New-York tribune., 1867-02-22

leave the contraction OF the currency for the
contraction would produce great monetary difficulty. The
entire amount Of compound interest notes that ic de
would make the amount reach Si7s COOOOo The amend
ment Of Mr. Stevens woud authorize the issue Of Legal
Tender notes that amount which would cause an mia
tion OF the currency 10 the extent OF Ts,OCOOOO.
Mr. STEVENS modified his amendment, go as TO limit
the amount 10 $100,000OOO.
Mr.. LYNCH expressed himself satisfied with that
Mr. DAVIS Rep, N. " spoke IN favor of the bill.
Mr.. STEVENS remarked that his proposition was to
substitute legal tender notes bearing interest for io
Of compound interest about to fall due. The
proposition OF the Committee 10 issue certificates
bearing interest That the difference between
the two propositions. Why should the Government pay
this mount Of interest when there necessity for
question, and, therefore. he would not argue IT. -.
posed certificates would enter into the currency and he
answered his question in the negatye while the OBJ
lection to issuing greenbacks In lieu of the conponhd IN
that would expand and initiate the cur
rency and help TO increase the present enormous prices
OF everything lie would therefore vote for the Dill as re-
Mr.. RANDALL Dem, Pa advocated the amendment
OF his colleague OIr sevens) and denied that it would
have the effect Of Initiating the currency because the
amount Of legal tender notes TO be Issued in exchange OF
compound interest would directly INTO the banks
as substitute for the compound interest notes WAS
PLAIN business transaction, ana no no. man %orin osca 0o R
this BILL which would, without any advantage impose an
annual charge Of s. 1000 or G0O000 on the country
Mr.. HOOPER argued that while the Government would
have TO pay four or five millions interest II these c9r
amount by the initiation of the currency.
The House proceeded at u o'clock to vote the question
being first the amendment of Mr. Stevens, to subst
tute the following in place of the first section OF the b
reported
Re Hc,oeed That the Secretary Of the Treasury be
authorized and directed redeem compound interest
notes with the accrued interest and to issue therefor
United States legal tender notes without interest," not eA
The vote was taken by Yeas and Nays, and resulted
Yeas 90; Nays, 30. So the amendment was agreed TO-
The second section repea the act Of the 18th OF April
lsG6 which directed the retiring and canceng OF SOO
Of greenbacks per MONTH and prohibits any such re-
tircment cancellation during the current year Tho
bill was ordered 20 be cngrossed and read the third time
Mr.. TIIAYER Glep, Pa moved TO reconsider the vote
ordering the engrossment but the motion failed.
The House then proceeded to vote the passage OF the
bill a. amended The vote resulted Yeas, 75 Nays 81
So the bill was defeated.
Mr.. RANDALL PaJ moved 10 reconsider the vote re-
spectng the b saying that then he intended to move
strike the second section OF the b which he said
was the cause Of its defeat.
Mr. ROLLINS rep, n. H. moved to lay the motion 10
reconsider on the table.
The vote was tabcnly Yeas and Nays and resulted;
Yeas Sc Nays. o. 80 the motion To reconsider was not
laid on the table.
The vote respecting the bill was then rccOnsdeled.
Mr. RANDALL pa moved 10 refer the hill 70 the Com
mttce ON RANKING and Currency with instruction to
report back Immediately the first section OF the b the
second section To be struck ont lie proceeded TO argue
n support Of tins proposition lie proposed Ia have tho
coppduudintercst notes retired and ogaltender notes
isdd 10 the extent Of s0OOOOO0 and he affirmed that
this substitution would not expand the currency
Mr. ALLISON argued that IL was simply question OF
the issue Of nonnercst bearing notes or the issue OF
FiyeTweniv bonds bearing six per cent gold interest
Mr. BOYER Dem, Pa inquired whether there was
anything n the law 90 prevent the banks putting into
the SlCoOOoc6O Of logatender notes proposed
- he issued.
Mr. RANDALL replied that there was-that the banks
were required 70 hold this reserve IN lawful money ana
he doubted whether the banks had the legal g 70 h9d
these compound Interest notes as part OF their reserve
Mr. HOOPER argued that IA the banks were entllfd
10 hold throelths Of their reserve l the balances o
other banks they would do so and put The new proposed
issue OF <lOO, ,O00OOO into circulation.
Mr. RANDALL denied that they would or could do So
dan 10 refer the hill 10 the Committee ON Banking and
Currcncy with instructions port back Immediately,
with the second section struck out. The morton was
agreed TO-
Thcrcupon Mr.. RANDALL rose and instantly reported
from the Committee Banking and Currency the bill
with the second section struck cut
Mr. HOOPER made The point of order that Mr. Randall
was not authorized TO report the bill.
The SPEAKER oyeTrucd the point OF order.
Mr DAWES Rep.. Mass made the point Of order that
the Chairman Of tho Committee NIL Pomeroy) was
It's recognized organ, and was the person 60 report
the bill.
The SPEAKER intmated that II the point OF order was
insisted upon he would sustain it
Mr. DAWES did not insist and Mr.. PONEROY con
tented himself with stating that nothing but the positive
Instructions OF the House would induce him to report
such hill.
Mr. HOOPER moved TO lag the bill on the table.
The vote was taken by Yeas ana Nays, and resulted
Yeas, 59 Nays %.
30 the House refused TO lay the bin on the table.
The bill WAS then ordered 10 bc cnq0sscd and read a
third time and the question lis passage was taken Icy
Yeas and Nays resulting 95 Nays, G'. as follows
Q2eps, Roman; Dems., ltaicj: