Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-02-18
Proposed State Banking System.
Senate Still Debating Currency
Distribution.
House Wastes All Day on a Con-
tested Seat from Arkansas.
Ben Butler Proposes to Fight il
out if 1t Took All Night,
How the House Left Him i'm the
Lurch.
SENATE

erS and business men of st. Louis, depre-
eating any increase in the volume of cur
rency-fayoring a speedy return to specie
payment.
Mr.. Logan, from the Committee on Mil
itary Affairs, reported substitute for the
b.l, 10 decrease the pay department of the
army. II provides for establishing the
number of paymasters at fifty instead OF
sixty, the said paylnasters to have rank and
pay of majors OF cavalry and provides
also foT repealing So much of the 18th sec
tloh OF the act of july s, 1866 as is srelative to
the persons from when said paymasters
shall be selected. Placed on the Calendar.
Mr.. Gordon introduced a bill directing
the Secretary of the Interior to place on
the pension roll the names of all persons
heretofore dropped therefrom because OF
participation in the recent rebellion. Re-
feTred.
Mr.. Buckingham introduced bill pro-
viding that s53 shall be paid to every Cher
Okee Indian now living east of tie Missis-
sippi river, who shall go west of sid river,
being an amendment to the act of July 20,
1S4S.
A Patent Job.
Mr.. Carpenter introduced a bill to fur
ther protect the polls in the election of
President and Vice President and members
of Congress. 1t authorizes the Secretary OF
the Interior to contract with the patentee
of the safety ballot box for the use of the
box at the polls throughout the United
States, in elections for President, Vice
President and members of Congress, pro-
vided that the power 10 use and the con-
venienceS thereof shall not exceed the sum
of SIS box. Referred.
4 Chronic Complaint.
Mr.. FentOn presented a petition in re-
gard to the customs revenue service, from
merchants and importers of New York
city, in which they speak of needed re
forms in that service and urge the passage
of Senator Fenton's bill, which they be-
lieVe viii remedy in a great measure the
evils complained Of Referred.
Mr.. Pratt, from the Committee on Claims,
fayOrably on a bill to pay for cer-
tain salt works destroyed in 1862 by
United States troops in Clay county, Ken
lucky. Placed on the calendar.
Mr. Hitchcock introduced a bill to author
ize the issue Of a supply of arms to the
authorities of the State of Nebraska. Re
ferred to the Committee on Military AZ
fairs.
Proposed State Bank System.
Mr.. Boyd submitted a resolution instruct
ing the Finance Committee to inquire into
tine eXpediency of providing that hereafter
ali banks shall be organized or chartered by
the States, each State to decide the ques-
tion as to the number of banks and the
capital required for its legitimate wants;
each State to provide such guarantees to de
pOSitorS as may be deemed proper; all
banks TO be organized under provisions Cf
the law requiring the deposit of banks as
now provided for; tina National banks and
the Federal government TO have the keep
ing of such bonds and the issuing of cur
rency and to be responsible for the redemp-
tion of circulation. Agreed to.
The Senate then proceeded to the con-
sideratiOn Of bills on the calendar and the
was passed: \ joint resolution
the Secretary OF War to detail
medical officers Of the army to enquire and
report upon the causes of epidemic cholera.
The morning hour having expired the
Senate resumed consideration of the bill to
equalize the
Distribution of Currency,
the pending motion being that of Bucking-
ham TO reCOmmit the bill to the Finance
Committee.
Mr.. MerrimOn moved an amendment to
instruct that committee to report as soon
as practicable bill providing for an in
crease Of National bank circulation, 50 that
the whole volume should not exceed S400,- =
100000.
Mr.. Scott submitted an amendment to
that of AIr. Merrimen providing for the re-
demptiOn Of The whole body Of National
Bank currency in specie or interest bearing
bonds of the United States. He said he
hoped tie motion to recommit would be
adopted. The best way to dispose of this
whole question was to refer it back to the
and get its views on the subject.
Mr.. Ferry of Michigan, said the question
to recOmmit carried with it the question
as to whether there should be an expansion
or contraction Of currency. He could see
nothing TO be gained by recOmmittal as the
committee must report on the same subject
and the whole debate would be gone over
again. The effect of the motion to recon-
nit was practically TO waive the question
before the Sena.e.
Mr.. Sherman hoped this bill would be
stripped of all things thrown around it and
passed as reported by the Committee. The
other questions could be determined after
wards.
Mr.. Cameron believed the country would
resume specie payment in due time. Give
the people time TO work out their necesi-
ties and specie payment would be resumed.
The country could resume if these green
backs were out Of the way, and he pro
posed by his substitute to take them out of
the way.
Mr. Morton opposed the motion to refer.
He said there was no excuse for the prOpO-
sition to take 81, 100000 from New Eng
land and give it TO the West and South, eX-
cept upon the principle that the currency
of the country was not to be increased at
all. If this national banking system
could not be adjusted TO the wants of the
whole country it must give way. He had
no idea that the proposition to take money
from New England to distribute lii the the
West and South would ever become law.
Mr.. Hamlin said he was disposed to give
tie South and West more banks, but he
would vote to take fifty millions from New
England and give it to other sections be-
fore he would vote to increase an irredeem-
able currency one dollar.
Mr.. Thurman said it had been said that
the American people We're eIninently
Practical,
but he was sorry that the same could not
be said of the Senate of the United States.
The Senate would not let any single meas
ure of the Committee 90 through. but
loaded it with all sorts of propositions on
the general subject. The Committee was
fully competent to act upon each subject
and ore could not thus be
loaded down with others. He favored the
recommittal of the whole matter. The
currency was to be stable, and was to be
elastic. To be stable, that is to be fixed;
and TO be elastic, that is not to be fixed.
Q.aughter.) He had never heard of such
a thing since Gen. JacksOn's famous letter
that a iudicious tariff captured Pennsyl-
vania He did not believe in insiructing
the Committee, but desired the subject TO
be recommitted without instructions.
saPending the discussion the Senate went
into executive session.