Hager, of Cal :, presented resolutions of
the Legislature OF that State asking Congress
TO require railroad companies which received
grants of land for the construction of railroads
from the Mississippi west to the Pacific
Ocean, under the act of 1862, to- report to the
Secretary of the Interior the quantity and de-
scription of the land sold and disposed Of, and
that all not disposed of be open to settlement
| MI. Sherman, OF Ohio, said upon the basis
of the currency given to Maine the additional
circulation would be about $263, 600, 600; upon
the basis Of that given to New York $l1O, ,0OO-
900 and upon the basis of Pennsylvania it
would be over $110, 900, 600. Mr. Morton, of
Ind, said the people wanted more money, and
the country would come to specie payment
when il could. There was no use to talk about
specie payment now. He had noticed in
leading New York paper that initiation meant
war that Imitation would be resisted by force
of arms. Such statements were not more un-
reasonable than similar ones made on the floor
of the Senate. Mr.. Jones, of New, said the
rebellion would have been put down for 81, 500,-
100000 less than it did cost had it not been
for paper money, which, instead of being the
spade of the husbandman, was the dice box OF
gamblers. The amendment of Mr. Morrill, fix
ing the volume of fractional currency at S40,-
| 600, 600 was rejected-yeas. 10; nays 80.
| Mr. Davis, of w. Va, offered substitute to
the finance bill providing that $50, 100000 in
national bank circulation shall be withdrawn
from the States in excess and issued to the
| States having less than their proportion. Re-
| iected-Yeas 20, nays 81 Mr.. Merrimon, of
| N. c., offered. as a substitute for the third
section of the bill as reported by the committee,
the following: That sac, 600, COO, i'll notes for
circulation. in addition to such circulation now
allowed by law, shall be issued to national
banking associations now organized and which
may be organized hereafter; and such increased
circulation shall be distributed among the
several States as provided in section l of the
| act of July 12, 1870. This was adopted by q
| vote of 33 to 49,
Mr.. Johnston, of Virginia, introduced bill
| giving jurisdiction to the Court of Claims to
hear the claim of G. w. Custis Lee, son of the
late Gen. Lee, to the Arlington estate, which
| was referred to the Committee on the judiciary,
A petition accompanied the bill, in which the
petitioner says the property was devised to him
| by his grandfather and that the title of the
Government to the property is defective. He,
however, recognizes the sacred Use to which
the property has been put and has no desire to
disturb it, but thinks he should be compensated
for his right therein.
The bill to provide for the payment of the
bonds Of the Louisville and Portland Canal
Company was taken up, the pending question
being on referring it to the Committee on
the Judiciary. Messrs. Conkling and Frelng-
huysen advocated such reference. Messrs.
Thurman and McCreery opposed it.and favored
a committal of the subject to the Committee on
Finance, which was adopted after some discus
sion.
Mr.. Conkling's amendment to the currency
bill is as follows: That nothing in this act
shall be construed to authorize an increase of
the principal of the public debt of the United
States, was rejected by a vote of "a to 27. Mr..
Scott of Pennsylvania, moved as an amend
ment to the section authorizing the increase of
5000. 900 national bank currency. the follow
ing " And each national banking association
now organized, or hereafter to be organized.
shall keep and maintain as part of its reserve
required by law one-fourth part of the coin re
ceived by it as interest on the bonds of the
United States deposited as security for circula-
ting notes on Government deposits and that
hereafter only one-fourth of the reserve now
prescribed by law for national banking associa-
tions shall consist of balances due to an associa-
ton available for the redemption of its circula-
ting notes from associations in cities of redemp-
ton, and upon which balances no interest shall
be paid. Adopted by a vote of 30 to "a.
The bill was then read third time and
passed, by yeas 20 to nays "a.
The bill, as passed, reads as follows: That
the maximum amount of United States notes il
hereby fixed at 3400, 000000
SECTION 2. That 100000 in notes for
circulation i'll addition to such circulation now
allowed by law. shall be issued to national
banking associations now organized and which
may be organized hereafter, and such increased
circulation shall be distributed among the
several States as provided in section l of the
act entitled " An act to provide for the redemp-
ton of the three per centum temporary loan
certificates, and for an Increase of national
bank notes" approved July ~, 1870, and each
national banking association now organized OF
| hereafter to be organized sEall keep and main
tain as part of its reserve required by law.
one-fourth part of the coin reserved by it as
interest on bonds of the United States, de-
posted as security for circulating notes on
| Government deposits, and that hereafter only
one-fourth of the reserve now prescribed by
law for national banking associations shall con-
sist Of balances due to an association available
for the redemption of its circulating notes from
associations in cities of redemption, and upon
which balances no interest shall be paid.
HOUSE.
Mr.. Clymer, of Penn. from the Committee
| on Public Lands, reported bill to enable the
llennonites of Russia to effect permanent
settlements on the public lands of the United
| States. The bill was made special order. 1t
authorizes the Secretary of the Interior to sell
to them such quantity of public lands, not
mineral in character and not otherwise appro-
priated or reserved, as they may require at the
minimum price payable in five annual install
ments.
Mr.. Hawley, of Conn. discussing the cur
rency question, said he was not satisfied with
any bill which did not bear in mind the great
primary duty Of returning to the true standard
of value. The practical redemption proposed
IN this bill he had seen on the line of the Pacific
Railroad, but there they termed it three caro-
monte" He would vote every dollar of mere
paper money out of his town and out of his
State. before he would consent to ten cents Of
imitation, and he would stay at home from Con
gress all the rest of his life rather than do it.
Nj. Grassland, Of Ky. from the Committee
on Elections, made report in the Kentucky
contested election case, that Mr.. Young, the
sitting member is entitled to his seat.