The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1884-02-19

wAsursoros, February 1e, lisa.

nal states Referred to the Committee on
Territories.
II After tho massage OF number OF private
and unImporfant bills the Senate at 2
O'Clock resumed the consideration OF the
currency bill.
Mr.. Puch addressed the Senate in favor
OF MFR. PUMPS amendment, which pro-
yides for the exhaustion OF the volume OF
legal.tender currency keeping. pace with
the contraction OF the nationa-bank circu-
lation. Mr. pugh stated that II Mr..
Plumb's amendment failed he would vote
for the bill of the committee ms temporary
expedient. The present currency, he said,
was made I'M of s34G, 6Sl ,0l9 In legal-tender
coin. s34s. 025. 900 In natinal-bank notes,
| s1l. 0l3, 7Oj In silver certificates, and Sl01,-
250.621 in poId certificates, amounting in
the aggregate TO nearly one billion dollars.
This volume Of paper curr nea was sup,
coin and silver. II possessed an tue vaIua-
rency. 1t was made up Oh Tue elements
which in quality, amount, anu uhiormity
have secured the public confidence, and
constitutes an admirable system Of checks
and balances. We were IN iuli view Oh
contraction, with all its dangers, and II was
conceded to be the imperative duty OF
Congress to make an immediate pro-
vision against the impending eVli. Two
hundred million dollars OF the ma
tional-bank circulation was founded
on the 3 per cent. bonds now payable
NJ the option OF the Government. IL the
revenue derived from taxation was not 10
be reduced to the needs OF the Govern
ment, then it was manifest that the nation
al-bank circulation would be reduced by
5000, 900, 900 In about two years. IL had
been conceded by so experienced man.
cier as the Senator from Vermont Mr.. Nor
riD that the contraction may amount to
81, 900, 900 per week, and with reasonable
certainty to S50,000,000 to SGO,OO0,OOO
per annum. Such sudden contrac-
| ton OF our paper circulation would
produce widespread arrangement OF
business. How should the evil be ayerted I!
The bill OF the committee provided for
an increase Of 10 per cent. in the amount
of the circulation TO which the banks
would be entitled on their bonds deposited
as security for the notes. The success OF
the plans depended entirely, Mr.. Pugh
thought, upon the suficency OF the in
ducement in the way Of the greater profits
to the banks offered by this additional 10
per cent. OF circulation. Would that ac-
compIish the end when the profits OF the
circulation were now less than they were
in the past, being at present four MIL
lions OF dollars short OF the circula-
ton to which they were entitled on
their bonds deposited? He felt con-
strained to say 1t would not an
swer the purpose. II the bill had the
effect OF increasing the market value OF the
bonds, all the Government done by the III
per cent. will be neutralized, so that he
could not see that the bill could amount to
ANYTHING more than harmless but disap-
pointing experiment. In the amendment
OF the Senator from Kansas, Mr.. Plumb,
there was, IN Mr.. Pugh's opinion, sub
stance and permanent vital force. 1t was
not founded on hostility to the national
banks. IL aimed to do what every senator
wanted, and il would do that with abso-
lutte certainty-that is, TO prevent any con-
traction at any time in future OF the pres
emf volume OF currency by the withdrawal
of the nationaI-bank circulation.
Mr.. Coke followed Mr.. Pugh. and IA
yored the passage OF either the Plumb or
Vest amendments, providing for the issue
of Treasury.notes as the bank circulation
is retired.
Mr.. Vest then addressed the Senate in
advocacy OF his amendment.
Mr.. Jones OF Florida opposed the prCpo-
sition OF Mr. Vest, and defended the banks.
Mr.. Call thought oil the proposed mea-
sures were defective, and would not as they
stood accomplish the purpose for which
they were intended.
The debate was continued by Messrs.
Plumb, Morrill,, and others until the Senate,
after brief executive session, adjourned.
HOUSE OF REPRESENTATIVES.
Mr.. Hunt. of Louisiana, asked leave to
offer resolution making the bill to encou-
rage the American mercantile marine the
the special order for the 9th instant.
Mr.. Hewitt objected.
Under the cali OF the States the follow
! ing bills, ETC., were introduced and refer
red:
By Mr.. Peel, OF Arkansas: Granting
500 acres of the public lands to each OF
the survivors OF the Mountain Meadow
massacre.
Bv Mr.. Bedford, Of Colorado: Resolution
calling on the Secretary OF State 20 inform
the House whether Bismarck has sent to
his department any letter touching the
resolution recently passed by the House
concerning the death of Herr Lasker,
and il so TO transmit a copy OF the
same and inform the House OF any adyices
he NAV have on this subject, either by tele-
graph or letter.
By Mr.. King, Of Louisiana Appropria-
ting $500. 900 Tor the relief OF the sufferers
from floods in the lower Mississippi Valley
also. for the distribution OF seeds among
the sufferers from floods.
The Speaker then proceeded to call the
committees for motions to suspend the
rules.
Mr., Dorsheimer endeavore1 to secure
the passage OF a resolution making the
copyright bill the special order for the 9th
instant, but failed for lack Of the necessary
two-thirds vote.
Mr.. Dow. OF North Carolina, from the
Committee on Coinage, Weights, and Mea.
sures, moved TO suspend the rules and
adopt resolution making the bill for the
retirement Of the trade dollar the special
order for Tuesday the 18th OF March. This
was agreed TO after brief debate-14i to
log.
A bill was passed fixing at one cent for
each four ounces the rate OF postage on
second-class mail matter when sent by per-
sons other than publishers or newspaper
agents.
The rules were suspended and resolu'
ton adopted providing for night session;
Friday evenings for tie consideration Of
pension bills.
Three motions 10 adjourn were voted
down.
The Pension Committee was called, and
Mr.. Hewitt, of Alabama, moved to sus
pend the rules and adopt q resolution
making the Mexican-pension bill the spe
cial order for the Dist instant.