New-York tribune., 1867-02-22
HOUSE OF REPRESENTATIVES,.
r,rIIrR ,lrrrINGs.

On motion Of Mr. ALLEY Rcp Mich The reading
~ the Journal oi yesterday was dispensed WIN. -,
that the daily meetings of House for the remainder
Of the session be at II O'Clock a m.
on motion II Mr. ALLEY the Senate bin to authorize
the construction Of euhmerged tubular bridge 1cre INC
Mississippi River ~ ~ Louis taken fuu the rpoak
er's table, read three times and passed
TE L0AS BILL EEyIyED.
Mr. HOOPER nep., Mass from the Committee on
WAYS ard Means, reported "a bill TO provide Vays and
means for the payment OF the Compound Interest Nots
and for the contraction of the currency lie claimed that
the bill was reported In conformity with the instructions
Of the House. gwen the week before, iu resolution
offered by Mr.. GTinnell.
An animated controversy took place 70 whether the
bill was reported conformity with the instructsns, and
objection was made the report being received Finally,
by vote Uf the House the report received and the
bin came before the House for action.
Mr.. HOOPER proceeded TO explain the bill lie said
the amount Of compound interest notes all Of which fell
due this fiscal year. Sil0oOooO. The bill proposed 10
allow them to be received special temporary loan
for which certificates 10 De issued bearing interest
ot az per cent the Committee being Of opinion that
the banks which held them would gladly exchange them
for such certificates, Of which they could make The same
sc maj hcv now do of the compound inferred notes that
are held by them part Of their reserve.
Mr.. WILSON Rep Iowa. showed, IN The cdrse OF some
ntcrlocutory observations, that the eject OF adopting
the plan ~ the Committee would be to pay Il those banks
three four millions year in interest and relieving
them the extent of such certificates Of lH necessity Of
keeping lawful money for the redemption their notes
Nj. STEVENS rep. Pa, ~ carrying OUT me ldra eN
pressed by Mr. Wilson, moved to amend The bill by max
ing the section read THAT the Secretary Of the Treas
uy bc directed 10 redeem compound Interest notes with
the accrued interest and TO issue therefor legal tender
notes" -
Messrs. LYNCH Rep, Me- and RANDALL Dem,
PENN suggested amendments authorizing the secretary
Of the Treasury issue hundred mlionsof legal tender
notes not bearing interest Mherewth TO redeem me con-
pound interest notes but Mr. HOOPER, refused 10 dIOW
the amendments 20 bc offered.
Mr.. RANDALL, however, got an opportunity to explain
aud to advocate his ancudmcnt and 10 oppose tho bill as
I'd
thought his proposition would relieve inc treasury ana
not cause any monetary difficulty in the country 49,
proposition looked TO the direct purpose OF the expansion
Of The currency and ne argued against II thar view.
The dis,usdon was further participated in by McssTr.
PIKE dRcp-, Mey, HoTCnKiss diep3 \. Y} POM; roME-
ROY qsepy N. -, LYNCH Rep acJ' GRiNNELi'
Mr. POMEROY asked the House whether, after passing
reconstruction bill radical than even Mr. stevens
had dreamed of n year ago. 10 was going to stab the
credit and undermine the interests OF the country by the
issue OF another hundred and niy millions Of Continental
money declared himself ashamed OF the proposition,
and hoped the House would not adopt 1t.
Mr. PRICE Rep Iowa. argued IN favor OF the Tedemp-
tion Of the compound interest notes by egatender non
interest paying and he showed that that propos
just 10 the holders OF the compound interest .9es
and Just to the people in saving them the payment of ioI
or five MILLIONS year lie also 3pRo'ed 1dt sc,Sn & Sd
withdrawal Of 100000 month from the currency Ihe
country must look TO ultimate return Ia specie pay
men and tho way toward that was 10 control The cur
rcncy TO some extent, but not to the extent o tooVV
Sir. EGGLEsTON Rep Ohio advocated the bill re
ported from the Committee Ways and Means which
he said compromise measure.
Mr.. GRINNELL GSep, Iowa declared himself satisfied
with the report OF the Committee, proposed to bo
modified by Mr. Steyenss amendment. N was A. good
a measure as coud be proposed, and he Thought the
country would be satisfied with II.
Mr. HOOPER, at II o'clock, moved the previous ques
ton on the bill and Nh Stcyonss amendment, excluding
all other suggested amendments on division OF the
House. the vote stood GO to 5j. II being close the
SPEAKER directed the vote to be taken by elIeis IL
was 50 taken and resultcdYeas, y; Nays not counted
SO the previous question seconded, and the main
question ordered.
Mr. HOOPER closed the debate arguingi favor OF tho
Hill reported by him, and against the amendment offered
by Mr. stevens. which would, he said, produce AZ mia
tiOn OF the currency. x,,.o,.
Mr. HOOPER yielded q a few minutes to Mr. ALLISON
ep Iawa) who spoke in advocacy OF the lIst frtlon
Of the bill, which would, he said, induce the country
banks 90 keep their deposits In the shape Of these ce
now do in National Banks at New York, where ey
pet per cent their balances aud where those %
nnces go increase speculation For MS own par, e
had objection 10 tho proposition w issue mk toI
MED that that would swell the volume of currency, Dc-
cause the legal tender notes would nave to Do heu IN
reserve ~ the banks as the compound interest," nys W"
now held. =. u - -.I~y~-..~ -, A.,
M nc3GE G2ep, NJ - declared himself N iavo, ar OF
the hull as reported from the COMMITTEES OF Nys DIV
Means and against the proposition 10 issue leea tenuer
notes in redemption Of the compound interest,"
Mr. PIKE Rcp., Me) spoke In faNof OF nj, r a. y
amendment, except that IL made IL "a Iegsi
secrctaTy OF the Treasury TO issue s0O0OOOO Si
Tender nOtcslnstau Vi IcaNlDB u oPu""" "''
Mr. lynch Rep Mel stated that he wasn torl9ed m Dy
The Controller 90 the Currency that sOoutNv,o ~
nnnnd ntercst ,r were held ny the National pdhs -
~,f ~, their n nd the withdrawal OF tina, hinoh, i
'",'d have :'' g.!cd b. currency Hh!eni NV ~