The New York Herald Newspaper, January 28, 1869, Page 3

WASHINGTON General Grant Again Besieged by the Cabinet Ydakers. i eeetetaiateees ated Diffleyittes in the Way of Granting a Pension to Mrs. Lincoln. Speeches of Senators Sherman and “ MeCreery on the Finances. Defeat of the Central Pacific Branch Railroad Subsidy in the Senate, Discussion on the Suffrage Bills in the House, WASHINGTON, Jan. 27, 1869, Great Commotion Among Politicians. There 1a a great gathering of the political clans here just now. The hotels are full of plotters and achemers, who have come here to advise or pump Grant relative. to his intentions as to his Cabinet, other domestic appointments and probable foreign missions. Grant’s time, as @ consequence, is pretty well occupled affording Interviews to these anxious visitors. There are @elegations from the East, West, North and South, il busy forming combinations, “making slates” and ‘4nterviewing” the coming man in the most agoniz- ing manner. Grant receives them all in the quietest ‘way possible, hears what they have to say and gen- erally says nothing himself beyond what the mierest Politeness demands. From New York there is a particularly large gathering on hand, but why they ‘are hore or on what particular business 1s enveloped in a huge fog. They all have ‘talks’ with the Chief at his headquarters, but appear to extract Precious little information, for they are unable to throw a single ray of light upon the much agitated @mestion of Grant’s intentions or policy when they return to their hotels after having had their inter- views. One old friend of Grant from the State of New York called at army headquarters to-day and had quitea chat with the General, and if there ts ‘@ny weight to be attached to what is said to have occurred at the interview neither Evarts por Pierrepont’ has a chance of a Cabinet Position, and much less has tne defeated Senatorial candidate, Morgan. Grant, it seems, though he is very reticent, has no hesitation in stat- ig that he is opposed to all rings, and therefore May be counted out of the race. In brief, he 18 not disposed fayorably to make any appoint- ment purely political or prompted by political con- Hons. In thé selection of his Cabinet he will be guided by a desire to reward the military and bgha men who Have faithfully served their country the trying Hour of its necessities. He is tolerably Well posted about the mere political combinations that are being formed to force him to make Certain appointments, but is determined to pay no attention whatever to their demands, In looking Deyond the military and naval claimants he will be by the wishes of the merchants of the coun- ‘zy, men like A. T. Stewart, of New York, for whose ‘Wishes and suggestions he has more respect than for ‘all the politicians combined. At present it seems atall probable that New York will recéive any ‘Position in the Cabinet. The only parties from that State yet spoken of for prominent positions are Hamilton Fish for the French mission and ‘Moses Grinnell for Collector of the port. Both these fentiemen stand high in Grant's favor, and are very Ukely tobe gratified in their wishes, There ia & trang among Pennsylvanians here about appointments, also a new ring having been Gevéloped looking to the strengthening of the Came- Ton interest in that State, That the effort will Snount to much seems ond of the most unlikely aenaerrens ~ 2 ae ‘th and Forney are left out, as a matter of course. ‘Ah Inauguration Ball Determined Upon. The inayguration bail ts still talked of as an event that must certainly come off, even though the ro- tunda of the Capitol has to be relinquished for the narrow, elongated space of the Smithsonian Insti- tute. Had the management of the affair fallen into other hands more general interest would have been taken in rendering it asuccess, but some inveterate e@vocates of negro equality, social, &c., wanted to have a finger in the pie and shove Sambo and Dinah in among those who didn’t want their company, #0 that Senators like Simon Cameron and Others, disgusted with this project of merry misce- genation under the dome of the Capitol, voted against the resolution the moment they learned what was contemplated. Increase of the Public Debt. Judging from the present indications the state- ment of the public debt for this month will disclose considerable increase of the debt. The receipts from customs and internal revenue thus far amount to about $17,000,000; the receipts expected from the game and from miscellaneous sources for the re- mainder of the month are estimated at nearly $12,000,000, making the total receipts amount to fabout $20,000,000. In the beginning of the month very nearly $29,000,000 in coin was expended in pay- {ng the interest on the five-twenty bonds and bonds of 1881, and nearly $1,500,000 has been paid out since in interest on the Pacific Railroad bonds. The expenses of the government, it is thought, will foot up to about $13,000,000, making a total of about $43,500,000, The increase of the na- tional debt, therefore, will be in the neighoorhood Of $14,606,000, It is believed that the statement for the month of February will show a material reduc- tion, as it is estimated that the expenditures will be much smaller than they have been this month and ‘the interest to be paid will be only about $4,000,000, ‘while increaséd receipts are expected from the internal revenue. Secret Sales of Gold and Bonds. The Senate Committee on Finance heid a meeting this morning and discussed the bill to prohibit se- ret sales or purchases of gold or bonds on account of ‘the United States, This bill has the almost unanimous approval of the committee, but in the discussion over it to-day it was thought its provistous were hardly ample enough to cover the pernicious prac- tices that have grown up and ramified the entire monetary market since gold and government bonds became gambling