The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-03-24

Mr. MoaRnI replied that tho Secretary limited
loyal nders commonly called grcenbackh
Mr.. EtDRpoE inquired whether 4 would not have tho
effect limit him In the retirement OF Interest bearing
notes as now authorized.
Mr.. MoRRmL-Not at all
Mr. LAwREScE Of Ohio, opposed the bill as stll giving
the Secretary much authority He might retire The
$50 100000 OF compound interest notes and s1
legal tenders within the year, thus contracting
the currency s2l4, 600 600 in a year
Mr. Lyscu, lrepl OF Me-, moved TO amend the anens-
shall DO retired and cancelled until all the interest
bearing Treasury notes now outstanding are funded
He understood that the Secretary OF the Treasury did
not propose 10 and could not retire moro than
$50 600 600 OF compound interest for the nes
two years Did the House want TO anticipate any
farther than that The Secretary did deem
prudent 10 fund than hundred millions year;
and the nrst Indebtedness 10 be funded the com
pound interest notes which were not legal tender except
for their face.
Mr. ALLEY rcp) OF Mass, opposed to the amend
ment OF the gentleman from Maine because no was In
favor OF contraction and that amendment would pre-
vent any contraction OF the currency. No man was
more anxious or socitous on the subject than he.
Mr.. LYScH withdrew his amendment but II was re-
newed by Mr. KELLEY rep OF Pa who said, referring
TO the resolution offered by Mr. Alley early In the session.
that he had voted for the resolution OF the neman
from Massachusetts, under the delusion that contraction
must DO the way 10 the resumption Of specie payment
But today the country on he Ugh road TO rcsunp
ton The House had been told that the volume OF
rency was increasing and the gentleman from Ohio Mr
Garfeld) had talked OF the large amount Of gold
IN tue country and OF tho balance OF trade
being IN our favor but yet, with all that, prices
daily depreciatng viz the Prices OF labor, ct com
modtcs, OF goldshowing that the currency In
fated but that the country tho high and
full road TO early resumption OF specie payment with
out a crisis; but now IL proposed alarm and
parayze the business the country by placing
troll of II In the hands OF the Secretary OF the Treasury
He Mr. Kelley had great confidence in present incu
bent but he did not know who might be his In
the OF his death resgnniion He would not IN
vest any with the power to stop or expand the bus.
day he pleased The bill proposed 10 do the
absurd thing OF taking up the debt
%onS nv a. c money sr onr orgs oa
ari pardlyzc al the business or the county lie regarded
the bill full of peril Its tendencies were TO retard the
resumption OF specie payment TO close mines and lac
tories to turn many OF the laborng people into paupcrs
and make all become clos economists
Mr. AoorER rep) OF Mass, Inquired OF MS colleague,
Mr. Alley 10 the effect Of the resolution which he had
offered at the commencement OF the session
Mr. ALLEY replied that II merely contemplated the
rotary OF the Treasury In tho views he has expressed In
III, =, annual ,, report ,.,,. ,,.,,. ri. ,ouo.,no
thought that those who opposed TO the bill AS
stood were expressing opinion that was incxpodent
"a resume specie payment
Mr. ALLY replied that he Understood the effect OF his
colleagues (Nr Hooper's) amendment would be 10 pro-
Resumption could not be effected except by contraction
Ne therefore, opposed TO the amendment OF his
Mr. wnSos. trcp) OF Iowa. inquired whether the laws
Of trade carrying the country towards tho
rosampon u specie payment a. fast as was satisfactory
Mr.. ALltY replied that that mglt be So
Mr. Relicy's amendment rejected
M. sLoAV, (rep) OF Wis, moved 10 amend by adding
proyiso that all bonds or other obligations rhould bs
payable In lawful money Of the Unitod states. Ho
wished the European demand for our bonds % cease
and the adoption Of this amendment would produce that
result
Mr. Gnyswop frep) Of ~ " concurred with the
gentleman from, Wisconsin (Mr sloan) In tho object Of
his resolution, but differed with him 10 The mode OF
crecting the desired object, The proper way for
Congress legislae In such way as 10 prevent the
country being Hooded with foreign mportailons, which
our bonds went abroad 70 pay.
Mr. WENTWORTH, frepJ OF Ill, remarked that there
were importers now In the Houso laboring for tho
passage OF Mr.. Hooper's bill
Mr. GRIswolD went on IN show that the inporta
fione In January, 1900 hundred and my per
than IN the corresponding month last year.
and that up the Isl Of March the importAtons we're
yea The eo1u,ry vrs beng flooded with foreign goods
at the OF nye hundred millions year. Our foreign
indcbcdncss D. sy was no, esa than 200 600 900 aud
would BE- 81 600 COO 900 within sixty ninety
days lie argued tha, the SECRETARY now sufficient
pow, ass ~ Saae e son s sss q" an s,sns.
currency Every ono believed II proper IN get
back rapidly as possible TO specie paymsnu,
but there we're worre thng. than tho defcuing
sf specie payment He In favor o. q bat In arry
Ing that point he opposed 70 any poay that wvad
crush aud destroy the Industrial ntcrc<s u the
country Ho would clothe no man. eye present
Secretary the r asury with such povcrs this ball
would elothe him with There nothing unreasonable
in the secretary being required 10 fund the interest
bearing note before disturbing the merc circulating mo
dun Of rhe country Previous TO the war tho circulating
medium $500 600 COO and now, under the mot cx
banded condition OF things, under Tho present law, ~
could only be f7S0o0o,0U
The amendment was rejected
Mr. FaEounaR, rep OF Ind, moved a provlso. that
the legal tender notes known 'Hrecnbsrks" should
be diminished below the amount now IN circulation
lie proclaimed tina, he had unlimited CONFIDENCE In the
Secretary o. the Trcaslry and was Wiling 70 gyo evil
denoe ~ that conndenee Congress would convene
again in eight months from this time and during Nc
interval the Secretary could only diminish ,he currency
70 the extent Of eighteen millions under ths on lie
appeslen 70 nen,'s ~ .'"nn 10y w" a.,
the hour OF Us hnahciai ruuHgN anu " p'AD' Va s"'
hands OF the secretary ~ The Treasury THIS power
MT WENTWORTH supported the bin bocaue he believed
,c ar,a,x 80 ~ vreate.t haiti. "a nght thai any
-. "a -, -, 81 y, uno, a., ryb ~. ,n..r1,ro
man p"' WV "'.n '~'e' W." ~ .s"' - 49, -
ahU'eh i.l"'tt'i '',e a. a'"uipiVinl.'- :. 49, ,
would be equivalent 70 Young whntW cpnhoene IN
tho chairman Com ~ Ways and Means and
IN the sneaker vbo aptsutcd him and Ia tts House
.t., .id,a, ,ha $780,, ,f.ogb,s, 1he ,o.i Ar
sn.n ,, ~ 80 80. "a ~. s,,,.i,,.a =,
Terence bet"ech INC P'vPDsiu"h :" W." 'om",''" ~
Ways and Means ana THAT ~ TIC gc'ennn from hAfsa-
ohusetis tMr Hooper, was tho nsf.nce beiw .n pay