Evening star. [volume] (Washington, D.C.) 1854-1972, 1867-11-29
CONGR ESSIOSAL.

HoUsE OF RsPsEessFariyEs-Th Houss
be nc In q onIttse of the a h,ls On WsdossIag
at erboon, a8'sf our port closed-
Mr. butff r.tpnsd HE epsech on the
hnshc.s He suggest bat tft 'oosrsss y alS
eDact hat all the nstIonAi bsnE ptli- ~n "a
mo 'h'ir way mt, me Ir.senTy fhJaid be
retain. aud cancelled, and legal tsgd-r ntR--
To n e ssme smoani sIed. the whol. pauon a
hspk eurr.Bsy would oe .itndra - "a ton Z r
euiati,n in four or nve month, aud as place
supp i-o with aresnoscks, and prOost IA -
illustrate n0U the nariJnsI b ks N "a. en- br-
nous pronts At tn sx xpense Of The Government.
In Teier.Ece 10 the sUProsed n r-dsRdsacy OF
currency ia cireuistion, he owed Ioat, waite
th- connury had nominAily eir0uittJ
atsO,i 90, IL ba1 acsusily ia clrcuiat u on
~ S55t. G0,eu while, before the war, there sss
In eiTeula ion, according 70 hr Chsse's est
mate, S4s7sWet4o, including specie, Saa the
country was now dong three times much
BUSINESS IN cash as 10 did before tne war He
believed ha' the country could bear thou
SAND N iilons OF circulation. He xas not for
this generation paying all the debt. He thought
it bad cone ns share In contracting n.
tLaughtr1 He hsd been ssked why he asi-
tvenii.s f.il due gold and paper would oe OF
correlsuve value. What was bet always ge:-
uns mp a row fort" ILaughtsrI
"A Mem beE--A very sensiole question.
Mr.. Butler.-Yes, Q very sensible question,
and will answer ft. At the prrsent rate OF
gold there bonds double themselves every
teven or eight years. and Will have doubled
themselves three times over In twenty yesrs.
Mr.. Spalding suggested that they would
oosble once In twelve years, at SIX per cent
mr. Butler.-Six per cent. nterest in gold,
payable semiannually, free OF tax, and not
double, " ith compound interest, In less than
twelve years! do not know aoythmg about
figures In Ohio, but figures In Massachusetts
DO not bring out that result [Lsughter.l
MI. Miller inquired whether. NJ the Secretary
OF the Treasury had represented that the Five
twenties were payable in gold. the Govern
menL " as not bound by thai factl
mr.. Butler replied that the Secretary Of the
Treasury had NO right TO maze any en- prom
ise, and no man had . right TO rely on H. Con-
gress was trustee between the people OF rhe
United States (the debtor) and the boudholder
(the crcdifor), and had no right 10 administer
Its trust on any chivairic no'ions of honor and
equity, but exactly according 70 the form OF
the contract.
Mr.. Blaine got the floor. and referring TO Mr.
Buffers remarks yesterday, as 70 Secretary
feseendens g refusing TO pay Seven -thirtieI in
Rolo, esked him N ne knew OF single holder
OF those notes who had applied at the treasury
for gold for them and been refused.
Mr. Butler replied that he had seen q letter
OF rel fus al from Secretary Fessenden.
Afer further debiie, the comittee rose.
Mr.. Latin, from the Committee ON Printing,
reported resolution TO print eight thousand
extra copies OF the majority and minority re-
ports on impeachment without the testimony
Adopted.
Mr. Mallory introduced q bill 10 establish a
upifoIm time tor holding elections for repre-.
to Committee on Elections.
Mr.. NJ aynard asked leave TO offer q resoIu-
ton In references TO compelling National ban ke
to redeem currency in coin.
Mr.. SpAldine objected; aud then the House
(at m adjourned tlll Saturday.