, 1874-12-28

Tar is,al srece Payments. All Of thesn aro
ol,ei, 10 olectios. Thero laso been three dlaoren
a rss 10 a1a III sr n os.aa
Cn1 is Nl.at II called tiu contraction plan. Tl,o
aI"plest ana ,nnnt llresf way o sroce payments y
saics tu ,,oss, or Or tEa eoi.tractol Of lilo crrrey
NOW, w know very we'll tho failing win
i it dit tMro"s e Country i Ieiavs to otcrasa
ns dslurb!g element II a1 tlo .;lasss rotations Of
assrto s Il ia. taa atee L i Ia With o s so q q III
doDa, and thnro has bco All hnicst, ethroro oppoa!
tion 10 this theory Of contraction: Tilcrctorc, n
Fpcco paymei,ts It il cnlircly omitted fran this bill.
THO neto' plat tha. hay9 fyored 'ysc1f often, anl
ol,!nion 10 touaut but my OWL Is tho plan Of converts
y Utiled 8ntrs iincs into bond TINT would gra1s-
s 0s H,ss s s M !" h @ ss al IT.
atorlse tIo sccsetnry Of lho Treasury 10 Do,la
y In so aatarisos tc secresary ii tho Trensry 10
Issue bonds ofroylo fur nmd muntain tho redemption
to s,,rrr,icr my itlpaH On o Iil III orer 10 arco lis
good obJeet without using thosu caf.s ta Iavo hcen
ald Objectionable 1y 1nnny SENATOR'S Tito Third plan
country which is tho rail Of graduated Hcalc for
sumption IN coin or bllon whit call Tho English
sel rate or scaie Of rates Of 10 nncl oid for NC
ciAc aum III Uhitcd 8taea notca-at present ratea
would gse absnt goo lii aod io1 sl0o in ereenhaek.-
,yud npiroarl, sppcie payments constantly aud react
It nj tixotl dAy. Ts may DO ciled grad1u rcdunp
tton. This also Ia Objectionable to uiy persons. from
tho idea tint cunpea ls to c,ser thc noney narnIa
Of Tho world to discount our own paper ihhn ioa
objegtion but ysry strong oolec.so.-a, objection
crtalc, to releom these nutoy IN coi, mud It il ut
icaat question Of doubtful ethics whether wo ought to
notes 1t q discount, although TINT plan llas been
adopea I'll Es'a md sarsoc,stay erre 3d i int
abandoned. Either Of thesn plans I conli
rSa 1 M met N si Ss o,nosSya sy dt a',S We ps st
hope to carry them engrais them lan thls blu
without lefeatiug it, Me huvu, thcu, fallcn back Oh
ssS o ae s sates ae
bunk arc increased mud thon rest oir PLAY Of
rc'elnptton mon Tic declaration male on the fun Of
co At pnr. That il tito wholo Of thiH b! rLero
,s Aaung s res t'o oos suseesed by TIC Senator
from Shrya,. and thu Senator frum Missouri II We
uniorakn 10 dotiuo rFuciaey wat slull be done four
whether Tie Legatcndor net a'a then 10 repeaed OF
woihpr 1t Rlall be repealed before TINT tr,e mt
ey ssa @ to ss1y 3 vss So eosy w = i
not botter to rostpono, until tho ttme comes to Meet,
hcsc questions. which nllA then arBc, ralller than to
engage III all nttclnp& to aetle them nows fonr years
Ill ntvaIce3
Mr. schhrz-rhe question sate tho Senator dors
thu immediate operation uf tic bill.
Mr.. Bhtrnan-1 will anhwer that question. tlll
not iutcn to avoia It, The Senator secs tho force Of
tho argument that sought mt to put III thls bill
anything about the rciHsuo Of notes. or tho character
Of tose i4oss when relaaue nftor upton shall
MIR. Scharz-Dues Tho Be1,ator say that sec the
forsc Of that argument?
Mr. sslo r,nat-1 th!.k tho Senator ought 10 geo it.
