The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1869-12-04

|charge r. Bichaxds rs: :bf |, uhice0o. sof.
tered o resolution, Sskibg CoBafees Go
Ok the rata TO be charged for tfanspofsa!
ton OF freight and passengers on eact,
rsilrosd Ia the United States; the rate TO
be based on u reasonable income for the
money, inseated in each. He said many
railroads had fictitious capital OF seve-
raj millions dollars, and upon this the
public was made TO pay interest. Rail.
roads were public institutions, and ct
snbject for interference of the law-mak-
ing power After brief opposition from
Mr.. Hastie, OF South Carolina, tho -eso.
luton was tabled.
The twentieth and twenty first propo-
sitions, referring to tho James River and
Kanawaha Canal, and Northern Pacific
Railroad. we're postponed till tomorrow.
A resolution for establishing system of
metooric observation, to give warning
Of coming storms on the lakes, was re-.
fered to tho Executive Council.
The twenty-second proposition was
taken up. It comes from the Baltimore
Bonrd, in the shape of resolution af-
firming confidence in the general princi-
pies of the national banking law, but
believing the currency is too limited, ad-
vocates the repeal of that section of the
law limiting the circulation of national
bank notes to $500, 600. 900. On motion
OF MIR. Ropes, OF Boston, the twenty
third proposition, recommending to
Congress tho adoption of measures to
hasten the restoration of tho specie
standard Of value, Coming up from the
Boston Board. was nlso taken up, and
both discussed together.
Mr.. Jaokland, of Baltimore, explained,
49,.
came from the Baltimore Board, it wus
not endorsed by it.; he went on to advo-
cate resumption of specie payment; Nh
incidental denunciation of Reputation,
was loudly applauded. He offered re-
solution referring those two propositions
and the twenty-fourth-wh Which recon-
mended tho repeal af the tax on State
bank notes--to a committee, to report at
this session Of the Board.
Mr.. Ropes, of Boston, said money,
like weights and measures. is useful only
in connection with other commodities,
and can only be applied to measure and
exchange values. Paper money is only
certificate of transfer of money. No
government has the right to leave it's OBJ.
legations over due. To return to specie
payment is impossible until the equili-
brium of values is restored. Prices now
are inflated, and have boen made SO by
tho increase of irredeemablc credit; and
VIC must now reverse the process. The
Government must allow tho groenbacks
to be funded, and banks must be made
to increase their capital and diminish
their liabilities This will not disturb
industry, but will only check illegitimate
speculation. If it is not done, then the
only alternatives arc bankruptcy and re-
pudiation. He advocated the issue of 4
per cont. thirty year bonds, payable in
gold, principal and interest-which could
be sold for greenbacks and the green
backs thus drawn in.
Mt Dore, of Chicago, urged that
Congress should authorize tho Secretary
of tue Treasury to receive certain por-
ton OF the duties on imports-say one
third or one-half-in greenbacks; and
also to advertise, If gold to-day is TWEEN.
ty-two, that he will sell gold the first of
next month at ono or two cents less; and
the first of each succeeding mouth one
or two less than the months previous.
This, he thought, would do away with
the difference between gold and currency.
Mr.. Opedyko, Of Now York. thought
tho safest return to specie payment was
to be found in carefully maintaining the
value OF the cnrrency--neither expand
ing nor contracting it's value. hut grow
ing up to it by the increase of industry
and commerce, which every year neces-
sarily brings us nearer resumption. Mr..
Ropes plan of return, by the issue of
four per cent. thirty years bonds, with
which to draw in greenbacks, would be
a failure. If we should double our cur
rency to-day, beforen year passed, money
would be just as scarce and specie as
high. He favored making an equitable
distribution of the currency throughout
the country. He believed we had to-
day about as good currency as we ever
had in this country. Applause The
national banking system is in all points
an improvement on the systems formerly
used. He thought, from the favor in
which they were held by the people, that
if the Supreme Court tomorrow were to
declare them not to be legal tender, in a
month they would have regained their
place in the popular confidence. The
existing currency laws are about the best
we can have, and under them the debt
has been curtailed $40, 900, 900, and the
business of the country has not been
affected.