Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-11-30
portant committees on financial Affairs, as
announced by Speaker Coifax on the 25th:

portant committees on financial Affairs, a:
announced by Speaker Coikx on the 18th
On Wars aad Means. On B0nl-iHa and Cnrreacv
Schenck, of Ohio, Pomeroy. of New York
Hooper. of Mass, Hooper. of Mass.
Moorhead of Penn, auckland. of Ohio,
Allison, of Iowa. Lynch, OF Maine,
CIrigwoI III. of New York Hubbard. of West Va
Brooks. Of New York. Judd. OF lihaois.
Logan, Of Illinois lC0burn. Of Indiana.
MAYNARD of Tenn Randall. Of Penn.
Niblaek, of Indiana. Barnes, OF New YORK,
Two thirds of both committees are be-
Iieved to be opposed to the further with
drawal, at present, Of the greenback cur
rency, and a majority Of the Banking and
Currency Committee are believed to be
favorable to moderate addition to the
present national bank note circulation or,
if the House should so instruct them, they
will report bill to substitute greenbacks
for national bank notes
The Washington correspondent Of the
Cincinnati Gazette says in his dispatch Of
the 9th instant
Congress is addressing itself vigorously
to the financial question and retrenchment
measures. The records show that more
bills and resolutions, directing inquiry,
have already been introduced than were
before brought forward in the first two
weeks of any session, and at least three
fourths of the whole number relate to these
two subjects. All the financial bills, with
two or three exceptions, are opposed to
certain features of Secretary McCulloch'
policy.
The most noteworthy movement, perhaps
was that developed to-day by Mr.. Ross
resolution, favoring the substitution of
greenbacks for national bank currency.
The motion to table it was defeated by two
to one, and the probabilities are that if il
had been put to square vote at once, il
might have been carried BY small ma
jority. So many members wanted to avoid
the issue, however, that the matter was
finally referred. Had it passed, it is of
course probable that discussion would have
changed the views Of many members, and
a bill embodying the idea, might, in the
end, have been lost. The vote of to-day
shows conclusively, though, that the House
is willing to consider proposition of Oyera
throwing the national bank system.
Another proof of general interest in
financial matters, was afforded in the at.
tention given to the speeches of Blaine and
Butler. Some persons find satisfaction in
the fact that the first speech Of the session
is in support of the national faith and
honor, relative 10 the payment of its in.
debtedness Nobody could have spoken
more clearly and forcibly on this point
than Mr.. Blaine. He agreed that both in
law and Justice the principal of the Eve
twenties must be paid in coin, and de-
clared that the need of the hour il for
economy and retrenchment
Gen. Butler suggested that il Congress
should enact that all national bank bills
which find their way into the Treasury
should be retained and cancelled, and legal
tender notes to the same amount issued, the
whole national bank currency would be
Withdrawn from circulation in four or i've
months, or its place supplied with green
backs. This could be done without in~
creasing the circulation, and would save
between twenty and thirty millions paid
on bonds which are deposited to secure
national bank currency. He believed,
however, that the couRtry could bear
thousand millions OF circulation. Ii that
should prove at any time redundant, then
that portion of it which was not needed for
business purposes would be brought to the
Treasury and exchanged for bonds, and
when more currency became needed bonds
would be brought back and exchanged for
currency. This currency to be ia the legal
tender currency of the government. This
would enable the government TO reduce
the Understanding debt to fifteen hundred
millions, twelve hundred millions Of which
would be in 5720s. This he wonld have
changed into long loan Of thirty years,
or fifty years would be better, taxable by
State and municipal corporations. He was
not for this generation paying all the debt.
He thought il had done its share in con-
tracing. At least three things were neces-
sary
First. To stop the contraction of curren-
cy, which contraction amounted last year
to one hundred millions.
Second. To have the geld in the Treas
nry sold at public auction, at fixed times
and
Third. To repeal the immense number
Of discretionary laws, which put the Treas
uTy Of the United States in the power Of
one man.
The indications are that no financial
measures will be adopted till the Treasury
reports have been made and considered.