Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-02-03
The Senate.

The Senate.
WASHINGTON, Feb. 2-Senator Ferry
from the committee on postoffices, reported
adversely on the senate joint resolution grant
ing the ranking privilege to senator's ant
representatives for official business. Indefl
nitely postponed.
Senator Ferry, from the same committee, re
ported back the resolution of October 18th
introduced by Voorhees,, making inquiry al
TO the reasons for regulations in the Cincin
natl and Boston postofaces prohibiting ap
pointments therein of persons over 80 years o.
age, and thereby excluding Union soldiers
After debate of q political character, motor
was adopted discharging the committee from
further consideration of the subject.
Senator Ferry introduced a bill providing fol-
the issuance of postal cards with flexible
cover to conceal the message written thereon,
Senator Morgan's resolution for the print.
ing of the testimony in regard to experiments
with heavy guns and projectiles, and calling
for report of the mixed commission, etc,
was adopted with some notifications.
The per cent bond bill was then taken up,
the question being upon Plumb's amendment
to apply the surplus revenues over 500, 600 COO
to reduction of the public debt.
After some debate Plumb's amendment was
lost. Yeas 25; noes 81.
Debate opened on the ratification. of the
Window funding operations was reopened on
an amendment by Teller. declaring the new
bonds legal anG valid obligations.
Senator Biyard insisted that the Debate had
shown that the treasury reserve fund had not
been sufficiently guarded, and if it would have
the effect of calling public attention to the
fact that there is no law to regulate the
amount, or control that specie reserve or sup
posed specie reserve in the treasury, 1t would
prove advantageous. Our power to convert
the whole body Of paper notes, issued to the
is at the basis of the present. system.
He went on to show that the re.
celpt of greenbacks for customs dues and
other purposes had gradually diminished the
sources of supply upon which the treasury de-
pended for its specie. He controyerted the
assumption upon which the treasury was
treated as bank of issue, and spoke of the
potent liability metal reserve held for securing
loans, averting possible financial panic and
disturbance by the very fact of existence.
He referred to the large reserves of the Bank
of England as sheet anchor OF safety to peo-
pie in their financial relations. True, there
was NO loss specifically, setting aside as a re-
serve certain amount, but he held it would
be almost an express violation OF the govern
ment's creditors to divert one dollar of
gold coin bought by the sale of bonds,
to any purpose other than that OF remaining
In the treasury as security for notes. He de-
MED the propriety of dealing with this reserve
upon the basis of private banking. Even upon
this basis S100, 900 900 would be insufficient.
The secretary OF the treasury had suggested
to set apart 40 per cent. of the volume of pa
per money, but 100000 was not 40 per
cent. on S700, 10000, which was the total OF
our paper money of gold and silver certif-
Gates.
Senator Davis wv. Va.), suggested to in
crease the amount to Sl20, 100000.
Senator Sherman hoped the senate would
agree to turn the whole proposition over to
the committee on finance, who would recon-
mend both maximum and minimum limits for
the reserve, OF what the funds should consist,
and other necessary provisions concerning
gold deposits and Issue of paper based upon
them. He then read figures just received
from the treasury, giving q general balance
account to the present moment. 1t showed
as to the amount of coin in hand, including
the bullion fund, Sal OFT 600, and this also
included over S26, 1900 fractional notes,
legal tender, and some 100000 required for
ordinary working operations. Therefore the
proposition of DAVIS, if it included gold and
silver coin, would exceed the total in the
treasury.
EeuaLDT Ddflo OilCldI ICIOib sHOWcN
there were $246, 100000 on hand.
Senator Sherman explained that included the
amount set aside for silver certificates.
The amendment of Davis was rejected.
Senator Bayard moved to amend so as to re-
quire that the 500, O00,000t to be retained in
the treasury shall be of standard coin value,
He wanted dollars to he real honest dollars
not paper.
Senator Plumb signifies his willingness to
accept the amendment, as he had supposed the
only dollars in the treasury were standard coiI
dollars, but upon point made by Garland il
was ruled vote must be taken.
Senator BaYard's motion was adopted
Ayes 81; noes IA. Those voting ';no' were
Beak, Cockrell, Coke, Garland, George, Jones
Maxey, Morgan, Pendleton, Pugh, Slater
Vest, VOORHEES, and Walker.
Senator Plumb's amendment was rejected
ayes %, noes 27, by the following vote