Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-01-19
XLVIITH CONGRESS.
The Sherman Funding Bill Still Under
Discussion in the Senate-BrOwR
on Ffnance-BiII to Retire
Justice Hunt.
The House Consumes the Day in Debate
ON the Report of the Committee
ON RuIes-BilIs Introduced
and Referred.

anu lbFlCA4tus
WAsHISGToS, January 18.-Snate.-A
communication was received from the secre-
tary OF the treasury in response to the senate
resolution as to the present rate OF dutief
imposed by France Germany and Mexico
upon American manufacture.
Senator Davis I'LL ], from the Commit
tee on Judiciary, reported back favorably the
bill to permit Ward Hunt, associate justice
of the Supreme Court Of the United States, to
retire. He gave notice that he would ask its
consideration tomorrow.
Senator Cameron Pa. from the Commit
tee on Naval Affairs, reported resolution
for the examination by that committee of
the new system OF naval defense invented by
Captain j. r. Erickson and report thereon.
Adopted
Senator Anthony, from the Committee on
Naval Affair, reported favorably the bill
authorizing the compilation and printing OF
the naval history OF the war.
Senator Blair offered resolution instruct
ing the Committee on Public Lands to in
quire into the administration of the land
laws and systems, their operations in the
practical disposition of lands, and any abuses
and hardships which may exist in their adj
ministration, and report the facts and recon-
mendations. Adopted.
The remainder Of the morning hour was
nccupie6 hy Senator Brown in HE sr4eoh
upon the currency question, his text being
his resolution declaring the inexpediency OF
contracting the currency by the withdrawal
o. silver certificates or the dlscontinuance or
further restriction OF silver coinage, and that
gold and silver coin, based upon proper
ratio OF equivalence between the two metals,
and issues of paper predicated upon and con-
l. l.. Al.
proper circulating medium of this country.
Senator Brown argued that the commercial
yalue given gold or silver not their intrinsic
value metal but the value which the govern
OF silver has been reduced because OF over-pro
duction, but because of its decentralization by the
viewed our legislation on the silver question,
showing its unfIiendly character, and contending,
gold would not have stood it any better if the as
sault had been made upon that metal As
he thought the French standard about the
true one. The ratio was one upon which France
would be willing to stand with the United States.
Controverting the assumption upon which he
said the secretary of the treasury had based his
If this not done gold would flow from US and
silver take its place, and we would be reduced in
the commercial world 10 the level of minor and
less civilized nations, Brown argued to show we
had fixed the ratio between the two metals
CHER than it had been fixed by other
commercial pOwers-ours being Is to l,
while most OF the commercial nations
adopt 49, to /, and Germany now II to 1 and
gold from ana of silver to the United states would
be the result OF this. He quoted from distinguish
cd inanciers in gold and silver recommendation
and bimetalism, who discarded the theory of the
secretary, and went ON to demonstrate that
that theory In 1851 we imported nearly
ten times as much gold as silver aud exported
nearly seven times as much silver as gold. After
nearly 500 600 in silver had been coined under
half times as much gold as silver, and exported
The figures showed that under our coinage system
the drain Of god is toward the United States and
each was increasing in volume from year to
been fixed too low, and if we had erred at all we
had fixed il too high. As great silver producing
ing to depreciate the value of the product and in
joining with Germany and Great Britain in giving
TO gold alone the name and Importance OF money.
In fayoring greenback redemption at par in coin.
Senator Brown said he was opposed to the idea of
one currencyfor the and another for the
the bondholder under his contract to payment In
silver dollars of the standard of 1870 which was
the proposed withdrawal OF silver certifi ,ates he
argued that these furnished better currency than
of the President and secretary of the
treasury il was proposed to substitute for certii
issue new bills to take the place of certificates
and to contract the present volume of currency
be substituted for better, the certificates
always Iedeemable promptly in legal tender dol
not promptly, though they are ultimately,
deemed by retaining silver certificates. The gov
eminent avoids some cumbrous machinery and Sc
cnres the profits on the circulation which in the
other case is given to the banks.
Senator Brown then concluded his address,
and his resolution went over without action.
. The Senate resumed consideration of the
Sherman funding bill.
Senator Morgan opposed the bill. He said
he was entirely satisfied of the ability of the
tn 4ba
Senator Window commended that the bonds
in eleven years could be paid without draw
ing one cent from the surplus revenues, and
presented figures in Illustration.
In the course OF his remarks Senator Nor
gan incidentally stated that there was no law
to authorize the receipt of greenbacks for
custom dues, and that they were received in
violation of law.
Senator Sherman explained that as soon
as greenbacks became as good as gold the
Of the treasury required collectors
TO take them, and called the attention of
Congress to the fact that he had done this,
but Congress had never made any change.
Senator Beck said it was true attention
had been called to the subject; that he had
introduced bills requiring that greenbacks
be received at the customhouse, and had one
now pending in committee. 1t seemed to him,
however, that the executive officers had al
their own control, so that they could rescind
the order ii they wished, and do as they
pleased, instead of having law they were
bound to obey.
Senator Bayard said he had opposed
Senator Beck's bill because the contract
originally was that the payments should be
made in coin, and he thought that was an
that could not be removed without
he consent of the bondholders and the gov
Senator Morgan said that the present Sec
'etary was now insisting that the bondholders
we're entitled to gold alone, when, upon the
erms of their contract. all silver coin as
veil as gold coin, received at the custom
houses was pledged to them, and they ought
o be required to take it; but here again the
executive officers undertook to dictate to Con-
yress and have their own way about the
contract
On the conclusion of Senator Morgan's re-
marks, the funding bill was informally laid
lside until tomorrow.
Bills introduced:
By Senator George: To encourage agri-
culture and manufactures. 1t proposes to
'epeal all duties and imposts now laid on
machinery for the manufacture of cotton or
yoolen goods, or goods composed of hemp
n iute; also all tools of mechanics which
ire used solely in manual labor; also, on all
agricultural implements and on all iron cot
on-ties.
Messages from the President were received
for The consideration of Con-
.ress communications from the secretary of
he interior, including draft of bill to
Iccept and ratify the agreement with the
row Indians Tor the sale of a portion of
heir reservation in Montana, required for
he Northern Pscifc railroad, and to make
he necessary appropriations to carry the
anne into effect.
The Senate then went into executive ses-
ion ON referred nominations received to-day, |
md adjourned.
HOUSE.
Mr.. Haskell, from the Committee on In
Ian Affairs, reported bill for the sale of
he land of the Miami Indians in Kansas
Mr. Haskell moved that all bills for In |