The Portland daily press., 1874-03-27
Forty Third Congressional Session.
SENATE.

SENATE.
WASHINGTON. Mar. 26.
The Chair announced that hereafter the rule
precludlng remarks on the presentation of ne.
tltons would be enforced.
F1tz Hugh Lee petitions for the removal of
his political disabilities.
A bill was introduced enabling the people OF
New Mexico to form State government.
Dill was passed apprOpriating $4,000 for
dredging the mouth of the Mississippi.
IN, The bills removing the political disabilities OF
L II Cabell of Texas, and Thos. Hardeman
OF IA, were laid over.
Inc bill providing for the redemption and re-
issue OF U. s. notes and for free banking was
taken up
AFTER some discussion, in which Mr.. Hamlin
said the East as well as the West was equally
interested IN this financial question, it was
agreed 10 take vote on the bill at 4 o'clock,
after which hour speeches on each Amendment
VII! De connned to ten minutes for each Senator
desiring to speak,
The bill as it came from the committee did
1ot command his entire approval, but he was
disposed to adopt it,
Mr., Fenton said his views on the great tinan-
clal problem were well known and he did not
propose TO relterate them now. He would
slauly support any measure VIII CHI proposed a
return to specie payments, but he did not see
anything in this bill which tended to that end
whether correct principles should be adopted
on the currency question:, the trouble would
settle itself in harmony with the industries
ana trade of the country. He favored the free
banking section in the bill, but did not conc ur
IN the details of free banking and arbitrary
limitation. He was not entirely opposed to the
present system, but let it be entirely free; take
II out OF the power of the government to fix
tne amount OF circulation and leave that
where 1t should be left to be regulated by the
wants OF the people. The provisions for free
banking in this bill had none of the redemp-
ton principles for safety and success. He an
nounced that he would vote against the bill.
n. Mr Morr OF gt argued 10 favor of specie
the country was too poor to undertake the re-
sumption OF specie payments now. He spoke
OF the provisions of the bill and said he favored
the retirement of the legal tender dollar for
dollar, As the national bank notes should be
issued.
The hour of o'clock having arrived, the
Chair announced that the ten minutes rule
would be inforced in accordance with the agree
ment entered into this morning. After brief
remarks by Messrs. Howe Thurman and Ferry
of the Committee, the question was taken on
the amendment of Mr. Schurz to strike out
"S2'' and insert $50" or that the maximum
limit of .. s. notes should be 356,000,000 in
stead of 1882, 900, 900 as reported by the Com.
mittee, 1t was lost, yeas Is, nays 40, as toll
lows
Yeas-Anthony, Bayard, Chandler, Conk-
ling, Cragin, Fenton, Ferry of Conn, Freling-
huysen, Hager, Hamilton Of Nd, Hamilton Of
Sargent, Salisbury, Shurz and Stewart. To
tai 49,
Nays-Alison, Bogy, Foreman, Boutwell,
buckingham, Carpenter, Conover, Cooper,
Davis, Ferry of Mich, Goldthwaite, Gordon,
Harvey, Hitchcock, Howe, ingalls,, Johnston.
Lewis, Logan, McCreary. Merrimon, Mitchell,
Morton, Norwood, Oglesby, Patterson, Pease
Pratt, Ramsey, Ransom, Robertlon, Scott,
Shern an, Spencer, Sprague, Stevenso n, Thur
man, Upton, West and Windom-4O.
Mr. Wright moved to strike out the whole
of the LIST section of the bill after the enactng
clause, and insert that the amount of U. S.
notes for circulation is hereby fixed at $780,
100000
stitute by inserting after the word dollars as
follows: SAT which amount it shall remain
until reduced as hereinafter provided.
Mr. Wright opposed the amendment and said
it could be adopted afterwards He thought
the 4th section of the bill the same as the
amendment of the gentleman from Vermont,
(Morrill.)
Mr. Conkling said the amendment of the ]
gentleman from Iowa tWrght) should prevail
now. 1t would be only logical for the majority
bill which provided for the reduction of legal
tenders to $3OO,0OO,OOO. The time to resist the
amendment was now at the Threshold and he
hoped the amendment of the Senator from
Vermont would prevail.
