The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-12-08

had stood IN the way OF reconstruction and
had DISTRACTED the WISE sauiay and udcious measures
OF the President 10 give and harmony TO the coun
try The time had when the voices Of
tue people had been heard on these great
svss 70 hesd thas warning voice The House
had by its vote to-day condemned the action
Sorssmep ~ me a Un Or 10. Presdsn
iaughterl He felt like taking by the hAad shs mem.
bsrs on the other side OF the House he saw
repentance IN their.facss They we're evidently sorry
for their past conduct and ne willing to lake them
probation into the great Union party OF tue country
He moved to strike oul that part OF the resolution.
Mr.. SrEygSs. OF Pa, said he had been very much
pleased with the remarks OF the gentleman from Illinois,
That gentleman was right In many OF his points,
which voted with him Mr.. koss this morning he
asked for vote.
Mr.. BUTLER, trep) Of Mass. offered additional rsso.
luton to refer to the Committee Appropriations that
part OF the Presidents Message relating 70 The purchase
OF the Russian possession in America
Mr. STEVENS sad that without special reference the sub
ject was with the Committee Foreign Affairs. and he
saw no reason TO change that
Mr. Buffers amendment was rejected and the other
resolutions we're laid aside to be reported 70 the House.
Mr. PAINE, trep.) OF Wis, addressed the committee on
the subject OF the hnancsa he replied 70 the argument
Of Mr.. Butler made last week. against the payment Of
took TO conrover that position and prove by the law L.
self that the bonds payable in coin because By tho
and dry millions Of fI sre.nbacis Authorized By that sci
which were made legal tenders II the gentleman
from Massachusetts was such magician = 70 bs
able to pay i've hundred millions OF bonds
with one hundred and nifty millions Of greenbacks then
that gentleman should be transferred to tho head Of the
magical powers, pay OH tho national debt.
NJ. Ross contended that II these bondholders were
paid in the currency which was then provided there
Mr. WAsHBuRSs, lrep) OF H.. desired to know whether
be mr. Ross was in favor Of issuing more greenbacks
Mr. Ross did want 10 issue too much paper money,
but he thought e would do no harm 4 the cur!eocy
were watered little. He did not think Il would be
very judicous to return too soon 70 specie pay ment
He would however, have the currency OF tho national
BANGS substituted py grssnDacks In reply % smother
tho bonds should be paid currency. that could be
done under tho laws and without violating the honest
lion. gold must nus BE- 81 c.nosns
hundred millions Of national bank currency, by issuing
six per cent bonds He would then lake the balance Of
the national debt and issue gradually from year to year
greenbacks 70 redeem H. More currency was needed
Mr. wAsusuRsE Of Ill, asked Mr. Ross what the effect
OF dluting the currency was, and remarked that while
price nney-thres per cent the laboring mans wages
increased only sxty-threc per cent He was glad his
colleague had declared himself in favor Of watering the
currency, and he presumed that that would be the
policy Of his (Ar. Rossl party In Illinois next year.
Mr. Ross reorted that since the policy Of contracting
the currency had been established the wages Of the
laboring had decreased and his colleague had "a
vored that policy his colleagues policy had also been
70 exempt from taxstioD the property Of the rich bond
holders, thereby imposing more burdens on the prop.
erty OF the poor man He would tell his colleague
that II no planted himself on the bondhodsrs' platform,
that platform in the state Of Iilinoia HIS COL
league willing to turn of the decrepit soldier
1 and the widows and orphans Of soldiers, with
payment 10 paper currency and to reserve the gold to
pay of the rich bondhoders. He had been originally
opposed to making greenbacks legal tenders; but now
he rejoced that that had been DONE 1t opened
way TO the people 10 get rid Of the enormous debt
Mr. sPALDKG asked him what amount OF grecnbacks
he would issue.
with him. He thought that with the help OF taxa
ton one-sxth oneeighth Of the bonded debt might
be paid every year.
| The committee and the House, At forty minute,
past three adjourned