Year: 1876

was $2O7, ,s02, 900, assuming the STANDARD
of 1860 and Of the years prior thereto a
equal to the fair requirements Of tn
fnancisl, health and stability with
country no larger unless mad
larger by the ice
Alaska. We have now such an exces
of currency that if we wait until tn
country grows up to it we must POSTPONE
specie resumption until our population
rises to 116646,4 ,40l, with correspond
ing increase of the wants Of trade. Ii
was q great delusion to suppose that the
contraction would benefit the rich anc
fall heavy on the poor, while imitation
would operate in the Opposite direction
It would be much nearer the
truth to say the effect would
be exactly the reverse. He spoke
at length against the injustice and bad
policy OF imitation, and reviewed the
arguments of infatlonists He warmly
praised the natio aal banking system and
said if the bank' were only circulating q
currency convertible at par, nearly all
their defects would vanish. What is
most needed after specie resumption to
completely remedy our financial condi.
ton WAS q more real and absolute capt.
tai. All the financial banking in the
would not supply it. All cheap expedi-
ents for making money plenty without
earning it or without giving anythingi in
exchange for it, would result in disreput'
able failure. The sooner we learn that
money cannot be invented but must be-
earned, the better for the country. a
debased currency he said in conclusion,
was demoralizing to public and private
expenditure, and now:too largely based
on imitation, and so long as the payments
are made in the cheapest substitute for
money, nothing in return but cheap
equivalents and cheap service can De
obtained, and no permanent restoration
Of Industrious prosperity; no permanent
employment of the workingmen;' mo safe
ty to working capital; can be expected
until the Government permits its own
practices, IN the labor Of our people and
business enterprise of our country to be
based on the solid foundation
represented by gold and paper at par
with gold, represented by restored peace
and morality, in accordance with the un.
broken experience of the wise among
nations and in harmony with the in
stincts OF high spirited people, ashamed
of the exploded devices Of paying debts
by a renewal Of broken promises, and
ashamed of vacillating the standard
of mercantile honor worthy only OF a
bankrupt people, half maniac and half
knave.


At the conclusion of Mr.. Morrirs re-
marks he moved that the bill be referred
to the Committee on Finance. So orderd


Mr.. Sargent submitted resolution
that the Committee on Judiciary be in
structed to inquire what legislation, il
any, is necessary to secure indemnity
to the United States for advances Of in
terest paid and to be paid by the govern
ment on account Of subsidy bonds issued
to the several Pacific railroads, and to Sc
cure indemnity against liability to pay
the principal of such bonds by requiring
the creation of a sinking fund or other
wise. Also whether the issue Of coupon
mortgage bonds, under the act of 1864,
were in excess of the amount necessary
for the comp elton of said road, and if so
whether such issue are a first lien
on the roads. Also whether any of the
bonds of the United States issued in aid
of said railroads, are first lien on the
same, and that the committee report by
billor otherwise. Agreed to.


The chair laid before the Senate a
message from the President, enclosing a
report of the director of the mint, in an
swer to a Senate resolution Of last session
in regard to the proper place for branch
mint in the Mississippi valley. Ordered
printed and 10 lie on the table.


Also communication from the depart
ment of Justice in answer to Senate reso-
luton of Dec. IA; 1875, enclosing copies
reports on hle in that office relating to
the treatment OF United States prisoners
confined in the State prisons. Ordered
printed and laid on the table.


Mr.. Window presented a petition of
the citizens of Minnesota, favoring the
division of the State into two judicial
districts, to be called the Northern and
Southern Districts, and that the officers
and court of the Southern District be
located at Wenano. Referred to the
judiciary, y,,Committee.


Mr.. Clayton submitted preamble and
resolution instructing the Judiciary Com
mlttee to inquire into the expediency of
establishing one or more inferior Courts
in the Indian Territory for the trial OF
minor offenses, and where Il Federal
Court now has jurisdiction.


After some discussion the resolution
was referred to the Judiciary Committee.


Mr.. Boggy moved to reconsider the
vote BY which Mr.. Morrell's bills was
referred. He said he desired to speak on
the subject and if the vote by which the
bill was referred be reconsidered he
would move to postpone the further con-
sideration Of the bill until the first Mon.
day in February. He was not prepared
to speak now, but thought this bill pre-,
sented the subject in wider scope than
it had been presented before. 1t would
engage the attention not only OF the
Senate but of the whole country. The
vote by which the bill was referred was
reconsidered.


Mr.. Bogy said the bill proposed BY the
| Senator from vermont, Whicn was IN
tended to lead TO specie IN his judgment
did not resume at all. Its effect would
be to cancel and destroy all legal tender
notes now in existence and substitute
bonds for them. The bill did not pro-
vide for the accumulation of gold for a
return to specie. The President in his
recent MASSAGE said the resumption bill
Of last session would not affect lts pur-
pose unless it be modified; the Secretary
of the Treasury said so, and now the
Sensto from Vermont says so.


Mr.. Morrill, said he hoped the Senator
lBogy1 would not misrepresent him. He
| fMorriil1 believed that the power given
by the legislation of las. session was
abundant, bnt the passage of the bill in-
troduced by him would make resumption
easier.


Mr.. Bogy said he was IN favor of specie
resumption. He was not an infs,ionist
but would continue to oppose any at
tempt at resumption which could il the


l>--aa hrio1 hon. tho cortruc.