The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1876-01-07


would be required 10 study the reports OF the Secretary
the Treasury The Comptroller OF the Currency and
the suggestions Of the President OF the United States
we'll the suggestions from the Finance Committee
Two years ago three months of the Senate taken
up in speechmaking. He hoped no such exhibition
would be witnessed again Whatever the Senate did
should have practical bearing and be characterized
by good He preferred have the bill referred
Immediately and have the Senate precpitated into
a debate now upon question Of so much Importance
as this.
Mr. BoGY said he bad objection TO the bill being
referred now.
Mr.. THURMAN resuming, said he desired TO call the
attention OF the Senator from Vermont Mr.. MorrilD
10 the third section OF his bill which required national
banks to hold one-fourh OF their money reserve In
coin. aud after January l. 1877 hall, and alter
October, 1878, three-ourths. He lhT Thurmanl
thought these banks ought TO prepare for specie pay
ment and II would be no more than Just for Congress
10 require them TO keep the coin interest the govern
ment paid them the bonds deposited until they
could resume specie payment But he would not d.
vert the security which deposors have proposed by
the third section OF the bill now before the Senate
Mr.. EDMUNns inquired how national bank could
sumo as long as the government did not II could re-
deem its notes with greenback which had been made
a legal tender.
Mr.. THURMAN said when the time came he would
deavor TO show that both the government and the
national banks could resume. Then the Senator from
Vermont could ask that question.
Mr.. MORRILL, argued that by compelling national
banks to have portion OF their reserve IN coin instead
of legal tenders would be no diversion OF the security
which depositors had
Mr. EDmuNDs said the Senator from Missouri Qir
Bogy) had said the bill introduced by the senator from
Vermont did provide for accommodating coin in the
Treasury. He begged call the attention of the SEN
ator 10 the original act of January a. 1878 which did
provide for such accumulation. II true thai this
did receive the votes of the Senators belonging
10 the democratic party and he forced TO believe
that 10 did not meet their approval He then read nom
the act OF January last and SAID absolute power was
given 10 the financial officer OF the government TO take
The necessary steps to pay the legal tender notes IN
coin All the surplus revenues from this time forth
to be applied 10 IT,
Mr. BoGY, Of Missouri--There surplus
enues
Mr. EpMuSDs-That depends, Mr.. President, upon
how the collected in the Western STATES
Mr.. BoGY--If you will appoint honest from your
party to go there they VIII be properly collected Re
newed laughter
Mr. EDmuNDs-If we appoint honest men we will be
obliged to appoint them from our party. Resuming,
Mr. Edmunds said he was glad to state that the great
body oil the people OF the State which the Senator ONT
Bogyl IN part represented had performed their duty IN
bringing TO justice those who violated the law there.
The country by the act OF January last had entered
upon fresh promise TO which all the revenues and
credit of the government were TO be devoted and he
did not fear that so long this government continued
in the hands of the real friends Of specie resumption
| this promise would be disregarded.
! Mr. BoGY argued that there surplus revenues
| now, AMI there would be none by 1879
Mr. SHERMAN, OF Ohio, said he sorry to hear
such statements There was Tor tho past year,
which was one of the hardest in our history surplus
of from $40 600 600 SIS, 600 and there
would be saving of probably $780, 900 200 next year by
/ the reduction OF expenses.
Mr. BoGY said he had no doubt, II the measure in
auguraed by the Democratic House OF Representatives
should be pass, by the Senate there would he sur
/ would be passed here.
| Mr. EDMuNDs inquired what these measures inaugu-
rated in the House
Mr. BoGY said at the proper time he would take great
! pleasure in informing his friend mr. Edmundsl OF
them, and, knowing his patriotic impulses, he hoped
that he mir Edmunds would be an exception 10 his
party and vote for some of them Qaughter)
Mr. Eaton, dem OF Conn, said he, part repre-
sented people IN favor of specie payment This great
question OF finance ought not 10 be football OF parties
Go TO England to-day There Gladstone and Dis
raeli differing everything else but agreeing this
question The Senator from Ohio (Mr. Shermanl said
there was a surplus In the revenue. In his (Mr.
