The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1876-01-07

Of his bill, which required National
Banks to hold one-fourth ther money re-
serve in coin, and after January !, 1877,
one-half, after Oct, 1878, three-fourths.
Therefore he [Tburman thought these
banks ought to prepare for specie pay
ments and it would be no more than just
for Congress to require them to keep
the coin interest the government paid
them on the bonds deposited until they
could resume specie payments; but he
would not divert the security which the
depositols have, as proposed by the third
section of the bill now before the Senate.
Mr.. Edmunds inquired how n ational
Bank could resume as long as the gov
ernment did not. 1t could redeem its
notes with greenbacks which had been
legal tender.
Mr.. Thurman said that when the time
came he would ende4vor to show that
both government and National banks
could resume, then the Senator from Ner-
mont could ask that question.
Mr.. Morrell agreed that by compelling
National banks to have y portion OF their
reserve in coin instead of legal tenders
would not be a diversion of the security
which depositors had.
Mr.. Edmunds said the Senator from
Missouri [Boggy] had said that the bill
introduced by the Senator from Vermont
did not provide for the accumulating of
of coin in the Treasury. He begged to
call the attention of that Senator to
original act OF January l4th, 1875,
which did provide for such accumulation.
1t was true that this act did not receive
the votes of the Senate belonging to the
Democratic party and he was forced to
believe that it did not meet their approx.
al, and he then read from the act OF Jan.
uary last and said absolute power was
given to the financial officers OF the gov
erament 10 take necessary steps to pay
legal tender notes into coin. All surplus
revenues from this time forth were to be
applied to 1t.
Mr.. Bogy-There are no. surplus rev.
enues.
Mr.. Edmunds-That depends on how
the revenues are collected in the West.
[ Laughter
Mr.. Bogy-Ifyou will appoint honest
man from your party to go there they
will be properly collected. Renewed
laughter
Mr.. Edmunds-If we appoint honest
men we will be obliged to appoint them
from our own party. / am glad to say
that the great body of the people OF the
State which the Senator Bogyl in part
represents have performed their duty IN
bringing to justice those who violated the
law. The country blythe act of January
last had entered upon fresh promise
to which all revenues and credit oil the
government were to be donated and he
did not fear that so long as this govern
ment continued in the hands of real
friends OF specie resumption that prom
ise would be disregarded. MIR. Bogy
argued that there were no surplus re-
venues now and there would be none
by 1879.
such statements. Even for the past year
which was one of the hardest in our his
tory, surplus revenue from SlO,OOO,ooo
to Si5, 100000 and there would be saw.
ing of .s50000,000 next year bya reduc-
tion of expenses. -.
Mr.. Bogy said he had no doubt that il
measures inaugurated by Democratic
House of Representatives should be pass
ed by the Senate, there would be sur
plus revenue, but he had no hope tnat
such measures would be passed here.
Mr. Edmunds inquired what these
measurers inaugurated in the House
were.
Mr.. Bogy said at the proper time he
would take great pleasure IN informing
his friend Edmundsl ofthcm, and know
ing his patriotic impulses, he hoped that
he Edmunds] would be an exception to
his party ana vote Tor some OF them.
I Laughter.
Mr.. Eaton said that, in his judgment,
there was no surplus revenue. Figures
might say so, and men might write u sur
plus, but there was none. He would ap-
preciate the paper dollar to gold dollar.
1t was the duty of Congress to do so; not TO
legislate as partisans, but as Amerl-
cans; not to put up one party and down
another. He said he would be found
ut times without regard to parties, pre-
pared to leglslate so AZ to bring paper
up to gold.
Mr.. Sherman said he was very happy
70. hear the Senator from Connecticut
make this declaration, for he was the first
one of his party who had promised to aid
in resumption. If that Senator would
bring in a bill looking to that end 1t
would be passed. He Sherman for one
would welcome his bill. He was sorry
none of the Senators on that side had not
brought in such bill before. The Repub-
lican administration since i. had charge
of the government had paid of more than
anv government ever paid before. 1t
WAS estimated at the beginning OF the
present fiscal year that the surplus reve-
nues tor the year would be only 50 9OOO,-
600, and yet in the first six months OF
tina; wear the public debt had been re
duced nearly S9,00o0oO and the best
months for revenue were yet to come.
He had no doubt now that We would
have a surplus revenue Of s200oO,ooo Tor
the presen nj fiscal veal, and if the Senators
would all join in the practice OF economy
there would be surplus revenue of
$4,000, 900 during the next fiscal year.
The Senators ought to take hopeful
view of things in this centen nial year Of
our great country.
Mr.. Edmunds said this question OF
fnaSce was party question and il would
be a party question like other great ques-
tions.
Mr. Thurman said If Senstor Edmunds
meant the bill Of last Jsnua-y, was 8
party bill, he quite agreed with him, but
,ha, bill never saw light until it was
brought forth from 8 caucus and passed
without a single word of discussion on
the part of the majority; it was bill
which thoee on his side OF the chamber
never saw until the day it was taken up;
q bill which went to the other House.
where the previous question was ordered
and il was passed without discussion, BY
the majority party. 1t was curious
compromise of csphicting opinions. 1t
was a party measure. and it did not be-
come the Senator from Vermont 10 say
that the thing was voted against by ev-