National Republican. (Washington City (D.C.)) 1872-1888, 1884-02-19
The Senate Wrestling With the Mys.
teries Of Finance,
Passage Of the Bill Reducing Postage on Second Glass
Matter.
Mondays Regular De1ugo OF New Bills
aud Resolutions.
THE SENATE.


arising under the act Of 1866 providing for tho elec-
ton of United States senators.
One election had been held on the second Tues
day after the temporary organization of the losis-
lature. and the other on the second Tuesday after
ia regular organization.
Mr.. Garland said that the doubt shown by these
credentials might at some time become an impor-
tant question, and, while he was glad to see that
his friend from Iowa (Nfr. Allson) had been so
thoroughly elected, he would ask that the oreden'
and elections In order that 1t may give consdera-
ton to the point involved, SO that, II necessary,
further legislation may be had on the subject.
MIR. Wilson supported the reference, and the
credentials were accordingly referred TO tho COM
mttee on privileges and elections.
The cnair laid before the senate preamble and
Joint resolution of the legislature OF OHIO relating
to the exclusion Of American pork from France
and Germany. The preamble rectes that the Ill
legged reason for such exclusion-namey, the dis
eased condition of the meat-is not well founded.
The resolution recommends congress to establish
government inspector of all exported meats,
and II, when such inspection shall have been Sc
cured, these American products shall still be ex-
shall pass such legislation. retaliatory or other
wise, as may seem best adapted 70 bring to Ameri'
can meat producers the relief which they need.
Petitions were presented us follows:
By Mr.. Plumb: From citizens of Topeka, Kan,
recting that the American hog has been ibeled
in the Interest of foreign meat producers, and
praying that congress may p IS laws to secure the
exclusion from the United States OF foreign spirit
uous and malt liquors, which the petition aflirms-
10 be vile compounds. The petitioners also pray
that the importation Of foreign woods and all ar.
ticles Of European luxury may be prohibited:
Also, praying for pensions for the survivors of
the ex-prlsoners Of Libbey, Andersonville, and
other southern prisons.
By Mr.. Allison From Typographical unions and
Knights of Labor OF Iowa praying for the passage
OF laws to protect American working men from
competition with imported pauper labor.
The following memorials were presented and
appropriately referred:
BY Mr.. Harrison: From citizens of southern
Dakota, accompanied by draft of a constitution,
prayiuU for the admission of that territory into
the union as n state.
BY Mr.. Mcmillan: Resolutions of the board OF
trade of Minneapolis and the chamber of COM
merce Of st. Paul, Mimi, opposing the forfeiture
of land grants of the Northern Pacific Railroad
BY Mr.. Gibson: From citizens of Louisiana
praying for the establishment of mail line be-
tween some ports Of the United States nnd some
port in Liberia or of western Africa.
Mr.. Plumb, from the committee on public lands,
reported adversely the bill providing for the irr:
States. The bill was indefinitely postponed ''>
The following bills were reported favorably, and
plac on the calendar:
buildings and grounds Authorizing the erection
fpublic buildings at Winona, Mimi; Macon, Ga,
and Manchester, N. H.
BY Mr.. Vest from the same committee: Dedicat-
ing to the city of st. Louis certain strip OF land
for street property.
Bills were introduced apd appropriately re-
BY Mr.. Harrison: For the admission of the state
OF Dakota into the union on an equal looking with
After passing a number of bills for private re-
lief the senate took up and passed the bill fixing
eastern aud northern districts ofTexas.
The bill reported BY MIR. Cameron, from the
committee on Indian affairs TO authorize the sale
of timber on certain lands reserved for the Mono
monee tribe OF Indians in the state OF Wisconsin,
was taken zen up, read third time, and passed: T..
the southern band of Ute Indians in
lieu of lands heretofore provided for allotment
to them was also read a third time and passed
provides for The removal those Indians from
The senate then resumed consideration Of the
bill providing Tor national bank circulation.
