, 1876-01-07


bo invented. but must bs earned. tho batter fol
| the country.
| 4 dotasad Currency, hs said. IN conclusion
waa demorAfizlng. Public and privRto expspdi
lures are now too largely hased upon Initiation,
afstl, 80 looE - Payments ars mAdo In tho cheap
aAt suhsttuta for Donov, nothing 10 retNrn b1
| cheap oqutva!snts and cheap service can 10 OF.
iained. No permanent restoration Of industrial
| prosperity, no permanent employment OF work.
| 1nHu,cn,. uo safetv 10 working capital. oan be
expcctsd until tho Government permits la own
ineaH enterprise Of Tho country. 10 10 ba.ed uron
tho solid fonudattons represented by gold. aud
paper at par With gold. represented By restored
peace and morauts, IN accordance 1!th the
nnticas .nd s19ef1p'' 6sra, of ~, viz s r.,
instincts Of = hIgl-apisi.ed people sshamed oi
tho exploded ttevlces Of paying dabts bv the
tsnewa! Or broken 1roniaea. and a.ismcd OF
tho vaes'atiu9 standard Of mercantile bonor.
"oEtfis only OF bankrupt rcoplo, half rnanlao
and half knavc. At the conclusion Of hi. re-
marlta o tnoyetl that tho bill be rcforrod to the
Committee on Fluanco.
SO ordered.
Hfl.ca Mr. MorgtlI's bill was rofo1ed lie satil
hs desiro'l to .paak on tho snbjac., aod, II the
rata BY WHICH tho bill nas referred 10 recon
sldo1ad. ho would move to postpone tho fu,ther
Soa1ot @hINA "a u1b4l tuE 1{8k 11GQQ&F
nrcak. low, hut though. this bll pro-
aentea tho subject in wider tcope ;han II
had t,'s Eean presented before. It would engage
whoie country. Tho vote by sbiclI tho bill was
referred Was recouatdered.
Mr.. nogv said tile bill proposed BY tho Senator
from Vermont, Which WAS intended 70 lead to
nnoeio resumption. n bis Judgment did not re.
des:ioy nj the 1ogsl-sender notes nuw In ex-
istence and Rubst!tuto bonds for them. Tne bill
didn't provide for tho accumulation OF gold for
return to specie payments The President, Il,
lih recont moasaRe. said the resumption bill of
tho last aesaton wouldn't effect Its purpose un-
loss It 10 modified. Tho Secretary OF the Treas-
''sy said 40, aud now tho Senator from Vermont
says 30.
Mr. morrill, said he hopod tho Senator (noer)
would not m'arepreteut him. 1Io {,iorril) Be.
Aevcd tho powor given BY tho Legislation OF Inst
session was abundant, but s!io passn3r Of tuo
hill introduced by him would uako resumption
oasfer.
slr. Dogy said he was In favor Of specis 10
sumption. Ho was not M lnahtionstt, but wonId
continue 70 opposo any attrmpt nt resumption
Which could In tho temotest deEreo bring about
contraction III thu rapee money We now uare.
iio 'sah not IN loso with pnner tuone7, hut tho
lninlnesa Of the country wouldn't audcr contrac.
iion. lie looked uron the bill Of tho Batator
fa1orrilD ~ ouo OF contraction. uo fBoeY)
looked uoon It a. something terribly had. Is
nnyea n e. thas tho subject 90 postponed until tho
hFht Tuesday IN February.
a1r. Morrill, SAIL la hoped ths Senator would
not aok 1or pcaspoucment to that lime. Hc
moved to amend Tho motion 20 thnt further
consideration Of the subject bc postponed until
Dcxt Monday.
Mr. Thurman said the matter had bcttor 20
oror till February. iIa dId rot think It would
be u very wisa thing fnr lha Senate to enter
upon this financial debate borors February.
Torn mn Y1Itff tn frnt Is .trStr
norts Of tho Secretary Of tho Treasury, tie
Comptroller Of tho Cn5roucy. and tho sucgss-
tions Of tl.o Prealdont OF the United Btatos, ~
we'll aa suggestions from tho Finance Commit
q the Sonata wss takon up in speechmaliing.
He hoped no such exhibition would DO witnessed
again. Nhateror tho Borato did should hare
practical bearing. aud DO cherAcseftzed by good
Hcnsc. Uc preferred to hRre the bill referred
Immediately, md tot bare tho Senate prccip-
ttsted 1ntu such 1ohnte nov upon question Of
90 much importance as tf,ia.
afr. DoGv said hs had 10 objection to The bill
being rcforrod now.
Mr. Thurman. rcauu,tng, said hc had to call
the attention Of tho heastor from, Vermont
faIortill} to tho Third saction Of bs bill. which
required National banks to holl ono-r outth thnir
G4ey ,ns gssss;s .t,l In es,r sSn and Ss
lilo (filussnan) thought these hanss ought to
prepare for specie paynout, aid It would be NJ
moro than Just for CouErusB 70 r93u!re tlom to
neep ING en4h 1nse1cat t'e hoveenmcot pal1
thoM on 1ne oohah aepos!tod until HOY cond rc-
rumo auocio payment. but he nould not diyort
Tue ~ security "aaen deposttors nave ~ Proposed
~ tno u'1o sestioh oi the oli 10" before tho
senate:
az: Edmunus inquired how = National Bank
cousa RESUME =" 3onE as tue 1osornmcnt did
nott Il conla redeem ito noiea WITH q gseon-
oacx, "n1ch LAD bccn maae !egal tender.
ar: ihnsmAn h1la when tho time came he
would enaeavor 70 shoW thas 9oth tho doye1ti-
nent !!Ns and National nanxs could resume. Thsn
tno senstof trom vermont could ask tbAt qdes"
lion.
j., Mr.: blorT1ll argued tliat tho compelling Ma
tsonal HAnka TO nave pottlou Q! tl'els fesorso
~ CON !hssead OF Legal tenuers would bh no |
dlVeraaon OF tue accnf!sy Which dcpoalsorB had.
tDMuNpr.
Mr. Edmnnda had tho senator from Missouri |
bosv) had sald tho b!l introduced BY tue Sou.
atoF Iotn vermont Ald no. pfofldo 1or accuEnu- |
lhtin8 coin III tno lfoasury. le begged to call |
th8 attention ct that Sana:or to tha original act
Vi jan. ~. 1870. witch did provide for H'icii ac.
cnnnlattohs tt "as true that this act did not