MIR. Sciurz-Ahl Very woll
Mr. sAcrml,,--1 llnro thu sciator does. II 10 was
hnsuif prcpur!ng bill to resume hs would probably
ilts cs % to Tin e we a eson
ne.ces tu oporntc. w declare tho tilfo when specie
payments ra lo resumed III order to gyu fair otiee,
tlt tho market values for tho future may be n,l-
Jnsted and 80 that le0rlH will rrcaro themselves for
rssu,npon Our peoll9 may tlsn base their tra1ssae'
III regard to The otltr roint. lilo rcsF,le 1t tho
fractional currency, Tho sannor fran Maryland will
that the first sectlo ~ carefully wurste1 to reuire
equal amount III nilbcr antl lcl1o[llatioh Of to
fractional currency to ba rractcs anil thu. this pro-
| ceBs ia 10 bo continued until! tho whon amount of the
But le says TINT perhaps ater Ill This is ohe we
ctnps people who hol tue fractional currency to
prcscnt it for rcssempsaon It must ho remembered
s47D0 o1o now outstanding In thsev years. He wishes
TO ialsu tho question to wIother Ut thu end Of tltpc
iroyido, by Tercnptory w tiut te fractin,la cur
rency shall not be ress.tcd under any circumstances
We 10 not undertake. 70 do II, nrd simply Bay to hiu
ccrlaln redemption Of this fractional currency In
| cuurse OF tine which cannot exceed thrro years.
anu, therefore, no do no: propose to 20 fnrtllt,
aud deai,1e whethcr 1t may 10 ishtled aggtt
not. uutit It is fully redeemed tho currency eau
uot 10 tcisset. mud tle it will In tliG enough tu de-
serntne It's destruction or rrss,le III regard to tho
question put to by tho sonatos lroa Missouri.
will aay that In regari tu absolute cancellation Of se
legAl-tenor notes that may bd redeemed u,,dcr the
operations Of tue banking ctause, that naar III also
provided for in tue sa"a d whenever at,1
such ankhg Assoelatloi NO uereasinK It's caPitnl 0
circulating tv,cs, Or newly organized aforesaid
redroin the legal-.cllrr United states noes II, OK
cess only Of S3U 010 u0o to the amount Of BY or centn
or ,he SUIT Of Aatiyaai LINZ noto1 so m sed 70 as
ouch rctiomptlon as Bel circulating notes nra ISSUED
M1ii there snan 10 ontstau,i'ng tha hn of s'oopuo
more" low long will II take befnro tlis coltngcnc,
shall ar'se upon which !le puts 70 nle tho question
Sw x ons ses M VII i Gs &c seS y H.5 # sa 1a
lIow long will 1t DO before thls process comes e
such End tnae Ills question IL at al material
will bo issncd how rapidly they viii bo called for il
tue present condition Of atralss None probably vii
With the local dc,'ad for Iaaks hero aud there viii
" tho increass Of business, DanAs will 10 orguulzed
he puts 10 inc IL not ,natef'ai until Tie fcoe amount
cyhty.ro nt'ons 's reacea nnt! tue t1nsft Of sJuo,
Us o es in II Lii aoses bst w
undoubtedly lend TO controversy aud dispute, in ordc
70 meet Question TINT will bs provided for III th
future.
MIR. schurz-I think that the Senator from Ohio In
probably uot nnderstood my question. What tne!1l
10 HBk MlA HHcfneG, WtEtlIFcF any RfcehpaeRs WetG
rotirel by tho Secretary Of thu Treasury ur, tAt
bill stases IT, are redeec in consideration Of 80 man.
houaans Of dollars Of banl lnncs having hcon tssrttl
the greenbacks 30 retired shali 10 canceles ald IL
Btroyet never to 10 ressllcd uga. The Scincor VII
renclntyr rory well that NO hnd rrotsnctei btruggl
about slllav question oncr anl that tho framing of
law gaso rise to much n,ntroyorsy that llontca
point. Now what am after r. 10 understand wlotAe
lilo provisions Of tis hill will Ii! tc|r practical o1crl
io, work ~ tho direction Of aecc payntuts or not
anl for at iA very essential question whether TT
Rreeul'acks so rcrea sall be destroyed, never to b.
resa,'ed again. or whether they aln to hell
the lorty-lour millions wore, certainly to Ii
| put Into tue n,arhct ugain.
but. leaving that asi,ae tor tho 1nonGn 1l0 anys
Thu principal object IL to framo b which Will cSl.
taia Ilaehe'y enough to eaL ~ to spos!e Payments
to- stick at triles merely. want to hayo
bill that Is cicar ~ R ot,iert and operative In IL
machinery. should like hin 10 Oint out 10 u,
what provisions there IN ta bill tint will lrovl.l
ior tic necessary preparation for tho resumption
Bpoele payments. do NIT want to Ho ino All argu
ment, hut merely to clcar up my own nlinl.
Mr. Sherntah-Tho Scnuor. mn sHr1, has mt hear
ila bill read, or ho has mt rcusl u nself stell
IL a tlat tho langlage il very strung, a.!l the pro