New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1865-01-21

accept OF an amendment pr0vdng Tor the Issue OF three
year notos with coupons which may De convertible
into the bonds Of the United States. ..
Mr.. STEVENS said he could not accept II. Bnt w
is esoae rS e Of c
thought he ought to be left to the discretion exer
cised by bis predecessor. .... ....a 81 f...F
ing the notes from taxation BY State municipal
authority and argued that, while the exemption was
for the benefit Of capital the labor of the country had
to bear the increased burden Nothing could Be 50
unwise
Mr.. BRooMArL exhibited note issued under the act
which they now proposed to amend, and which was
made on its face legal tender 1t in the form OF
currency without coupons. II the currency further
to be increased preferred that 1t I've uniform His
oDjectiOn was TO the form Of the If the HOUSE
would put the paper in form that It could not
initiate the currency be would vote for the bin Tia
mistake heretofore had been that the currency was in
fated too much We Ought to borrow money at double
the present rate Of interest rather than add to tho
yO.ume Of circuation.
Mr.. STEVENS replied that the note which bis col
league had exhibited issued under the clsuse which
authorized description of TO be substituted for
auotlcr. The notes issued under the Law had boon
changed for legal tenders.
Mr. HOLMAN said he would not discuss the question
of power; but bis objection that the paper to be Is
| subjected to taxation the same other property
Mr.. GRINNTLL expressed his views ~ favor Of equal
taxation and the right ss well as the duty OF Congress
fol- the present and future necessities Of tas
Government.
| Mr.. SCoFIELD offered amendment thst 70 legli
tender notes shall be issued under the authority OF this
act. or under the net to which this is supplement
| Tint amendment and that Of Mr.. Holman were 'e's'
Mr.. FRAYK offered one, which was rejected tina, tho
treasury notes hereby authorized may be used as tls
basis Of circulating notes IN the same manner Us olner
United States securities
| Mr. BROWN (Wis.) offered proyso that such treas
NY notes shall not bear interest The great bla1asr
he said was in issuing two classes OF notes, one legal
tender the other bearing interest: which latter were
locked up in the vaults of banks while the former wers
in the hands OF the people Hence further deprecia
Mr. STEVENS presumed the gentleman desired 70
make E.o legal tender. IL the gentleman supposed
one would the loan without interest OF course
that wbnld be advantageous to the Government. Ihs
only doubt was whether the people would take the loan
without interest
| Mr. Browns amendment rejected.
Mr. PRICE offered amendment providing that tns
shall he issued for one two and three years WIN
coupons and convertible into bonds OF the United
States he lid not want these notes to enter into the
volume OF the currency thereby increasing the relative
valne Of gold.
upder the act 10 which Inc pending bin was supple
ment had been in force Tor six months AID by 1t ths
power the imitation OF the currency had pee, Re.
the secretary Of the Treasury that he wanted tho same
power which conferred upon his predecessor ana
which was necessai for the administration o. the V
partment The Secretary was opposed 10 iurfher IN
hat Of the currency unless In emergency not now
and for the benefit ofthe Secretary he Kasson
did not disposed TO tamper with the Treasury De-
parmen and the general finances by Withholding from
The Secretary the power exercised by his predecessor
Any restriction Oh TIE policy when inade thc ioan sno
endangered the of the remainder OF the
MI PRICE said that the national banks were increas.
| ING the volume OF the currency.
Mr. KAasoy replled that those banks had at first In.
creased tue currency. but now large portion oil tns
State issues merely being converted into Govern
ment notes
MIR Prices an endment was rejected
Mr.. ALLEr said the cause Of the civil war Is TIE In.
crease in he volume Of the currency and ns1 IN tas
ISIS believed beyond a doubt that the ReDellon Nouii
be suppressed aHd the Cove nment reestabshed IN al
lspirs tLey would not find egal-terder notes more
than 20 per cent discount He hoped Congress would
tax the State banks out Of existence lie believed tnst
the Secretary OF the Treasury would never luflhe, i'
date the currency excepting from the most urgent ns
cessity
Mr. DAVIS Cdd) enaeavored to obtain intelligence
concerning the effect OF this BILL being absolutely a.
Mr. KrsvAx said the effect OF passing this bill would
authorize the Secretary Of the Treasury TO issue
seventy millions OF legal tenders IN other words there
Is now that amount unssued under the second section
OF tie act. In addition 10 that ny the law he IS au'
thorzed 10 Issue one hundred and thirty mhons IA Yen
dollar notes which are not lesaltender 10 other
words the Secretary has power to issue one hundred
and thirty millions in notes, which by law he may issue
Mr. DAVIS CNid) said he was not in favor Of putting
oct any more circulating medium, either here OF "a
Europe without Increasing the Volume vi currency ana
making incomes OAly on.-halL
MT. SCOTELp asked what was the use OF any more
! l. al tender why not stop somewhere
| MIR KAs:oN knew OF 10 other reason than would he
given In ease our armies owing to disaster IN tue
money market. could not otherwise b. supplied.
Mr.. SCoFIELD asked where IN suoh was the
capitalist " no would not supply the money!
Mr. kAssoS could not inform the gentleman where
70 find such capitalists but he pesun ed sueh earal-
lists wonsl not lend money 10 the Government without
compensation.
Mir. MORRILL, said the Committee Of Wsys and
Means did not think II was 10 give tue Secretary of the
Treasury power 10 issue legal tender notes in any
Mr.. GARFELD said THAT on the 18th Of this month
$40 0O Of the compound interest notes, similar
that shown by the gentleman from Pennsyl ania had
been issued
Mr. SrIvrys said once for all these 30 compound
notes issued under the ID section OF the act OK
June last place of legal tenders, which were can
celed,
Mir. DAVIS (Md.) offered an amendment follows:
Prori9,d tia no note issued under this law shall be
legal tender and shah shalt be Issued OF less
denomination than hundred dollars.
This was agreed TO by q vote OF 81 yeas agains! .
nays. -,
on coucurIlug IN Mr.. Dayss amendment and II VAS
disagreed 10 by vote OF ~ yeas against o. nays ~
follows:
Yx.s-M,..r. Alison Aneona, BALDWIN (sfieh;s B!san.'
BROOKS. BrQSga HSTn w. SSss b pssy briss
peer,on Fldrid,c Fhck Ganson, Harris ll Johrsonto
Ns'eh M MeHSs a. MAJ, NS ~ i Sob. 0e oS
OF Pendleton, Perry Price Rania. fal Rogers heih'
MOI Ros, schcnck soofeA Sloan sp.u.d.og steele tNJb
Washbun CNass) Wheeler. c. A. White, }. W. Nht'e'
" l.i1ms wider Wilson.
NAYs--,fessrs. Ames Arnold Ashley, bai, sd aW
M~sJ Bagter, Beanlan. Blow, Boutwell, hosn H., rps
Glars Cobb Dem.nz Dixon Donn,hl, r. etoi,sn Uoo,rr
i,h Frank Gahei oooeh dnnnri Ia, i Cam ip.ersoI
io'clAi t nu0' 1P, Jn'sn Kas.ou. Kelly hrox Little
loan Loon .oasysaT hafy'"S Nil, o MIS- ~ W A.
tlurs =, trh Pern.u Pike, Randall, Rice Mas
pI. sl Rollins ~. IT. Scott shshhoh S'e'eH' ''"'''
sweat Thayer, UPson' 'an 'a'~en'"'"
,,r JouiNsoy (Penn) moved to reconsider the vote.
and to lay that motion On the table. .,..,e Co.,.
Ibe orestlon was agreed t06j yeas against ~ nays