The New York herald., 1869-01-27

CONTINUED FROM THIRD PAGE.


that we wirl 10 so az some future DAY, but to COM
ence at once and however slow The progress, each
I @ % s s1ss u saS Sa e me
which win enable us 70 reach It. Provision
Is alse made for keeping the currency
3aton until further legislation by Congress
There is no contraction OF the currency by ITS
operaEon. The Secretary OF the Treasury Is an
tlsoized TO reissue these coin notes after they have
been received INTO the Treasury before maturity in
payment OF public dues to issue IN their steal the
same amount OF like notes time. This discre-
lonary power although not an important feature OF
the plan, may be found necessary to be used and
VaIid objection 10 its exists. as received
payment OF public dues are actually PAID or re-
Ss%sa ~ 1ls ynsa Se ssae poes ke on d
shorter time than one year. but on
not less than three months, IS to enable
fnds it practicable to do So after the maturity or
the notes first issued. Having thus stated the gene
what viii be Its general effect First can these coin
notes be paid according to their tenor and, second
Issuing themS Mr. Lynch proceeded to show
tlat when the first siso,ooo,coo OF coin
Secretary Of the treasury win have on hand with,
out any purchase OF coin, Sl.6 o276 10 meet them
with. lie then quotes for reply the following aia,,,
produce contraction.
Upon this point propose 10 take, FIRST, the testl
manIr6m Indiana Mr.. Coburn)-wno, in q speech
made IN this House last week, expressed himself
upon IL as follows:-
ess Il gold lieu s and savs bank So: ss
has Oes s ~ pro-
ny rsf
'0a soa Psp'sss sss . the entire 's. anea. q he
oss 1r isa aaa II IN ID ssa f s f wns is
sa for G dre in a.a twelve esA Is, sss and wh
saenc Wed S as
wscn Put ap Ss X At ss
tha! holds such note VIII give in exchange for green
ty QUIZ Who SO nstas,ed as % yed S such GOLDEN
adsantege In Slso Of currency would
would Ss eaecaaS retired al the end 81 two years
Mr. Lynch proceeded to argue that no evil conse-
Speaker there is no royal road to the payment OF
our debt; and those who pretend that we can carry
national existence through which we have success
fully passed without inconvenience and labor do but
fiatter and delude. IL must cost us something TO
aaopt1ng careful and wise measures the task we
have to perform viii be so toned and proportioned
TO our gradually increasing strength that II
viii be accomplished naturally and easily, and
viii be in itself means OF national development and
financial health and strength The chasrn between
our currency and specie must be bridged-it cannot
De leaped. We must, first, promise to resume;
mise and, third, arrange so that the transition from
paper TO gold, from an frredeemable to a redeemable
sny sudden revnlsion and Consequent panic This
done, We shall have fixed our currency on a firm
into normal and healthy relations with the trade and
commerce Of the country.
Mr.. BARNES, (deml Of n. Y, said, the interests OF
The country demand the earliest possible return to
the specie of the world. All civilized nations
acknowledge gold and silver the standard OF their
realize the necessity OF reestablishing fnan al
relations so that the standard OF property may be
thing The importer now pays for cargo in gold
which he must sell for currency, then convert his
currency nm INTO gold ~ ne e would maxe nr second pnr
nuctuation in the value OF the money he must
take for his merchandise. The aborer VINO produces
the wealth Of the country mortgages his toll and re-
ceives currency he cannot use without paying tax
thereon thus largely reducing the price of his labor
Thus business becomes gambling, and capital and
talent absorbed In makeshifts speculations and
Tascality. The nation pays Its debts temporarily by
whose fortune is IN bonds thereby becomes inter,
ested in maintaining premium on gold. Those who
NO % Tpus n me o erea distress h
10 the ballot box. return to specie
payment therefore becomes a political necessity.
IL is useless Tor the government 10 resolve and
resolve to pay gold when no measures are adopted
10 raise the gold with which to pay I,s not within
obligations into coin and thus keep faith on the
bonds This brings us to the whole length and
ton and that OF nature TO prevent us from doing
more harm. | would not say we have made no pro-
Senator from s Indiana made In the other house u nd I
cate our progress, for they would not have been
listened TO thirty months ago, pnt then he must not
problem. He goes too far IN one direction ana
not far enough In another one general opinion is
that the currency IL too large. In reply TO this opn-
ion IL may be stated that on the ls OF October last,
rating the population OF the country at thirtyeght
millions the capita circulation Is thirteen dollars
and ninetyseven cents. This Is greater than was
quired before the war but circumstances affecting
currency exist now that did not then. Prior to the
war tie per capita circulation was ten dollars and
twenty cents. We have already tried contraction
nwice and have reached point beyond which We
cannot pursue II safely. The per capita circulation
SO less IN this than in other countries. at
she positive conclusion that our circulation Is not
loo large. The character should be changed and not
Ale amount. We have one-third as much Indebtedness
~ property ind only three per cent of circulation
spncy Ia New YORK In last November sent chill
Throughout the land. IL caused decline in govern
.h. ~, polos soppea vesses rom ioading reduced
near breaking many national banks. | am safe IN
ASSURING ,lie country mat return 70 specie pay
lion Of the currency. Retiring the currency now
means destruction 10 trade. No one can say when
crops in Europe and favorable circumstances ar
home Il may be done in four years, but more
making much progress. IL ls within the power or
the banks TO remove the greatest difficulty that he
sets the nation. In four years they have accumu.
lated the enormous sinking fund OF sil4Oai 5s4. II
they WI pledge this amount as an additional ee.
curity they viii create confdence mar nothlng eis,
Will But they VIII not DO this. Their interests arc
adverse TO those Of the government. Several
changes can aud ought to be made IN the banking
system Int confess they are not likely 20 be made
The government can ana ought 10 egalze gold con-
tracts prohibit the sale OF gold compel the banks to
devote the surplus OF It's gold over sixty millions OF
dollars TO retiring legal tenders, fix the volume of
currency as Il now exists, make It's legal tender
notes ilrat class obligations and f1nd portion VI the
hYe-wenticg held IN Europe into nye per cent gold
bond.
Speeches were also made on The same subject by
.Wr. SMITH, and on the subject Of the treaty making
LoWcr by Mr.. LAWRENCE, OF Ohio.
BRIDGING THE ONO RIVER
.Mr. WILSON, lrep.) Of Ohio offered resolution
aahorzlng the Committee on Roads ana Canals
" ia2e testimony on the subject Or bridging the
Uii0 river. Adopted.
MEGORliI BR0M THE SOCIETY or FRIENDS.
MI. KELLEY trep.l OF Pa, presented memorial
ni the representatives Of the Religious Society Of
Friends IN pennsylvanla New Jersey and Delaware
respeettDg The indians.
the house then, AT q quarter before Eve O'Clock.
adjourned
THE CASE CT LAWYER BRiDiEy,