New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-01-22
xLIIIp OONGRESS--Isr SESSION
REGULAR REPORT OF PROCEEDINGS.

TONS TO FOREIGN GOVERNMENTS TO TAKE
PART IN THE CENTENNIAL EXPOSITION
SENATE. WASHINGTON, Jan. 81. 1874
Petitions were presented by Messrs. BOUT
WELL fRep. Mass.J, SHERMAN (Rep. Oho). FENTON
1jb Rem. N. W RAMSEY niep.. MIMI, WRIGHT
(Rep Iowa) CHANDLER rep. Michh ANIhoNl
Hep r. L. and Others from women in various parts OF
tbe country askine for legislation comforting upon them
the rirnt TO vote Referred TO the Committee on
Privileges and Elections
Mr. FRELINGHUYSEN Rep., N. j. presented con
current resolution OF the NewJersey Legislature asking
an appropriation TO celebrate the Centennial An
niyersary which lad on the table. lie also intro
duced petition of the Camden Board OF Trade against
the repeal OF the Bankrupt law Referred to the
Mr. EDMUNDs (Rep.. VII, from the Committee on the
Judiciary, reported back the resolution requesting the
Attorney to inform the Senate to the sale OF
Government property at Harpers Forty and the pend
in ssuis IN relation thereto. Passed.
Mir. WRIGHT tfsep.. Iows), from the Finance Commit
tee reported back bill providing for the appointment
of Commission to investigate to the manufacture
and sale OF alcoholic liquors. with an amendment in the
II ItuIe OF substitute and recommended that IT be
sbaiI appoint with the consent of the Senate Com
missOneT-, whose duty 1t shall be to invest gate te
ana scientc aspects in connection with pauperism.
crime social vice. and the public health ana genera
welfare of the people, and shall also inquire ana take
testimony the practical result OF license aud re-
strctve legislation for the prevention OF incompetence
in the several States. These commissioners are 10 pe
selected solely with reference To personal htness ana
capacity honest impartial. ana thorough nyesti-
CATION and shall mold Office not exceeding one year
Neither shalt he the holder Of any once OF promo
in the General state Governments. Iney are 10 re
ceve compensation but the Government Is 10 pay
the necessary expenses Of the investigation Their re-
port he made to the President and to be by MN
transmitted Congress- II placed on the calendar
Mr.. MORRILL, rep, VIZ. from the Finance Commit
tee reported fayoraby on the bill explanatory OF the
act TO regulate tie collection Of duties on Imports ana
tonnag 20 of March 1879 Passed This Is the bill intro
duced by senator Fenton on Dec slast.
Nr CRAGIN (Rep. y. HI from the Committee on
Naval Affairs reported back with amendment to the
bill the titles of certain naval officers Placed
Mr. INGALLS, rep, Kas) introduced bill to in
corporate the Colorado and Ncw.Me1co Railroad com
pany. and granting the rEnt OF way over the puDho
lands Referred to the Committee on Territories.
MI ANTHONY tRep., y ~ introduced a resolution
forbiddng the publication OF remarks In me Congres
soal Record or any portion OF speeches not actually
delivered IN the Senate or House OF Representatives.
Referred TO the Committee on Printing
THE SPECIE PAYMENT QUESTION
Consideration Of the resolution reported by the Fl
Committee declaring to be the duty OF Congress
adopt to redeem the pledge OF public faith.
and furnish currency OF uniform value always redeem
able in gold its equivalent. was resumed and SIR.
