The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-02-22
EousE OF REPRESENTATIVES,.

WAsnIseroS. Feb. 81, 1867.
On motion of NJ. Alley, lrepl of Mass. the reading
Of the Joarnal of Yesterday dispensed with.
NEETisGs-
ON motion Of Mr. Sri.yxSs, lrepl oF Pa II ordered
that the daily meetings OF the House the remainder
cf IN. SESSION he eleven o'clock A. NJ
srpsvresp rnocr
I'm motion q, VI, Arlsy, the senate bill an. hor,ge
The construction OF Il submerged tlhasr bridge
tie Mississippi river nj ST. Louis taken IRON the
Speakers table, read three times and passed.
Mr. Bcvvrx rsr Of Macs. lrsm the Committees on
Ways and Means reported bill to provide ways and
for the payment OF the compound interest notes
and for the contraction OF the currency. He claimed
that the bill reported In conformity with the in
strucions Of the Heose, given the week before,
resolution offered by Mr. GrnnelL An animated contro
versy took piae whether the hill reported
conformity with the Instructions, aud objection
made q the repori being received Finally, by a
aud the bill ramr before the House for action
Mr. Hooper proceeded explain the bill He said the
amount Of compound interest notes AL Of which fell
due this fiscal year $l40 900. The bill proposed
20 allow them 10 he received special temporary loan
for which certificates were 20 he issued bearing neress
hanks which held them would gladly exchange them for
such certificates Of which they could make the
that they do Of the compound interest notes that
held by them as part Of their reserve.
Mr. WILSON. trep Of Iowa. showed, IN the course Of
ing the plan Of the cornmee would be TO pay 70 those
hanks three ov four millions year in interest, and re-
evng them To the extent OF such certificates OF the
cessity Of keeping lawful money for ,he redemption Of
their notes
Mr.. SrKvESs, In carrying out the idea expressed by
Mr. Wilson, moved 10 amend the bill by making the
ton read THAT the Secretary OF the Treasury be d.
rsctedSo redeem compound interest notes with the ac
crued interest and 70 vsus therefor legal tender notes.
Aessrs LYNCH, frepJ Of Me-. and RANDALL tdem,l OF
Pa suggested amendments authorizing the eecrenxy OF
the treasury TO issue hundred millions OF legal tender
notes not bearing interest," wherewith 10 redeem the
compound interest notes; but Mr. Hooper refused 70
allow the amendments to BE- offered
Mr. RANDALL, however, got opportunity 70 explain
ana 10 advocate his amendment and to oppose the Dill
az reported from the Committee on Ways and heans
and not any monetary difficulty IN the country.
Mr.. BRoonALI, trepl OF Pa. declared that M Ran
dalls proposition looked 10 the direct purpose Of the ey
pansion Of the currency and he argued against IN that
Messrs Pike Hotchkiss Pomeroy, Lynch, arinnell and
Price, e
Mr.. PosksoY, trsp) Of n ". asked the House
whcther aer passing reconstruction bill more radical
now going TO stab the credit and undermine the inssress
Of the country By the ue Of another hundred a.d nr
millions Of continental money! he declared huoen
aHhamsd OF the proposition and hoped the House wouId
not adopt IL
Mr.. Pmrs rep) Il Iowa argued in favor Of ths re-
dempton OF the compound interest notes BY legal tender
nonnerest paying notes and he showed That thes prop
oeon was Just 70 the holders Of the compound nese
notes and just 70 the people in saving them The payment
section Of the proposed bin which repealed the aw a.
recting the Withdrawal Of four millions month from
the currency The country mus look 70 IN utmaes re-
lsSu 70 specie payment and The wy towares snes 49,
sss 3 oSs .s s ys
~. kGGISYoSL trepl OF 0hic, advocated the bI, re.
poSsed from The Committee on Ways and NeaDa which
he hid vac coupromise measure.
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