Eaon'sJ Judgment there was no surplus Figures
might say so men mig g Mrt9e ,d sur,
the paper dollar the gold dollar Ii the duty
Congress to do so-not TO egslale as parsans but
Americans; not to put up one party and down another
He tr Eaton) would be found at all times without
gard to parties, prepared to egslste as TO bring
paper up TO gold.
Mr SHERMAN said he was very happy to hear the
Senator from Connecticut make this declaration he
was the first one OF his party who had promised aid in
the resumption OF specie payment tbai Senator would
bring bill looking 10 that end 1t would be passed
! He mr. Shermanl for one would welcome this bill He
was sorry none of the Senators that side had not
! brought such bill before He (Mr. Shcrnan de-
sired TO correct the misrepresentation into which Sem
+ ators had iaen IL was too much the custom to cry
down everything. To the vulgar phrase OF the
brokers OF Wall street, bearing down" every
thing. He argued thai the public debt had gradually
decreased since the republicans had charge OF the gov
ernment This republican administration, since IL had
charge of the government had paid Oh than any
government paid before II estimated the
beginning the present fiscal year that the surplus
for the year would be only So coo and
in the drsi six months Of that year the pub.
he deb, had been reduced nearly 81, 600 600
and the best months for revenue yet 70 come
He bad doubt now that we would have a surplus
OF $40 600 600 Tor the present fiscal year If
tue Senators would all join IN practical economy there
would he a surplus revenue OF $40 600 900 during the
fiscal year. The Senators ought TO take hopeful
OF things in this centennial year OF great
country Periodically there times Of financial dis
tress- We have lived through them all, and he be-
heved every day every hour would add W the
wealth Of the country and relieve distress. All the
pledges made year ago although voted for by
The democratic party binding upon their honor as
we'll as upon that vi republicans He trusted that all
would unite TO make them good
Mr.. EDnUNDs said this question Of finance party
question, and II would be party question: Ike every
other great question which divided opinions in this
great country, or any other.
Mr.. THURMAN said If the Senator meant the bill of
last January party bill he quite agreed with HIM.
That bill never the light in this body until il
brought forth from caucus, and passed without a
singie word OF discussion on the part OF the majority.
II was bill which those his side OF the chamVer
until the day II taken up; a bill
which the other House, where the
previous question was ordered and II WAS
passed without discussion by the majority.
Ia was caucus COMPROMISE Of conflicting piuioDs IL
party measure and Il did not become the Senator
from Vermont 10 say that the thing was voted against
by every democrat. He (ME fhurmanl ventured TO
say that he men who voted against IL were warm
friends TO specie resumption as the Senator from YER
any OF his friends that Side OF the chamber
IL would not do for the senator from Vermont To say
that because the democrats would not swallow whole
anyth ne which republican caucus might agree upon
they not IN favor Of a sound currency There
greater proof OF the vlciOusuess Of such
legislation than found by the history
OF the practical working OF the bill His
friend from Vermont lMr Edmundsl saw dt 10 taunt
the democrats with not voting for the bill He in
favor OF specie resumption, but his friend from YER
mont said that We could not resume until the repub
hcan party appointed honest officers TO collect the
whiskey Great heavens sir, " that is the case,
resumption Of specie payment is postponed forever.
Great laughter in the gaeries.)
The CHAIR tMr Fcrry) reminded the galleries that
such demonstrations must not be repeated.
Mr. EDACKDs said he did not know whether the bill
born Of a caucus rot, but he believed II born
OF some good and patriotic purpose The Senator from
Ohio talked about In certain
place where the democratic party had
into power they could not distribute the smallest
offices a caucus. and here the great head
OF tae party in this chamber preaching long homies
about the wrongs Of caucus. THIS saying by the dem
ocrats In favor OF doing something and never
taking any step will not go down with the people Of
this country. The Senator Mr thurman said the
puOlcans did not debate the bill OF last January They
did not need 10 10 IL spoke for ITSELF
Mr. BAYARD ldem) OF Del, said he believed there
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