The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-06-16

be acquired without trouble. BY reservng 1t for
three years there would be enough gold TO begin aud
when the premium had got down TO i've or ten per
cent, as II would before then, we could raise on
our nve-tWehty bonds at par, instead OF converting
greenbacks worth seventy cents on the dollar into
gold interest bearing bonds. II any small dencit
existed at that time 1t could readily be supplied.
Again. the circulation OF the country controlled its
credit For instance, railroad stocks that were al
par IN gold before the war were now at par In legal
tender seventy cents to the dollar. The business
OF the country done on that basis. He
was not In favor OF imitation. The day
that resumption commenced the volume OF
gold ana silver would be added to the circulation so
that expansion would go on c0rrespondingy WIN
contraction. He wanted no panic or concusslon
Inc country withdrew from specie payment through
the channel OF legal tender notes. 1t must return
by the same channel and not through that OF
bank circulation.
During the Senator's remarks the Twenty Per Cent
increase bill came from the House anu was re-
ferred to the Committee on Appropriations. Ann A.,
Mr.. MORTON continued He said gold was still the
standard OF value legal tenders being but the stan
dard OF prices. which it must remain until IL was
brought to the standard OF gold. The present plli
seemed IKE dodge without conlerrlng any reai
benefit.
Mr.. FEssENDEN asked how gold could be got Tor
this purpose If the government continued 10 pay s
debtsS He had no objections to return TO specie
payment III 1871, but thought the only way 10 90 ~
was Dy yearly saving surplus ir0m taxation, uo,a
and silver replaced paper only by the gradual wlt-
drawa OF the latter in the natural course Oh
lie Said the Senator's system would let high prices
go until 1871 II no contraction took place specie
payment would be no nearer than now. Resumption
could not take place by act of Congress They could
not return to their halcyon state without dong some
tnlng TO bring II about.
Mr.. CoRBETr rep.) of oregon, advocated either IN
creased taxation or a large loan from ABROAD W
enable an immediate return to specie pay ment. ,,,
Mr.. CAMERON, rep.) OF Pa, moved to lay the bill
on the table, saying the subject was one the discus.
sion Of which would never get through. He desired
to defer all such subjects until after the election,
when we will have republican President.
The motion was rejected by the following vote:-
YEAs,Messrs Buckalew Cameron Chandler Sonkins
Of Tennis spraeae, Trumbull vickers and Ya.es-n
..nden Fo%s H.s.n as
Nye, Patterson Of N. H. Pomeroy Ramsey Ross Sherman
S Wisoas 4p'D' Van "nAe' "Ads' "'e'' "A"' "'
vote was urged on Mr.. MOrrils amendment.
Mr.. CHANDLER took the noOr and denied that the
currency. He said that the three States OF Wscon-
sin, Michigan and Iowa, for example, Win put
three million eight hundred thousand BANK i crcm una
ducts, and therefore had to borrow the balance from
New England, which for Its population had double
its share He denounced the first section OF the bill,
and said it should be called "a bill to allow banks In
New York, Philadelphia and Boston to swindle the
country"
MIR. ANTHONY, (rep) OF r. l., reminded the Senator
that business not population, should guide the dis
position OF circulation.
RECEPTION TO THE CHINESE EMBASSY.
Mr.. SUMNER, (rep.) of Mass, obtained leave TO in.
trOduce a resolution inviting Mr.. Burllngame anu
his Chinese associates to visit the Senate on Wednes
day next at one O'Clock, and appointing committee
OF three to introduce them He cited from the Senate
journals as precedent the OF the reception OF
Kossuth by the Senate on January 8, 1852.
Mr.. BUCKALEw, (dem.), OF Pa, opposed the resou.
ton, saying 1t was prompted more by natural
curiosity than anything else.
The resolution was adopted.
Mr.. SHERMAN then called the yeas and nays on the
motion to adjourn and it was rejected-l7 to 25
THE CURRENCY BILL AGAIN.
Mr.. MOrril's amendment was rejected by the fol-
lowing vote.
YEAs-Messrs Anthony, CONFESS, Corbe Cragin Fessen
Har N =
NAYs-Messrs Buckalew, Cameron, Cattell, Chandler,
derson, Hendricks, Howe McCreery Patterson of Tenn
Pomeroy, Ramsey, Ross sherman sprague, Stewart sum
ner, Upton, Trumbull Wade, Williams and iates- "a
Mr. DAVIS, (dem) Of KY, offered the following
as n substitute for the section by inserting
That shall be withdrawn by the Comptroller OF the
Currency the banks OF State Territory that
have them circulating notes upon the principle OF
distribution, regulated by the rules adopted by
the Treasury Department. The circulation 30 Withdrawn
the banks such States and Territories may
have less than their proportion OF circulating
Mr. DAVIS was about to address the Senate, but
yielded to motion TO adjourn, which prevailed by a
vote Of twentyOur to sixteen, and at haf-past five
o clock the Senate adjourned
REDEMPTION OF COMPOUND INTEREST NOTES.
Mr.. Cattell's bill, introduced saturday, PROVIDES
that for the purpose OF redeeming and retiring the
ing the Secretary of the Treasury shall issue an adj
ditional amOdnt OF temporary loan certificates, no
exceeding $25 600 said certificates TO bear inter
est at the rate Of three per cent per annum, prin
demand, and to be similar in all respects TO thu
certificates authorized by the act OF March 2, 1867
to provide for the payment OF compound interest
notes and the said certificates may constitute and
same, part OF the reserve, in accordance with
the PROVISIONS or the act Just mentioned.