MERRIMON Dem, N C) addressed the Senate. He
said our country enjoyed the confidence of its people
more than any country the face OF The earth yet
currency had less valued than gold by 30 per cent
He argued that II impossible to make paper
rency equal to gold II was idle and criminal for Con
gress to undertake to bring greenbacks up to the
standard OF gold. We must put ourselves on level
with the commercial nations Of tho earth and TO do this
establish medium OF exchange based upon gold and sill
we can never have the advantage Of commerce. He
advocated immediate resumption OF specie payment
TIE people of the United states had lost 20 cent in
all their exchanges from the time the ereenback systcm
began in 1861 TIL II the Rreenbick system con
times depreciation Will continue and 1t Is the duty OF
Congress TO rid the country OF this state OF afairsno
only duty but the faith Of the Government has been
pledged. He was surprised That not single definite
plan 10y which we could get back TO specie payment had
been proposed The Atm OF July, 1876, would be the
tenn Of independence and he trusted that glorious
events would transpiro on that day, one OF them re-
ff,vV IN anAat "a LAT
III Treasury and above the amount necessary to
pay the interest the pubic debt. II that would not
sufficient per cent bond on the market. which
would bring gold at on the ith day Of Jny 1876 Let
lot the volume OF currency ne increased. He
computed our present circulation at s6ooo0O which
was enough ny at least slOc,00OOOO The panic
not over anywhere in the country. NewYork aud New
England were cred. states, and had debts due them
tanned in New-York as there was plenty OF there but
to obtain IT, collateral security. equal to the money IL
self must DO put up He spoke OF the unequal d,trbu.
lion of the currency, and The pressing needs Of the
MIR SHERMAN Rep Ohio> said that the Controller
t25 New e gland aud give it to the South
and West or states winch have not their proper pro
Mr. EDMUSDs ,Rop, Willow Tong would it stay
Mr. sHERMAN-That is another question.
Mr.. MEkRIMON said in reply TO The senator from
Vermont plr E1muuds) chat he would say the money
was down South 1t would go back very slowly If the
banks Of NowYork and New-England did not Offer in-
teIest it, As those States interest the money
goes there lie denied that the currency re-
anadsn as cGTRp55Gdd with the circulation OF
densely populated ana their exchange small
Another hundred millions put IN circulation here would
revive the business Of the country Oar greeuOack
teu which might be termed blOated. had great many
debts contracted under IT. The agreements That
the debts should be hquidated in greeDbacks Now 1t
proposed to contract the currency which would compel
the payment in more precious medium than the one
under which they were created He would postpone
the time for specie resumption til July L. 1876, on
count the business of the country beng based the
Dloated currency BY putting II on III that time tho
people, seeing tine monetary system dovlSed by Con
ress would regulate Iner business TO tnat cad. tna
IL would ADJUST itself 10 that new system.
Mr.. MERRlhON said Congress could improve the har-
boBs and rivers Of the West. open up the natural ad
vantages OF the country. encourage shponiding ana
thousands Of other Things could he done 10 produce such
equilibrium. But while We 20 on with lis sectional
cgs iaon-Californa with one interest, England
with another. the South with another-when they
come conflict the result will be a CLASH OF Tney
did IL once, and they Will do IL again.
Mr.. EDMUND5 said he did not RISE for the purpose Of
continuing hls debate but he thought ne natural ten
dency OF money was to the pockets OF those having e
sht To H. he knew OF no eontryanco ny when Con-
ggess could keep money IN any section unless the cir
cumstances OF the people IN such section sould enttle
them Keep the money livery cIuzen Das the right
" put hi, ouey where he thnks hr make the most
of Neither Congress nor any other power could in
terere with tnls right of The people. Money always
flowing where 1t has the night to rest Grdnting that
S5ooO00 moro be gwen to tue south ana West 1t would
" tne pockets OF tnoso entitled 70 IT, He did
not believe there was a dollar more Ia Vermont now
there would be II every bank In the State was
removed 10 louisiana Every man entitled 10 money
would have 1t III his pocket and no conriysnce legis
atOn could force money 10 remain III the West or SOup
until by industry and ECONOMY the people would enttA
themselves to become the owners o IL. New.England
coud not keep money which she owed TO the West.
must send IL where belongs, aud the II owed
the South III the South owes New England. money
must come there To provide, therefore. by law any
policy which would compel the circulating medium to
remain iQ section Father than another WAS an i'm
possibility.
MIR. MERRIMON said that the Senator from Vermont
(Mr EGlnundsJ went tue pT1ncpie that the com
nercIal interests or the country normal con
dition There were circumstances which have forced
tho money from the West aud South. The South pro-
duced t35O.0OOOo worth Of cotton annually. and the
monty paid Tor IL should be at the South. WHAT In the
natural course Of things, took II awayf There was
sonnet hing wrong re-sOme false basis III the
poople OF the South had the capital they would build
up cities aud towns. construct railroads. open mines
Mal-st, instead OF being III New York, would be IN
Charleston, Savannah, or NewOrieans Our Industrial