Year: 1874

Dor, made adverse reports on bills granting
a million acres of the public land TO the
trustees of Browns Institute, in Florida;
donating the former United States Court
house building at st. Augustine, Florida,
for educational purposes; and to promote
education in the territories. Laid on the
table.


Various other bills of minor interest
were reported.


Speeches were made by Messrs. Platt,
Orth, Packard, Hereford, Monroe, and
Cox.


How TO Resume.


Mr.. Cox argued at length against inia-
ton of the currency and in favor of the
resumption of specie payment. He thought
it was for the majority and not the minOri-
ty in Congress to present a plan for re-
sumption: but suggested that England after
her Napoleonic wars sought specie by d
plan we mighr copy with profit. 1t in
volved, first a resumption of specie pay
ments must be surely determined; second,
that the time of resumption must be fixed
at a day not unreasonably distant, and
third, that the approach to it should be by
regular steps, upon which all business in
terests could calculate. She accomplished
it by providing that at the end of five years
from the date of the act coin payments
should by fully resumed; that in the mean
time scale of rates should be established,
at which the currency should be redeemed
in uncoined bullion, at apIice, by weight,
which should distribute the currency values
as nearly as possible evenly over the inter-
vening time.


A Monopoly.


Mr.. Monroe favored the free banking be-
cause it would abolish an unpopular mon
OpOly, would eQualize the currency, would
meet the demands of the people and would
not enlarge the volume of currency to an
extent that would be dangerous or an in
crease of prices. He believed gold to be
the proper standard Of value, but thought
it would be rtlinous to attempt to return to
specie payments at present.


Mr.. Orth advocated the duty of Congress
to provide a currency of uniform legal va
lue, undoubted security and of sufficient
volume to meet the varied demands of the
people. He argued that the national bank
ing system at its present restricted basis
was monopoly and hence Objectionable,
and besides that it did not furnish a re-
deemable currency, their bills being based
on the faith of the Government, that the
only mode whereby the people can obtain
such currency, of UndOubted and uniform
value, is by Congress issuing Government
currency or greenbacks; that the Supreme
Court has decided, that it is the duty Of
Congress, under the constitution, to provide
a currency for the people, and that such
currency can be made legal tender; that
the people need more currency; that con-
traction would be ruinous to the business
of the country, and would never pay the
National debt, and that the amount of cUx.,
rency can only be properly regulated by the
law of supply and demand.


A Packed Court.


At the close of the discussion Mr.. Ed
ridge brought up again the question which
he started last week, as 10 the appointment
of two Supreme Court Justices in order to
have decision in favor of the legal tender
act. He strengthened his proposition by a
| reference to some of the newspaper articles
of the day and other matters.


He was again replied TO by E r. Hoar,
| who stated that the selection Of Justices
Strong and Brady had been made without
any reference to their opinions OF that sub
iect, and had been made on their character
professional eminence and fitness for the
Office, and that it was a slander to impute
| their appointment to their subserviency fol-
particular question or particular inter.
ests. House adjourned.