New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-02-20
XuIIp CONGRESSES SESSION.

REGULAR REPORT OF PROCEEDINGS.
FIVE CURRENCY EQUALIZATION BILL STILL PENDING
IN THE sRNATE--DRBATK ON THE FRANKING BILL
IN ruR HOUSE
SENATE. WASHINGTON. Feb. TO- 1874.
afr. ScoTT Rep., PENN presented a memorial
~ merchants and prominent citizens OF Philadelphia
roestng against the leasing OF tho site near League
Island for powder msgazlne Referred 70 Vne NVi"
mittee on Military Affairs
Mr. SHERMAN (Rep.. Ohio) presented memorial OF
N, bankers merchants and others of Illinois, many Of
them leading firms Of Chicago, protesting against any
increase in tho volume OF the paper currency Referred
70 the Finance Committee.
Nj LOGAN (Rep, MI said he had heard Of that me-
aerial Some OF the men who had signed 1t had been
ths ars 10 close their FALL and had refused to
pay their depostors or bad paid them win all knds OF
msmorsi TO the Senate which would show what the
prevailing sentiment in that part OF the country; 80
Commerce. reported favoraby the bill appropriating
10000 10 dredge and protect the navlgaole ehahheI
bar caused there by the gale OF December last Passed
Mr.. FERRY (Rep., Comm. from the Committee on on
the ACT 10 revise consolidate and amend the statutes re-
troduced by HIM on Feb. l6. Passed.
THE CENTENNIAL CELEBRATION.
Mr. CAMERON rep, Penn) moved that the Senate
proceed 10 the consideration Of the House bill In rela
t,on 10 the Centennial Exhibition.
Mr. SUMNER Glib. Rep, Nasal objected. He said the
bill involved millions OF money ana wou,H Gauss eau con
sidered the morning hour. The Senate hau petteI
procsed will the business before it, laid over from the
moTn3e hour OF Yesterday being the bill in relation TO
slcoholic liquor traffic IL could be passed "l'nou'
MT CAMERON said he would go as far the Senator
from Massachusetts 10 favor OF all matters to promote
temperance benefit the public morals but ne tn0ug
this b could be easily disposed Of 1t did not ask one
cent being intended only 10 correct an error VI LILO
state Department in relation 20 the exhibition. a.,
MT SCOTT (Rep., PENN said there was necessity Tor
.peedy action on the b and he therefore moved that
MT SUMNER said he would ike 20 inquire what wss
70 of the finances Of the country II put ASIDE o
sonuRz Glib Rep Mo- hoped the Senate TGp a
bill without interfering with the other great questions
Mr. STEVENSON Dem. KyJ said the bill was Of too
much Importance To he considered in the morning hour
Mr.. SUMNER said he would have our great annlver'
ssry commemorate nobly, but could not consent TO
have this bin considered the morning hour; neither
did he want 1t 10 take the place OF more Important
Mr.. scotrs motion was agreed to.
THE CURRENCY EQUALIZATION BILL
At the expiration Of the morning hour the Senate re-
umed the consideration Of the bill TO eQualiLe the dis
trbuion Of the currency, the question being on the
amendment OF Mr. Cameron to tue Instructions TO the
Committee proposed by Mr. MerrimOn.
MT Canerons amendment repeats al acts OF congress
which limit or may be construed 10 unit or Or
lton and provides that hereafter ASSOCIATIONS organ
ized that be organized for carrying on the bust
ness Of banding shall be establish and organize
National banks with circulation at any place within the
the terms ana conditions and subject 10 all restrictions
and limitations provided by law, except the limitation
upon the amount Of the crcuatOn wbch Is hereby re-
Mr. FERRY Rep.. Mich) said that while he was in
favor of the Government issuing all the currency he
was willing 10 accept the National bank currency IL he
could have the entire circula IN greenbaeks
gess 10 strengthen the public credit he said 1t was not
much the services Of the gentleman (Shermanl as
Chairman Of the Finance Committee which strength
ened the public credit il the services OF the other
marching " the sea and Grant hghtng IN the
Mr MORRILL, rep, vt) read from the speeches Of
the Senator from Indiana Cr. Mortonl made several
years ago. that tho gentleman was In favor at
that time. of redeemlng legaender notes In coin aud
early Tes9mpon Of specie payment yr ~ .recs
then, but re did think the proper time TO
Gr pa5e An through the West there we're
towns Of 1900 and 5000 Inhabitants without bank and
they could not get They should have some means
10 get BANKS as they wanted them II this eontem-
plated should be put off long that 1t would cause
no distress The great question OF to-day, demanding
immediate action, IS for increased banking facilities
Mr. MORRILL, (Rep., VII read from reported inter
Herald, in November 1868 wherein he declared himself
In favor OF return to specie payment, and would hS
senator Morton to York World was 10 the same
effect He NIr. MORRILL, supposed that hereafter &C
cording the theory OF the gentleman from Indiana,
that when individual became too full OF the ardent
no would not be inflated, but would only have q good
Mr MORTON said that his friend Csfr. MORRILL, showed
himself be faithful reader OF me NeG f9rS Herad
files those papers which he could
cut from when he desired. He did remember as to
but supposed IL correct
srs OF The Neo York Herald did say anything but
what was true. He (Mr Morton believed IN 1865 mat
specie payments could be resumed. The times then
were more auspicious than now.
The question being iOn Mr.. Cameron's amendment II
WAS rejected-Yeas e; Nays, 81
The question recurring Mr.. MerrimOn's amendment,
Dsructng the Committee 70 report as soon as praccs
BILE bill providing for increase OF National Bank
circulation that the whole volume thereof shall not
exceed $500 100000,
Mr. GORDON Dem, Gal submitted substitute, In
sructug the Committee report soon as practicable
hl for free banking and providing TOT the converti
bty OF United States Treasury notes into low interest
bonds gold the option Of the Government and
the bonds convertible into treasury notes at the option
OF the holder Rejected. Yeas 26 NAYS. 80, as follows
IRenublicans In Roman Democrats italics and Lib