The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-01-16

had, therefore, given noEice few days ago that
ne would introduce bin. In accordance with
such notice ne sent TO the Clerks desk and had
read the bill, the title OF which 49,
"A bill TO provide for the gradual withdrawal
from circulation Of irredeemabie national notes
and the substitution therefor OF redeemable ma
tiOnal bank notes. TO remove unjust restrictions
upon banks OF Issue and upon the amount OF cir
culatIOn."
He said he thought the country was doing bust
ness on a scaEold, o good way up from solid
ground sustained by statute. Repeal that statute
and the business will tumble down. He did NOS
propose TO disturb the volume OF the currency, but
steadily appreciate Its value. He advocated the
passage OF the bill and expressed the opinion thar
1t would be the safest road to return To specie
payment. The government should maintain strict
n,neu.ranty between THOSE who demand more and
not money enough 10 boat Erie at par or Northern
r ,I at 200 But he thought It had enough
money TO effect the exchange or commodities
me OIL was referred to the Committee on Finance.
sena,ors S Int, lrep.) OF Iowa. said two or three
senators aM desired 70 speak on the resolution and
20 ."o o tnem were not here to-day, he hoped tho
VOC would not be taken before Monday.
soms rep OF Ohio said he would make
soIie OBSERVATIONS hlnself before the close OF the
DEBATE, and saw no objection to the course sup-
gested oJ the gentleman (Mr. wrghu. He an
Sonaa snar ne would speak tomorrow II no other
Mr.. SEIZURE said 1t nad been suggested TO him bv
tne senator from massachusetts, (Mr. Boutwell,
terday IN saying that he (Mr. BoutwelD had advO-
Gated the doctrine that the government Was bound
only by It's own pleasure IN redeemino legal tender
notes, and might not, therefore, redeem them at All
even II 1t able to do so. He mad certainIv No
intention 10 do Mr.. Boutwell, injustice Alter read
ing from the speech OF that gentleman i'm which
he said legal tenders are redeemabe at the Meas
IRE OF the government, and that, while the process
10 going on to bring greenbacks ana gold TO mar
the government was not under obhg ton to bring
that process to q favorable result &C a particular
time, MIR. Schurz said he had some reason to con-
strue the language as he had done; but, since Mr.
Boutwell, assured him he meant to say that tho
government was bound to redeem the legal tender
notes soon as it should Oe able to do 80, it gave
him pleasure TO make this explanation.
Mr.. BUCKINGHAM, trep) OF Conn., argued thai
the amount OF banking for the country could not
be determined by Congress- but must be regulated
by the business OF the country. He favored free
banking the business Of the communities de-
named. He opposed any expansion OF the ndebt-
edress OF the country ana expressed the opinion
that temporary loans might be effected to relieve
stringency, such loans to be destroyed upon re-
demptOn and not re-issued The great question
Is not whether we expand or contract legal ten
ders, but whether we expand or contract the in.
debtedness or the country.
At Jour o. clock, on motion OF Mr.. Sherman, the
Senate went into executive session, and soon after
adjourned until Tomorrow.