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

with the report Of the committee. as proposed 70 be
modified by Mr. stevens amendment II vas as good
measure as could be and he thought the ooun
Mr. HooPER, a hafpast one O'Clock, moved the pre-
vous question the bill and Mr. Stevens amendmsnt
On division Of the House the vote stood So to 5S II
being close the speaker directed the be taken
by tslles was 50 taken and resulted. ayes 72 noes
not counted. So the previous question seconded
and the main question ordered
Mr. Hoorxa closed the debate arguing in favor Of the
by Mr. stevens which would he said produce an inna-
ton of tho currency. N
Mr. Hooper yielded few mi. minutes to Mr. AZ
the first section Of the bin, which would. he
said induce the country banks to keep their
nest instead Of keeping them, as they do in the
national banks at New York. where they get four per
cent on their balances and where those balances 70 to
increase specu laon For his part he had no OBJ
lection 10 the proposition TO issue legal tender notes to
redeem compound interest notes. and he denied that
that would swell the volume Of currency, because the
legal tender notes would have TO be held In by
the banks tho compound interest notes now held.
Mr. DODGE trep) or N. ", declared himself in favor
Of the bill reported from the Committee Ways and
Means and against the proposit on to issue legal tender
notes in redemption OF the compound interest notes.
Mr. PER, rep or Me-, spoke in favor OF Mr. Stevens
amendment, except that IL made u compulsory on the
Secretary OF the Treasury 10 issue hundred millions OF
legal tender notes instead Of leaving il optional with him
70 do mot
Mr.. LrNsn stated that he was informed by the Comp
troller OF the Currency that one hundred millions OF
part of their reserve, and the withdrawal OF that
amount would hive to be supplied by currency, which.
with the four millions month now authorized TO DO
withdrawn would leave the contraction OF the currency
$l4S 600, 600 for the year. Every business would
recognize that such contraction would produce great
monetary difficulty. The entire amount Of compound
interest notes that fell dine during the year was
$40 00 and the accrued interest would make the
amount reach SITS, 00o, 900. The amendment OF Mr..
Stevens would authorize the issue OF legal tender notes
TO that amount, which would imitation Of the
currency TO the extent Of SIS, OO0, 600
Mr. rNOdifod anne IN Hvpif 10
amount 10 $100. 000, 600.
Mr.. LYNCH expressed himself satisfied with that
Mr. DAVIS. rcp.) OF n Y, spoke IN favor OF the bill
Mr. STEVENS remarked that his proposition sub
stute legal tender notes bearing interest for
hundred millions Of compound interest notes about to
fall Tho proposition OF the committee N issue
certificates herring three and sixty ive one-hundredths
interest That was the difference between the two pro-
positions Why shoc'd the government pay this amount
of interest, when there necessity for IL? The
commonest comprehension could understand the ques-
ton, and therefore he would not argue 1t.
Mr. SrAIDiNG, (rcp.) OF Ohio, inquired whether the
proposed certificates would enter into the currency and
he answered his question in the negative; while the
objection to issuing greenbacks in lieu Of the compound
interest notes that would expand and initiate the
currency and help 10 increase the present enormous
prices OF everything He would therefore vote for the
Mr. RANDALL Of Pa, advocated the amendment OF his
colleague mr. Stevens and denied that would have the
effect Of initiating tho currency, because tho amount OF
legal tender notes TO he issued in exchange OF compound
interest would go directly into the banks SUBJ
sute for tine compound interest notes. II plain
business transaction and man would be willing to
his business in the proposed In this
bill, which would, without any advantage. impose an
annual charge Of So 900 SO GOO on the
NJ W. uo0,v. ,rsnos ,,., wneo n. ,ovsrn.,. won,s
have paw 1000 900 900 600 interest If these
certificates issued the people would lose ten times
the amount in consequence of the imitation OF the cur
rency.
The House proceeded quarter past o'clock, TO
VOTE the question being first the amendment OF Mr..
Stevens, substitute the following IN place OF the first
section OF the bill reported
r.. fhe NJ the he
hored and directed TO redeem compound interest notes,
lrga tender notes. without iniercst, exceeding
siolCx,0oO. s8
The vote was takan by yeas and nays and resulted
yeas &c. nays $3.50 the amendment was agreed 10.
