Year: 1874

WASHINGTON, February Ex-senator


Sherman presented a memorial from two hun.


dred bankers, merchants and others. of iii


nols-mRny OF the leading firms of Chicago


protesting against an increase in the volume


of paper currency.


Senator Logan said he had heard of that


memorial. Some of the men who had signed


il had been the first 10 close their doors last


fail, and had refused to pay their depositors


or had paid them with a kind of paper. Al


the proper time he intended 10 present me.


moral to the senate which would show what


was the prevailing sentiment in that sort oi


AT the expiration of the morning hour the


senate resumed the consideration OF the bill


TO equaliZe the distribution OF the currency,


The question being on the amendment of Sen


ator Cameron 10 the Instructions to the com


mittee proposed by Senator Merrfmon. The


amendment repeals all acts of congress


which may limit, or which may be construed


TO limit or restrict, the entire amount of ma


tional-bank notes for circulation, and pro.


vides that hereafter associations organized, or


that may be organized, for carrying on the


business of banking. shall be free to establish


and organize national banks, with circula-


tOn, at any place within the several States
and Territories of the United States, upon the
terms and conditions, and subject to all the
restrictions aAd limitations provided by law,
except the limitation upon the amount of
circulation, which is hereby repealed.


Senator Perry [Mich.l said that, while he
was in favcr of the government issuing all
the currency, he was willing to accept nation
al bank currency If he ould not have the en-
IN gr6enDackS. Referring TO
the value OF greenbacks, and the act of con-
gress to strengthen the public credit, he said
II was not so much the services of the gentle
man lShermanl as the chairman OF the
ened the public credit as it was the
services of the other Sherman's marching
to the sea, and Grant fighting in the Wilder
ness


just as Senator Ferry referred to the other
Sherman marching to the sea, General Sher-
man entered the senate chamber by the
D1aip iC p1lfr ct rHa
when his name was being mentioned created
some amusement on the floor and in the GAL
leries.


Senator Morrill, rVt.1 read extracts from the
New York papers to show that in 1858 Senator
Morton was in favor of specie payments.


Senator Morton said that in 1868 he believed
specie payments could be resumed. The times
then were more auspicious than now.


Senator Bogy asserted that the west was suf-
fering for the want OF money to carry on its
Industry. he hoped the amendment of the
senator from Pennsylvania would pass.


The question being on Senator Cameron's
amendment, 1t was rejected by a vote OF rs
TO 81.


The question recurring on Senator Merri-
mans amendment instructing the committee
TO report as soon as practicable a bill
providing for an increase OF national bank
circulation, so that the whole volume thereof
shall not exceed four hundred million dol
lars,


structtng the committee to report as soon as
possible a bill for free banking, and pro-
viding for the convertibillty of the United
States treasury notes into low interest notes
or gold coin at the option of the government,
and the bonds to be converted into treasury
notes at the option of the holder. Rejected
yeas, 26; nays, 30.


Senator Cooper moved to insert the follow
ing as a substitute for Senator Merrimons s
amendment: THAT the committee on finance
be instructed TO report a bill providing for the
cOnyertibility of United States treasury notes
into gold coin or five per cent. bonds o. the
United states, and also for free banking un-
Hart TNgfn Of
Adopted without roll-calI.


The question then recurring on the motion
OF Senator buckingham TO recommit the bill
with the Instructions above provided by Sem
atOr Cooper's amendment, several senators
inquired If the substitute OF Senator Cooper
had been adopted.


The cnair announced that 1t had, no one
having called for the yeas and nays.


Senator Morton demanded the yeas and
nays.


The chair [Carpenterl decided it was too late,
the vote having been announced.


Senator Merrimon moved to reconsider the
vote by which the substitute OF Senator
Cooper had been adopted.


Senator 'Conkling said that II the senators
wanted an illustration of the infirmity of this
whole proceeding, he submitted they had it
now. This whole thing had been going on
without the appropriate committee of the
senate having given to the senate anything
which might be termed a financial scheme.
There had been several bills from the
finance committee touching the skirts of
the general question, but as the senate had
been proceeding II had denied itself any
scheme well considered by the committed.
The proposition of the gentleman from Ten
nesSee, just adopted, needed no eZ-secretary
of the treasury, no expert in finance, to ex-
plain 1t TO the most ignorant member of the
senate. 1t meant both expansion and con-
traction. The proposition looked upward and
downward. What had the senate been doing
except spending time ia making what he
had heard politicians call a "record," and one
which would not be useful hereafter. All the
senate hadbssn doing was dealingin nebluous
~ TIn l. u
alle wed to go back 10 the finance commit ittee
without instructions, and let that committee
work out and report some plan which would
cOmmond the approval of the majority of the
senate. He applied to the senators to put an
end to this discussion by recommitting the
bill without Instructions. He must say that
he felt that he would fall short of his duty IL
he did not add his voice against any new is
sue of irredeemable paper money. There
were many things he did not know but one
it would launch this nation on a sea without
shore, without a harbor, to declare in favor of
an increase of paper money. That propo-
the end would upset everything, from an
applicant 10 an empire. 1t was false
that the stamp upon paper trans
represents the cost Of production,
and paper money was merely simbolicaI OF
that dollar when there was no coin dollar be-
He would say nothing about t3le legal. 5ender
act, but he would say that when L O war en-
cages the country-when no overmastering
necessities could be plead, guilty and mad in
deed in his opinion would be that action by
which two houses OF congress would undertake
to solve the financial problem of the day by
an unlimited issue OF irredeemable promises
to pay. He again appealed to the senate to
stop this splitting of hairs, and let the COM
miltee on finance resume possession of this
question, and bring in some measure upon
which the eminent gentlemen around him, so
learned in finance, could agree,


Senator oglesby said that he thought there
was in the senate to-day ability, Intelligence
favorable era of the American iepublic, He
had been beneficial by the discussion on this
subject. He commended the wisdom of the
congress which gave the country
the national banking system
and had no doubt but that he reflected the
feeling of the whole country when he made
the assertion that greepback currency was
noble one, and was sealed with the best blood
of the nation, and that IL would be redeemed
i'm gold every dollar of IL.


Senator Morrill, said it was evident the de-
bate could not be closed to-day. He proposed
that the gentleman give way to the motion 10


Senator Ogleshy said he did not want the
senate to adjourn In the middle of his speech,
as it would leave 1t with no more intelli-
pence than the resolution which he held
IN his hand. Holding up Mr.. Cooper's SUBJ
Resuming, he said he
thought that resolution would become very
important paper in the history of American
financial literature, and he would take 1t
with him TO the people of his State.


Pending the discussion 10 reconsider, the