stock at the money centres of the country. It was fully agreed, though no action was immediately taken on the subject, that a strong ne- @easity has existed and does still exist for the pas- @age ofan act declaring that all exchange, purchases Or sales of the bonds of the United States shall be made by inviting the competition of the public by advertising for proposals for any such exchange, purchases or sales, which shall be awarded publicly to the best bidder, the Secretary of the Treasury re- werving the right to reject any such bids, and that all sales of gold on account of the United States shall be made at public auction. Sevator Sherman, it is ‘understood, will report a bill fully adequate to the necessities of the case. “| Sloquent Speech by a Kentucky Senator, ‘Benator McCreery, of Kentucky, made a grand old time apeech to-day in the Senate on the Anances and wational matters generally. He had Harry Clay in When he struck his eloquent harp on the past of old Virginia, and then, contrasting it downoast condition, her awful travali Suffering, he ruse to the highest and commanded the closest atten- Senate and galleries. On finance he was enough to be decidecily entertaining, and he finished almost overy member, radical as flocked over to the brave old Ken- ne to have the McGarrahan same effect upon Senators the intfodaction of a rea iit i Soot poker between Mae bars of & cage might be sup- Paved to have op gcouple of soreheaded beara, It transformed S“ewart into a wild and batting buffalo Of the platp‘s, and the otherwise complacent Conness {nto @ rov:ring lion of Punjaub. Senator Hendricks had § good dea} to doin producing this extraord!- nary €xhibition by thé inquisitive character of his remarks. He wanted to know why McGarraban’s elaim was shoved overboard in such a dismal hurry the last night of the session; and he wanted also to know from Senaters, at whom he looked very in- qutringly, whether they were prepared to deny the Tight of a citizen to vindicate his long con- tested and well founded claim before the Senate on a mere technicality about indefl- nite postponement. Hendricks was never #0 Polite, and at the same time never so caustic and cutting, Mare Antony wished to move the stones of Rome to mutiny, but Hendricks, without express- ing 4 wish at all, made s mutiny in the Senate that all the marble in the Capitol could never have ac- complished. The expiration of the morning hour cut short the mos} remarkable display that has been witnessed ip the Senate for long time. The violent disclaimers mad¢ by Conness and Stewart, under the scorching atnosphere of suspicion cast around them by Hendriks, waked the most forgotten echoes of the chamber. McGarrahan’s claim promises to be a: absorhing theme of debate and the impetus givm to Senatorial curiosity as to its real character we redoubied by the singular exhibi- tion of to-day. A Bill for tht Suppression of Mormoniem. Some time of tie same committee was devoted to the discussion of Senator Cragin’s bill to regniate the social, judicial and political affairs of Utah Ter- ritory, The bil provides that only citizens of the United States shall be competent to act as grand and petit jurors; that no man shall take unto himself more than one wife; that ali commissions and appointments, both civil and military, granted by Brigham Young shall cease and have no effect after the first of next year; that it shall be unlawful for the officers or members of the Church of Latter Day Saints to.grant divorces or solemnize marriages, and that all the acts and ordinances of Brigham’s government done in the name of thé Church as tristee, granting lands and streams of the Territory, and which in any way interfere with the primary disposal of the soil by the United States, are disapproved and annulled, and that no restriction of any kind shall be placed on the free use of the ballot nor any arts practised to mark the votes of citizens. The bill is very long, and is deemed by some members of the committee rather too despotic in some of its pro- visions. The clause prohibiting the granting of United States lands by Brigham Young in trust for the use of the Church to nis friends and relatives is considered eminently proper, but it is thought better to treat these matters affecting the religion of the Mormons with as much delicacy as possible. Seve- ral amendments on this head will be made on Satur- day in committee, and in the meantime Mr. Cragin will prepare an elaborate speech on the whole vexed question of Utah and its peculiar institution, for de- livery in the Senate after the presentation of his bi. th Territorial Government for Alaska. ‘The Senate Committee on Territories had a meet- ing to-day, at which were considered two bills, one by Senator Cole and the other by Senator Williams, for forming @ Territorial government for Alaska, After some discussion it was deemed best to post- pone both bills indefinitely, and let the matter be taken up by the Forty-first Congress. Two bills, by Senators Yates and Pomeroy, to enaole Colorado to enjoy the privileges of a State in the Union were latd over until Saturday. The nomination of Mr. Langford for Governor of Montana was also laid over till the same day. The Atchison and Pike’s Penk Railroad Job. While one subsidy job was being knocked in the head in the House on Monday another was being worked mm the Senate, the end of which cannot be determined. The feeling, though suppressed, is strong and determined both for and against, The great speech against the bill was that of Senator Conkling, direct, searching, at some points eloquent, at others overwhelming in facts and argument. He showed beyond question that the road.was in the beginning @ huge speculation, that the com- pany could have mae connection with the Union Pacific road within the 100 miles for which subsidies and land were granted in the original bill. He proved that the