New-York tribune., 1868-01-16

further imitation was Intended
Nj SHERMAN rep, ohol opposed It as unnecesssry, me- % ~
power TO- issue dollar beyond the authorized reserve
MIR. CATIElL (Rep, n. j. asked whether the alnenu'
would not affect the power OF the Secretary OF the
Treasury to issue the authorized reserve W. ,..o,.od
Mr. CONKLING replied in the negative. He intendeu
to offer further amendment restricting rs Application
Mr. MORTON said the amendment WOuIu Do sinpl! al
Mr. WILSON Rep Mass) thought such an expression OF
opinion against further initiation very desaole anu
condemned the Wild schemes Of expansion anoa' aohE
MI. HENDERSON CRep., MOI asked what harm would
result from taking FveTwenty bond to the Treasury
and exchanging 1t for greenbacks and putting them LII
sections where they were needed. ,,- a.,
Mr.. WILSON was infexibly opposed TO extending the
circulation Of greenbacks argued that business men
TO be assured there TO be more cOnlactOh
why not also assure them there was TO be no more
Referring TO remark Of Mr.. Wilson. MI COME d;G
inquired whether the Senator In favor OF taxing Dou
holders in accordance with the cry recently raised Oh tne
Mr. WILSON condemned the outcry raised he said by
men who had opposed the war; whose policy he oathed
aud abhOrred he nevertheless IN favor Oh uitnn %
could be faxed He denied that the country going to
ruin politically financially as claimed p tne senior M
from Rhode Island Air Sprague). lie lad reCeNeu et
ters rom the Treasurers Of the state OF NewoIk ana
Newersey showing that TAXABLE m ysbe 5e Tor and West
The people were better than those OF France or Eng
70 which he was opposed, first, last and all the tme He
further advocated the amendment ana hoped the cOu
try would not adopt George FRANCIS lrain lucas OIL
Mr. CAMERON Rep. Pa thought the chief thing tobe
done was 10 satisfy the country they would do nothing
The people wanted settled policy. The currency ques
ton should be kept out of politics Let the expenses OF
the Army and Navy, and the civil list be reduced and
avoid revenue frauds by appointing honest collectors
and doing away with the detectives whom v m, they had
amendment because it left the people to themselves
Mr. CONKLING said the bill would be unmpOrtant. II
II meant no more than expressed on its face For
weeks perhaps months there had been no eontracon,
and the had pedseG % hen n'
the House not the fact that 1t was pending enough
that there should he no further contraction by
a
Sherman Congress having in It's power instantly 10 ar
rest i lie would vote against the bill in any shape In
reply to Mr. Henderson, and other opponents OF eonrac
On he said he did not expect hope for immediate re-
be an i'll effect produced the country by the rejection
Of the amendment TO prevent further expansion by the
Secretary Of the Treasury People would in 10 pur-
pose which had been indicated all along through the de-
bate by majority Of the Senate that expansion rs 10 ,oi
nothing herein contained shall effect the power OF the
SSdIf ed % e o m the Of Of order
he said TO divest IT OF al questions as 10 Iegai
in the future lie about to the question OF
Government He looked for the relief Of the country by
on certain articles from which it should fail. 1t
could from the proposed expansion OF paper
Mr. D0OLITTLE Dem. Wis., denied that any inference
could DC drawn IRON on te aes tI @ ade ~ Was nan in
favor OF expansion rhe bll was simply to repeal law
allowing the Secretary OF the Treasury to contract at
Mi MORTON Rep., Ind) took the same view. Theirpur
pose permit the Secretary Of the Treasury to
exercise his own judgment In regard to the further
traction, but TO settle fixed policy for the future
Mr. EDMUNDS rep, VT pointed TO the necessary con-
necton between the questions of contraction and expan
sion, and to the fact that the question was involved
whether the Secretary of the Treasury should be al
lowed, in his discretion TO issue s5oOoOO authorized
reserved to meet the temporary liabilities in addition to
the amount Of authorized issue TO replace the Cancelled
He quoted from the law to show that the secre
tay OF the dIeay yraac 1aI I o se the Sem
atOr from Ohio Alr. shermanl who called TINS amend
ment unnecessary, had himself introduced an amend .
amendment even In that view 81. A.. s.,
construction OF the law and claimed that the secretary
Of the Treasury could not reissue notes " replace can
Mr. CONKLING quoted from the act Of 1863 to show
that the secretary OF the Treasury had such power ana
would commend TO the lips OF the Senators the chace
they had offered to others in regard to the discretionary
powers OF that officer.
during the discussion, Mr., HENDERSON asked whether
when this bii was passed in the House, gold had not
Mr. CoNKLISG said there went with the bin a de-
claration that II would never pass the Senate ,ou
prominent gentlemen, hoping the Senate would protect
them from the initiation policy.
denied, and. in reply to repetition by Mr. sherman Of
point referred by Mr. Henderson he said at that
time the January interest In gold about 10 he paid
That and other circumstances had combined 10 produce
that result He spoke further I IN 20 to the BILL
Mr. HENDERSON admitted that IN, II hs opinion the the
the Secretary of the Treasury had power to increase the
paper currency up 10 $00OOOO were correct otherwise
ncyeased amount Of currency was needed for the
ness Of the country and that not above $5 had for
years regulated the price OF gold In the New-fork
market
Several members desiring the Senate TO yield to
motion TO adjourn at O'Clock, he declined, saying he
was very much interested In what he was about 10 say
lLaughter After speaking about ten minutes further
he said he would yield TO vote, but not TO motion to
adjourn. lCries OF 4" Vote, vote"
Mr. EDMUNDs made "a few few, remarks rem IN reply to
amendment He gave way 10 motion by Mr. Cameron
20 adjourn, which Mr.. Sherman called for tho Yeas
and Nays and the motion was lost, 20 TO 25.
Mr.. EDMUNDS continued, argding that no additional
promises 10 pay should be issued until the country
showed ability TO pay the present amount
Mr.. CATTEII would vote against the amendment be
cause that the bill should be
but would vote for any bill 10 the same purport intro
duced by the Judiciary Committee II they considered II
necessary in order TO prevent expansion.
Mr. PATTERSON N. HJ gave his reasons at some
length voting against the BILL without the proposed
amendment, which lie said could do HARM II not
necessary. - -
ment was ost-15 TO %.
The amendments OF the Committee was then agreed to-
and the bill passed by the following vote: