The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-02-06

Cowan, CIessweil, FreIing huysen, Guthrie, Nosmith
N{s 50 ne ans9lii blli ssasfiSstiO Ias lost.
Mr.. HARRIS originally voted in the Affirmative
him to enter motion TO reconsider.
Mr.; WILSON entered q motion to reconsider,
and the Senate then, az p. M, adjourned.
House OF Representatives.
The House then, at ten minutes past two o'clock
went into Committee of the Whole he State OF
the Union, Mr.. GARFIELD i'm the chair, on the
Presidents annual message. |H
Mr.. HOOPER, Of Massach usetts, took the floor,
and addressed the House on the bill TO amend the
national banking law He said
mower Which sIpeIeSs ba s b 6 TO cSssSpv No
enforce he require ments Of the original law, by en-
neglect refusal the part Of the banks TO conform
some provisions Of the law more clear and
denitei and It presorbes the mode Of proceeding by
eoeyeTs who may be appointed to close the bust
require es all the banks in the cities named as places
New YS Sot oSV tb @ 1o@tes @ g S Sso b
circulation OF any bank for which they act redeem
Il prohibits the banks from including and reporting
compound interest treasury notes, any balance duo
them which bears Interest," as part Of their reserve Of
y chsngeg The law in reference uaurious interest
teture Of the amount of interest prescribed in the
ltprovides circulating notes for new banks organized
under the lay by scaling down The proporions to the
Sotment OF circulating notes to be returned to the
L. reduces the national taxation the circulation
o d6e pSnkS 70 a 0 one Per Gent m b per IN
Tbe tex of half Of one ner cenf on denosits IL con-
tnued and the tax OF half Of per cent on the oapi
There the principal amendments proposed by
The returns published Of October l, 1865, show
S426 coo O0 the amount of United states securities
were deposited in the Treasury as security for
Wse Sbd Ipessn at this mS When e so
70 bring about settled condition Of the currency and
the national banks to be wound no, and their notes to
be withdrawn from circulation to substitute United
tea laua -ffn nd nOt tpg m q
cannot doubt that il Is the settled opinion Of this
6S6na banks Should not be increased Beyond the
$500 100000 now prescribed in the law II more paper
legal tender notes issued by the government, that
circulation would be reserved to he government:
should be in favor Of withdrawing all the circulating
tender notes for them in preference to
increase Of the amount Of 6an6 3 dn notes beeEng aS
much If not than the banks sustain, If
irredeemSbe paper money as the permsne6t currency
Of the unry would prefer to have it all issued by
The government legal tender notes we're not
at that time Consisted Of The notes Of state banks
which had all suspended specie payments with most Of
vaults by the sale Of which the banks aftoFwards
should borrow Stale bank notes at higa ate of in
the var or whether they should issue for that purpose
Ster aerHae was SSoped ana the legal tender
notes furnished to the treasury over seven hundred
which was without any cost for interest, at a time
%5en the was in most pressing NEED tS 1t
yideo the people OF this country with the ability to
until armed rebellion conquered, and the power
and suth9Fty Of the was asserted and re-
4 eSSnOt be denied, however, that this was attend
yeloped: i Operated uReaqsiiy and uniusfy on diff,
stake them and no one Who Claimed to Be loyal stop
ped to consider, or hestated to make any sacrifice
Now the be
eoC m WS s W be-
with securing the legitimate rewards Cf labor The
pigment to the industry of the country by relieving
from taIstiS9 and by encouraging II every way the
that the unusual powers which the Treasury Depart
nued beyond the exigency that rendered them neces
In condition of peaoe'the revenue of the govern,
ment ought not exceed $500, goo, or at most
he S as PS veil SRS % oreG
of the 2 But the speedy Of t
that Of relieving the productive industry Of the co
pressed; have not been able to join in cOnsratu-
pg a the a 10 Of tn the on 2 5S s
the 9S G1g IS i s t to g me our ~ @ Industry could i
been funded, the currency restored to sound condi
01 and nd our industry So far Teeyed from tsxaon
We can then better commence more rapid reduction
The only way in which the currency of the country
can be made equal IN value to the money ofother
money until what remains in circulation shall become
the fQuiVAent OF The constant and increasing
supplies of the precious metals produced IN this
countrl would rapidly furnish sufficient amount for
Iency, instead of being exported it s to pay
for importatons of the products of foreign manufsc
ture to compete with and discourage the industry of
concur with most of the arguments in the learned
speech recently delivered by the gentleman from Penn
which did not seem to me consistent with the general
tenor Of his remarks on the subject OF currency He
ard OF the value OF the currency should be the re-
sources OF the country and the integrity o. the g6Y
standard of the value of dollar in this country
mine for it each day and from hour to hour but gold
is the standard by which the value of the dollar is
| Whatever we issue as currency, by whatever name
cal il and whatever laws passed in reference to
the standard of gold AND silver and it will pass as
currency according to that standard OF value; am
ments, ncr am ready to name a time when think
specie payments should be resumed; but in my udg-
ment that most desirable Bhould be constantly
kept in view, and any legislation calculated 70 retard
be stTeaGS3Rsy R Tssi9ted by every one VINO re-
should be Understood by every one that II Is the
paper money until its value Is restored and becomes
equal to coin 90 not believe 1t necessary TO with
draw all the legal tender notes TO accomplish that OBJ
ject do believe it necessary to contract their
amount to such an extent as to derange the business
One Of the great causes of money panios, which so
many to apprehend, has heretofore been the
The notes Of all the national banks are made abso-
Iutely as the government itself; by law they
payment for taxes aud ali other dues 10 the govern
ment except for duties on Imports ana ior an aebts
public debt. This imparts such degree OF security
and confidence to the nstSnsl panS hTte9 ths @ sney
There is general demand Tor com among the
holders of bank notes long as there 10 confidence in
Nor viii there be any general demand for coin among
those holding Ia DSnhs h so 0hg do Rnt % S
continuation OF hgh prices mas &