New-York tribune., 1868-06-13
INC amendment was adopted as follows:

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5eo5at Moran @ v., Sumner Sumner p.Ty.i.,5 w,.5l2 Z 3,,,.
Mr. FERRY rep. Comm moved to amend by inserting
ser the provision authorizing the receivers 70 bring
And nav invest The assets bonds Of
Cnei States while the ar Of ,he bank are loI IN hq4dtGn which
subject the order Of the Controller Of the Currency
Controller Of ali Their acts and proceedings Controller
sghor,d to sell sua bonds from time TO to @ e IN order to make the
which this act IS suPpeme6tsry.'
The amendment was agreed to, and the section, as
on the last amendment to increase the National cur.
rency circulation by S2QOOOOOO, 10 be confined to
States and Territories m having ciGculaiI9q 1 s o
(Rep.. Mass moved TO amend by inserting
"The 600 and issuing said circulating notes prefer
shah be given to building associations IN Se and sections Of the
The United States the circulating OF
tary Of The Treasury saorired required retire
Une Ses 1o to the extent o. h Excess u5' 5e Whole amount
Il further enacted that for the purpose Of eatng e resumption Of
bonds snd deposited With the Treasurer q the Uui by
biaIas sss5efoa a redeem IN coia the currency issued b H. and The
sad specie fond shall be used for 10 other purpose than for the
Mr.. SHERMAN remarked that this amendment opened
up the whole currency question, upon which there
division IN the Committee, well in the Senate, and
which the Committee had thought II wise TO avoid in the
present heated state of politics The Committee had Of
beed this amendment TO afford slight relief
OF the gross inequality in the circulation complained Of
tn the Western and Southern states, giving small ad
dtiOn 10 Virginia ana West Virginia. Wisconsin, Iowa.
Kansas, Missouri, Kentucky, Tennessee, Louisiana, Mis-
sas, Alabama. Oregon, and Texas
Mr WILSON admitted that it opens that question: but
sud he had found t OPEN The Committee proposed to
o2en twenty millions he proposed TO open one hundred
Wore than t%Ohros OF the circulation, and lie was IN
iyor OF iTee DanHng. ,
hiauon He added that we have the anomaly Of the
secretary OF the Treasury issuing bonds bearing per
cent payable In cOin-eqmyalent 10 eight per centwth
az easy money maIket ana win Government securities
maturing to be mel, lille all the world the
2 investments in United States stocks is established
nr Conkug quoted the Act OF March g. 1865 authorizing
the issue oi $6OOO0O Of bonds or Treasury notes. ia
shoud prescribe, DC. lie said this act would
De suncleht TO establish his proposition
In any form edeemabIe the option OF the Government
ht any period prior to their maturity He called
Otherwise upon the Secretary save that the interest
sa not exceed SIX per cent III coin proHOuncng the act
the act Of April r. 1866 giving the act OF March B. 1866
me construction OF authorizing the Secretary OF the
of any description OF bonds therein autSoriled i'm The
United States or elsewhere 10 any amount his dscre
ton Inc proceeds TO be used only for retr-
ing obligations issued under any act Of Con-
&ess Mr Conklng reminded the Senate that the secre
Lay could thus sell for any circulating medium recOg
nzed By the laws Of the United States that the ayals
were to be used in retiring this very debt that the
markets OF the world open TO him at his option
upon any security he chooses provided lac does not
exceed Elk per cent gold interest, running any time
snort OF 40 years. II 10 be true that six Der
cent coin beariug bonds are the best securities
1or the Government that can be negotiated IN the market
nothing that Congress do with without repudia-
Oi can cure the ey the laws Of trade superior
ne laws OF Congress Therefore IN order TO show that
economical funding OF the public debt IL must be assumed
tha tie Government borrower can do better than
10y ~. Sent IN com, or per cent I'm currency. In
ms opinion the existing laws make the Secretary OF tle
~ Sish O ihastei OF the situation While he had
no WISH 10 preach crusade against the Secretary OF te
Treasury, he was unwilling allow the assert1oy Ia o
unchaenged that Congress has withheld from te Secre
taTy Oi the treasury amy necessary legislative power
Mr. FESSENDEN lej said they ulig't reniice tIc 81
per cent bond now due with dYe peT cent hold bn in
doing they up the power OF redemnton for ion
period He had been looking forward 10 the time when
we can fund part OF the debt a SIN lower rate tbon
tye per cent? but 10 replace bond that s in our mover
with one payable IN % years would be to place h byond
reach. W oHu
Mr SHERMAN believed the Secretary o, The rreasnr,
e be in favor Of Ssuing bond running 20 or so ~,
he sherman was opposed TO the issue OF ay bond for
more than 10 years believing that in that time he rate ~
interest can be reduced below five per cent -
Mr POMEROY rep, Kansas made few remarks &,
favor OF the pending provision, saying he would he dad
70 have the amount proposed In Mr. Wilson's amendnent
but was willing % take the &20OOOOO He testids1 3
% the great dissatisfaction existing IN the West on @
count OF the scarcity OF currency, which Is plentiful m
The last. ="
Mr. MORTON argued that as the legal tender noto.
proposed 70 be retired De procured by selling bonds
thus adding 10 the public debt the proposition the
committee amounted 70 the same thing that Of Mr.
Wilson II they attempted % equalLe the bank curren
cy they should not stop at $40 100000 He In favor of
adopted. "
MI. CoRBErT denied that any necessary increase of
bonds must result.
Mr. FESSENDEN had always hOped that Congross
would adhere 10 the idea OF gradual reduction OF the
United states notes for the purpose resumption Moth
ing Dnt that could place the country In sound financial
Mr. WILSON Rep, MassJ asked a division on his
~iTSnonent, S a Lne question being on the first part