New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-02-12

permanenf AUTHORIZATION OF sIIT.TIJ -
the public debt and the excess, IN lieu OF lhe
fund, for the gradual reduction OF the pflhcipa
and viii he Of great future value ING seSUm peaps emf
nently proper 10 is undoubtedly the t o
getting these notes redeemed ana out VI ' U arc tn
great obstacle which blocks up the way anu 10 Leuecn
them with our own bonds ny ilot vss , i,
only five per cent interest IS !, lhueh ioT @
method 10 pursue than IL would De 10 sell our DOnds
abroad at heavy discount ID oue5 20 ISo 1o fuS ~
10 raise the means of retiring the United states notes out,
Standing bv present immediate taxation. That viii
moi bo uroosed any quarter and 10 rely upon that is
e0uiyolent TO an indefinite pOsponement of the whole
question: If the rate OF interest proposed low enough
f6en IN fund these notes in five per bonds is the
SIMPLEST and the cheapest mode by which they can ever
eae6ing TO This section by the Senator from oregon Nr
Williams, limiting the amount of the United states notes
which shall be converted to the Of s2,OOO,OOO per
month. This amendment is Objectionable on aec0unt
Of the restricted amount within which conversions shau
be confined, and also Objectionable from It's non
elastic and fixed rate, beng S2,0OO0OO per month
whether the condition of the money market happens
10 be favorable unfavorable TO such conversions.
Tie proposition for free banking meets WIN my APP
prOval. because 1t will prevent monopoly OF banking
object among bankers to make tho price OF money
dear ms for the growers OF cotton or the
iron to seek an enhancement of prices by reduction
But am in favor Of 10 no faster than sound medium
be furnished, equivalent to specie. On the
Pacific Coast, where they have not intermitted the
Of gold coins for a day, and where IL is eSti-
mated that slOOOOOOO dollars II not more, in cir
minded, 10 establish banks whereby s15Oo0OO OF paper
least could be issued redeemed and sustained at the
par Of gold. IN the South much greater banking facl
ties required and there, with their great staple
cotton selling for twice its ancient price aud at that
price commanding gold, there hiudranccs which
may not easily be overcome In the establishment OF banks
which will redeem their circulation in COIN Several OF
the existing banks are strong enough in specie 10 HuO
this system at once advanageously and without fear
The presumption is that more or less OF specepayg
their organization; and should We make any advance
toward resumption as It Is to be hoped we may Their
banks organized would also be stimulated to make
preparations for resumption, and as United states
mott hpu IN hp wit
would naturally supply their place IN thelr re-
serve Nun Com aeSber have NO notes ontstand
ing proclaim its readiness to pay on demand sUeh as
Without much expectation Of its finding favor at tins
time, and yet with some confidence in It's prOprety,
shall offer the amendment which PROF to abandon the
keeping Of any reserve by banks which redeem their
notes at their counters in specie ana also redeem tc IN
its equivalent at some principal OF the country or
wherever they now permitted 10 hold any part OF
their The proportion OF reserve OF specie winch
every bank should hold when pretending 10 redeem its
notes In specie rs equivalent Is unequal and 1t would
security to the blhoder In case Of misman
agement and loss upon the part Of the bank This secur
y should have margin of at least 10 per cent beyond
the amount of notes received be based upon tho coin
value of the securities ms bonds worth IS in gold to-day
may worth IS hereafter ana the restoration OF
specie payments shUnd not be made moro OneOus than
necessary. In order that the national banks may be
having some little Thought OF an ultimate resumption
i shall propose that at fixed points OF time here
after they shall have and hold certain
percentage Of their capital as part OF their assets IN
coin Any plan looking 20 the elevation OF our
paper legal tender standard TO the OF coin Will DO IN
complete unless IL embraces and carries along with II the
elevation OF the national banking currency ana these
banks only retain popular favor by beng Wng 70
be charged with their fair share Of the labor OF reSump
ton Any hesitation on their part WIZ scar thelr uO9I
have thus hurredy reviewed without much regard 10
their order Of the propositions which have been
submitted the Senate with the purpose OF supporting
such parts Of report Of the Committee on Finance as
my judgment approves II VIII be seen thet oorulay
sustain the policy OF funding the United States bonds
at lower rate OF interest; the gradual retirement O
the United States notes; the legazng OF coin contracts
the organization OF free banking on the Dslo Vl
ton equivalent TO specie, and policy generally that VII
not leave far of from restoration OF sound cur
rency years hence as we are now ~ Is ,,U
say that am an implacabe foe to the iurther laton
of the spirit and letter OF our pubic oDnEauoh';
OF people may be Won or lost mere as wen us III
the field and though Senators may feel that II IS some
what furnished by the fact that any aus9n TO s9e1
contingency be justified, yet am conhde thht Ie
faith DO scar the bosom OF country ana so as 10
secure the largest measure OF prosperity TO the American
people in whose future cen'cr' all our 'O'0 al"
Mr. CORBETT Rep. oregon followed in explanation
and advocacy OF the amendment offered by HIM to the
nendng bin He regards the present currency OF the
United States the possible because 1t was fixed
ns1pulaton by local speculatOrs and also because 1t
part of the general currency OF the world being
ncapabe Of circulation abroad. Discussing the bill under
Ieai;1ing Contracts snecifically payable in coin,
id aISend IN by striking out the word hereafter"
as 10 egaize existing contracts OF that character lie
IN Yavor az the second and third and fourth sections
OF the b but thought that the fifth section could not be
well enforced without his amendment 20 ne numbered
section sixth, providing that on me ls Ol July w.,
under the act TO provide National Currency, &c sla
hand not less than SIX per cent OF s crcuaon
i'm gold or silver coin the LIST OF January 1870 not less
nine per cent? on the LIST OF Jny ie not ess man
twelve per cent; and the lst or January, ISL,
not less than fifteen per cent; and that there
after every such organization snail pay com on
demand for i;s outstanding circulating notes.
THE DISTRICT OF COLUMBIA EQUAL RIGHTS BILL. go
Mr.. SUMNER rep, Mass moved TO- take up me Oh,
for the further security Of equal rights IN the sot OF
Columbia which was thereGpon taken up and passed:
e District of Columbia and the charters OF Washington
nd
twice but in each within less than ten days OF tho
end Of the session. aud failed become law because II
On motion Of Mr. WILLIAMS Rep.. Oregon the bll to
regulate elections in Washington and Idaho Territories
On motion of Mr. DRAKE Rep., MOI the Senate took
M the bill for the relief OF Celesa r. Hart II pays her
$1,000 as compensation for the by the Government OF
gun eevatng invented by her late husband Sam
Mr. CORBETT Introduced bill TO aid in the construc-
ton of the oregon Branch OF the Pacific Railway
thorse the importation OF machinery Tor repairs was
taken up and passed 1t authorizes the importation Of
machinery for repairs, upon the giving OF bond, In
double the appraised value thereof TO be Withdrawn
when the machinery has been repaired and exported
eP SebJ moved to extend the session ten minutes
beyond that hour. so as TO give time for brief Executive
which was carried 3d. o'clock the Senate went into
Executive session, and soon after took recess until
EVENING SESSION
Tie Senate reassembled at 7 O'Clock p. IN.
Mr CHANDLER moved TO take up the bill TO authorize
the New.York Newfoundland and London Telegraph
Company to land ITS submarine cable on the shores OF the
United States
Mr. CHANDLER suggested that the bill had better lay
over for time as the Chairman (Mr. sumner OF the
Committee on Foreign Relations to which the bill had
been referred not present
MI, TRUMBULL lReP., III offered an amendment TO
the BILL providing that the privilege Of landing submarine
cables shall be given TO foreign powers only when they
give 10 the United States the privilege Of landing cables
their shores
Mr.. CHANDLER said he would accept the amendment
THE RIVER AND HARBOR BILL.
The hill informally passed over and the Senate
motion OF Mr. Chandler took up the River and HarbOr
bil which was read with the amendment reported by
the Committee.
The first amendment was to strike out tho approprIa