The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1874-01-27
CONGRESS SUMMARY.
SENATE.

the citizens OF mat state ASKING tnal MEASURES
be taken to issue currency based on real estate
securities. Referred.
Mr. Bogy, of Missouri, introduced a bill to re-
imburse Missouri for expenses incurred in arm
ing and equipping troops during the late war
Mr. sprague, OF Rhode Island, offered a resolu
ton instructing the committee on public lands
to ascertain whether the lands granted by con-
greSs TO the Atlantic and Pacific railroad COM
pany 10 aid in the construction of the railroad
nom Springfield Mo-, to the Pacific ocean, are
forfeited, and whether any legislation Is neces-
sary to restore such lands TO pre-emption and
homestead entry. Adopted.
Mr.. Thurman, OF Ohio, presented a petition In
behalf of Winnebago Indians OF Wisconsin. 1t
sets forth that the tribe is greatly wronged under
color of authority OF the United States; that lie
has been destroyed, and the tribe is deprived OF
isiation for = protection. Mr. Thurman said
it was not the intention OF the law passed
last session to use force to remove those
20 the constitution these indians were citizens,
aud the government had no right TO use force
10 remove them. Affidavils accompanying The
petition show that the Indians have been kid
mapped and carried away from their homes. he
hoped the matter would receive the serious con-
sideraiion of the Committee on Indian Affairs.
The petition referred to that committee, and
also the bill for the relief Of the Chickasaw In
dams. The morning hour having expired, the
consideration Of the resolution reported by the
Finance Committee was resumed
Mr., Wright, of Iowa, addressed The senate
He had listened attentively TO get light on the
subject, but feared the words had only darkened
his course. The chairman of the finance COM
intttee, so furious for resumption, says hlnselI
that he ventures no opinion, nor commits him.
sell to any theory. In one respect there seemed
be entire pnanimity among these e i nnah-
les TO an over dose OF currency
In his Judgment our currency had no more to do
ance pole of an acrobat, or a last years bird
nest. He denied that our currency had depre-
s5d during Inc PssG E1r d
week after its issue Was the nation
to be adjudged bankrupt because 1t failed
to pay gold for these notes, one kind
of legal tender for another9 Every particle of
property in this vast country is pledged Tor the
redemption OF these notes, and they are as 5000
now as they can be made The nation had not
ciamor OF It's blighted faith. The real
ing due regard for the rights OF
bill holders and the interest Of the govern
not and de fled any one 10 show that the govern
ment had departed from the quest morality.
all should labor for, then tlIat grand rae. Of
Gle resumption will BE- accomplished. Why all
| this struggle 10
GET BACK TO SPECIE
! PAYMENTS? He had been answered, because 1t
Is the worlds currency. He thought the world
would get over some of its old notions on this
subject Nations were becoming more intimate
with each other, and working together more
harmoniously. AS this system increased, 1t
| He did not favor the substitution OF
demand notes for greenbacks. He would
directly by the government. The national
banks were the organization of necessity and an
inquiry now was worthy of attention. If there
was no further need of them suitable time
should be given to wind up their affairs. II We
could not have have ne SnTeTs ~ the
the adoption of the English rule, making
stockholders liable TO the. extent OF
his means. His preference though, was for one
| currency by the Government, upon which no
| interest should be paid, and the reception of q
| certain per centage on those notes by the gov
| eminent in payment of import duties. Further
he would change the form of the note and In
stead OF making 1t promise to pay, would sim
ply have the denomination stamped upon IL,
The The people of this ~ country are
of currency, some times more than at others,
especially In the fall and winter, In moving
| crops, etc. Again 100000 people In the south,
lately set free, were now engaged In industrial
pursuits and thus the demand for money is in
creased he therefore lhonght II advisable 70
| bonds at q small rate OF interest, at about
three and sixty-five hundredths. He favored
| a small rate because the nation paying
| too much interest both public and private. Nc
nation had been 50 much impoverished as ours
| by the payment of extravagant interest. If we
! return to specie payment now. we must reflect
| that our greenD backs Will be bought up by capt.
talists az deprecia ed value and he'd for
the gold millennium, thus Increasing the
monetary arrangement and gripping business
I Nothing should be done to contract, but We
/
furnace idle encourage IL TO begin work. II any
mechanical agency or industry Is stopped bid Il
go TO work. and all will DO we'll. In conclusion
ne denied that the voice OF the west was for q
resumption of specie payment, and no expan-
Mr.. Logan, OF illinois, said it was necessary tc
relieve the present stringency Dy placing the
| currency on secure basis. He did not oppose
an ultimate return to specie payment, but con
sidered such a return at present impracticablt
and unnecessary. lie argued tina; specie
| payment not be reached through
forced contraction, without danger of ma
tiOnal bankruptcy. The present amount Of
ourreDcy Is man testify inadequate. The only
way TO specie payment Is a further contraction
tiOn is mpracticabe. Immediate resum ptiOR
would cripple, II not Iuin every industry. The
IMPORTATION OF GOLD
Must be greater and expectation lass. before
we can consider the question OF coin resump-
An increase Of currency would not, as has been
affirmed by other senators, inJure western farm
ers. The history Of the last decade has shown
that the country has never been In such a con-
dition of continued prosperity as during
| these years OF paper money. 1t would be better
| that the day OF specie payment should be post
poned a. long as II was In England at the com
| mencenent OF the present century, than
| that this country should have TO expe-
rience the disastrous results incident To forced
contraction and sumption. The confidence
OF the people In COR paper currency has never
/ wavered- In the days OF the panic gold fell 70
/ los. The senator fro N Missouri showed that the
amount ofour currency per capita In 1853 was
/ anu IL Is now $l9. Inc LOGICAL result
| goes even further. In 1850 the amount OF
property per capita was i've dollars and
| twenty-Six cents, which increased TO seven
ninety-one In 1870 The same ratio of Increase
Of currency would now require twenty-five dol
lars per capita, total circulation eight hun
| dred and fifty millions. The amount of currency
during that period has been increased but forty
eight per centum, while the increase OF property
has been ffty-two per eentum. A proper supply
| of currency Is now need, taking as a
| suitable ratio that Of property TO currency
| "a the standard this amount Is about eight hum
/ rad an IL
for active circulation. 1t would not be In exces
of the amount per capita in Great Britain and
| France. The most reliab recent statistics re-
| present the circulation in France at Sc
per capita, and In Great Britain al SIS per capita
| which latter is 10 per centum more than IL here
| demanded.
! The chair laid before the senate a communica-
tion from The secretary OF war, in response 10 a
| resolution OF that body in regard to appro-
| priai ion Tor the collection and payment OF
| bounties 10 coiored soldiers and sailors. The
letter states that there Was an appropriation OF