The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-02-20
F0RTY-THIRD CONGRESS-
First Session.
SENATE.
WAsHINGTO


Jah WASHINGTON. Feb 19, 1874.
% HAT LEAGUE ISLAND SITE.
MT SCOTT, (rep.) OF Pa, preseuted q memorial
of merchants and prominent citizens OF Philadel-
phia, protesting against the leasing OF the site
near League Island for powder magazine. Re-
ferred to the Committee on Military Anairs
Mr.. SHERMAN. rep) OF Ohio, presented . me-
mortal OF 200 bankers, merchants and others of
Illinois, many Of them leading firms OF Chicago,
protesting against any increase in the volume Of
the paper currency. Referred to the Finance
Committee.
Mr. LOGAN, (rep.) Of ILL.,, said he had heard of
that memorial Some OF the men who had signed
1t had been the first to close their doors last fall
and had refused to pay their deposltors or had
paid them with all kinds OF paper. At the proper
time he intended to'present a memorial to the
Senate which would show what was the prevailing
sentiment in that part OF the country.
oJ AN APPROPRIATION FOR BUFFALO.
Mr.. CoNKLING, (rep.) of N. Y. from the Commit
tee on Commerce, reported favorably on the bill
approprating $4,000 to dredge and protect the
navigable channel at the mouth OF the Bunalo
River, and to remove the sandbar caused there by
the gale Of December last. Passed.
EQUALIZATION OF THE CURRENCY.
At the expiration OF the morning hour the
Senate resumed Ahe consideration OF the bill to
equallze the distribution OF the currency, the
question being on the amendment OF Mr. Cameron,
with instructions to the committee proposed by
Mr.. MerrimOn. OF North Carolina
Mr. Cameron's amendment repeats all acts of
Congress which limit or may be construed to
limit or restrict the entire amount of national
bank notes for circulation, and provides that
hereafter, associations organized or that may be
organized for carrying on the business OF banking
shall be free 10 establish and organize national
banks with circulation at any place within the
several States and Territories OF the United
States. upon the terms and conditions and subject
IN q n AM liunfo rin
law. except the limitation upon the amount OF
the circulation. which Is hereby repealed.
''0LD TECUASEH' ANSWERS TO HIS NAME.
Mr.. FERRY. OF Michigan, said that while he was in
favor OF the government issuing all the currency,
he was willing to accept the national bank cur
rency II he could not have the entire circulation in
greenbacks. Referring TO the value Of greenbacks
and the act OF Congress to strengthen the public
the gentleman tsdr. sncrman5 as chairman Of the
Finance Committee which strengthened the public
credit as It was the services Of the other Sherman
wilderness.
Just as Mr.. Ferry referred to .the other sher-
tered the Senate chamber by the main door, his
entrance at the moment when his name was being
mentioned creating some amusement on the floor
and In the galleries. -
Mr.. MORRILL,, lrep) Of Vt, read from the
gentleman was in favor at that time OF redeeming
legal tender notes In coin and the early resumption
Mr.. MORTON said he was in favor OF specie paw.
ments then; but he did not think the present was
The proper time to begin. as our Industries were
through the West theie were towns OF 1000 and
9, 700 Inhabitants without bank, and they could
not get one: They should have some means to get
banks, as they wanted them. II this was contem-
plated 1t should be put OIL 30 long that 1t would
cause no distress. The great question Of to-day
demanding immediate action Is one for increased
banking facilities.
Mr.. MoRRILL. Of Vermont, read from reported
interview with Senator Morton. published in the
AT
he declared himself In favor Of return to specie
payment and would fx she time at January /,
Morton to another New YORK journal Was to the
same effect. He (Mr. Morrill) supposed that here
after according to the theory Of the gentleman
from Indiana, tnat when an individual became too
full OF the ardent he would not be innated, but
would only have good supply. Gaughter.)
himself to be q faithful reader OF the NEW YORK
HERALD and the other papers and kept fles Of
those papers. which he could cut from when he
desired. de did not remember as to the inter-
view but supposed 1t was correct as the rep0r ters
OF the NEW YORK HERALD did not say anything but
wnat was true he IMr Mortonl believed IN 1sss
times then were more auspicous than now.
Mr. BoGY, (dem.l OF No.. argued that the West
dustries, and was suffering from that cause. HIS
State had but six millions OF banking capital while
city Of Boston to had or Wons
Senators on this subject He was In favor OF .
free banking law, and hoped the amendment Of
ment 1t was rejected-Yeas 20. nays 81, as follows:
YrAs.Messrs Bogy, Brownloy, Cameron CARPENTER
Logan Misehe aorSn Son%oSa
ss SsesS %s. a.
ADGn AnthNny soqiws Bgcsng
pay. Fenion Ferry of Conn., FrelinsSsypsen d Is
Rsy asss gs%Op S HHs~
sSms4 and cAqs1 sSC sherman Stewart stock
Stevenson and Dorsey, who would have voted in
the Affirmative, were pared with Messrs. Flan-
egan SsHII 10 dis sa sprague and Edmunds
The question recurring on Mr.. Merrimon's
amendment. instructtng the committee to report
crease Of national bank circulation, SO that the
whole volume thereof shall not exceed $500 600 00O
Mr. GORDON T., OF George submitted substitute
practicable bill for free banking and providing
Tor the convertibility OF United states Treasury
option Of the government, and the bonds converti-
bic into Treasury notes at the option OF the no der
20, nays So
p neSeosp
ps sega. pos
stewart, Stockton sumner wsdisisS wsishtaa s0no''
Mr.. COOPER, (dem.) OF Tenn. moved to insert
the following as substitute l0r Mr.. MerrimOn's
the Committee on Finance be
Instructed to report bill providing Tor the con-
OF United States Treasury notes into
gold coin or five per cent bonds OF the United
States and also for Tree banking under the prOvi-
siOns OF tue National Bank act. Adopted without
4 roll call.
The question then recurring, on motion of Mr..
Buckingham to recommit the bill with instruc.
ti0ns above provided by Mr.. Cooper's amendment.
Senators inquired II the substitute OF Mr..
Cooper had been adopted.
The CHAIR announced that 1t HAD, no one having
called for the yeas and nays.
Mr.. MORTON demanded the yeas and nays.
The CHAIR (Mr. Carpenter) decided II was too
ate. the vote having been announced.
Mr.. MERRMON moved to reconsider the vote by
which rhe substitute Of Mr.. Cooper had been
adopted.
Mr.. CONxLMa said II Senators wanted an illustra-
ion Of the iniormauty OF this whole proceeding he
unlimited they bad " now. Thls whole tpIpg bed ,