The New York herald., 1869-02-12

redeem their notes at their counters In specie and
also redeem them In ts equivalent at some principal
mtted to hold any part OF their reserve. The pro-
portion Of reserve Of specie which every
bank should hold when 70 rsase%
unequal, and it would seem TO be enough 4
the law should provide good and substantial security
loss upon the part OF the bank. This security should
have margin OF at least ten per cent beyond the
coin value OF the securtles as bonds worth seventy
fve In gold to-day may be worth egnty-dye or more
hereafter, and the restoration OF specie payments
should not De made more 0ner0us than IL necessary.
In order that the national banks may be having
some some & little thought sS o. an ultimate resnmpcn
after they shall have. and hold certain
percentage OF their capital as part OF their
vantage over that OF requiring them to hold
the interest paid 70 them In coin by the government
that Il they think coin IN the coming year win bear
run the risk they can part with their coin now and
replace It Ct subsequent period securing Whatever
1t would be wise to nx time for the United states
to redeem Its notes Is somewhat questionable. TO
the notes to be boarded against the time OF redemp-
tt0n, and produce what should be avoided, strfn-
gency throughout the financial circles Of the country
and when the time arrived, unless the government
was prepared TO redeem the whole amount might
end in ignominious failure. But after .
considerable share OF the United States notes have
been funded, after some portion OF the national
banks have commenced operations on specie basis
for resumption then the United States notes can be
easily raised to the level Of specie and be made re-
celvab!e for duties on imports II necessary. and
actually redeemed without peril Any plan looking
TO the elevation OF our paper legal tender standard
to the par OF coin will be Incomplete unless 1t en-
braces and carries along with 1t the elevation of the
national banking currency and these banks can
only retain popular favor by being willing to
or resnwnton WIN a1er a snare o. @ se
win seal their DOOM II will be mistake to suppose
TINS can be done without any sacrifice; but II they
study the general welfare and In studying that they
viii most certainly advance their own. But no
measures should be forced upon them which would
compel them to distress ther debtors. The banks
and the United States can approach sound cur
alone. While the United States should do its full
part as the author OF our present embarrassments,
the national banks must not bury their talents and
"Lord, know thee that thou art . hard man;
there thou hast the paper that is tnne-take that"
tracts the basis OF coin and by organizing Specie
paying banks, that specie and bank bills con-
duct Of some share Of the m
OF the country, and to that extent super
sede the present ONCE OF irredeemable paper
currency. Much less OF such paper Will be required
II it should be objected tnat there will be two cur
rences in circulation, the answer would be that
beng q clandestine one and the only effect
VIII be to augment the best one and thus
release rel the COINS Of our own country from
dark. And the moment when the bank notes begin
TO be redeemed one dollar will almost do work of
ments It win compensate for the lack Of Its present
bulk. Interest accounts will also be lessened when
dollars for the use Of no more rel than five on the
vanish and grow less and less the nearer Il
inauyuraied hand IN hand with a system
which affords an opportunity for banking crcula-
country. have thus hurriedly reviewed, without
much regard to their order some OF tie propositions
purpose Of supporting SUCH parts OF the report Of
the Committee on Finance as my Judgment approves.
It will be seen that cordially sustain the policy OF
the @ United States notes; % the '''' ssn ieaaIizing
SankS oa Tie t sns Of sIcuasa
equivalent TO specie, and o policy generally that
@ not eaye US a. ise Sen on ro a Wa
unnecessary to say that am an impacaole foe to
the further imitation Of so-called paper money, as
well as TO any artul dodgug OF the 'spirit and let
ter" Of our public obligations. The honor OF our
people may be won or lost here as wen in the
what tarnshed by the fact that any alusion to such
. contingency eau be justified, yet am confident
the public faith no scar on the bosom OF our country
and as TO secure the largest measure prosperity
10 the American people, In whose future centres all
Mr. CoaRErT, lrep.j Of Oregon followed in expla.
nation and advocacy Of the amendment offered Dy
EQUAL RIGHTS IN THE DISTRICT OF COLUMBIA.
MT. SUMNER lrep.l Of Mass, moved to lake mp the
District Of Columbia which was inereupon taken up up
The bin strikes out the word ..whitep rrom the
Washington and Georgetown. The Bill had aiready
been passed twice. but in each within less than
come law because t was returned by the President.
ELECTION IN WASHINGTON TERRIroaY.
bin % Seruae U eecUns IN or a1 an n
Territories was taken up and passed.
RELIEF OF cELEsTIA p. HART.
took up the bill for the relief Of Ceesa P. Hart 1t
pays her $4,000 as compensation for the oy the
her late husband. Samuel B. Hart. 'eH'e' "
Mr. CAMERON, Crepl Of Pa, opposed the bill on the
the government which was. therefore, entitled TO
the benefit OF his services and skin without giving
him or his representatives extra compensation.
not naval officer. but naval contractor ana that
his invention had been very valuable TO the govern
dren. who needed and were enttled " compen-
Nr. ANTHONY said the committee were SO wen
the justice OF the clam Of Mrs. Hart that they would
have increased the amount OF the appropriation,
only that the bill would then have 70 90 back to the
House for concurrence, and might therefore rail to
pass this session.
The bill WAS tuen passed.
PACIFIC RAlLRoAp-0REGox BRANCH.
Mr.. CoRBErr introduced bill 70 AID In the con-
stracton OF the oregon branch OF the Pacific Rail-
lie Lands.
DUTIES on IMPORTED MACHINERY.
On motion OF Mr.. MORRILL,, trep.) OF W., the biz
to authorize the importation Of machinery Tor re-
peirs taken up and passed. IL authorizes the
importation OF machinery for repairs upyn the CIV
Ing OF bond In double the appraised value thereof,
to be Withdrawn when the machinery las been re-
paired and exported.
EXECUTIVE SESSION.
A few minutes before four O'Clock r. W.,
Mr.. THAYER, lrep.D OF Nevada, moved 10 extend
the session ten minutes beyond that time, so Us ~
give time for BRIEF executive session Tor the con-
slderation OF some Indian matters, which
ried. So at four O'clock the senate went INTO ex-
ecutive session and soon after took recess tlii
seven O'Clock this evening.
Evening Session.
The Senate reassembled at seven O'Clock y. ".
NEW YORK AND LOSD0N TELEGRAPn CABLE.
Mr.. CHASDLER moved 10 take up the blll 10 author
ize the New York, Newfoundland aud London T,ie-
graph Company 10 land It's submarine cable on the
shore OF the United states.
Mr.. CHANDLER suggested that the bill had better