New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1868-07-14
NETWORK, TUESDAY, JULY Ia, 1865.

posed amendments would be very advantageous TO the
Government II available but the money could not posi-
therefore adhere TO the principle OF twenty years pond
Mr.. MORRILL, (vt) hoped that the bill might not be
changed He cOncurred that it is impossible to obtain
the necessary amount at less than per cent.
Mr. MORGAN could not see any probability that bond
holders would give up per cent. bond payable In 10
years for a per cent. bond payable IN 10 years
MT FEssENDEN said the per cent. bonds are redeem
able now at any time. .,,,., =
MT MORTON replied that II they are redeemaDle In
gold, the Government has not got Il.
Mr. EDMUNDs rep. VT argued that there should be
no doubt about the intention of great Government like
this TO lguidate its obligations.
Emf MORTON took the floor with prepared speech In
advocacy OF the payment OF the bonds III lawful money OF
the United states-greenbacks The Ftye-Twenues, he
ment declares that such shall be lawful money and
legal tender In reply TO the assertion that the bonds are
the practice of the Government heretofore, and not upon
the statutes authorizing their issue They are In direct
conflict with four public statutes In his opinion the FL st
duty Of Congress is TO take steps for return TO specie
payment. lie favored the Bill saying that the long term
for a per cent bond The delusion held out before
the country that these bonds TO be paid in coin can
on false impression This question: in his opinion, should
Mr. FEssENDEN had not the slightest doubt that VIC
are bound by principle Of honor 10 pay the bonds as
expressed on their face taken IN connection with the
Even II he had slight doubt the subject as he had
not, he would think himself dlshOnOred II he took step
in any direction that might look like reputation.
Mr.. HOWARD rep, Mch) held that every sentiment
Of honor and Justice requires that payment OF the bonds
Mr.. CAMERON dsep. PENN said no man entitled TO
confidence respect in favor Of repudiatug the terms
Of the contTac-payment IN copiRW le W; 9pG9s9d to
admitting this question on the eve OF an election.
The great question OF reconstruction should first DO
settled In his opinion this bill is scheme OF the Treas
sury Department TO suit its own views.
Mr. COLE Rep, Cali took substantially the same view
Mr.. CONNEss favored the bin because Of the mmedi
ate reduction of interest but dssented from Mr. Came
r0ns opinion concerning the propney OF meeting this
issue lie would meet boldly the issue raised by the
Mr. SHERMAN rep. Ohio denied that the Secretary
Of the Treasury Is responsible for this bill Every section
had been framed IN the interest OF the people without
regard any other consideration and for the purpose OF
lowering the rate Of interest lie protested against the
committing OF the Republican party TO this dogma OF
the payment Of the bonds In CON, when no lawyer could
point ont any authority for 10 IN the statutes.
Nh CRAGIN REP, n H. opposed the Amendment as
calculated 10 defeat the purpose OF the bill which re
thought must be beneficial TO the country in reducing the
burdens Of the people lie would leave to the future the
payment of the debt.
Mr.. FEssENDENs amendment was rejected without
a division
Mr. RAMSEY Rep, Mimi moved to strike out tho last
section Of the Committees amendment, legaizng con-
tracts made specifically paid I'm coin He said its effect
the West would be To force the resumption OF specie
payment by poor while the rich could resume
az their leisure. - -
mont and advocated by Mr. HOWE. IL then rejected
10y TO %. Mcssrs. Cameron, Harlan, Howe, Osborn
Ramsay and Wade voting In the Affirmative.
Mr.. WILSON offered substitute for the third section OF
the bill looking 20 the issue OF 80 years five per cent
bonds the bondholders 10 pay half Of one per cent
taxes and certain increasing amount ~ the public
the expiration Of the tirst ten.
The senate adj burned.