Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1878-05-17

States. 1t also appropriates two thousan
| sion. Referred:
| Senator Cameron Wis presented lette
iron, Tie secretary of the interior in regar
| to bill to aid the Winnebago Indians i
Wisconsin to obtain subsistence by agricul
turai pursuits, and to promote their cIvlliza
| ton. The bill and letter were referred.
Senator Thurman submitted a resolution
calling upon the secretary of the treasury fo
information as to what discrepancy, if any
exists to the prejudice of Charles Worthing
ton 8 claim, mentioned Ii the report of tn,
third auditor and the reason for such dis
erepahcy. Agreed to.
Senator Cockrell introduced bill to give
the recorder of deeds in the District of Co
lumbia regular salary instead Of fees, anG
providing that he be citizen of the District
Referred.
Senator Hamlin (by request) introduced a
bill for the relief OF certain employees of the
Columbia. Referred TO the district commit
tee,
The house joint resolution to print three
hundred thousand copies of the report of the
commissioner of agriculture for 1877, and five
thousand copies of the colonial charters and
constitutions, passed after considerable dis
cussion.
AT the cO0cluS1Ou OI Tic morning DuBlu6SS
the senate resumed consideration of the bill
to repeal the specie resumption act, and Sem
ator Mathews read an argument upon the
general financial policy of the government,
and gave notice that he would hereafter sub
NIT to the senate a proposition OF his own as
an amendment to the pending bill. Senator
Mathews referred to the provisions of section
1873 of the revised statutes, and said they
were consistent with those of the specie re-
e
was nothing in either forbidding the reissue
of notes redeemed in accordance Herewith.
When congress intended the absolute ex-
tinction of redeemed currency, language was
used which could not be mistaken. He
quoted from various acts of congress In sup
port of this view, but favored an express pro-
vision of law on the subject being made now,
to remove any doubt which might exist. He
then spoke as to the constitutional power of
congress to issue paper money. and said he
believed it to be the duty, as well as the ex-
elusive right, of the government to furnish
to the people national currency, and if
the government could do it through the me-
dunn of national banks, it might do it to an
issue Of its notes. He saw no reason why the
representatives of the people in congress
might not be trusted with the responsibility
If regulating the volume of currency for the
nation. If the resumption of specie pay
nent meant the redemption and reissue of
reasury notes, he was in favor of it,; but If,
IN the contrary, it meant the redemption and
etiremeIt of legal-tender notes, then he was
opposed to It, In whatever direction congress
moved, it should take but one step, and not
axe another until the effect of the first should
We experienced. The question as to whether
egal-tender or national bank notes should be
lone away with could well be postponed.
What we needed was that our existing cur
mil In ov,d Hnv,f
.ood as could be. The desirable thing was
o maintain the national currency as steadily
8 the needle to the pole. The evils under
which the country had been suffering might
e summed up in two words-unemployed cap
.al-and unemployed capital meant unem-
loyed labor. Our currency had appreciated
ecause public opinion had forced the gov
to treat its own currency with re-
pect and honor. What we needed was not
be repeal of the specie resumption act, but
D provide for the beginning of resumption
nd to steadily maintain it. He favored
GIN reserve fund, and expressed the opinion
nat under ordinary circumstances such
ind of one hundred million dollars would
e sufficient to maintain paper circulation
two hundred million dollars. He then ex-
lained the amendment as in the nature of
i'll, being the bill introduced by him on the |
ghth of November last, providing for the |
tissue of treasury notes when redeemed, |
nd the amount of legal-tender notes out |
,anding at any time not to exceed three |
undred and fifty million dollars. 1t further |
rovides for coin reserve fund of one hun |
red million dollars; that the bonds of the |
Tnited States shall be sold for legal-tender |
otes, and also that legal-tender notes shall |
9 receivable for all debts, public and pri- !
ate, except the principal and interest of the |
ublic debt In conclusion, Senator Mathews |
aid that after the most careful and anxious |
xamination of the subject he submitted this |
3 his proposition for the settlement of |
uestion of such great importance to the pub |
c welfare. He moved that it be adopted as |
substitute for the bill reported by the COM
littee on finance.
Pending the discussion, the bill to repeal |
le specie resumption act was laid aside in
,rmally.
Senator Ingalls,, from the committee on the |
district of Columbia, reported a substi- |
lte for the house bill providing for perma-
emit form of government for the District of
olumbia. Placed on the calendar. He
ave notice that he would call it up for con-
Iteration on Monday next.