Mr.. Pugh stated that II NIr Plumb's amendment
failed he would vote Tor the bill of the committee
he said, was made up of 1885, ,ol6 in legal ten
der coin, S34S 900 in national bank notes. SllO
l3705l in silver certificates, and SOL $50 52l in gold
certificates, amounting In the aggregate to nearly
Sl,000,000.0 This volume of paper curten y
wassuppemented by about $500 900, 900 ofgold coin
and silver IL possessed all tue valuable qualities
ola well adjusted mixed currency. 1t was made
up of elements which, in the elements OF qualify,
amount, and uniformity, have secured public
confidence and constitutes an admirable system of
checks and balances. We were in full view OF
contraction, with all its dangers, and 1t was con-
make immediate provision against that impend-
ing evil. Two hundred million dollars OF the ma.
tional bank circulation was founded on the per
cent. bonds now payable at the option of the gov
erument. If the revenue derived from taxation
was not to he reduced 10 the needs of the govern.
ment, then 1t was manifest that national bank
circulation would be reduced by 100000 900 in
about two years. 1t had been conceded by so ex.
M0S4 rs sa, h the s'ssf from
may amount to s2,OOOoOo per week. aud
with reasonable certainty to s5O0O0.OOO
or SG0,O0O,OO0 per aunum. Such O sudden
contraction of our paper circulation would pro.
dnce widespread arrangement of business. How
should the evil be averted? The bill of the com.
miltee provided for an increase of 10 per cent in
tue amount of circulation to which the banks
would be entitled on their bonds deposited as Sc.
curily for notes. The success of the plan de-
PENDED entirely, Mr.. Pugh thought, upon the suf-
ilclency OF the inducement in the way OF greater
profits, to the banks offered by this additional 10
the end when the profits OF circulation were now
less than they were in the pnst, being at present
were entitled on their bonds deposited? He felt
constrained to s9y nat MAJ In 4 would not answer
o G0 The the market S h Value the Se
per cent. will Be negtrSiIzed.' So QUO that at
more than u harmless but disappointing expert
ment In the amendment of the senator from
Kansas (Nir Plumb there was, III Mr. Pugh's opin-
Ion, substance and permanent vital force. 1t was
not founded on hostility TO the national banks.
1t aimed to do what every senator wanted, and 1t
would do that with absolute certainty-thAt Is to
prevent any contraction at any time in the futu 20
OF the present volume OF tho currency by the with
drawai of national bank circulation.
Mr.. Coke said that, whatever may have been the
merits of the national bank system us war meas
ure. IL had Outlved its usefulness. Unless we in
tended TO perpeuate the public debt for the bene-
fit of the banks, IL had become necessary TO lGgs.
late with the view to substituting some other
currency In the place OF that OF the national
banks. The amendments OF the senators from
Kansas (Mr. Plumb ana Missouri (Mr. Vest) had
that object in view by providing for the issue Of
treasury notes to take tue place of bank notes
according as the bank notes are retired
Mr.. Coke thought this provision wse-
being the unmstakable indication that the ira
ditlonal sentiment of the American people in
opposition to the perpetuati0n OF national debt
is not now to be violated, That hope OF such
perpetuation had been entertained by some peo-
pie MIR. Coke had no doubt and the longer the
present system existed the more difficult IL would
be 10 dislodge 1t. He was unable to see that the
substitution Of treasury notes for bank notes ac
cording as the latter are retired would in any
national bank note was derived from the stability
of the same government that issued the treasury
notes. The present banking system was con
fessedly managed for the private gain OF Il com
paTatlvely few men, the money IN II Is thei
money, and they could contract or expand th(
money of the community at will. Like the cir
culalion of the blood in the human body, money
was indispensable TO the body of commerce; anC
any serious dlminution, whether Of quantity o.
consequences. The adoption of either the amend
ment of the senator from Kansas Mr., Plumb a
that of the senator from Missouri Mr.. Vest
would, In Mr., Cokes opinion shut out all risk.
Mr. Vest recognized the fact that he was in
hopeless minority in his opinions with regard 4
the national banking system. He recognized thu
fact that the protected industries of the country
the railroad corporations and the national banks
virtually owned the property Of the $4,000 900 PEG
lion of the men who founded the national bankin
Sustain was that IL should be Derpotual IL hat