failure to make such @ connection Was either their own blunder or their intentions! aca ‘camiot inequity be askea to remedy by further subsidies to build additional track. He showed that the com- pany had already received 1,280,000 acres of land and $1,500,000 of bonds, on which they have already made money enough to build the remaining portion of the road without aid, and have $500,000 to divide among the corporators. He controverted the statement of fact made by Mr. Pomeroy at the last session, Then he yielded; since that time he himself had travelled over that very ground by stage and on “horseback, and in a polished but cutting manner exposed the misstatements of Senator Pome- roy, who squirmed and vainly tried to-day to reply. But every man in the Senate now clearly sees that the whole affair is a magnificent swindle. Some honest Senators vote for it, believing that Congress is caught and mast fulfil its pledges; others vote for it because it isaswindle. After 80 many Senators wore committed by misstatements or by motives not 80 reputable it was not to be expected that the bill could be defeated in the Senate; but it will carry to the House a brand on its forehead which will con- demn it. The New York Election Frauds. The select commitee to investigate the alleged frauds connected with the New York election are having the testimony taken in New York printed as fast as itis written out by the phonographers, It covers @ period of six weeks and will be very volu- minous. The chairman of the committee, Judge Lawrence, of Ohio, has only commenced to write out his report, It will not, therefore, be ready for presentation to the House for some time. F¥om the evidence the committee expect to show that a reg- ular system of frand was organized by the demo- cratic politicians all through the State for the purpose of carrying the election; that many persons voted in New York city and Brooklyn from two to forty times in one day; that a system of fraud- ulent registry and naturalization existed, whereby persons who were not entitled to vote under the laws of the State of New York, a8 well as foreigners not naturalized, were allowed to vote; that although several persons were arrested for fraudulent voting not one was punished therefor, but every one of them released. The committee will probably re- commend that Congress enact some legislation whereby Presidential electors shall hereafter be chosen from districts in the same manner as members of the House of Representatives are now chosen; that provision be made for contesting elec- tions for members of the Electoral College as the seats of Congressmen are now contested; that heavy penalties be fixed for parties voting illegally in these districts for electors, and that the elections be held in all the States at one time or on the same day, Sharp Financioring by the Governor Georgia. A printed document is tn circulation here, which attracts some attention. It ts a communication from N. L. Angier, Treasurer of Georgia, in response to a resolution of the House of Representatives of that State requesting information as to the amount of State bonds that have been issued since he came into oMice, and whether or not the same have been sold or hypothecated for money borrowed. He replied that Governor Bullock and himself delivered to the agent of the Fourth National Bank of New York a contract to place in their possession $150,000 of the seven per cent bonds of the State, Less than a Month afterwards $60,000 in the same bonds were of delivered, and six week later $600,000 in mew bonds of the State of Georgia. The bank advanced on these bonds, at various times, on.draft of Governor Bullock, up to the 26th of last December, an aggre- @ate of $175,000. Supposing a considerable amount of the new seven per cent bonds bad peen the Treasurer states he wrote to ‘the sold, bank to learn, He received for that none had been sold it con- sidered unadvisable to do so, a8 in consultation between Governor Bullock and the president of the bank It was considered that the Legislature authoria- ing thom was an illegal body. Bestdes crediting thentselyes in the account current with the various ‘smounts of boris enumerated, the bank also took credit for a large amount which had never reached the Treasury, Angler immediately started for New York to get an explanation, and soon discovered that Governor Bullock had drawn drafts to the Smount of $35,000, which amount was never paid in nor reported to the Treasury by Governor Bullock. ‘The drafts are then enumerated—one for $8,000, $10,000 and $17,000. Angier further states that hefound the amount of money real- ized by the ‘bank on the sale of the bonds was $216,880, out of which the bank paid coupons to the amount of on!y $130,000. The letter accompanying the account current furnished to the Treasurer by the bank reports two notes, in addition to the con- tracts mentioned, given by Governor Bullock, both amounting to $670,000, supposed to be given es sécurity for money advanced and to be advanced to meet the interest on the public debt, ‘ Revenne Seizures at San Francleco. Reports just received at the Treasury Department show that the agents and inspectors of cus- toms at the port of San Francisco were un- usually active and vigilant during the month of December last, On the 6th ultimo they seized on board the steamer Montana, from Panama, one trunk containing 1,400 cigars; on the 10th they seized on the steamer Constitution, from Panama, 3,600 cigars; on fhe 24th they seized on the steamer Colorado, from Panama, 5,500cigars. At other times during the month they seized on the steamer Great Republic, from China, sixty-three tin cans and five skins of opium and 213 pounds of rhubarb. On two subsequent occasions large quantities of opium were seized on board the Great Republic, one lot being estimated as worth about $20,000, This opium was hidden between the