New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1868-01-10

In those States and establish such provisional gov
ernments may be necessary until reconstruction snail
Mr.. FRELINGHUYsEN Rep, n. J) did not dispute
the ground taken by the Senator but Thought
important affecting the whole question Of reconstnc-
ton, should be submitted to the Judgment OF the J,
dietary Committee and that the sense Of senate should
there be taken on the report Of that Committee.
REDUCTION OF THE CURRENCY.
The special order the bill to prevent further redncon
OF the currency taken up. The question was on the
amendment that after the passage Of tins act the autho
y of the Secretary Of the Treasury CANCEL notes. etc.
Mr. SHERMAN dicp Ohio after some general remarks
The Of the country presented some statistics o
the passage of the bill the ground that would satisfy
the public to know that further contraction would ne
would restore 10 Congress power important TO be
delegated to any single officer OF the Government that
would place the entire responsibility OF the management
of this question now oyershadOwng all others on Con-
where it properly belongs He concluded WIN IN ~
expression Of confidence In the capabiy ana wsuom VI
Congress in this regard
Mr. MORRILL, rep, VT spoke Of the recent rise IN
gold as caused by Congressional legislation on TINS SUI
ject and cOntended that the passage OF this resolution
would have a similar effect. 80 - -.
Mr.. CORBETT Nep., Oregon) agreed with the last
speaker and made motion 10 indefinitely postpone the
NJ. fEssENDEN d;ep. Mel believed the currency
question should be legated by Congress such was the
intention Of the original bin but he feared ne efeet OF
this bill passed. IL would practically proclaim 10 the
country that all design Of return To specie was
abandoned. The power Of Congress- which the senator
from Ohio wished to see asserted, already
evident In the very act which conieis power on
the Secretary Of tho Treasury, IN reply to certain
FORK, Mr. Fessenden remarked that II senators Knew
as well as he the wOressness OF Newlork street
runors and criticism little attention would be paid 10
them as proper Senatorial dignity ana far consdefa
for the Secretary Of the Treasury required Congress
would be and adhere Ia the policy II has al
ready adopted. The present disordered condition OF
financial affairs could only be rcmded by time ana
firm adherence TO settled policy looking oareslmptiOn
specie PAYMENT Suffering must be felt by the business
of tie country but tinkeriug legislature would make 1t
MIR STEWART (sep. Nevada contended that the dis
tressed condition OF the country owing IN great
measure the msmauagenent OF the secretary OIL the
Treasury and spoke for some time against his polcy.
Mr.. SPRAGUE nscp, Il. H. corrOborated n previous
statement the amount Of contraction, aud dsclamed
all intention Of Ccnsrng the Secretary Tor such cUntIac
ton in obedience to law.
Mr.. SHERMAN stated that si32A,72s compound Inter
est notes Will mature during the next six months, and
that when all compound interest notes paid. our
currency VIII lie reduced TO about S55OOOOOO not much
greater before the contraction should
be stopped. English history shows that tines have
arisen when contraction had to he suddenly exchanged
for expansion. Such crlss might occur with III; aud
without at all roo citing on the present Secretary or TIE
Treasury his discretionary powers should be removed
and the matter placed on the firm basis OF legislation
Mr. HENDRICKsON (Rep, Mo- followed III advocacy
Of the bill
Mr. MORTON Rep, Ind favored the bin on the
ground that currency required for the business ~
The country. lie thought 1871 would lie time enough 10
resume specie payment. Gold and silver would then
simply add the value Of the currency lie wac opposed
TO any further contraction bcfOr the time.
Mr. HONE (Sep, Wis.,, in the course OF lengthy argu
ment said the United states, like Mcawbcr, had given
their .. L., and thereby, doubtless, like him. consid
cred their debts hOnOrably discharged The Only dicr
that Mcawber could not enable hs creditor To
circulate lis paper the United States could. lLaugherJ
10 being evident that would be reached before
adjournment motion, the Senate, at q o'clock, wcnt
INTO Executive Session, and soon after Adjourned