The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1874-03-03
XIII CONGRESS.
SENATE.

EACIIING PASSAGE bE1M Il 6ENA1Ot~
scHURz AND NORTON.
The senate resumed the consideration of
the bill to equalize the distribution of the
curreL ", the pending motion being that of
Mr.. buckingham to recommit to the finance
committee, with the instructions agreed up
on, directing the committee to report in IA
vor of increasing the volume of national
bank currency to o 100000.
Mr.. Merrimon. of North CAROLINE,
argued that there was not a sum
cient volume of currency IN the u
try to meet the wants of the community.
He hoped the vote would be taken.
Messrs. Bayard and Norman said they
desired 10 submit their views on the subject.
Mr.. Cameron gave notice that Tomorrow,
he would call up the house bill in relation
to the centennial exhibition.
Mr.. Sargent, of California, said the CEN
tenEial bill might involve a large opposition
before the senate should get through with
it, and he, therefore, would oppose its consld-
Grafton before the regular opposition BILL
Mr.. summer, of Massachusetts, suggested
to the senator from Pennsylvania that he
let his centennial bill take its chance among
other bills after the financial question be
disposed OF.
Mr.. Cameron said he would not like it to
take its chance, not knowing whenthe imam
cial question would be ended. Laughter.
Mr.. Sherman, of Ohio, said he was weary
of this discussion, and hoped it would soon
be ended. This measure proposed 10 IN
crease the currency, but no provision was
made for its distribution. In the face of all
the promises made by congress and by the
president, here was a deliberate proposition
to add to the paper money of the country.
He would ask his friends from the south
how they were going TO get this increased
circulation. They must buy 1t, and what
had they to buy it with?
Mr.. Merrimon, of North Carolina, said
they bad a cotton crop worth S2l5,OOO,0 C0,
and other productions worth over S6O,OOO,0VO.
Sherman-Yes, but your cotton crop has
been sold for gold.
Merrimon-I beg the g~entleman's pardon.
In my state not one half of the crop has
been moved.
MI. Sherman said for every pound of 90 :
ton the south had, it could get either paper
moneyor gold. There is more paper money
in the country than ever before. Both pollt-
ical parties are pledged TO do no act to carry
the country away from specie payment,
and did not every man see that the issue of
more paper money would carry us
away from specie resumption? 1t had
been held out that to initiate the
currency would help the poor to make
money easy, and give the laboring
man plenty of work. There was never a
greater deception. More money would be
given the laborlng man probably, but its
purchasing power would be diminished.
Why was it that petitions were read here
every day from OF all
over the country against any increase IN pa
per money? Because people were against
it. The cry ''more paper money" came from
those who had not examined the subject, but
they would see the error in time. The propo-
sitiOn OF the gentleman from -1orth Caro-
lima, to increase the volume of the national
bank currency, was not so PAD as
some of the others, but its tendency was to
turn back on the promises of the past.
There were modes by which we could get
back to specie payments, and he believed
the senate would accomplish a great result
lift should resist this cry for more money.
Many of the evils caused by the panic,
which existed when congress met, nave
passed away. Money is abundant now, and
the three months which have escaped, have
dissipated many fears which existed then.
To embark the country on a sea of more
paper money now, would be criminal. He
would say with the senator from Massachu-
sets, boutwell,
STAND STILL,
if we could do nothing; but he sherman
would go further. That portion of the
SAL 0 900 reserve issued should be re-
tired, and not be issued again, except in
some great emergency, and then its use
should not be left to the discretion of the
secretary of the treasury alone. He would
go further still, and fix some time in the
future-say the first of January next,
when the country would redeem its bro
ken pledges, either with interest," bear
ing bonds or gold. The people would
then be prepared; and when the day
came no man would care whether he
received gold or bonds for his green
backs, knowing that such greenbacks
were good for them, upon presentation. He
favored redemption in bonds, because that
would do away with maintaining in the
treasury a great pile of gold. The money
received tor bonds could be used in liquida-
ton of the public debt, and still kept in cir
culation. he was not welded to any theory
but wanted some steps taken in the right
| direction. Only stand still and prevent any
imitation, and one step would be gained,
He believed all of the S44, 000, 900 reserve is
sued had been issued without the authority
of law, but knew there was an honest
difference of opinion on the subject. The
Senate ought to go back to the original pre-
position, and vote for the bill as itcsme from
the committee, and thus give the sections
now in want, authority to organize loca
banks. The advantages OF u banks would
be great.
Mr.. Schurz, of Missouri. said the senator
from Indiana (Morton) yesterday referred tC
him as not understanding the country in
which he lived, referring to him as being
foreigner. He (SchurZ) remembered the
time when he helped to promote the politica
interests of the senator from Indiana with
some others; ana Ln0n the senator agreed
with him and thought he understood the
country very well. 1t would be well for the
foreign born constituents ofthe senator from
Indiana to understand that they were all
right and understood country so long SC
they agreed with him, but If they differed
with him, they didn't understand the coun.
try and must keep quiet, 1t was a little
difficult for him (Schurz) to keep up with
the senator from Indiana in his opinions,
for no public man was found on both sides
of a question so often as that senator.
Mr.. Allison of Iowa, said he would not
give his vote for any measure which he be.
lieved would depreciate values, or cause dis
tress. He didn't have any idea that an in
crease OF $44, 900, 900 would have such an eff
feet, but On the contrary, would be benefit
cial.
Mr.. Morton said that for some time he had
been