The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1869-12-05

- low % 99pr per csnks chr sHoiton, !of
Wisconsin,, thought the only way to
get 10 eonstitutionM money VIDA 60 get
greenbacks QUE OF the way. They create
ah induence which Is % commercial
commodity, and which can only be cured
by return to legitimate currency. This
return would burst MANY OF the swollen
ones, but it was better that this should
happen, than that the Governs ent should
hold the attitude it now does towards
the world. We had to suffer some
shrinkage. an we had as we'll suffer it
now. and get back to q healthy size
Mr.. Herbert. of Baltimore, did not be-
lieve we could resume specie payment
for the next five years, without the de-
struction OF the commercial interests of
our country. He believed in Opedyke's
opinion, that the country must grow up
the circulation, and not contract or OK
pand it.
Mr.. Chittenden, of New York, moved,
as substitute for all the propositions,
that Congress be asked to devise such
notifications of the banking system and
measures for the suppression of specula-
ton in gold, as are calculated to restore
the credit and honor Of the Government
and promote rs speedy a return to specie
payment as is consistent with safety.
He held that all any body of private
citizens could do were to impress on
Congress the Importance of acting on
this paramount interest of the country
in preference to partizan political mea-
sures of their own.
Mr.. Cullen, of st. Louis, did not think
this matter ought to be referred to Con-
gress-a body much less conversant with
the subject than this BoarG--unless /. is
| referred with a recommendation as to
the line of policy to be pursued. Mr.
Ohittenden modified his resolution by
striking out all allusion to the suppress
sion of gold speculation. He said he
had been informed that distinguished
member Of Congress would introduce,
early in the session, bill to tax these
speculations.
The whole subject was then referred to
Committee of Seven, to report at this
session. on all the plans submitted. The
committee consists of Messrs Kirkland,
of Baltimore; Chittenden, of New York !;
Roper, of Boston; Richards, of Chicago; !;
Holton, of Wisconsin; Hooper, of Gin
cinnati, and Hastie, of Charleston. The
following propositions were referred to
this committee: BY Parr, of Baltimore
That opposing the extension of the cur
rency, and favoring legislation looking to
contraction and early resumption. By
Grubbs, OF Philadelphia Affirming that
the establishment by the Government of
chartered fiscal head and regulator,
combining private capital, and endowed
with privileges sufficient, presents the
surest remedy for the present currency
evils. BY Herbert, of Baltimore-To
abrogate the three-fifths credit balance
reserves; to prohibits the payment of in
terest by the national banks of creditor
balance; to enforce redemption of ma
tionsl bank notes, so that they may be
senG back to their local elites for reissue;
20 require reserves to be held in the re-
sPective bank vaults in money, and not
in credit balances in other national banks
at distance; and finally the repeal Of
the ten per cent. tax on the circulating
issne of the national banks.
The twenty-ninth proposition-asking
Congress to require all American vessels
under register to carry one or more ap-
prentices, so as to secure supply of eff
ficient officers and seamen for our marine,
was taken up and the proposition adopted.
The committee on the proposition re-
lative to the Ohio and Mississippi Rivers,
reported, recommending that Congress
make appropriations for rendering the
navigation of the Ohio and Mississippi
Rivers free of distractions, especially at
Des Moines and Rock Island Rapids;
that bridge over those rivers should
have one span over the channel, 400 feet
long, and sufficiently high not to obstruct
navigation; that in bridges built over the
Mississippi, above the month of the Mis-
souri,, there shall be one span, 300 feet
long, and that the construction of the
piers of suoh bridges shall be superin-
tended by Government engineers. The
report was receivedS- to be called up in
its turn.
The seventeenth proposition-James
River and Kanawha Canal-was taken up
with the report of the special committee
on the same, which sets forth that con-
tinuous line of water communication
between the Mississippi River and Allan
tic sea-bonrd is imperatively needed.
That the James River and Kanawha
Canal should be extended to the Ohio,
has special provision, and that in this
work all private and corporate proprie-
torship should be first removed, and then
Government should grant aid to them;
after the canal has paid back the money