Mr. COnkling hoped the Senate would not
be hoodwinked new, so as not to see the de-
signed difference between the words maxi
mum amount and Circulation" Did any
man suppose that it was mere matter of
style which led the Senator from IOwat Wrignt)
to use this language? 1t meant to jump over
everything known as legal tender reserve and
if the amendment should be adopted the re-
serve could be issued in addition to the $40,-
100000.
Mr. Wright denied that such was his inten-
tion, but he preferred the amendment as he
bad moved it.
Mr. Conklng said the Senator from Iowa
would not waste his time over words if they
did not mean something, as the gentleman
went for things not words. He (Conkling)
hoped that the amendment of the Senator from
Vermont (Morrill) would be adopted. Some
one had said that the Amendments could be
adopted afterwards. 1t could not under the
rules, and it must be adopted now or never.
Mr.. Merton denied that there was any hid
den meaning in Mr.. Wrights amendment.
The question being on Mr.: MorrilPs amend
Yeas-Authony, Bayard Buckingham, Chan
d!er Gonkling, Cooper, Cragin, Davis, Fenton,
Ferry of Connecticut, Frelinghuysen, Hager,
Hamilton of Maryland, Hamilton of Texas,
Hamlin, Howe, Morrill, of Maine, Morrill, of
Vermont, Sargent, Salisbury, Schurz, Sher-
man, Stevenson, Steward, Thurman and Wad-
leigh-26.
-. Nays-Allison, Bogy, Foreman, Carpenter,
Conover, Ferry Of Michigan, Goldthwait, Cor
don, Harvey, Hitchcock, Ingalls,, johnson,
Lewis, Logan, McCreery, Merriman, Mitchell,
Morton, Norwood, Oglesby, Patterson. Pease,
Pratt, Ramsey, Ransom, Robertson, Spencer
Sprague, Upton, West, Wndom-31.
Mr.. Sherman moved to strike out the word
"for circulation" in Mr.. Wright's amendment
and insert before the word amendment the
word maximum" so it would read maximum
amount Of United States notes is hereby fixed
at $4000 900.
Mr.. Wright modified bis amendment to read
in that manner.
Mr.. SchHrz moved to strike out the word
"amount" and insert "limit."
Mr.. Wright said he saw no difference be
tween the words amount aud limit.
The amendment to insert the word limit was
lost without division.
Mr.. Weights amendment as modified by him
was then adopted, yeas 81, nays rs. 4
Mr. Merrimon moved as a substitute for the
whole bill the following:
Section l. That the maximum limit for Unit
ed States notes for circulation is hereby fixed
at $500, 000, 900, at which sum it shall remain
Section q That $46,0 00, 900 in notes for circu-
lation now allowed by law, shall be issued to
the national banking associations now organic
ed or which may be hereafter organized, and
such increased circulation shall be distributed
among the several States as provided in section
l of the act entitled an act to provide for the
redemption of the per cent. loan certificates
and for an increase of national bank notes, ap-
proved July 18th, 1870.
Mr. Logan moved as an amendment to the
substitute of Mr.. Merrimon the following:
That so much of the 9th section of the ma
tional currency act and of the several acts sup
Elementary thereto and such of the provisions
of the act to provide for the redemption of the
8 per centum temporary loan certificates, and
for the in ,rease of La ional bank notes approx
ed July IL, 1870 and SO much or such parts of
and other act or acts of Congress as a limit,
or as may be construed to limit or restrict the
entire amount of notes for circulation to be is
sued under said national currency act, and the
several acts supplementary thereto be and the
same are hereby repealed, and that hereafter
all associations organized or that may be Or
ganized for carrying ON the business of banking
under the provisions Of said act shall be free to
establish and organize national banks with cir
culatiop at any place within the several States
and territories OF the United States upon the
terms and conditions and subject to all the
limitations and restrictions provided by law,ex-
cept the limitation upon the entire amount of
circulation which is hereby repealed.
That each national banking association now
organized or hereafter to be organized shall
keep and maintoin as part of its reserve re-
qnired by law, one half part of the coin receiv-
ed by it as interest on bonds of the Uuited
States deposited as security for circulating notes
or government deposits, and that hereafter only
one nalf OF the reserve now prescribed Dy law