deck and the ceilings of the state rooms by removing the ventilators and filling the cavity with opium. The trick was only dis- covered through the disclosures of one of the hands employed on the steamer, Another large lot of opium was seized on the wharf, concealéed in tin cans marked ‘nut oil.” The whole invoice of oil was taken to the appraisers’ stores. Pleasant Entertainment at the Turkish Min- Ister’s, A very enjoyable entertainmént was given at the residence of Blacque Bey, the Turkish Minister, on Monday evening last, for which invitations had been issued to about fifty persons. The party was small, owing to the small size of the Minister’s house, Among the guests were General and Mrs. Grant, Mr. and Mrs. Hamilton Fish and danghter, of New York, who are now visiting Gene- ral Grant’s family; most of the foreign ministers and some of the Secretaries of Legation with their ladies, and several Senators and their ladies, Avery excel- lent dinner was served up, after which the entertain- ment partook of @ musical character, both instru- mental and vocal. Among those who contributed to the enjoyment of the evening by singing were Miss Fish and the stepdaughter of Admiral Dahigren. The party continued to a very late hour, General Grant remaining until after midnight. Mrs. Blacque Bey will issue cards of invitation to similar enter- tainments for every Monday evening during the sea- son. Among those invited for next Monday evening are Speaker Colfax and Senator Sumner. The Pension for Mrs. Lincoln. The Senate Committee on Pensions held a meeting to-day, and after disposing of the usnal petitions for soldiers’ pensions took up the resolution of Senator Morton in reference to granting_a pension to Mrs. Abraham Lincoln. The letter from that lady, re- cently pubilshed, was read and variously commented upon. The committee eoncladed that they had no power to act upon the suggestion of Senator Sum- ner of granting Mra. Lincoln a stipend of $5,000, and that the limit of their liberality was confined to the sum usual in such cases of thirty dollars a month, and no more. In instances where a higher pension has been given the Committee on Military Affairs have had the disposition of it. A report will be made by the committee to the Senate setting forth their inability to render any greater pecuniary relief than the law allows to the widow of the martyred President. Opposition to the Air Tine Railroad. John W. Garrett, president of the Baltimore and Ohio Railroad Company, appeared before the Committee on Roads and Canals to-day and made an elaborate argument against the proposed Air Line railroad from Washington to New York. Mr. Garrett did not produce any new facts other than those heretofore laid before the com- mittee. A majority of the committee are deter- vainesl.to report to the Honse@ bill for an air line before the Senate. Whether it will pass the House, at least at this session, is another question. Seward Lobbying at the Capitol. Secretary Seward was at the Capitol to-day using his influence witn the members of the Senate com- mittees on foreign relations and on appropriations to defeat Butier’s amendment to the Dipio matic and Consular Appropriation bill, provid- ing for the consolidation of the Central and South American missions. The statements made by Mr. Seward, as well as the facts set forth in his letter to the committee, have had considerable Weight with Senators, and tt is probable the amend- ment will be stricken ont when the bill comes up in the Senate, Suffering Among the Dacotah Indians. The Secretary of the Interior to-day sent a com- munication to the House, enclosing a letter from the Commissioner of Indian Affairs, together with a let- ter from the Governor of Dacotah Territory and from the Indian Agents, Hanson and Conger, and a me- morial from the Legislature of Dacotah, in felation to the urgent necessity for furnishing speedy relief to the now suffering and starving Indians on the Upper Missouri. As the department has no means of af fording the relief, the Secretary asks for the favora- ble con sideration of Congress. An appropriation of $113,i00 Is required. The Ninth Cen# The committee of the House of Representatives ap- pointed to inquire into and report the legislation necessary for taking the ninth census is desirous of receiving suggestions from persons in ail parts of the country touching the question, Communtica- tions addressed to the chairman, Mr. Garfield, will receive due attention and consideration. Presentation of the Peabody Medal. The President sent to Congress to-day a corre- spendence between Secretary Seward and George Peahody relative toa gold medal presented to him by order of Congress, in consideration of his mu- nificent donation for the promotion of education 1p the Southern States. Mr. Peabody says:— Cherishing, a3 I do, the sincerest affection for my country, it is not ible for me to feel more g ful than I do for this precious memorial of coming, as it does, from thirty millions of citizens, throngh their representatives in with the fuil accord and Co-operation of tl dent. This medal, together with the rich {us id. tive transcript of the Con; jonal resofntt i Shall shortly deposit in the Peabody Institute at. place of my birth, in apartments specially ee ere. structed for theit safe keeping, al testimonials with which f have hoi I trust tt will remain fur generations to attest the generous munificence of the American Boonie recognizin, however in: juate, of on Ng the e vadeq' of the humblest of their fellow countrymen to pro- = the enlightenment and prosperity of his native ‘The Supreme Court. In the Supreme Court of the United States, on motion of Attorney General Evarts, ©, Tem- ple Emmett, of California, and Charles A. Peabody, of New York, were admitted to practice as attorneys and counsellors of this court, On motion of Hon. George H. Williams J. H. Mitchell, of, Oregon was admitted to practice @s an attorney and counsellor of this court. On mo- tion of C. B. Goodrich Alexander C, Washburne, of Massachusetts, was admitted to practice as an at- torney and counsellor of this court. No. 23—Thomas Pierce, appellant, va, The United States, and No. 269—The Dime South Carolina Sav- ings ik et al, aw vs. The United States. — oe, iment of the was continued ese Cal Shas neers uate Nic Reka eral Evarta for the sp} noes. No. 62—John W. wood, appellant, vs. The Schooner Grace Girdler.