The Portland daily press., 1876-01-07

country that such duties shall be paid in gold
and set apart to pay the public debt. He ridi-
culed at considerable length the idea promul-
gated in some quarters that we must not only
keep and maintain volume of currency equal
to the wants of trade, but that it must be nom
eXportabe currency, claiming that very doc
trlne sent our bonds abroad. Downing no
bonds myself" he said, land never expecting
to Own any, vel should be glad to have Amer
lea hold them all" He also ridiculed the argu-
ment that our only remedy, for a currency
largely inflated and below par, is to wait and
let the country grow up to it. There is no way
to Judge of the future but by the past. The
bank or paper circulation 10 1860, with popu-
laton OF 81, 429 891, was $207 1902 900, and at no
time had been more than five millions above
that sum- For all the wants of trade 6.5S per
capita appears to have been enough 1t was
not then dreamed that there was any defcien-
cy, and ii there had been it was only necessary
to ask for more to get it. But no more was
asked for. If the amount of paper money then
was sufficient for our normal condition the
amount we now have is evidently vastly too
much. Our population in 1870 was 38 $685. 1868.
and the amount of legal tenders and national
bank notes in August. 1875, was 1851, 533, 1913.
Assuming the standard of 1860 and the years
prior thereto as equal to the fair require
ment of financial health and stability with the
country, no larger unless made larger by the ice
OF Alaska, we have now such an excess of cur
rency that if we wait until the country growsup
our popu lation is raised to 116,646 401 with a
corresponding increase of the wants of trade.
Ihere should be no waiting for generation TO
pass away and for another to come with more
ability and courage than we ascrbe to our
selves or than must be ascribed to our forefath
ers in every similar crisis. He did not believe
that any great amount of injury would fall up
on the debtors by raisn the value of the paper
dollar to the par of specie, nor would property
shrink much in value. 1t was great delusion
nat hap fbn
rich and fall heavily upon the poor, while infa-
ton would operate in the opposite direction. 1t
would be much nearer the truth to say the eff
feet would re exactly the reverse.
At the conclusion of his speech Mr.. Morrill,
moved that the bill be referred to the Commit
tee on Finance
Mr.. Sargent of California, submitted a reso-
luton that the Com mittee on Judiciary .be in
structed to inquire what legislation if any, is
necessary, to secure indemnify to the United
States for advances of interest paid and to be
paid by the government on account of subsidy
bonds issued to the several Pacific Railroad
Companies, and to secure indemnity against
liability to pay the principal of such bonds by
requiring the creation of sinking funds or 9TH
erwise Also whether the issues of the COM
panies' mortgage bonds under the act of 1864
were in excess of the amount necessary for the
completion of said roads, and if SO whether
such issues are first lien upon the roads Also
whether any of the bonds of the United States
same, and that the committee report bill or
otherwise. Agreed to.
The Chair laid before the Senate message
from the President of the United States en-
closing the report of the director of the mint,
in answer to the Senate resolution of the last
session in regard to proper place for branch
mint in the Mississippi valley. Ordered print
ed and to be on the table. Also communica-
ton from the Department of Justice in answer
to the Senate resolution of December IA, 1875,
,alar &c IL, Ak.A
relating to the treatment of United States
prisoners confined in the state penitentiaries.
Ordered to be printed and lie on the table.
MI. Clayton submitted preamble and reso-
luton instructing the Judiciary Committee to
inquire into the expediency of establishing one
for trial of minor offences where the federal now
has jurisdiction Referred to the Judiciary
Committee.
Mr.. Bogy moved to reconsider the vote by
which Morrils bill was referred. He desired
to speak on the subject, and if the vote was re-
considered he would move to postpone further
consideration of the bill till the first Monday in
February. The vote was reconsidered.
Mr.. Bogy said that the bill proposed by the
Senator from Vermont, which was intended to
lead to specie resumption, in his judgment did
not resume at all. Its effect would be to can
eel and destroy all legal tender notes now in
existence and substitute bonds for them. The
bill did not provide for the accumulation of
gOlQ 1Or return TO specie payments.
Mr.. Morrill, said he believed the power given
by the legislation of the last session was abund-
ant, but the passage of the bill introduced by
him would make resumption easier.
Mr.. Bogy was in favor of specie resumption
He was not an in1atiOnist, but would continue
to oppose any attempt at resumption which
could in the remotest degree bring about con-
traction of the paper money we now have.
The Senate at o'clock went into executive
session At 5.15 the doors we're reopened and
the Senate adjourned.
HOUSE.
Mr. Randall of Pennsylvania, from the Com
mittee on Appropriations reported resolution
instructlng the Committee on Military Affairs
to make immediate investigation into the pay
and allowance of all the officers of the army,
ard to report whether in any, and if so, in
what cases, such pay and allowance should be
reduced. Agreed to.
Mr. New of Indiana, offered resolution de-
claring that the fraternal feeling and good will
now existing in all sections of the country aud
the manifest disposition and purpose of men
who battled against each other in the late civil
war. to ioin hanns as one people in the future,
is the most suspicious ushering in of the GEN.
tennial year, and that the while the people are
thus making an honest effort to live together in
peace and uphold the same flag of an undivided
country, the representatives in Congress should
do no act which would unnecessarily disturb
the patriotic concord now existing and inc1eaS-
ing, and work onlv to revive the better memoir
les of the past. He insisted on having the vote
taken by yeas and nays, and it was accordingly
so taken, and resulted in the resolution being
unanimously adopted. Yeas 1893, nays none.
Mr.. w. Hopkins of Pennsylvania, from the
Committee on Centennial, reported a bill ap.
propriatiDg 81, 100000 TO complete the centen-
NAL buildings and other preparations for the
celebration, one-thrd of the amount to be paid
Immediately andithe remainder in four monthly
installments provided the government shall
NOT ha lahla anv debit or Ohioation in cop-
nection with the celebration or for any addi-
tional payment. Referred to the Committee of
the Whole.
Several other bills were introduced and re-
ferred.
By Mr. Kerr of Missouri, authorizing vessels
built abroad, but belonging wholly to citizens
of the United States, to be registered as vessels
of the United States.
By Mr.. De Bolt of Missouri resolution
calling on the Secretary of the Treasury for in
formation as to ports of entry where the re-
ceipts do not exceed the expenditures.
BY Mr.. Phillips of Missouri, directing the
Committee on Civil Service Reform to enquire
into the fact of the presentation of silver tea
set to the late Commissioner of Patents. Lee
gett, by contributions from bis subordinates.
Adopted,
By Mr.. Rea of Missouri, resolution dec,ar.
ing in the opinion of the House that contrac-
ton of currency in the manner and extent that
it has been done has been detrimental to the
business of the country, and that in the pres
ent financial condition of the country no fur
Their contraction of the currency ought to be
made.
Mr. Rea demanded tia previous question on
the adoption of the resolution. The House re-
fused to second the previous question, "a to 122,
and then, on motion of Mr.. Cox, the resolution
was referred to the Committee on Ways and
Means.
BY Mr.. SIemons Of Arkansas, resolution
ipstrdcting the Committee on District of Co.
lumbia to inquire what further legislation was
necessary to protect the government against
any improper issue of the 365 per cent district
bonds.
By Mr.. Durand of Michigan, a resolution
condemning the practice of making assess.
ments on government employees for political
purposes. Adopted