Year: 1874

trade and chamber of commerce protesting
against any reduction in the appropriation
for work on the public buildings IN that city.
Deferred.


Senator Anthony, by request of the chair,
Introduced a bill to extend the time for the
completion of the Wisconsin Central railroad.
Referred.


Senator Cameron gave notice that to-mor-
row, after the expiration of the morning
hour, he would move TO take mp the house bill
in relation 10 the centennial exhi ibiti9n.


The president, pro tenn, laid before the SEN
ting report made TO the secretary of state by
Hon. j. NJ. Thatcher, represef ktive Of
the United States, held at the International
patent congress, held in Vienna, last August
Order red printed. He also laid before the isen-
ate resolutions of the legislature of Kansas,
charging misconduct on the part of the Union
legged discrimination against the Kansas Pa
einc railroad. Ordered printed


Senator 6owe introduced a bill amendatory
of the soldiers homestead law.


On motion of Senator. Wnght, the senate
took up the hill TO provide for the appoint
ment of a commission on the subject Of alco-
holic traffic.


Senator Ferry, of Connecticut, opposed the
passage of the bill, and said the matter be-
longed to the States, and should there be
treated. He asked for the yeas and nays on
the passage of the bill, as he desired 10 record
his vote against il.


Senator Wright said the subject was proper
for legislation by congress.


Senator Conkling agreed with Senator
Wight


Senator Upton favored the passage of the
bill.


Senator Morrill,, lMainel favored an In
quiry. but said he thought information could
be obtained by one OF the several standing
committees of the senate, and would be much
more reliable than that obtained by the pro-
posSd commission. The committee on finance,
for instance, could obtain information, and
the senate would be better satisfied with it,
He did not think that men competent to serve
on the commission could be obtained without
compensation. He therefore moved an
amendment appropriating ten thousand dol
lars for the expenses of the commission.


Senator Conkling said he knew many per-
sons who would serve without compensation.
He would not object TO apprOpriating five
thousand dollars for the expenses of the COM
mission, having no doubt that would be a
suflcient amount for printing and ali other
expenses.


The morning hour expired, and the bill


The senate resumed the consideration of
the bill to equalize the distribution of the cur
rency.


Senator Chandler said that, at the proper
time, he would offer an amendment, which he
had read for information. II provides that
the secretary of the treasury shall retire and
destroy dollar of legal tender notes for each
dollar in national bank notes issued.


Senator Chandler thought the nation could
give notice that it would resume specie pay
ment July lst, 1879, or even January Ist, 1875,
and coin could be accumulated in the
treasury by that time, which, with the loan
OF one hundred million dollars that could be
negotiated, would enable such resumption
that would be the greatest measure of relief
ever proposed for the nation.


Senator Howe gave notice that he would
submit an am andment a substitute tor
that TO be proposed by Senator Chandler, pro-
viding that the secretary OF the treasury shall,
once in each month, sell to the highest bidder,
for United States notes, coupon bonds equal
to eighty-hve per cent. OF additional bank
circulation issued during the month pre-
ceding, which bonds shall bear interest at the
rate of five per cent. per annum, payable
at the pleasure Of the government, after ten
years from date. both principal and interest
to be paid in gold coin, but none OF said bonds
shall pc sold at less than par value, and the
United States notes received in exchange
therefor shall never be reissued, but shall be
destroy Ell.


Senator Morton said he would call the atten-
tion of the senate to one evil which would re-
suit from the passage of this twenty-five mil
lion dollars bill. 1t would work a contraction
of the currencv to the amount Of twenty-five
million of dollars, because the banks from
which the money was 10 be taken would un-
derstand that they would be liable to be called
upon any day 10 return the money, and they
would not lend il.