—This cause was submitted 3 the Sotho nl printed sieuneae by LM ike pbs 4 appellant, aud Mr. Dono! i the cw ingion * saretomle sah ‘as (Jan. dence of the Boston *Raversieer, General Grant stated last night to one of his friends that he haa not oroaphed. the ‘subject ot mere inthe Souurey una ‘Saat he ‘rectly oF Indirectly ot to [ here who. fer erriest ore re eaceres (eens favored that man or that man has been | cotton or selected for one of the citizen of Masea- qalue ts fnends conden that i positions are at fioation should b their woud soem therefore to be laboring | from @ false standard. under the immatable Attempt to Defer the Mooting of the Next | t. ecmieat records 6 ’ Congress. have been “ ie } e hang have A vigorous attempt wyll soon be made in the | else as money, House tp carsy the repeal of the act providing have maintained ng OF Se mens Commons. On Tae ees March | money of mankii next, a Committee Cet Acht the lution and the feeling in favor of 1t has - Macheian, the Site ae blood of our Sa , however, of its adoption. completed history of = 5 Aine hie @way among the THE FORTIETH CONGRESS. ard of value that will ni by the stan eee ‘Third Session, the operations of this same law. the ocean or the movi SENATE. yond our jurisdiction. This higher WASHINGTON, Jan. 27, 1969. SIOMAN SUFFRAGE. Messra, CHANDLER, SUMNER, HOWE, PoMBROY and Epaunps presented memorials for woman suffrage, which were referred to the Judiciary Committee. NEW TEST OF HONESTY IN GOVERNMENT OFFICIALS. Mr. Howe, (rep.) of Wis., to the great amusement of Senators, presented a memorial praying for the appointment of an able phrenologist to examine all candidates for internal revenue appointments to see Whether benevolence, conscientiousness, causality and comparison be thelr most prominent protube- Tances, to the end that the government may no longer suffer from the frauds now so common in that department. Referred to the Committee on Retrenchment and Reform. MEDALS FOR NAVAL OFFICERS, Mr. GRIMES, (rep.) of Iowa, offered joint resolu- tions to authorize Commander Charles ‘H. Baldwin and another officer of the navy to accept gold medals—the former from the King of the Nether- jands and the latter from the Emperor of the French, COLLECTION OF ILLEGAL IMPosTS. Mr. CHANDLER, (rep.) Of Mich., introduced a bill to prevent the collection of illegal imposts under color of State authority. Referred to the Committee on Commerce. Mr. Chandler's bill provides that it shall be unlaw- tui for any officer of any railroad company to collect or pay over to any State, district or municipal of- cer any tax or impost levied or to be levied upon any person transported to or from any State, district or territory of the United States, or upon the com- pensation paid by said person for suci transporta- ton, any law of any State or Territory to the contrar notwithstanding. And any officer of any such rail- way company making such collection or payment over, or authorizing, ordering or directing the same, shall be liable to indictment the Circuit Court of the circuit in which the offence shall have been com- mitted, aud, on conviction thereof, shall be fined, for every offence, not less than $5,000, ADMITTING INDIANS TO CITIZENSHIP. Mr. H&NDERSON, (rep.) of Mo., introduced a bill to enable tlie Cherokee, Choctaw and Chickasaw Indians to beconte citizens of the United States, Referred to the Committee on the Judiciary. THE SELMA AND GADSDEN RAILROAD. Mr. PowgROy, (rep.) of Kansas, introduced a bill to revive the grant of land for the construction of a railroad from Selma to Gadsden, Alabama, Re- ferred, RELIEF OF COMMANDER DAVIS, Mr, HENDERSON moved to take up the bill for the relief of Commander John L. Davis, of the navy, and it was taken up and passed. CONFINEMENT OF GOVERNMENT PRISONERS, Mr. MORGAN, (rep.) of N. Y., introduced a bill, which was referred to the Committee on the Judi- ciary, to designate the place of confinement of per- sons convicted of offences against the laws of the United States. The bill provides that criminals, sentenced by United States courte of the States of New York, New Jersey, Pennsylvania, Massachusets, Vermont and Connecticut, to be imprisoned for one year or longer, shall be confined in the penitentiary tn Albany, N. Y., and that the United States shall pay to the Super- intendent of said penitentiary the sum of one dollar r week for the maintenance of each convict during iwterm of imprisonment. BILES BEFORE THE JUDICIARY COMMITTEE. On motion of Mr. TRUMBULL, (rep.) of IIL, the Judi- ciary Committe were disch: from the further con- sideration of the following, viz.:—The message of the President. of the United States, dated last July, re- commending certain amendments to the constitu. tion; the communication from the constitutional convention of Texas in reference to lawlessness and violence in that State; the petition of citizens of North Carolina praying that provision be made for the payment of claims of loyal citizens, MILITARY ROAD IN OREGON. On motion of Mr. CorBErr, (rep.) of Oregon, the bill to amend the act Y ageon! land in Oregon in aid of the construction of a milit ‘Wagon road from Eugene City to the eastern boundary of the State was taken up and passed. CONFIRMATION OF LAND TITLES. On motion of Mr. HaRLan, (rep.) of Iowa, the bill to confirm the title to Little Rock island, in the State of Mississippi, was taken up and 5 