Year: 1874

IN THE SENATE.


WASHINGTON, March Ex-senator
| Scott presented petition from the citi-


zens of Blair county, Pennsylvania, de-


preeatilg the re-enactment of the duty
/ on tea and coffee. Referred.


Senator Frelinghuysen presented pc
/ titiOns from the citizens Of New Jersey,


asking for the passage of law provid-


ing for 65-100 convertible bonds. Re


ferred.


Senator Morton presented a petition


from the citizens of Indiana and Ken


tueky, asking that the law of congress,


relative to bridges over the Ohio river,


be amended, so as to require that bridges
I ever that river shall have four hundred
/ feet spans and q pivot-draW of one hum
! dred and sixty feet. Referred.


At the expiration of the morning
! hour the senate laid aside the bill to
! equaIize the provision of currency, and
| took up the Eew financial bill, reported
| by Senator Sherman from the commit
| tee on finance yesterday. The provi-


sions of the new bill were explained by


Senator Sherman.


CGuAIOI SUeILldu SHIu AuE Ulll I6DOTl-


ed yesterday and just taken up was not


a satisfactory one, as if was on natural
compromises. While it had the strength


of 8 compromise, it had also the


weakness of such a measure. There


was necessity for those on each side to
yield their views to some extent to 9TH
ers, and unless they should so yield, no


bill could be passed. There might be


some middle ground agreed upon to


make the bill satisfactory to all. 1t on


ly remained for the senate now to say il


this was q fair compromise, whether


it would improve our currency and give


the relief demanded. He then had the


bill read by sections, and explained the


provisions of each. He said that the


United States notes at this moment are


uncomfortable and irredeemable, and


depreciates at the rate of twelve per


cent. They had deprecated ever since


their issue. At one time currency was


worth only forty cents in gold, and " as


now worth only ninety cents. The
committee had reported in favor of fix


ing the amount of United States notes
at three hundred and eighty-tWo million
dollars, that being the amount now out
standing, but he hoped it would soon be
practicable to US to get back to three
hundred and fifty-six million dollars,
and recover the ground lost by the pam
ic. The three hundred and eighty-two
million dollars had been fixed upon, not
because the best amount, but because it
was the amount now in circulation. The
time must come when these notes must
be redeemed in coin, and something
must be done looking to that end.
He quoted the production of pre-


a1r oil in hi
said he was not prepared to
say that any day could be fixed now for
resumption. He hoped congress would
not adjourn with an increased currency
without any plan of redemption. If
such a course should be pursued, the
country would be dishonored. The
United States was rich enough to ad-
vance its notes to par in gold with its
forty millions, the most prosperous peo-
pie in the world. The increase of the ma
tional bank capital under the bill would
be about one hundred and ten millions.
He did not think it would be any viola
ton of confidence to state that the sec
retary of the treasury wished to retire
an equal amount of greenbacks as the
national-bank notes were issued. 1t had
not been the design of the finance COM
mittee TO enter upon any serious modi-


ieatiOn OF the national banking act. In
conclusion, he said this was not party
or sectional struggle, but question in
volving the faith and honor of the coun-
try, and congress must provide a ma
tional currency, well distributed, and
one gradually approaching redemption
In gold.


Senator Thurman said he had never
made a personal explanation, bat he
- 4 L. l.
been said by the senator from Michigan
Ferryl. In one OF his late speeches,
that senator had arraigned him because
he kept quiet through this discussion, as
if it was not merit not to speak. He
Thurman thought that to delay legis-
lation by speaking was almost
crime. The senator had inti-
mated that he was shrinking
from the expression of his opinion, and |
read from the newspapers in support of
his argument. Before a senator made /
charges against another senator, he |
shOuld be assured Of the truth whereof |
he spoke. He CThurmanl denied that |
he had ever said the panic was the re-
suit Of an attempt of the creditors of |
the east to force the south and west into |
specie resumption. He Thurman had |
never made such an assertion |
in his life. On the contrary, he |
had always said that the panic was the |
result of over-trading and congressional |
legislation, embarking in new enter |
prises, and especially in the Northern I
Pacific railroad scheme. He had never
uttered word in favor of initiation, but
had expressed the opinion that he was /
opposed to any violent or sudden meas
ures for specie resumption. He was too |
much of an Old-fashioned Democrat to |
favor embarking on any career of infia- 7
ton, which meant no resumption at all. I
The senator lFerryl had charged him (
with being absent from the senate when |
the votes were taken on several amend |
ments. If he had taken the trouble to I
inquire, be would have ascertained that |
at that time he Thurmanl was on a /
sick bed, and unable to be in the senate.
Had he been present, he would have
voted against all amendments, and for
the motion to recommit, as he believed
the committee was the place to perfect I
the bill, and not the senate.


Senator Ferry said he had COM
mented Oh the action of the senate, as
expressed by one of the leading papers
in Cincinnati. If he Ferry had Offend
ed the journalist, he was still at loss to
know where the senator stood to-day, as
he had submitted no proposition to the
plan. He inquired of the gentleman
[ Thurman] if he was ia favor of the bill
just reported by the finance committee.


Senator Thurman said his present be-
lief was that he would oppose it, though
he had not examined it carefully, as he
had no time to do so. His impression
was that he would vote against it.


Senator Ferry said he would vote to
make the volume of legal-tenders four
hundred millions of dollars, and for free
banking. e4


Senator Thurman said this bill fixed
the amount Of greenbacks st three
hundred and eighty-two millions of dol
lars, and only increased the national
bank circulation to the extent of one
hundred and ten millions. Free bank
ing meant an extension, not bank cir
culation, to many millions of dollars.
The only limit would be the amount of
government bonds which could be pro-
cured to put up as secureties. 1t
meant an indefinite extension of
irredeemable paper currency and per-
petual national Indebtedness. If na-