The New York herald., 1869-01-27

tdem) OF Ind suggested that the bin should be re-
committed, with instructions to make the second Sec
ton apply TO male pensioners as wen as female pen
sioneTs
Nj. pERnAM declined to yield TO thar motion.
Mr.. ISGERsoLL desired to know the purport Of the
The SPEAKER remarked that the second section
was not before the House. the question being on the
last amendment reported by MIR. perham.
Without disposing OF the last amendment, the
morning hour expired, and the bill went over TIL the
morning hour tomorrow.
DUTY ON SHINGLES.
Mr. CGuRcIIiLfa trep.) Of N. y. presented the me-
mortal OF alvin Osborn and others, snlngle manu-
facturers, of oswego, N. " asking for an increased
duty upon foreign made shingles in considerations
70 tie ss q waSa ana nss Means 0s'
the business on the Speakers table.
RESUMPTION or SPECIE PAYMENTS.
that he might call up his bill.
Mr.. ALLISON withdrew his motion in order to let
Mr.. Lynch make speech on his bill. stating that ne
had not been aware OF the arrangement maze.
then, pending that motion, moved to GO into q COM
mittee OF the Whole on the Legislative Appropria-
ton bill The latter motion was negatlved by vote
OF 20 TO Ill. Mr. Wasburne called for the yeas and
nays the motion, ana for tellers on the yeas and
nays, but both were refused.
The motion to proceed to the business on the
Speakers table was then rejected by a vote Of Is
TO ll2.
Mr.. LYNCH them at twenty minutes before two
O'Clock called up his bill TO provide for the resgnp-
ton of specie payment and proceeded to address
SPEECH or MR.. LYNCH.
Mr.. Speaker among all the conflicting theories IN
regard Co financial affairs, and the means to be
adopted for their Improvement, there is very gen
eral agreement upon one point-namey, that it IL
currency upon specie basis. Some contend that
we should do nothing directly toward Fastening
resumption bug that BY proper adjustment Of the
tariff and u rigid economy IN the administration
OF the government the balance of trade will be
turned IN our favor and the desired result
be thus brought about IN due season and
without any disturbance In BUSINESS. But money is
the subject Of contracts for future payment well
90 n naf1i n a pacf fart Tho fr
ture cannot be made with confidence SO long as our
currency is OF 1uctuating and uncertain value. Mr..
SO funded that we have the option to pay 1t within
three years. ana in order to fund this at lower
credit, the depreciation Of which is caused by the
depreciation IN our currency. He argues that II
s would i follow. he then states our M demand a. La
blites to be provided for by resumption, at total
Ss oar y con means n 70 @ wcn
ss5 I0O275, or about twelve per cent OF demand
liabilities. He discusses the remedies proposed as:-
l. Contraction: 2 Repeal Of Legal Tender act; 8.
Buying up the legal tenders at discount which shall
diminish one per cent per month until we buy them
at par; 4. dorton's pan) An enactment by Con-
gress that specie payments shall be resumed by the
government at some hxed day In tho future, to be
followed at later day by like resumption on the
part OF the national banks and by repeal OF the
Legal Tender act resumption to be provided for by
retaining IN the treasury all the surplus OF coin after
paying the interest the public debt, ana by COM
pelng the banks TO retain the specie received as in
terest on their bonds, with which TO maintain their
circulation upon a specie basis. t-
Mr.. Lynch proceeds 70 argue that the contraction
policy has failed and would be disastrous; that to
debtors to pay their debts In gold Its equivalent,
which the government Itself cannot do, and that the
government cannot by an act Of Congress control
the price OF gold. After complimenting Senator
"A And this brings me to the bill before the House.
Does IL possess the necessary elements OF successs
Let US EXAMINE It's provisions. provision They They are
tender notes received into the Treasury in the
course OF ordinary transactions and to issue
in coin on demand, at and after one year from the
date Of issue. Second-To cause all national bank
notes received at the Treasury to be redeemed BY
the bank issuing the same In United States legal
tender notes. which legal tender notes shall IN like
ysar Is Issued IN their other wSds an
the paper currency issued after July l. 1899, nom
the Treasury Of the United states Is TO be in notes
Third-To make these notes legal tender for the
redemption OF national bank notes, and for all
or ci subordinate @ DETAIL i is provided that the secre
coin notes ne into the Treasury before maturity instead
Of ressuing them, issue an equal amount Of new
the Secretary may al his discretion, after The ma.
turity OF the notes first issued issue the coin notes
In exchange for the present United States notes at
less time than year, but not on less time than
three months. The secretary is also author
ized, in case It may be necessary in order
aftcr maturity. to purchase coin to the amount
OF $50 900 0O0 TO state more In detail, the bill pro-
meHs S Sy the Of as uned
States notes into notes payable In coin In one year
being made as the currency disbursements OF the
Treasury require. Under its operation II 1t become
Into Inc M treasury Of the United States ia the or
nary course OF business after July i, 1859, Will be
nga M Win ,ns c 20
United states notes, which notes will also be de-
stroyed. and in lieu thereof q like amount
coin on demand at the Treasury OF the
United states after one year from date Of
redemption by the banks OF their circulating notes.
and for al other purposes except for the payment
rest the public debt where such interest Is paya
bic In coin That H. they are legal tender IN general
the United states. Taxing the estimated currency
disbursements of the Treasury for the next fiscal
year-say about slso 600 ooo-as basis OF caicula-
able United states notes into notes redecmable In
coin in one year from date would be at the rate
OF about 600 per month"; or S500,000 per
day. That is during the month Of July, 1909, there
would be paid out from the United States Treasury
issue. on demand, In COIN at the Treasury, 10 be
followed by like amount each month during the
year. which would make the total amount thus con-
yerted during the fiscal year ending June 30, 1870.
$50 100000, being about one-haif the amount OF
Amount providing the currency expenditures OF the
Treasury continue the same, would be converted into
coin notes during the next scai year. That is onsha
convertible iuto notes payable In coin In one year
from the date or their issue, during The fiscal year
ending June 30, 1870, aud the other half would he
thus converted during the fiscal year ending June
90, 1871. This gradual substitution OF coin notes
payable certain day for legal tender notes, never
actually payable on their face Is the irst measure
proposed by this bill. II s the means or preparing
FOR and OF making not only practicable and sure, bun
gradall aud easy, the resumption or specie pay
ments. This Is 10 DO the first step under this b 10
be taken toward the return 70 q specie cur
rency. The next step resates to the pay
ment OF these coin notes. This process Is
to commence one year after the date OF their
frs ISSUE on tnat day the s500,o0o In coin notes,
IssC "a year before, win vecome redeemable, and Il
presented az the Treasury must be paid. As pay
incrt can only De demanded at the same rate as of
the original Issue, say 100000 daily, the tune In
when tley be presented for redemption Will be
extended through the period OF two years, from july
l, 1853 TO July l. 1872. These notes thus become an
intermediates currcucy between the present irre-
deemable lelal tender notes ana gold and serve