RELIEF OF WILLIAM M'GARRAHAN. Mr. MORTON, (reps) of Ind., renewed his motion to take up for reference the bill for the relief of Win, MeoGarrah: an, of California, postponed inst seuatoh OL sly ,vigcted a8 before, on Mr. HENDRICKS, Cs of Ind., maintained that the effect of indefinite postponement was merely to revent further action upon the bill at that session. Ke also reviewed the history of the bill; showed that it had never been considered upon its merits by the Senate, and claimed that it was-the right of the claimant, asa citizen, to have his claim heara by the Senate. Mr. Stewart, (rep.) of Nev., replied in rather an excited manner, and began to discuss the merits of the bill, but was called to order. Mr. Conness, also apparently excited, made a few remarks, in the course of which he said he was pre- pared to defend his action in regard to this bill against all persons whatever. UNFINISHED BUSINESS. Before the Senate could reach a vote upon the question of order the morning hour expired, bring- ing up as uniinished business the bill relating to the Central Pacific Branch of the Union Paciiic Railroad, MR. SHERMAN’S CURRENCY BILL. Mr, SHERMAN, eee Onio, moved to postpone it to take up the bill in relation to the public dept and currency, reported by him from the Committee on Finance, Messrs, MuRTON and PoMEROY supported the mo- tion, and Messrs. HOWARD, CorseTr and SCMNER opposed it, The latter called for the yeas and nays. which were ordered, aud the motion Was carried by a vote of $2 to 26, The Public Debt and Currency bill being now be- fore the Sengte, Mr. Davis, (dem.) of Ky., moved to recommit it and instruct the committee to report in its stead another bill. Mr. Davis’ amendment, in the nature of a substi- tute, is to embody the following propositions: — First—Uhat the government bonds should be dis- charged by the payment in coin of their vaiue, reck- oned by that par at the days they were respéctifely sold by the government, and that the future interest upon them shall be reduced to dve per cent on their vaine a aforesaid, Second—That all other debts of the United States incarred since legal tender notes were issued and not expressly payers in coin should be paid in cur- rency, even after the resumption of specie pay- ents, Third—That the annual expenditure of the gov- ernment should be reduced withia iy le of $45,000,000 for civil service, $30,000,000 for ions and Indians, $25,000,000 for the army, $20,000,000 for the navy, $10,000,006 for thiscellaneous and $60,000,- 000 for interest on the public debt, and the surplus applied to the extinguishment of the public debt. purth—That taxes should be reduced $100, and that a within three years should name the resumption of te ents. be” ba ory then eddrgsssd' the Senate apon the bill reported by the Committee on Finance. Mr. SHRRMAN, (rep. lo—Mr. President—I su it we 8 state in general terms the reasons t¥&t influenced the Committee of Finance to repoft this measure and also to state why other measures of a Mnancial character referred to the committee have not recetved its satiction. And, in the first place, it ts but right to il the embar- rassments of fre ‘ge not a. the in- ht trinsic dimeuities of the st t us, but from ¢ 7: at diversity of opt it. ita in ail parts of the coufitry as to the pi a ha wicpiare. Yetwe must all recoguize the aimiculty jeasuire. wi leu! of harmonizing the great diversities of inton that exist on dnan @ partial #1 of a something irty sty A ry ve mess neve ¥' el measure pro) wi ve @ clear of what y Fought to be accomplished, e we have in view is to appreciate our currency to the standard of gold as rapidiyyas the public Interest will allow, Our present fag Si money’? consists of notes of the United States and these are a legal tender in Le fn) Of all debts. Based upon them, and of equal value with th is @ subsidiary currency of notes of national banks and these are redeemable in United States notes and are receiva- ble in payment of taxes. We have also a form of demand notes, convertible at the will of the holder into lawful money, called three cent certificates. We have also a onal currency which is ere fg my a demand. a yur ies paper currency o' the ocautty and the ot Of gach is stated’ ae follows:— United States notes, al bank notes, foreign exc! ay: turies gold and silver coins, were toyed, but it only took more of them to buy a ce! commodity. In modern times paper money or credit has been substituted for real money. As long as this money did not exceed the amount of real money in the country it operated well. It promoted ex- change and gave great activity to enterprises, and its nominal value was the gauze as its real value. But when the paper money was increased or the Nd exported the paper money depreciated’ it hi less purchasable power, prices rose, and either the paper money became demonetized, was rejected and repudiated, or the false standard was advanced in value to the gold standard. The most successfu} attempt to substitute paper money for real money took place in Great Britain in 1797. The Bank of England then, having in circulation fifty-five million dollars of notes, was forbidden by an act of Parlia- ment to pay its notes m coin, and they were in effect made a legal tender. By 1810 the amount of them was gradually increased to one hundred and ten million dollars. _1t was observed that though gold was demonetized and its export prohibited, yet that its market value had risen near twenty per cent, or from £46 14s, 6d. to £58 fora pound of gold. Daring the war of B13 the United States under- took to treat State bank bills aslawful money. They soon became depreciated, and when the war was over and it became necessary to appreciate them to the gold standard, notes, banks and debtors were swept into gencral easy ge and the people com- menceg again upon the solid basis of gold and sliver coin. So during our civil war both