The New York herald., 1869-02-13
NEW YORK HERALD SATURDAY FEBRUARY s

bonds In any one month. The Senator from Indiana
mr. Morton) hai attacked with equal yehemence
tne original bill and its defects ana the amendments
designed to remedy those defects. That senator
seemed determined to oppose every proposition
coming from any member OF the Finance
or demerits 'I II was Wen Known that he
INT. MortoD) had a pet theory upon the
subject Of hnance and he appeared % THINK Y I'M
possible Tor any one but himself TO suggest anything
valuable In relation to 1t, unless the suggestion mar
monized with his theory. The senator rom
Indiana had argued and attempted 20 show rom the
history OF England that most disastrous results
must follow from any considerable contraction OF
tne currency; put II was easy 70 aeinonstiate tnat
his own plan Tor the redemption OF specie payments,
II adopted, would produce more violent contrac-
tton OF currency than would be brought ABOUT by
any other plan yet proposed. The proposition OF
the Senator was that the government should hoard
up In the treasury a.he gold II shall receive, ex-
cept what Is used for The interest on the pubic debt
iof Two, ana half years, ana tnen resume
specie payment. The gold being thus WIN
drawn and boarded, OF course 1t would be most vlo-
lentiy contracted. The greenback currency would
be contracted and noarded in another way. A man
having ten thousand dollars m greenbacks, worth
to-day oniy seven thousand dollars u gold would,
upon the adoption OF the plan OF the-Senator from
Indiana, withdraw it from circulation anu hoard IT
IN his safe, having the guarantee OF the law that at
the END OF two and half years MS seven thousand
dollars would be worth ten thousand dollars. This
would be the inevitable result, because no man
would take the risks OF ordinary business Wnen ne
could so pro.tably hoard ms money. MI. Nlilanls
went on to defend the scheme OF the FINANCE CON-
mittee, which, with his amendment, would be the
Dcal anu SiltSL way yet suggested
what all parties professed TO de5fre-resuInptlon OF
specie payments
Mr.. SHERMAN opposed Mr.. Williams amendment,
because he Thought there would arse diinculty III
determining what parties should DC entitled 10 pre-
ference III the conversion OF greenbacks INTO bonds,
when the amount to be converted was limited 10
$1,000, 900 MONTH
Dir. WILLIAMS said the rule should be "drst come,
first served"
man in or near the treasury department could get
served first every month.
MIR. WILLIAMS thought the dllhcuity suggested a
very slight one compared with the great difficulty
and injury that would arise from too RAPID contrac-
ton.
tor from oregon tMr. Willlamsl was no better than
the provision in the original b because II proposed
TO limit the amount oil contraction TO S2,ooo,0oo
month. But he was opposed TO ali contraction, as
uncaed for, unnecessary and utterly useless.
Mr. FEssENDEN, Tep.l OF Me-, thought u would be
wiser 10 anJaorlze the Secretary OF the Treasury 70
issue bonds 10 exchange for greenbacks and leave
the time and amount OF the issue TO his discretion,
than to compel him to make the issue IN an amoaM
and Ut time fixed by Congress.
The Senate then voted on the first clause OF tue
amendment offered by Mr. Williams, limiting the
amount OF conversion TO S200001J o month, which
was rejected, all the Senators present voting IN the
negative except Messrs. Buckaew. Cattel, Davis,
Dixon hendricks, Howe, koss, Patterson OF fennes-
see ana Williams
Then at four O'Clock, the Senate took recess
unsl! Hall-past seven this evening.
Evening Session.
RIVER AND HARBOR BILL.
The senate reassembled at seven O'Clock and re-
snmcd consideration OF the Rlver and liarbor BILL
the appropriations for removing distractions In the
East river at Hell Gate and other places were re-
auced to $2l5C00.
MI. DAVIS, (dem. OF KY, suggested that the term
s'hell Gate should be changed TO aurl Gate which
he understood vas the proper name OF the place.
Mr. CHANDLER, Tep.) OF Mlch.-lt Is 'Hcl."
(Laughter.)
IT. DAVIS said he knew it was in the vicinity of
that place, but he hoped not quite a. the gate.
0nesof the amendments reported by the commit
tee was to strike the 81 preparation OF S450,000
toward completing the Louisville and Portland
Canal, the appropriation to be made upon the con-
Gition tnat Kentucky relnquish her claim upon the
canal 10 the general government.
The amendment was discussed at length by Messrs.
DAVIS, BUCKALEw, YATES, NYE, MOTION ana HEN
DRIcKs in favor OF the appropriation and Messrs.
STEWART and FRELISGHUYSEN against II.
At twenty five minutes past ten O'Clock, while the
amendment was still pending, the Senate adjourned.