The New York herald., 1868-03-08

while gold was at o high premium This was not
been made In Congress. Both bonds and greenbacks
were equally obligations OF the government to pay
specie As TO paving on the bonds IN lreenbacks.
blindly and invoked the most destructive conse-
quences to all classes The infation implied In such
rS would M las rs
classes. He held that 1t was an immense
deusion to attribute the present duness In business
times as much paper money In circulation at any
time preceding the war, and the leading money mar
kets s never being known to be easier. Tie CONNER,
England are much more depressed rlan in the
United States, and yet the plethora Of money there
alone holding one thousand millions Of francs unem-
ployed surplus. Let the folly Of paper expansion be
avoided and he believed the country would safely
and surely get on to the specie basis. THIS could be
done without rashness and without contraction,
whereas the opposite policy would lead to bank
ruptcy, ruin and Reputation;
Mr.. BRo0AALL, (rep.) Of Pa, addressed the
ternal revenue laws, the free trade and
ures to illustrate his argument in favor Of the
protection OF home industry. He apprehended that
the necessity for protection would always exist 50
quired in the United States. he referred to
referred to the Committee on Ways and Means bill
proposing an increase OF twenty per cent on the
duties now imposed on imported wines and liquors
and manufactures OF iron cotton, wool and silk He
had not done 30 with the idea that such change
would remedy all the defects in the present system
OF taxao9 nat because ne naa ior some IN time , de
law with view OF checking importation and
protecting domestic industry, and he had
something In the proper drection-some concession
to the universal demands OF the languishng manu-
featuring interests OF this country. He did not
mean to be understood as censuring the Committee
on Ways and Means for delay or to mpute to 1t any
disposition TO neglect those great interests. He
the perecting OF any general system OF internal or
OF customs revenue. The measure which he pro-
posed had two objects one being the alternative Of
the other to increase the revenue derived
mporaons Hssn enaSe American nsus
Both OF those might be combined in the general OBJ
ject Of increasing the aggregate revenues OF the
government without increasing the burdens OF the
Mr.. HOLMAN, (dem.l of Ind. next addressed the
House on the subject OF the public debt and the mode
Of It. The history y,sf Of the last eight
party was the party which was In the interest OF
capital, and that the antagonstic party was in the
main inevitably in the interest OF labor. He was in
favor Of even-handed Justice to the bOndhoder and
to the industrial classes. The nation could not
afford to violate Its faith, and must preserve its
fame from the least taint or suspicion. But, the
other hand nothing was clearer than that the same
evenhanded justice that was done to the b0ndhOld-
ing class could be done to the industrial classes, out
OF whose labor the taxes were paid. The debt
should be paid on the basis on which it was con-
traced. 1t would not be just to pay 1t any other
basis II the people paid the debt Of $4,000, 900 900
the basis on which 1t was made, dollar for dollar,
paying in lawful money that part not expressly
agreed to be paid In coin, and paying In coin that
part agreed to be paid In coin the bondholder would
receive all that he could properly ask. When he
asked more he asked that for his own benefit injus
tce should be done to the people on whose labor the
finances of the country rested.
A question from Mr.. BLAINE as to the meaning of
the promise contained on the face Of ten dollar
greenback that 1.-The government of the United States
will pay ten dollars on demand" led to a discussion,
in which the rules OF finance logic and metaphysics
were mixed up beyond the possibility Of extracting
Mr.. BROoMALL, referring to what he considered a
fair inference from one Of Mr. H0lman's remarks,
that the paper dollar and the gold dollar were pre-
cisely equal In valuef Because, II so, he proposed to
exchange with him paper dollars for gold dollars to
any amount that he might be able to control.
Mr.. BLAINE, referring to remark In favor of Mr..
Logans proposition to tax United States bonds two
per cent, asked Mr.. Holman whether he would vote
Tor such proposition.
Mr.. BLAINE asked him, further whether the demo-
cratic side OF the House would vote for 1t with any
Mr. HOLMAN said the subject had never been
matter Of consultation among the opposition mem
berS but for his part he thought the proposition
one based upon reason and justice. He should favor
the taxation OF bonds to an amount equal to the
average taxation on other property throughout the
Mr. LOGAN, trepl Of ILL.,, referring to remark OF
Mr.. Holman which appeared to him as an nsinuation
duced by him some time ago, declared that IL was
his intention to press the measure, as he believed
that bonds should be taxed the same as other prop
erty, and said that the gentleman (Mr H0lmanl and
his friends would have an opportunity to vote for or
Mr. BLAINE desired either of those gentlemen CMr
Logan or Mr.. HOlman) to inform him whether the
property Of the country was on fair valuation,
taxed anything like two per cent.
Mr.. VAN TRUMP, ldem.) Of Ohio, said that in Ohio
1t was more than that
Mr.. LOGAN said that making calculations Of State,
municipal and national taxation the average OF the
aggregate taxation was little over 2s per cent.
from Illinois (Mr. Loganl was grossly mistaken. The
city OF New York, for instance paid on basis OF
$70o o00 for personal and real estate, whereas
there was not doubt that the personal property
alone held in that city would amount to
to say nothing OF the value OF real estate.
Mr.. BARNES, ldem.l OF N. Y, said that the tax in
New York was 23100 per cent.
Mr.. BLAINE-0n whatf
Mr. BARNEs-On the assessment.
M. BLAINE--Yes, but the assessment is on a valu-
Mr. ELDRIDGE, (dem.) Of Wis.,, said that In wiscon-
sin the average taxation on the actual property
valuation averaged over three per cent.
Mr.. HOLMAN resumed the floor, and concluded his
Mr. LYNCH, (rep) OF Me-, next addressed the House
the question OF the currency and the finances OF the
the subject which he had introduced at the com.
mencement Of the session. and which had then been
referred to the Committee on Banking and Currency.
Some of their features had been Incorporated I'm the
Senate funding bill and In the bill introduced by Mr..
Butler; but he preferred that the bills should be
passed substantially as they were. He was not In
favor Of the payment Of the national debt by the
present generation but he was in favor OF resort to
such measures as would facilitate and expedite the
resumption OF specie payment.
The House at four O'Clock adjourned.
AMUSE MEN s..
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