the United States and the rebels undertook to make paper not merely the representative of money, but real money, The paper money of the rebels followed the course of. Continental money and French assignats. And yet this does not impu the wisdom of @ paper currency found upon the credit of @ nation, or of it being made in times of great Papi danger a seat tender in payment o! debts. Such paper money as exercised a powerful influence in ancient well modern history. It saved Rome in her flerce confict with Hannibal. it enabled Great Britain to maintain her wars against Napoleon. Without paper money, and, as I believe, without making it a legal tender, we could not have mustered and maintained our immense armies during the recent war. Gold was banished by the war. é quantity was too small for the vast expenditure required by the war. We had then no legal paper representative of value. The State bank notes were wisely exciuded from. national circula- tion. We then cautiously issued our legal tender notes, carefully limiting their amount, and only in- creasing the amount when we cor them back at a reasonable rate of ini called them lawful money, and, the highest necessity, compell to recetyé them as such; after all they were only & forced substitute for money, the promise to pay money, and not real money. Though they were made the legal standard of value their own value was daily 0xed in go'd in the open market in New York. We watched their depreciation as the dark days of the war came on E tried to arrest it. We utterly failed. The effort patriotic, but it was impossible. ee dr did ths same in her wars, She passed laws forbidding the purchase and sale or exportation of gold; but, like ours, her efforts were abortive. I am not ashamed to confess my part in all the efforts made during the war to maintain our Paper money as the trne standard of value, and I confess it was im} ible. Every intelligent buai- ness man watel the daily market of the gol rene ty with ge certainty, fixed e value of our green! of our public credit and bonda, as it did the value “ and corn, A distinction between the stand- ard of value and the actual agent of exchange must always be kept in view. One must be gold and the other ought to be paper money convertible into gold. Such paper currency, with proper measures to meet panics or extreme drains of specie, is proven by all experience to be the best ble currency that has yet been devised by man. An unmixed coin cur- rency cannot exist in @ commercial country, for necessity will compel, merchants Will devise and the people will use some representative of money, whether it be bankers’ bills of excha cere tificates of deposit, or bank or government mo} Whatever theorists paper 2 ma - gest, however sugar-coated the remedy thay be, it one test of a health: irrency, He yorteiasacmversbiity imo go cola fy they ing {t to its place as a legal standard of money? Why not allow our citizens to base thelr future contracts on gold? Why not enforce tiese contracts in the courts as legal and valia? There are difficulties in applying a new standard to existing contracts maae upon a different standard, but this difficulty does not apply to future contracts. We wiahi to Festore specie payments, and yet we forbid all men from dealing in specie. Such contracts are put upon the same | footing as gaming contracts. It would seem that if we were at all sincere in wishing specie payments, that we should not only promote specie contracts, but should encourage them. Con- tracts to @ vast amount are now from necessity made upon the gold basis. Ail our foretgh commerce, ex- ports and impo amounting annually’ to over eight hundred million dollars, are based upon gold. The price of all public securities is fixed by the gold standard of London and Frankfort. The sale of ali imported goods by the importer to the jobbers is b. the gold standard. The dally transactions in gol in New York often amount to one hundted milion dollars. On the Pacific slope gold is the only stand- ard of value. We cannot alter this If we would. Why not recognize the fact, legalize these contracts and conform our measures to the gradual adjustment of existing contracts, including paper Latnge 4 to the standard of gold. If we were fegisiating to protect the unwary we shonid not for a day permit the existence of uficon- verfible paper money. Mr. Webster said that ‘of all the contrivances for cheating the laboring classes of mankind, none has been more effectual than that which deludes with paper money."’ The chief reqsoi is that suen pager joney is so fitictuating that fone but the intelligent and crafty can estimate its fluctu- ations, while the unwary assume that it is equiva. lent to gold. If we, then, legislate 2. protect the unwary we should require all contrac! be mad on the gold basis, bot ¢ ‘lence ows that the true basis of contracts ts the consent of the —, We can leave the int patties regulate equivalenta, and wé'can ta gold c tract agaiust usury and fraud much more a contract payable m ct . ‘The Senat Indiana proposes to add to the burden of existin; contracts 4p annual interest equivalent to twelve cent, by fequiring gold payment in two and a half joe it cc were left to adjust this matter y contract they are not likely to adopt a more se- vere measure to the debtor than t f it is unsafe to allow ames to make a Contract in coin, how cad Cake to make contracts in currency to rec in coin in two and a half years? it in contracts are brought about by coercion en hea ge will aoe them, and i gold is requi @ consi m for payment o @ currency tonthock, it usurious and if enforced. Practically, any law req tion sre payment is a law adding to the amount bt he curren low the les to selves. The former proposition is indefensible, and the latter is the only way by which the creditor and debtor by mui ment adjust a currency contract by equivalent coin. All contracts