Year: 1874

SENATE.


WASHINGTON. Feb. 1S.-The Chair laid
before the Senate a memorial from the
Cincinnati Common Council, Board of
Trade and Chamber of Commerce, protest
ing against any reduction in the appropri-
alton for the work on public buildings in
that city.


Mr.. Anthony by request of the Chair in
troduced bill to extend the time for the
completion of the Wisconsin Central Rail-
road. Referred.


Mr.. Cameron gave notice that tomorrow
after the expiration of the morning hour
he would move to take up the House bill in
relation to the Centennial Exhibition.


A Spiritual Commission.


On motion of Mr.. Wright, the Senate
took up the bill 10 provide for the appoint
ment of Commissioner on the subject OF
the alcoholic liquor traffic.


Mr.. Fevry of Conn.,, opposed the passage
of the bill. The matter belonged to the
States and should be so treated. He asked
the yeas and nays on the passage of the bill,
as he desired to record his vote against it.


Mr.. Wright said the subject was proper
for legislation by Congress.


Mr.. ConkliDg agreed with Mr.. Wright.


Mr.. Upton favored the passage of the
bill.


Mr.. Merrill, of Maine, favored inquiry,
but said he thought the information could
be obtained By any one of the several stand
ing committees of the Senate, and would
be much more reliable than that obtained
by the proposed commission. The Com
mittee on Finance, for instance, could OBJ
tain the 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 $4,000 for the
expenses of the commission.


Mr. COnkling said he knew many per-
sons who would serve without compensa-
tion. He would not object to appropria-
ting 5000 for the expenses of the commits
sion, and had no doubt that would be a
sufficient amount for the printing and all
other expenses.


The morning hour expired and the bill
went over. The Senate resumed consider
alton of the bill to equalize the


Distribution Of Currency.


Mr.. Chandler said at the proper time he
would offer an amendment which he had
read for information. 1t provides that the
Secretary of the Treasury shall retire and
destroy a dollar of legal tender notes for
each dollar in national bank notes issued.
Mr.. Chandler thought the nation could
give notice that it would resume specie pay
ment July l, 1915 o. even Jan l, 1915, and
coin could be accumulated in the TreaSu-
~ by that time which with loan of one
hundred million dollars that could be he
gotiated would enable such resumption.
That would be the greatest measure Of relief
ever proposed for the nation.


Mr.. Howe gave notice that he,wOuld sub
init an amendment. as substitute for that
proposed by Mr. Chandler providing that the
Secretary of the Treasury shall once in
each month see to the highest bidder for
United States notes, coupon bonds equal 10
eighty-five per cent of the additional ,bank
circulation issued during the month preced-
| ing, which bonds shall bear interest at the
rate of five per cent per annum, payable
| quarterly, and the principal shall be paya-
| bic at the pleasure of the government after
after ten years from date, both principal
and interest to be paid in gold coin, but
none of said bonds shall be sold at less
than par value, and the United Stares notes
received in exchange therefor shall never
be reissued, but shall be destroyed.


Mr.. Morton said he would call the at
| tentiOn of the Senate to one evil which
would result from the passage Of this
| twenty-five million dollar bill. 1t would
work contraction of the currency to the
| amount of twenty-five million dollars, be-
| cause the banks from which the money was
| to be taken would understand that they
would be liable to be called upon any day
| to return the money, and they would not
lend it.


Mr.. Frelinghuysen said he thought there
was plan that would accomplish all that
| was desired without producing any eabar-
rlssment He would say, let the circula-
| ton be increased twenty-five or fifty mil
| lion dollars aud at the same time diminish
| the United States nOtestO unequal amount
| The result would be that without increas-
ing the paper money, banking facilities
4 would be increased in those sections
\ wanting il, and there would be nc
withdrawal of money from the East
to give to the West. The distribution oi
the increase of National Bank currency
should be confined to those States which
have not their share. Again there should
be provision made for an asserting house
so that banks should have their notes re-
turned to them at stated times. Thus tht
circulation would be equalized. He would
not allow any one to have the benefit OF
creating National Banks, unless such appli.
cant produced


License from the State,


or the Governor thereof. This would Sc
cure the proper location of banks as vel
as the proper men to whom this valuable
franchise should be committed. He hoped
this whole subject would be committed tC
the Finance Committee. In conclusion
he said he favored the proposition author
izing the Secretary of the Treasury to &C.
cumulate gold with the view to specie re-
sumption.


sMr. Morton 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 county in the county.


NJ. SchurZ read from the Chicago Trjb-
lae market reports, and argued that money
was easy in the West and that there was
no scarcity of it.


Mr.. Ferry, of Michigan, said it was not
fair to judge Of general business interests
by newspaper repOrts-5usiness men, when
they wanted more money, went to their ac-
customed places or banks but were not able
to procure It. He had a letter from a
company in Missouri which had a capital OF
S250.OO0 and not an outstanding note. yet it
could not obtain loan of $, ,000 by paying
ten per cent. interest. He denied that
money was plenty in the West.


Mr.. SchurZ said he thought the gentle
man must be excessively hard pressed for
argument when in reply to regular market
reports of the papers, undoubtedly good
authority, he Produced a letter here from a
man who could not get money. OF course
there were men all over the country who
could not get all the loans they wanted,
there We're plenty pf men in the country
who had not as much money as they
| wanted.


Mr. Morton said many Of the newspaper
articles were of a political nature.
Mr.. Schurz said he had read from the
| Chicago Tribune, but could show state
ments in the Ilier-OcedR of similar kind,
or in Chicago Times.


Mr. Logan said the Senator could not
show articles as referred TO in the Inter
Ocean. The gentleman had read the state
ment to show there was plenty of money
in the country. OF course there was plenty
of money TO he had at s per cent on call.
Mr.. SchurZ said all the great papers OF
the country were against iniatiOn and in
favor of specie resumption, and why? Be