Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-01-20

u IHAttNC lAlDoC ! llAtN1 NliC
fourteenth amendment to the Constitution
these Indians were citizens, and the Gov
ernment had no right TO use force to re-
move them. Afiidayits accompanying
the petition show that Indians have been
kidnapped and carried away from their
homes. He hoped thematter would receive
serious consideration of the Committee on
Indian Affairs.
The petition was referred to that COM
mittee; also a bill for the relief Of the
| Chickasaw Indians.
Mr.. ingalls, introduced bill to incorpO-
rate the Colorado, Canal, migration and
Land Company. Referred
1t proposes to grant twenty sections of
public lands per mile to aid in the con-
struction of an irrigatiug canal from the
South Platte River, in Colorado, into the
State of Kansas as far as may be desired by
the company.
Mr.. Logan introduced bill authorizing
the President to appoint five commissioners
to collect information as to the effects of
the liquor tariff, and practical working OF
| prohibitoTy laws, etc. The commissioners
| are to serve without pay and be appointed
from civil life, irrespective Of political con-
sideratiuns. but the bill requires that they
shall be in harmony with the views OF
tax PAYERS of the country who, in 1873,
out of the total internal revenue of SIl4,-
OO0OO0, paid S96,0O0,0DO for these articles
J of spirits, tobacco and fermented liquors
alone.
Governmental OmniPOtence.
The morning hour having expired the
| consideration Of the resolution reported by
the Finance Committee was resumed.
Mr.. Wright addressed the Senate. He
had listened attentively to get light on the
/ subject but feared words had only darken-
| ed his course. The chairman of the Finance
| Committee, so furious for resumption him
| self, ventures no opinion nor commits him
| self to any theory. In one school of these
| financiers there seemed to be entire unani-
mitv. as they ascribe all our troubles TO an
overdose of currency. In his judgment
| our currency had no more to do with the
monetary deran-ement than the balance
pole of an acrobat or a last years birds
nest. He denied that our currency was
| diShOnOred now, il was technically dis
| honored a week after its issue. Was the
nation to be adjudged bankrupt
| because it failed to pay gold foi
these notes. and one kind of legal tender
for another? Every particle Of property il
this vast country is pledged for the redemp-
tiOn OF these notes, and they are as good
now as they can be made. The nation had
| not violated its pledge, and there was nC
| tr;Ith in the clamOr Of blichted faith. The
| real inquiry now Is, is il practicable, having
| due regard of the bill holder and the inter
! est OF The Government to return to specie
! payment: He thought not, and dehed
| any one to show that the Government had
departed from the pUrest morality. When
we have that prosperity and trade which
! all should labor for then that grand fact OF
| specie resumption will be accomplished.
Why is all this struggle to get back to
| specie payment? He had been answer
ed. because it is the worlds currency. III
thought the world would get over
some of its old notions
ON this subject. Notions wer,
becoming more intimate with each other
and walking together more hamoniously
As this system increased, the world would
adopt a currency not SO cumbersome. HI
did not favor tie substitution of deman,
notes for greenbacks. He would have bu
one paper currency, and that issued direct
ly by the government. The National bank
were an organization Of necessity, and tn,
I
there was further need for them? A suita
bic time should be given TO wind up thei
affairs. If we could not have one currency
issued by the government, then he fayOre,
free banking. with the adoption of the Eng
lish rule making the estOckhOlder liable 10th
extent Of his means. His preference, thOugl
was but for one currency by the govern
meIt. upon which interest be paid, and III
| e cf f1,a-t
notes by the government in payment of i'm
port duties. Further, he would change tn
form Of the note, and instead of making
promise TO pay, would simply have the de
nomination stamped upon it the same a
upon gold and silver. The propriety OF thi
country are active and enterprlsing, ant
need great volume Of currency, som
times more than others, especially in win
ter and fall, for moving crops, etc. Again
four millions of people in the South, latel,
set free. are now engaged in industrial pur
suits. and thus the demand for money i
increased. Therefore, he thought it ad
visable to have the currency elastic with ;
convertible bond at small rate of inter
est, at about 3 6j-1O0 per cent. He fayore,
a small rate because the nation was payin,
too much interest, both public and private
No llatlpll lldU Ittll 81 llAltll AoAiN
as ours by the payment of eXtravagant in
terest. If we return to specie pay1nen
now, we must reflect that our greenback
will be bought up by capitalists at their de
preciated value and held for the gold mil
lenium. thus increasing the monetary de
rangement and crippling business. Moth
ing should I've done TO contract, but W
should 60 right ahead steadily. If there i
I :. e, -.vl
! If any mechanical agency or industry
stopped, bid it 60 to work, and all viii b
well. In conclusion. he denied that tn
voice of the West was for the resumption c
specie payment and no expansion OF cm
rency.
john A. Logan.
Mr. Logan said it is necessary TO Teliev
the present stringency by placing the cur
rencv on secure basis. lie did not OppoS
an ultimate return to specie payment, bu
considered such a return at present impraC
ticable and unnecessary. He argued tina
specie payment cannot be reached throug
forced contraction without danger Of Ma
tional bankruptcy. The present amount G
currency is manifcStly inadquate. Til
only way to specie payment is further cor
traction or legislative proclamation
Further contraction IS impracticable. I'm
mediate resumption would cripple, # nC
ruin every industry. The importation c
gold must be greater and the expcItatio
less before we can consider the question @
coin resumption. An increase Of cuTenc
would not, as has been affirmed b.
other Senators, injure Western farm
ers. The history of the last dC
cade shows that the country has never bee
IN such a condition Of continued prosper
ity IS during these years of paper money
It would be better that the day Of spcci
payments should be postponed as long q
it was in England at the commencement {
the present century, than that this cOuntr