to pas 4 money are contracts for the delivery of gold, and a4 contract in currency 18 on contract to pay &u indefinite amount of gold, de- pending on the uncertala depreciation of the cur- Trency at the time of the pay Why may not the parties fx for themselves the amount of to be id rather than leave it to be fixed by the bulls and rs? Where contracts are authorized in gold all the Cag 3 of the municipal law which protect con! from fraud, usury or coercion pep to them as well as to concracts in currency. the reason ew Ty contracts were ever forbidden was because public Py Hi spec! Fonte while now the very fact ive im tavo Pf the pe itay of spenie comereots in ‘he sive in favor o1 it tracts to be allowed, future. Not only cont a but they it to be encouraged, such con- tract the way to a general If they beoeme eral gold now hoarded will be let loose, TI ili produce an expansion of the cur- aoe. When oak Ce Fe we Rs oe Sor"wnen spec ae ae tt apeckg wi 5 can Semede 10 perform some of the of currency it adds so much to the volume the cur. rency, dnd as contracts become ‘the of is complete, while é F § made create two currencies of unequal val as well to the present “state of Incere 1 specie we are si in not only multiply the demand foi courage coin contracts, issue United States and by the contraction dispense copreciste currency. ve i ven the gold roducing States, will venience fn ¢ produ them higher credit and secure them in evs of the country. IT am confident that under system the national banks will, if allowed, specie payment, are resumed, substitute. for the present circolation, and that, too, wil aiminishing the aggregate of circulation. them have now reserves and ts > the requisite deposit of additional gold certificates now {issued from the night be used for their coin reserves without fd ing new demands for coin. Thereis but one other consideration I wish to urge in favor.of the 3 of this bill relating to gold contracts and that grows out of the donbt that validity of the Legal Tender act. We get that currency contracts depend, not upon agreement of partes, but. entinely upee the vahdi of that act. has always doubted, and now contested before the Supreme Court. I ber very well the discussions in the Senate when act passed. Its validity was then di c Collamer and other able jurists, only maintained by. myself and other ‘d from the imperative necessity of supporting armies then in the field. This necessity Res long ceased. If this question affected alone the . ment of the United States we might resume. payments very soon—sooner even than the from Massachusetts (Mr. Sumner) funding a portion of the United &t requiring the banks to maintain their in legal tenders, by withdrawin; certificates and by the use o! Treasury we could resume at cess might increase the indebtedness the United States one hundred million dollars the interest five million dollars, but our re’ are ample In gold to the moreased interest; ; the actual saving in the current expense of the gove ernment, by the reduction of prices to.the standard, would be double and terest. The body interest we would have to drawn from circulation, and if of resumption fell alone upon the Danks, She tae Oe oe nase are gecurities, deposited with the Treasurer of States, are now nearly equal Se ogg to the of their circulation. A call under the SLE Tas a ay een he abi me 0 to resume ar pei eg Mie Loy fs resume, Their profits in the Those not now strong en00ge 10 perform the oo of their Laermer to uniform currenc; into ive way to ot banks Trendy to woke thelr 9 their pi furedemption the banks means: ches reba hws ae jers Fs ose Tad the banks merely, butas itamectd | a Beats, How will roperty the change. 70) oa nominal value, bal it same intrinsic value. is undiminished. It will bay the ing and necessaries of life. Bed bi ‘oy ocd iy and der and. need, but by su; m0 depreciated it m ji take more of article, if it is ap Specie. or ton Not affect the price of the other to ‘This can ‘ by the alternately by the cost of prod man without pi and -pot Anmnm As =a Currency. fils wages may be receives of the appreciated currency ‘chasing power as the highe fore, The change does not affect land and labor are the last com hyo uae. Sa the. pT. @ depreciation him, for his food and clot than his labor, but apprect is immediately beneficial to that his labor does not quickiy as food and clothing. however, may be disastrous! mode of appreciation. If it is sudden « Gi penne days resul it will é work, of ente! Sad consegsy tn the price of Tabor. Persons axed salaries incomes are benefited by an appreciation rency to the full extent of the appreciation. tmcomes have inc urchasing power, and areenabled to extend their purchases, new wants and add jp toomegg ag oo The ‘ar, when ie currency Was being tried distress and want and many comfortable homes. It fell with severe ; upon preachers and widows and old men, who saw the purchasing power of their annuities melt and a condition of independence ch: and want, They will, by an ap) of | rency, be restored to their own again. —- ——— _ bankers will be appreciation correney precisely as | and credits bear to each r. If than they can promptly collect ‘on debts | mast loge to the full extent of the an ey must make theit loss sale of part of their rices, or 0) in an precinred curren as ry ‘ion of currency is prec! Classes, for they are generally when enough is due them to pay, witl in payment or the failure their di always embarrasses them. Commercial ‘ compels promptness, so that a banker, however prudent he may be, to sacrifice. his assets to meet ciation of the currency. But the distress ‘an appreciation of the currency falis debtor class; others suffer only by ene apa to a debtor? and thirty-five dollars Where he ohe hundred dollars, or which is the payment of one hundred dollars & pa; Cin. go dollars. el pI the loss of Droperty. ae to all currenc;