The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-01-29

prtncipal az which IA not desired by the holders
Such policy would sufnce 70 oring me treasury
and wisdom which the honor Oh the government
deserves.
purpose to again address the Senate until alter
the report OF the Committee on Finance; but the
subject was o. such vast importance aecsiag the
not omit anything that he believed TO be his duty.
TINS question was above al party questions, and
states as SUCH. He hoped some measure wOuld
be adopted to preserve the public credit and up
the gentleman from Massachusetts, (Mr. BoutwelD
by his own record that his policy OF standing still
was impossible. In the mad current be had been,
Of Sch MSen s
friend, Mr.. Boutwell,, was member OF the other
Mr. Xey that the House concur
with the Secretary o. the Treasury IN contracting
payment as the interests Of the country will per-
soon as was sna ay Vote
o. George Boutwell, Re %o next sas r.aS
from the frst report made by the gentleman (Mr.
when 9s wss secretary Of the Treasury
bearing upon the subject should tend to appreciate
this .witb the Suggestion that the Secretary Of
the Treasury be clothed With authority 70 reduce
ing 81 100000 in any one month. Thus the resump-
ton Of specie payment would be gradual and
easy. The third year OF bis administration he re-
MODES or relations 70 reduce the volume Of The
currency and the other TO await the growth OF rne
country and sae demands Of business. which n
last report the distinguished gentleman seemed to
have changed hts views He lMr. Morril] referred
beneficial 70 the Agricultural interests, and sa "a
no class derived smaller proft rom the currency
eaa oss
would Senent the srmers Sc called attention. to tie
81 the National q se y
session at Baltimore and commercial bodies else
where, and asked, x those men ala not renect the
had largely increased within the last ten years,
and he appealed 70 the Senator from Massachu-
the case IN his State. Others had argued that we
coaa not t4a 70 sse' p until the BAL
ali cases when the currency was Minated
MED the authority q the Secretary Of the Treasury
to issue the - ono reserve, and said that the
chairman OF the Finance Committee Mr. shermanl
been on the Finance Committee many years, he
had helped to make these laws, and certainly
two lawyers with the committee who were equal
IN legal ability to the Secretary OF the Treasury,
and they did not think there authority for t6e
issue. He regretted that any Secretary should
have taken the responsibility OF coming to the SEN
ate and House Of Representatives and saying unless
law be passed giving different Interpretation
to that already on the statute book he would take
the responsibility Of issuing $44o0o,00o whenever
T. was necessary for the wants Of the government.
the senator iMr: Boutwell had spoken Of our In
ability to return to specie payment now on &C
count Of the poverty Of che country. He thought
that cut Of place. A country building Post ONCE
at New York to cost 5000 900 or a. COO 600 an.
other at Chicago TO cost sA,Ooo.OO0 and another
T a. Bo ssi,qo.s e S sSss SS Or
every sign OF prosperity. could not set up
of the country Is three-quarters az much as that
OF France and other older nations, and yet Senator
Boutwell, said we could not resume on account OF
poverty, and at the same time said that he had
never made the statement before. He QMr Nor
rlll) hoped that ne would never make IL again.
In conclusion Mr.. korriIl quoted rom the Ian
guage Of Daniel Webster as to the evil effects of
disordered currency, and sold he regretted that
he could not number among the advocates for Q
return to specie payments the distinguished son
OF Massachusetts lMr. Boutwelp who now repre-
sents her in this chamber
Pending the discussion, at halfpast four O'Clock
P. M, the Senate went into executive session,
and, after few minutes, the doors were reOpened
and the Senate adjourned