The Eaton Democrat. (Eaton, Ohio) 1875-1903, 1876-02-10
FORTY.FOURTH CONGRESS-.


JAkUAY 29.-House-The House met as If
in Committee Of the Whole, Mr.. Eden, of
Illinois, in the chair, for general debate
no business whatever to be transacted.
Very few of the seats of the members were
occupied. Mr.. Schleicher, of Texas, opened
the debate with a speech on the financial
question. he advocated the speedy return
to . coin basis, which, he held, could alone
give that confidence necessary to secure the
Investment of capital, and consequently to
business. he would first resume the pay
ment of the fractional currency next June,
redeeming one million a month, beginning
with the smallest denomination. Then he
would commence to redeem le~galtenders
next November, by selling ten millions of
gold or silver monthly for legal-tender
notes, destroying all of the unredeemed cur
rency; and this plan he would keep up till it
was all destroyed. He calculated
that this could be done in three
and q half years without any
shock to business, and then there would be
left a National Bank circulation redeemable
in gold or silver, on demand. The means
for this operation might be obtained-frst,
by the use of all surplus gold in the Treas
ury, then by the use of the thirty millions
paid annually to the sinking fund, which
was ne more sacred than the payment of
| past due promissory notes, and then by
the issue of one hundred and fifty millions
| OF five per cent. bonds, and their sale for
| gold. Contraction formed no part OF this
scheme for resumption. The only sale of
bonds for currency that he would advocate
would be for the purpose of obtaining funds
| to meet deficiencies of the current expenses
of the government caused by the appropria-
ton Of gold, and then be would have this
currency at once paid out, to remain in cir
culation until in its turn it was redeemed,
which would occur but once or twice, be-
cause as soon as the currency had reached
| par, gold, silver, and currency would appear
Unfortunately in the receipts of the Gov
| eminent as well as in its disbursements.
Speeches on the finances were also made by
Messers. Ward and Campbell, and against
protective tariff by Messrs. Mills and House.
JANUARY 31.-&ndte-A joint resolution
was introduced to amend the Constitution
SO as to make the President to be elected by
q direct vote. The correspondence OF the
Forty-third Congress Committee on Land
Taxation was called for. The discussion of
the 3.65 District of Columbia bond bill was
taken up and carried through the day. The
main question discussed was whether the
bonds were issued by government authority,
and whether the payment OF interest on them,
even if they were issued in excess OF author
ity, was advisable. No action was taken on the
bill. ..... House-A bill was introduced by Mr..
Morrison to revise and simplify the tariff.
A bill was introduced to organize a National
railroad company, to build a double track
railroad from the Atlantic to the Missis-
sippi. A resolution was also introduced
and adopted, authorizing the appoint
ment of q committee to Investigate the
District of Columbia 3-65 bond troubles.
The Secretary of the Treasury was called on
for q detailed statement of the amount of
cash on hand on January Is, 1875. A reso-
luton was adopted, requiring full reports
! from all Pacific Railroads receiving aid from