New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-03-05
OUR FINANCES.
TIE FINANCIAL PROPOSITIONS OF THE xLTH
CONGRESS.
IrEoM OUR OWN CORRESPONDENT

4
of value Most Of the fell stilDorn nearly all
were strlnged committee. and the only one OF any
great Importance is that adopted last pedgih9
faith to the payment In gold Of the public deot Noiwu
ing measure has passed Ours is no Pune iat anu run
this day out the national credit will grow rapidly IL IS
probably better to let IL find It's level before attempting
10 lower the rate OF interest, by funding the present
bonds into consolidated This, at least Is the gen
| eral average Of opinion IN Congress
sTRANGLED IN COMMITTEE.
The XIth Congress has been prolific OF projects never
heard Of after their introduction outside OF inc eo
tee TO which they referred The hrst OF 'heSe was
offered July 1861 by Mr. NOEL OF Missouri lsince deadl
IL was bill to abolish National Banks redeem the Dahk
notes with LegaTenders, and to make the Lega[Iehder
notes receivable for duties Imports Referred 70 tue
| Committee on Banks.
On the 2jlh OF November 1867. Mr.. Green B Raum OF
Illinois Introduced bill TO Ak the value OF legaltender
notes and to provide for their redemption by requiring
fine Secretary Of the Treasury TO redeem all such notes.
I'm sums not less than $780, at the rate OF II in god TOT
81 40 I'm notes until gold and paper shall be equhi III
value Referred TO the Committee on Banking
December g. 1867 Mr. W. Williams Of Indiana. bill TO
fund the interest bearing debt OF 1.-THE United States by
the conversion into registered bonds, slsOOoOCOOOO OF
which are authorized 10 be issued, bearing SIX per cent
coin interest and payable In 80 years, and subject TO
national tax OF one per cent Referred to Committee
| OF Ways and means.
Dec T. 1867, Mr. Maynard OF Tennessee a bill to give
uniformity the currency by requiring the Secretary OF
e Treasury TO redeem United States notes aud irac-
nnal currency Mt par Referred 10 the Comnl'tecoi
Waysaud Means
Ian 49, lsCs tie Hon. NJ c. Hunter OF Indiana offered
IN for funding the national debt by authorizing the
issue Of coupon bonds PAYABLE principal and Interest," III
coin (at six per cent? such bonds TO be redecmabe at the
pleasure Of the Government after ten years Tic pll
prohibited tho accumulation Of coin In the Treasury De
You'd what may be required to meet demands upon II.
and the collection Of duties In coin upon Imports only to
the extent required meet the obligations Of the United
States Referred TO the Committee OF ways ana Means
GOV Boutwell, Of Massachusetts on the Sd Of February,
1863 offered bill 10 regulate the public debt ana the III
icres thereon by authorizing the issue Of sc0O0OOO OF
coupons or registered bonds in not TO exceed SO
urncpal and six per cent interest payable in COIN Re-
frrcd TO the Committee OF Ways aud Means, where It
| has -lumbercd ever since.
On the same day Mr.. Buckand OF Ohio offered bill TO
regulate tho national currency by authorizing the issue
of $4,000 coupons registered bonds redeeu
able IN coin ut any time after 80 years, OF not less than
$50 car bearing four per cent interest In coin Referred
| to the Committee gu Banking.
March O. 1885, Mr. Miller Of Pennsylvania offered joint
rcsoui declaring that the present generation ought
not to be required pay the whole national debt created
| hy the Rcbelnn On the same day, in the Senate Mr.
wilson introduced bill to provide for the funding Of
the national by authorizing the issue OF coupon or
rcr crcd bonds I'm denominations Of not less than $50,
to an amount sufficient redeem all our Understanding
bonds except the five per cents TO be known ~ the con
solalcd debt Of the United States; obe made payable
la 80 years per cent for 20 aud five per cent
after aud proposing rate Of payment Of the public
debt which shall c1tngush In ~ years. Read twice
| aud ordered hs printed.
Mr. Lvhch OF Zinc, offered n bin on the 18th Of Dccem
her, lss 10 provide against Expansions conrac
tlons tho ricucy. hy dcposng Grcenbacks' In tile
! Treasury Of the United States, In sums Of 1890
| aud upwards, and receiving certificate for the
same bearing interest the rate OF S65 per pay
able IN legal tender scml annually, surrender OF
certificate or after co days from date u It's issue. The
certificates De redeemed after 10 years unless at the
| option 81 the holder
Mr. Millrrof Pa. offered resolution the 18th ~
December. IsCs plctgns that the pHucpnl OF oil bonds
should Ice pud In gold IL referred to the Committee
| Of Ways and Means.
Feb l5 1902 Mr c. ID. Hubbard Of West Virginia, bill
s Elementary act To provide national currency
and the circulation thereof, approved Jan 3. 1854. Re
f,rrrd a. the Committee Banks aud Currency.
January %, 1862 Mr. Kelsey OF NewYork offered bill
for the funding pay ing Of tho national debt and for
n1ug the Understanding bonds hereafter Issued IL
authorizes the registered coupon bonds, with
i've peg coin interest, &c. Referred to the Com
mlltco Of Ways aud Means.
RESUMPTION or SPECIE PAYMENTS.
The FIRST because the direct Of all propositions for
resumption. II the following:
December 1873 IN the Senate, Mr. Sumner introduced
bill provide for the Resumption OF Specie Payment,
the 9Th o July 1862 by the issue Of Coupon or Reg
i~tercd bonds paynble In coin tho pleasure Of the
United after 80 40 years ut Al aud per cent in
tcres; respectively Read twice and ordered printed
PROSPECTIVE RESUMPTION.
on the lIth Of December. 1861 Gov, Morton introduced
IN the Senate bill TO provide for the redemption, In
CON- Of United and fractional currency. by
setting apart the surplus gold In the Treasury beyond
what may required pay interest for tho redemption
United notes and fractional currcncybegnning
this specie after July 1871. Read twice and
ordered printed The Senator made an Ingenious and
able speech favor Of this project which has received
considerable attention aud favor from the press. On
December le Garrett Davis Ia the Senate. offered prop
oon that the bondhOdcrs be paid ouly the present gold
value OF the bonds ordered 10 be printed. There 1t
hangs IN typc-oue OF the modern Illustrations Ola now
Way TO pay old debts"
on January o. 1909. Gov. Morton presented an amend
meut to Finance bl, authorizing coupons OF bonds
payable ia coin TO DO received payment for duties.
ordered printed.
- NEW WAY TO PAY Old DEBTS"
That model specimen of horny handed demagogne,
Cary OF Ohio deserves Ia be pored as tho frat person
who proposed by solemn enactment pay debts with
due-bnl. His elaborate scheme lies In that tomb Of
Legislative Capuets-tho House Committee OF Ways and
Means The next proposition came from q different
source, and met attention from the public. Nov
2 1867, MI b. L. Butler offered Joint resolution the
House providing for the payment OF the pablo debt In
coin lawful money according 10 tho terms OF the
tract which read twice aud referred TO the Commit
Of Ways and Means This Buffers undisguisod
leap toward PondlotOn reputation; but tho dill
Guilty he experienced In securing his reelection 10
Congress seems to have made him cautious IIo
has not urged his boder project since; but
the 10Th OF January, 1862 offered bill authorize tho
Issue Of National Currency amounting TO sS5OOOOOOO
to Its elasticity and stability lessen the interest
the Public Debt the OF interest pay
the debt In greenbacks Referred to Ways and Means