Senator Frelinghuysen said he thought
there was a plan which would accomplish all
that was desired without producing any en-
barrassment. He would say, let the crcula-
tion be Increased twenty-five or fifty million
dollars and at the same time diminish the
United States notes to an equal amount; the
result would be that without increasing pa
per money, banking facilities would be in
creased in those sections wanting it, and
there would be no Bthdrawal of money
T6e TS dsebuon th te inePease sS ee in WfSt tSe
national banking currency should be
confined to those States which have not their
shares. Again: There should be provision for
an asserting house, so that the banks should
have their notes returned to them at stated
times-thus the circulation would be local.
lied. He would not allow any one TO have
the benefit of creating national banks unless
such applicant produced a license from the
State, or the governor thereof. This would
secure proper location of the banks, as well
proper men to whom this valuable fran
chise should be committed. He hoped this
whole subject would be committed to the
finance committee. In conclusion, he said he
favored a proposition authorizing the secre-
tary of the treasury to accumulate gold with
a view to specie resumption.


Senator Mo- ton said there had been some
improvement in the country since the panic,
but that improvement was not complete, and
the result of the panic was felt to-day in
every town in the country.


Senator Schurz read from the Chicago 7Ti-
bule the market reports, and argued that
money was easy in the west, and that there
was no scarcity of il.


Senator Ferry Mich. said that 1t was not
fair to judge of the general business interests
by newspaper reports. business men wanted
more money, and went to their accustomed
places or banks, but were not able to procure
II. He had letter from company in Mis-
souri,, which had capital of two hundred
and fifty thousand dollars, and not an out
standing note, and yet II could not obtain
loan of hve thousand dollars by paying ten
percent interest. He denied that money was
plenty in the west.


Senator Schurz said he thought the gentle



gument when, in reply TO the regular market
reports OF the papers of undoubtedly good
authority, he introduced a letter here from a
man who could not get money. or course,
there were men all over the country who
could not get all the loans they wanted.
There were plenty of men in the coun-
try who had not as much money as
they wanted


Senator Morton said that many of the news
paper articles were of political nature.


Senator Schurz said he had read from the
Chicago Tribune, but could show statements
in the Inter Ocsan OF similar kind, or in the


senator Logan said the senator TSchurzl
could not show the articles he referred to in
the Inter Ocean. The gentleman had read
statements to show there was plenty of money
in the country. OF course there was plenty of
money to be had at eight per cent. on call.


Senator SehurZ said all the great papers of
the country were against imitation and in IA
vOr of specie payment. And why? Because
they had too much sense 10 be in favor of any
thing else. He read from the Chicago Inter
Ocean, of recent date, a astatement as to money
being easy and borrowers few.


Senator Logan said he did not doubt
months ago, and the cause of it was
that the treasury had been pouring
out its forty-four millions reserve. He said
could not produce from the Inter Ocean any
article declaring that money was plentiful
in the west. The gentleman said all great
papers were in favor of specie payment. What
great papers? The Chicago tribune which
supported Greeley in connection with the
senator from Missouri, and the Chicago Times



said. He [Loganl supposed If all great papers
were on tie side of his friend that he lSchurZl
must be great man. This greatness favored
monppolies. MECHANICS and farmers must
not have national banks; they must be left
for great men like his friend. Laughter.


Senator Schurz said he had not opened his
lips on the question of national banks.


Senator Logan said that the gentleman had
said that all the papers which had sense sup
ported his side, Thereby implying that all 9TH


senator schurs said that he did not mean
that none except those supporting his side had
sense. He hod laid down q line OF policy for
himself, and those who went with him had
more sense, he thought, than those who did
not.


Senator Logan-I am sorry the senator's
opinion of himself is not appreciated By the
country. lLaughter


Senator Schnrz-I am glad to know the sem
ator's opinion of himself is appreciated by
tine country. rheneWed laughter.l He did
not think there was the least occasion for
all this noise simply because he had read the
market reports. If the senator took otfense,
those reports were responsible, and not he
himself lLaughter.l


Senator Morton said there had been partial
revival of business, attributable to the fact
tt,of fUanfV-SpNGn Millions Of 10 loQaI-fanda