The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1876-01-07
The Forty-Fourth Congress.


chamber to-day for the first time this ses-
sion.
Mr. Sherman of Ohio presented 500 petit
tons signed by 97,s96 persons praying for
the abolition of the bank check stamp tax.
Referred to finance committee
Mr. Morton of Indiana, from TIE com
mittee on privileges and elections, to which
was referred the resolution of Mr.. Ed
munds in regard to the election pro tempore
Of the senate, made report, which was
ordered printed and laid upon the table.
Mr.. Cooper of Tennessee said, as u men,
Der of the committee on privileges and
elections he was unwilling to let the re-
port go out without placing on record his
dissent from rtain portions Of the report.
Mr. .Merrman of North Carolina said he
also dssented from so much of the report
as favored the power of the senate to re-
move the president pro tempore of the
senate at will.
Mr.. Key of Tennessee introduced bill
after the transaction of the morning bust
ness
Mr.. Morrill, of Vermont called up the
bill introd Il ed by him yesterday, to further
provide for the redemption of United States
legal tc3deE n03s IN accordance with the
existing law, and proceeded to address the
senate in long and carefully prepared
| speech
| At the conclusion of Senator Morrill's
remarks he moved that the bill he referred
to the committee on finance and it was so
ordered.
Mr.. Sargent, of California, submitted a
resolution that the committee on judiciary
are instructed to inquire into what legisla-
ton, if any, is necessary to secure indem-
nifty to the United States for advances of
interest paid and to be paid by the govern
ment on account of subsidy bonds issued
to the several Pacific railroad companies
and secure indemnity against liability to
| pay the principal of such bonds by equir-
ing the creation of sinking funds or other
wise also whether the issues of COM
| panies mortgage bonds, under the act of
| 1864 were in excess of the amount neces-
sary for the completion of said roads, and
if so whether such issue are first lien upon
the roads ALSO whether any of the bonds
of the United States issued in aid of said
roads are first lien on the same, and that
the committee report by bill or otherwise
agreed to.
| Mr.. Bogy moved to reconsider the vote
by which Mr.. Morril's bill was referred.
He said he desired to speak on the subject
and if the vote by which the bill was re-
fo-rod, DO -seansiderad he would move to
postpone further consideration of the bill
until the first Monday in February. He
was not prepared to speak now, but
thought this bill presented the subject in
wider scope than it had been presented be-
| fore. 1t would engage attention, not only
of the senate, but of the whole country.
The vote by which the bill was referred,
was reconsidered.
Mr.. Bogy SAID the bill proposed by the
senator from Vermont, which WAS intended
to lead to specie resumption, in his judge
ment, did not resume at ALL its effect
would be to cancel and destroy all legal
tender notes now in existence and substi-
tute bonds for them. The bill did not pro-
vide for accumulation of gold for return
to specie payments. The president in his
recent message said the resumption bill of
unless it be modified The secretary of
the treasury iaid SO, and the senator from
Vermont says so.
Mr.. Morrill, said he hoped Senator Bogy
would not misrepresent him. He (MorrilD
believed the power given by the legislation
of last session was abundant, but the pas
sage OF the bill introduced by him would
make resumption easier.
Mr.. Bogy said he was in favor of specie
resumption. He was not an infationist,
but would continue to oppose any attempt
at resumption which could in the remotest
degree bring about contraction in the paper
money we now have. He was not IN love
with paper money, but the business of the
country would not suffer contraction. He
looked upon the bill of Senator Morrill, as
one Of contraction, as something terribly
bad. He moved that the subject be post
poned until the first Tuesday in February.
Mr.. Morrill, said he hoped the senator
would not ask postponement to that
time. He moved to amend the motion SC
that the further consideration of the sub
ject be postponed until next Monday.
Mr. Thurman of Ohio, said the matter
had better so over till February. He die
not think it would be a very wise thing fol
the senate to enter upon this financial de
bate before February. Some. time would
be required to study the reports of the Sec
rotary of the treasury, comptroller of cur
rency and the suggestions of the president
of the United States as well as suggestions
from the finance committee. He proposed
TO have the bill referred Immediately anc
not have the senate precipated into de
bate now upon question of so much i'm
portance as this.
Mr.. Bogy said he had no objection to thu
bill being referred now.
Mr.. Thurman, resumining, said He de
sired TO call the attention of the senator
' from Vermont (MorrlD to the third sec
!. ton of his bill, which required the nationa
y banks to hold one-fourth of their money
y, reserve in coin, and after Jan. LIST, 1877
one-half, and after October, 1878, three
fourths. He (rhurman) thought thes,
banks ought to prepare for specie paymen
p and it would be no more than just for con
= gress to require them to keep coin interest
5 the government paid them ON the bond
!; deposited until they could resume speci
4 payment, but he would not divert the Sc
i curitY which depositors have as propose
7 by the third section of the bill now befor