The New York herald., 1876-03-07
CON G r E S S.
Debate in the Senate on the
Financial Question.
Speeches of Senators Sher-
man and Bogy.
The Merits and Dement'S of the Re-
sumption Act of 1875.
THE BELKNAP IMPEACHMENT
SENATE.

SENATE
WASHINGTON March 8, 1875
Mr.. EDMUxDs, (rep) ofVt IRON the select commit
ec to which referred the resolutions and message
Rom the House OF Representatives in regard to the i'm
peachment OF W. W. Belknap, late Secretary OF War,
submitted the following report
Whereas the House Of Representatives, on the Sd day Of
bins BlseiSuTa Bass ana senate
W Beanp s's % msr 81 hs Ss
House Representatives will in due time exhibit partcu
sn Se%snded Sa Hs senate take odeS
for the appearance of the said W. W. Beknap TO answer
0rseped rh~t the Senate viii according to its Standing
nSSS USSr tho % Of articles Of
owhch due notice shall be given to the House of Repre-
That the Secretary sequain the House of Rep
resentatives herewith. Agreed 10.
rHE EXPENSES or THE INDIAN BUREAU.
Mr.. MAxEY. (dem) OF Texas submitted a resolution
directing Secretary OF the Interior furnish
the information OF the Senate, If incompatible with
the public interest," statement showing the annual
expenditures OF the Indian since its organiza
ion present time also the lumber OF Indians
provided for at the expense OF the government each
year since the organization OF said bureau. Agreed to-
FINANCES
Mr. SHERMAN, (rep of Ohio, called up the resolutions
OF the New York Chamber OF Commerce relating to the
finances, tho pending question being the motion to
man said:--
SPEECH OF MR. SHERMAN
Mr.. PREsIDEST:-I have taken the unusual course of
arresting the reference 20 the Committee OF Finance
Of the memorial OF the Chamber of Commerce OF New
York In order TO discuss in impersonal and non-
partisan way Of the questions presented by that
public mind and must necessarily soon occupy
T1s. g ss TSa s
rial strongly opposes such repeal while other memo
ais, and notably those from the Boards Of Trade of
Narw V.rE md TOlar alun Tl.Acn .otpx
views supported in each House OF Congress, and
will, when our time is more occupied than now demand
our vote
would invoke in the consideration OF this question
the example of those who won our Independence and
preserved u 10 us to inspire us SO 70 decide TINS ques
ample of standing by the public faith now solcmnly
pledged though 10 do may not with
the temporary pressure OF the hour may entail some
sacrifice and hardship
What, them the law is proposed to repeal Will
state its provisions fully in detail, but the propo
ston-the essential OF the wholeis the promise
TO which the public iath IS pledged that the United
States will redeem in gold coin any OF its notes that
may be presented TO the Treasury and after the
day Of January, 1879. This is the vital object of the
law IL does not undertake to settle the nature Of
paper money after that, whether IL shall be ressued
again, whether IL shall thereafter be legal tender,
whether It shall shall not supersede bank notes
that and after day the United States prom
isng pay dollar shall be equal to the gold dollar
Of the Mint The questions then arise
Ffrsf-0ught this promise be perormcdY
Second-Can we perform II?
Thfrd-Are the agencies and measures prescribed In
the law sufficient for the purposey
Fourfh-If not, what additional measures should be
enacted?
Let us consider these questions in their order with
all serious ieliberaton that their conceded importance
demands.
And FIRST ought this promise TO be fulledY Toanswer
this must fully understand the legal and obl-
cations contained in the notes Of the United States.
The purport Of the note is as follows
The United States promises 10 pay the bearer 81.
This note is promise to pay ST. The legal effect OF
this note has been announced by the unanimous
opinion of the Supreme Court of the Unned States the
highest and na judicial authority in government
Mr.. SHERMAN then reviewed the decisions OF tho Su-
preme Court regard the legal tender ISSUE and
sketched the financial which mad been
adopted since the conclusion Of the war and con-
tinued:--
And now, sir, to recapitulate this branch OF the
question: IL Is shown that tho holder of notes
has promise Of the United States made in February
1862, to pay him 81 in gold coin that the legal pur
port this promise been declared by the Supreme
Court: that we have taken awav from this noto one OF
the loyal attributes given IL which would long since
have secured its payment in coin-hat when the notc
authorized and issued II understood
redeemable in coin when tho over;
that our promise TO pay It was renewed in 1862
reason of our failure to provide for It's payment Is
still deprecated below par more than one-lenth OF It's
nominal value; that renewed this promise and
made IL definite TO time by Act OF 1875; that IL is
debt due from the United States and In law and
honor due now in coin Yet II is proposed to recall
promise TO redeem this note in coin three years
hence. say, sir, this would be national dishonor.
II would destroy the confidence with which the public
creditor rests upon tho promises contained in your
honda IL would greatly tend the process by
which the interest your bonds Is reduced. II would
accustom our people the substitution temporary
of popular opinion for It's written contract
promise. II would weaken in the public mind that
keen sense Of honor and pride which has always dis
tingusheo the English speaking nations In dealing
with pupc obligations.
In referring to and answering the that have
been given for the repeal Of the Resumption act he
said:-
BALANCE TRADE
Again, u has been objected that cannot resume
until the balance OF trade Is In favor This phrase
'.balance of lrade' has been favorite one with
vsionaries and theorists, sufficiently Indefinite
fuse and TO mslcad. As generally understood, tho
dogma is ''that a nation that imports than II ex
pO,on that expors more than =
porous" Now sir either proposition has been proven
false in many cases and may be truo in II does
not follow that excess Of imports creates Distress
or a deficiency OF exports is an evidence OF poverty
Even the excess OF imports upon which interest may
be paid may DO OF wealth producing produc-
tons or deficiency OF exports may be caused
by an increased domestic manufacture of raw
products by home industry But the best way to test
Great Britain IS known to be prosperous nation OF
accumuatins and accumulated wealth. aud yet her i'm
ports have exceeded her exports year for twenty
years The general average Of her imports excess OF
exports IS ESQ 900 900 $3.50, 900 900 year have
here the detailed statement OF her imports exports
for 1872 and ls53:-
1872
Imports s................. .f35t 6s3 62i
Exports .................. ols'ooo,oo4
Excess OF imports over
exports ........... fio,1Oi, 200 or $500 ooo,o 900
Imports s................. .fs7l, ,2s7,372
Exports .................. 3llWA'oS
Excess OF imports over
.............. 500 os2 6OT or 5000 600 900
Now, according TO the dogma OF the "balance OF
trade" Great Britain is going into rapid decay;
while she knows this large excess OF Imports s an
addition to her national wealth.
N n nf nnAr nUnnT