The second section rcpeais the act Of the 18th April
1885, which directed the retiring and canceing Of Tour
millions of greenhacks per month. and prohibits any
such retirement cancellation during the current year.
The bill ordered TO be engoesed and read the third
time
vote ordering the enSrcssmen bGt the motion failed
The House then proceeded 10 vote the passage Of
the bin as amended The vote resnlted-yeas IS, nays
Mr.. RANDALL, of Pa. moved reconsider the vote
respecting the BILL saying that then he intended TO
10 strike out the second section OF the bill which be said
the cause Of lis defeat
Mr. RollISr. (repi Of n H., moved to lay the motion
70 reconsider on the table IS
yeas 10. nayss2 SO the motion 70 reconsider was not
laid on the table.
The vote respecting the bill was then reconsidercd
Mr. RANDALL. OF Pa, moved TO refer the bill 70
the committee on Banking and Currency. with nstruc-
tons report Immediately the first section OF the
bJ the second section 10 be struck out He proceeded
argue in support OF this proposition He proposed 70
have the compound interest notes retired and legal
tender issued 10 the extent Of one hundred mil
lions and he affirmed that this substitution would no;
expand the currency.
Mr. ALLISON ,rep) Of Iowa, argued that IL was simply
question OF the OF bearing notes.
the o! hveiwcny bonds bearing six per cent gold
interest
Mr. Boy,R dem OF Pa, inquired whether there was
thing in the Law 10 prevent the banks putting into
circulation the hundred millions OF legal tender
notes proposed to be issued.
Mr.. RsrpsrL replied that there that ths banks
required hold this 10 lawful money, and
he doubted whether the banks had the legal right hold
these compound interest notes part Of their reserve
Mr. HoorER argued that the banks were entitled TO
hold treens Of their in tho balances OF other
banks. they would do 30, and put the new proposed
issue OF hundred millions into circulation.
Mr.. RANDALL. denied that they would or conid do 80
W. rnss rep 81 Iowa spess III ~ ~ ,s :" ns
Banking and Cnrrcny, with in.irnctions 10 report
back Immediately with the second section struck Out.
fhe motion was agreed 10.
Tlcreupon Mr. RsNpAtL rose instantly, and reported
from the Committee Banking and Currency the bill
with the second section struck OFT.
Fir HooSss made the point Of order thst Mr. Randall
not authorized 70 report the bill
Tue srraKrn overruIed the point Of order
Mr.. DAVIS, (rcp) OF Mass, made the point Of order
that the chairman Of the committee. Mr. Pomeroy, was
~ recognized orynE and VIA the rerson 10 report The
hill
Tho SPEAKER animated thai u the point Of order was
insisted upon woaiu saslstB II.
Df. DAWES did not insist, aud
Mr. t'oNEEoy cortented himself with stating that
nothing but The positive Instructions Of the House would
induce HIM ~ report such hill.
Mr.. HnorER moved 10 lay tile bill on the table.
The vote taken by yeas and nays, and resulted
yeas So %. so the House refused lay the bill
the table The bill then ordered 10 be engrossed
and read . third tme and the question ts passage
taksn by and nays, resuitng--yeas IS, nays
81, a. follows:-
yNssMessrs. Allison, Arneli. Anderson Ashley Of
ysJa Ashley Of ohio. Rsker Barker. BAXTER, Besman,
we'll auckland; B,ndy Clarke o. Ohio, Clarke Of Kansas
WORTH Faruuhsr. Ferry, oodyesr, Grinne Harding OF
~. Harris, Hnwkin, Hsyss Henderson, Higey Hin
ssi q ohio, inssr,sn, ialan k.sson, Kelley.
Msr.hs,l, xssn.sd Mcciu,g xeIndoe. Mckee. koni.
orth Paine Perham snts. Price, Randall OF Pa Randall
Of Ky Ritter Ross Rousseau sawyer scbeuck shsnkln
Sheabafger. Spaldine Starr stokes, Tayor OF
Tenn. Taylor Of w. Thsyer Francis Thomas Thornton
Trrnbe Epson. Van Aernan. Warner, Washhurn OF Ind
Meiksr. whalsy Wilson Of lows, Wilson OF Pa Window
woodhr idge--a6.
NAvs-Messrs. Alley, Ames. Ancons. Baldwin, Banks
Bdwel, Blane Boyer. Broonall Campbell. Chanlsr
q uc ulveV IA 1avt nuUa n~vo