The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-31
CURRENCY DEBATE IN CONGRESS.

CUHRENCY DEBATE In CONGRESS.
The Imitation Liquidation in the Senate.
WASHINGTON March 80, 1874.
The morning hour having expired the Senate
resumed the consideration oil the bin to provide
for the redemption and reissue Of United States
notes and for free banking.
The pending question being on the amendment
of Mr.. Hamiin to strike out the 1st OF January,
1915. as the time for return to specie payment
and insert January l, 1877, Mr.. Morton raised the
point that the amendment was not IN order at this
time.
NO REDEMPTION IN COIN.
After some discussion Mr.. Hamlin withdrew his
amendment and the question then required on
the motion OF Mr.. Morton to strike out the second
section OF the bill reported by the committee,
which provides that on the LIST OF January 1876
United states notes shall be redeemed IN coin or In
Mr. PRATT, Tep.) OF Ind, read from a manu-.
script his views in opposition to the motion to
MIR. SHERMAN (rep.), OF Ohio, argued in favor of
retaining the sectiOn which, he said, was the most
important feature Of the bill.
Messrs MORTON and FERRY, OF Michigan, spoke
in favor OF striking out the section.
A vote was then taken on Mr.. Morton's motion
to strike out the second section, and IT was
adopted-yeas rs, nays Gas folOws;-
ars% Of P9gy
InSa
NAYs-Messrs, Anthony, Bayard, Chandler. conklng,
Hamilton q Texas hamlin, Jones, Morrill, OF Maine
Sherman, stewart Thurman and Wadleish-23
Messrs buckingham, Flanagan, Kelly Scott,
Stockton. Edmunds and Stevenson. VINO would
have voted in the negative, were paired with
Messrs. West Brownlow, Clayton, Cameron, Ram.
sey Wright and Dorsey, who would have voted in
the Affirmative.
SIXTY MILLIONS MORE CURRENCY.
Mr.. SCOTT, (repl OF Pa, moved an amendment
nj IN
crease in the national bank circulation to the eX-
tent OF $40, ooo an additional section providing
that on the LIST day OF January, 1871 the Secretary
OF the Treasury shall pay on demand, at the offices
OF the Treasurer OF the United States and the AS
clnnat, ST. Louis and New Orleans. 10 any holders
OF United states notes to the amount OF 600 or any
multiple thereof, in exchange for such notes. an
equal amount of coupon or registered bonds OF
the United States, in such form he NAY pre-
tiple OF that sum, redeemable In CON after ten
years from the date OF their ISSUE at the pleasure
OF the United states, bearing five per cent inter-
Rejected-Yeas 6, nays 81.
BUY GOLD WITH SURPLUS REVENUE.
amendment that the surplus revenues OF the
United States shall be used Tor the purpose OF &C
cumulatlng gold coin in the Treasury, the score
tary OF the Treasury being, nevertheless, at liberty
to sell such amount OF SAID coin as may be neces-
sary IN order to meet the demands Tor currency
Tor which the receipts OF currency are not sulii-
cient, aud authorizing the Secretary OF the Treas
ury TO issue and sell coupon or registered bonds
the denomination Of $50 or some multiple OF that
sum, redeemable at the pleasure OF the United
terest, the proceeds such bonds TO be used pur
chase gold coin, which shall be employed to redeem
OF the Treasury fix the time for such redemption
after having accumulated sufficient gold coin, the
legal tender notes so redeemed not TO be reissued
except IN exchange Tor gold coin at par. Provided
that, II after the commencement ofsaId redemption
the government shall be unable to redeem part Of
the legal tenders in gold coin the Secretary OF the
Treasury may issue the requisite amount OF bonds
OF the same character as above and redeem such
Mr.. MORTON moved to strike out the fourth Sec
ton OF the bill, which provides for the retirement
OF the United States notes, in the ratio OF seventy
lied by the bill.
Mr.. SHERMAN said he desired to orer an amend
ment to the section before the vote was taken to
strike 1t out Such an amendment under the Old
usages of the Senate was in order before the mo-
ing ruled a similar amendment OF the gentleman
rom Maine tMr. Hamllnl out oil order, ne lMr.
Sherman thought the ruling erroneous and and that
ton OF the bill proposed to be stricken out pro-
vided that the retirement OF seventy-nve per cent
OF legal tenders should be in further reduction Of
the $685., 600, COO authorized in the previous
tlon. The Senate, however, struck out the
$4OO, 600, OOO and now he (Air. Sherman) would
move insert 900 in the fourth section, in
place OF $685. 1000, but could not do under the
ruling OF the CHAIR the motion to strike out the
Whole section was pending.
The CHAIR said he saw the difficulty, but had
made the ruling in accordance with the rules OF
the Senate as ne understood them.
Mr.. HAMLIN (rep.) OF Me-, said the ruling OF the
Chair would reverse the practice Of the Senate for
many years past
After some discussion upon the ruling OF the
Chair and the practice OF the Senate Mr.. LOGAN
said this whole Finance bill was scheme for con-
traction, and he hoped the section would be
stricken out.
The CHAIR announced Mr.. Wadleigh, OF New
Hampshire. as a member OF the Committee on Prlvi-
leges and Elections, and Mr. Frenghuysen, of New
Jersey, as member of the Committee on Education
and Labor, in place of Mr.. Sumner, deceased. Mir.
McCreery, OF Kentucky. was also announced as
member of the Conference Committee on the bill
in relation to the payment OF certain Indian an
nuities in place Of Mr. stevenson, called home by
the death OF a friend.
Without reaching vote on Mr.. Morton's mo-
ton to strike out the fourth section OF the Finance
bill the Senate, on the motion OF Mr.. Morrill,, OF
Maine at five O'Clock proceeded to the considera-
ton OF executive business, and, after short
time, the doors were reOpened and the Senate adj
journed.
The possibility OF q ,e,C issue or t1conrerti6le
paper regard ,cith an,azement and dnriety and,
i,a ny j,tGgnaent such an issue could be detri-
n,e,st and q ShGn,e.-CHARLEs SUMNER.
TIE STEPHENS MURDER In MEXICO.