Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1874-03-24
The Our-HHHdred- -NIuIon Currency
Bill Passed in the House by Vote
Of les to 1.-THE Yeas and
Nays On II.
Free BankiBg-The Territory OF Penn.
bina-Tbe Importers and GrOcers
OF New York Opposed TO In
fiaiiOu-NO Vote In the
Senate.
IN THE SENATE.


ton from the legislature of Michigan,
praying congress to amend the postal
law so as to permit the free exchange of
newspapers and their free circulation
in counties where published. Referred
Senator Ferry Mich. presented a pc
tition, signed by seven hundred business
men of New York, asking that the vol
ume Of legal-tenders be fixed at four
hundred million dollars, and fsvoring
free banking. He read from letter ae-
cOmpanying the petition, in which the
writer said he had found the head of
nearly every business establishment in
favor Of more currency and free bank
ing. Referred.
Senator Ferry also presented a petit
ton from the citizens of Wayne county,
Michigan, asking that legal-tenders be
substituted for national bank-notes. Re-
feued.
Senator Boreman, from the commit
tee on Territories, reported, without
amendment, Senator Ramsey's bill pro-
viding for the formation of Pembina
Territory. The new Territory is to con-
sist of that portion of Dakota which lies
north Of the forty-sixth parallel, en-
bracing an area of about seventy-one
thousand square-miles. The line Of the
Pacific railroad runs through the pro-
posed Territory about midway.
Senator COnkling presented a resolu-
ton Of the New York cotton exchange,
which, he said, was signed by every
member thereof, protesting against an
initiation of currency, and asking legisla-
ton for a speedy return to specie pay
ment. Senator Conkling spoke in favor
of immediate action on the financial
question.
Senator Logan presented q memorial
u the business men of New York city,
asking congress TO take immediate ae-
ton on the financial questiOn-to in
crease the amount of legsl-tenders to
four hundred million dollars, and to pro-
vide for free banking.
Senator Bnreman presented petition
frosn the citizens Of his State asking an
appropriation for the improvement of
the Kanawha river. Referred.
Senator Morton presented a petition
from the eOlOred citizens residing in the
Indian Territory, citing forth that they
are deprived Of AL their civil rights.
Referred.
Senator Sherman, rom the commit
zee on finance, reported a bill to provide
Ter the redemption and reissue of Uni
led States notes, and for free banking,
and gave notice that tomorrow he
would offer il rs q substitute for the
pending financial bill to eQualiZe the
of national bank currency.
He said the bill was acOmpromise meas
ure, aud was the result of great labor on
the part Of the committee, and that
some of its features were not approved
of by all the members of the committee,
and he himself has given his adhesion
10 some Of its provisions with reluct-
auCe.
Senator Stewart submitted resolu-
tiOu instrUc6ng the committee of rules
10 inquire into the eXpediency Of
amending the rule so that the morning
hour in the senate should continue until
hRlf-past one o'clock each day, and dur
ing that time there shall be no debate
on any subject not regularly before the
senate. Referred.
Senator Sherman presented 8 pream-
,I. and resolutions from the importers
ana grocers' board Of trade of New
York City demonstrating against any
incres. se in the volume Of paper currency
and av Oring an early resumption Of
specie pa, Yment.
The M, 1rning hour having expired,
the chair announced that the senate
would resume the consideration of the
house. bill 10 elIualize the currency, that
being the speciA order for to-day.
Senator West moved that the pending
and other orders BE- laid aside, and that
the senate proceed TO the consideration
Of the house bill apprOpriating three
hundred thousand dollars to improve
the mouth of the Mississippi river. Lost. |
The senate then resumed the colsid- /
. alton of the bill 10 equaiiZe the distri- I
"a ton o. the currency.
\ anatOr Morton addressed the senate /
II L myth theron. He said that the is
Ne O. United States notes should be de-
Jared legal up to an adequate Of four
lupdre millions. An increase Of cur
encv to- meet the demands of incIess-
ng busin ess is not imitation ia any rea-
Onable sense. Currency is the instru-
uent Of business, and should increase
with il. He asked no other increase
han free banking will give. In
his debate initiation had been
.onfused with depreciation; to In
late currency, is to increase the amount,
whether in metal or paper, beyond the
demands Of business. Where imitation
5 arbitrary, as in Germany by the aeci-
tent Of war, il produces arrangement.
Where it is in obedience to the de-
uands Of business, it produces only
e ealthy effects. AS well talk OF in1a-
ien with cotton mills because their
luunbar is not limited by law
= Of initiating currency by
req banking. The senator from Mis-
,ouri TSchurzl had argued that the peo-
lie of the west and south were losers by
Inc establishment OF national banks,
md il would be better for them to let
he east have them all. This was tell
no them. in effect that they did not
now what was good for them. Green
8 cks have no local habitatiOn, but go
gh,7rever currents Of trade take them.
,urf'ency issued by the banks in loans is
ooaIjzed; like amount returns pc
iodicalIy in payment Of loans, TO be
here borrowed again. An increase OF
.urrency Just keeping pace with the
5,,pulation and business will not depre-
Ne il. orprodUce an unhealthy increase
e ,,yices- The whole business Of the
.a,ptrv il upon q level with the cur
,o,7cv and the relative prices Of all
.o,o nodities are adjusted to each
,tSer as perfectly as If 1t wss
.oin instead of paper. Inc con-
version of the currency prices OF exports
nfo 0old prices is as easy as conVertlng
,oIIaTs into pounds sterling-from eX.
1ort YOU deduct the premium to import
and YOU add it. ..,
Senator schurz said this financial
discussion had already attracted
he attention of the foreign press,
and if such propositions for ex-
pangiou should become such 3
aw as had been made here, we would
become the laughing stock Of the whole
a,orId He incurred of Senstor Morton
Is to his opinion of the legality Of the
2rty-four million dollars reserve.
Senator Morton said there had been
: e doubt on the subject, but, in bis
"a u on, the secretary had the authori-
am me law stood, to issue il.
: as N Schurz quoted speech Of the
oenak from Indiana MOrtonl, and
nS'o[ is senator sometime ago bad
AZ a ma \ CSchurz1 with knowing
lsTge1 ne. hsL ne financial wants OF this
Il uIle Ol =. 7g been horn in a for
'un'Ly, hSFA qe [SchurzI would like
81 i-,,c&' oou..I, .,,Isre n senator was born,