Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-04-07

WASHINGTON, April 6.-Mr. johnson
introduced bill giving jurisdiction to th'
court of claims to hear the claim of G
W: Gusts Lee, son of Gen. Lee, to th,
Arlington estate. A petition accompanying
the bill recognizes the sacred use to whicf
the property has been put hut thinks the pc
titioner should be compensated.
The Louisville Canal.
The bill to provide for the payment o
the bonds of the Louisville and Portland
Canal Company was taken up, the pending
question being to refer to the Committee OF
Judiciary
Messrs. Thurman and McCresry opposed
such reference and favored the committal o.
the subject to the Committee on Finance
which was adopted.
To Increase the Public Debt.
The morning hour having expired, the
Senat resumed consideration of the bill tC
provide for the redemption and reissue Of
United States notes and for free banking
The question pending was the motion Oi
Mr.. MerTifnon TO strike out the entire bill
with the esception of the first and second
sectioiis. As amended these sections fis
the amount of United States notes at S400-
Ott,OJO, dllu pIONluc lOI Tue ISSUE OI S4O.-
100000 of National bank circulation.
Mr.. Sherman said the effect of the motion
would be to Strike OiIt the fifth and sixth
sections ofthe bill as reported by the c0Ifi-
mittee, and they had been unanimously
agreed upon by the committee. To strike
out the fifth and sixth sections would be
by inference to authorize an increase ofthe
public debt.
A Squinf at Specie and DecenfraIiza.
tiOn.
MIR. Scott moved as an amendment 10
the section authOrising an increase of forty
six million of dollars in the National Bank
CURRENCY the f0llewinsi "Aud each Ma
tional Banking Association now organized
or hereafter TO be organized, shall keep and
maintain as part of its reserve required by
law, One-f0urthpart Of the coin received by
it as interest on the bonds of the United
States deposited as security for the circu-
lating notes for Government deposits, and
that hereafter only one-fourth of the re-
serve now prescribed by law for National
Banking Associations shall consist of bal
ances due TO an Association as made for the
redemption of its circulating notes from
Associations in cities OF redemption and
upon which balances no interest shall be
made"
The amendment was accepted by Mr..
MerTimon.
Wanted-A Greenbaek Mill at Iibitunl.
Mr.. Conkling moved All additional Sec
tion 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"
Mr.. Morton hoped this section would
not be adopted. 1t might be that some
time it would be necessary to use addition
al greenbacks to carry on the government,
IS T1s the case Eli5n tie Seoretasy Fad 70
use the legal tender reserve to meet the
expenses of the government.
Mr.. Sherman argued in favor Of the
adoption Of the section. The action of the
Secretary in issuing the reserve had been
referred to ss necessary tn meet the ppl,lie
necessities, He (Sheman) did not ap-
prove of that action, and had declared that
the act of the Secretary was an unlawful
one.
The amendment cf NJ. Conkiing was
rejected-yeas, "a; nays, ~. Coop er's
name not appearing.
Mr.. Howe offered an amendment to the
second section, that within thirty DAYS af.
ter circulating notes to the amount of ten
million. dellars shall he issued TO the Ma
tional Banking Associations, it shall be the
duty of the Secretary to retire an amount of
United States notes equal to 20 per centum
of the circulating notes so issued, which
shall lie in further reduction of the volume
of four hundred millions, fixed by the pie.
ceding seeti6n, and such reduction shall
continue until the whole of the forty-six
millions of circulating notes shall be issued.
Rejected, yeas p, nays 80.
Imitation as Source Of ReSenue.
Mr.. Morrill,, of New York, offered as an
amendment 10 the first Section the following
Provided that no part of the increase OF
United States notes hereby authorized.
shall be held to place directly or indirectly
any money in the the United States Treas.
ury, and which may or can be held for any
future appropriation. Rejected, yeas %,
nays 81.
Something Like Free Banking.
Mr.. Bayard offered as an additional sec
tion the following: That the tax of ten
per centum now imposed by law upon the
notes of State banks or State Banking As
sOciations, be and the same is hereby re-
pealed. Rejected-yeas. II; nays, 3p.
The question then REQUIRED on substitu-
ting Mr.. Merrimon's substitute as amended
by Mr.. Scott for the bill of the committee,
and it was adopted-yeas, %; nays, p.
The bill having been considered in the
Committee of the whole, it was then re-
poTed to the Senate, the question being
VIII the Senate agree to the bill as agreed
upon by the Committee of the Whole?
Sherman Tries Another Compromise.
Mr.. Sherman then offered as a substitute
for the entire bill agreed upon in the Com
mittee of the Whole the bill originally re-
ported by the Finance Committee, but
modified, extending the time for specie
payment to Jan. l, 1877, and providing for
the retirement of 30 per cent of greenbacks
in proportion to the National bank currency
issued. Mr.. Sherman again spoke of the
importance of something in the bill look
ing towards specie resumption, and ap-
pealed to the Senate to have such a clause
in it.
Mr.. Howe moved that the Senate proceed
to Executive business. Rejected, yeas %,
nays 30.
The question was then taken on the sub
Stitute of MIR. Sherman and it was rejected;
year %, nays 2S.
Sehurz shows what "PaternaI'' Gov.
ernment Ought TO DO.
Mr.. Schurz offered the following as a
substitute to the bill agreed upon in Com
mittee of the Whole: And the Secretary
OF the Treasury is hereby directed in put
ting into circulation the full maximum
amount of 40O,00o,OO0 of United States
notes, to take such measures as will not
fail TO prevent any additional issues of such
notes from falling into the hands of the
speculatorS and stock gamblers of the
country, and also from remaining in the
Eastern States; but cause such addi-
tional issues of legal tender currency to be
fairly and impartially distributed among
the people of the West and South. and
when any community in the West and
South desires 10 establish a National
Bank, the Secretary of the Treasury
will furnish them an ample supply of
United States bonds, on which thew NAV
obtain their national bank currency, and
.he Secretary of the Treasury is further d.
rected to see to it that the currency be not
deprecated by expansion. but that it be
elastic in volume and strictly staple in val
he, or, if that cannot be accomplished, he |
will so judiciously arrange the distribution
)f the currency that the debtors of the |
country be relieved of as large as possible a |
)art of their Burdens, while creditors shall |
lot suffer any loss. But the Secretary will |
axe care that among the debtors so bene-
tied, shall not be those who have by over |
radinD and reckless Snac,,fat;o, inroI,-ol 1