The New York herald., 1869-03-27

done by transferring to them the excess Of circula-
Mr.. WILLIAMS, trep) OF Oregon again expressed
ms opposition TO all violent measures intended TO
AFFECT the national currency, and said that the with
faith. He moved to amend the amendment Of Mr..
notes at $780, 600 instead OF $3.50 00o and by
addiI clause directing the Secretary OF the Treas
ury 70 cancel United States notes a. the same rates
issued.
Mr.. SHERMAN denied that the committees bin pro-
posed any injustice TO any portion OF the country
The New England States would still have their full
share, and one OF them-Rhode Isiand-would have
TO the amendments Of the Senator from Massachusetts
lME WILSON, and the Senator from Oregon tMr. Will
ing Of greenbacks, which again Implied a return to
specie payments The bill reported by the commit-
tee however, provided simply for redistribution OF
tne Circulation TO meet temporarily the requirements
OF the business OF the country until Congress could
mature and adopt some general measure OF legisla
non looking to free banking and the resumption OF
MT. sraAcuE, trep:l of R. l., denied the statement
England was prosperous H He Knew I the insnclai
condition Of the manufacturers operators In New
Engand and he felt perfectly sure that the manu-
lacturers should close their establishments, as they
must soon do unless their business could be made
more profitable In less than two months after
pension the operatives would be thrown upon the
charitable for support He had under his own charge
nearly ten thousanS hands and lie knew that II the
uillls LII WHICH tneY were employed BnOulu suspend
work for two weeks the employ the town would
have to take care OF the operatives The idea CT the
Finance Committee that the South could be sup
piled with working capital by forcDly withdrawing
circulation from the East and sending 1t there was
faaclous. The capital sent to the South that way
would necessarily be In the hands OF few men,
and they would not invest 1t IN the South because
Investments there would be insecure, but would
take take ito TO New Yor. and there speculate with It.
South with capital-namely, by 30 legslatng as TO
make capital cheap at the points where IL Is local.
ized, 30 that will naturally seek investment else
where.
Mr.. MORTON denied that the plan Of the Finance
Committee proposed any injustice to the Eastern
States, and said that the amendment offered by Mr..
Wilson was substantially proposal that the Trea-
snGnd IN oray s Ns% sna na s
undisurbed enjoyment Of an unjustly large proper
ton Of the banking circulation. The amendment OF
the Senator from Massachusetts proposed also di.
rect violation Of the act to strengthen the public
credit. That law distinctly pledged the country to
the redemption OF the greenbacks In coin; but the
Senator rom Massachusetts proposed 10 fund them
in ten-fOrty bonds.
Mr.. WILSON said he would like to see all the green
backs funded and denied that the bill TO strengthen
the public credit would be violated by funding them.
Mr.. MORRILL,, (rep.) OF Vt, said that the chairman
Of tne CommiItee on FINANCE nad stated that when
discussion that 1t not designed to prohibit the
funding Of the greenbacks.
Mr.. FRssENDEN-AnybOdy can see that.
Mr. MORTON said he could not see II. The language
OF the act contained distinct pledge that the green
Mr. FEssENDEN remarked that the Senator from
Indiana (Mr. MOrton) to be consistent must be pre-
pared to argue that Il a man gave note to be paid
IN coin, and the holder Of the note afterwards ex-
pressed willingness to accept bond instead the
debtor could not honestly substitute the bond for the
coin because OF his previous promise.
Mr.. MORTON said the Senator from Names Illus
traton did not state the case fully. He had doubt
tnat the @ holders M OF greenbacks would gladly ex-
Mr.. FEssENDEN-Woud that violate the pledge In
the bill to strengthen the public credit9
Mr.. MORTON replied that II would not violate the
pledge TO the individual but 1t certainly would to
the government. Several plans had been proposed
for the redemption Of the national obligations and
Congress had finally fixed upon this one ana had
pledged solemnly the government to the redemption
OF these obligations including the Rreenbacks, In
coin To give the law any other construction would
make 1t nonsense.
Mr.. FEss ENDEN complained that the senator from
In asserting that what he had SAID was nonsense.
That was not proper language for Senator to apply
Mr.. MORTON denied having made the assertion.
What he had said was that the construction which
the Senator from Maine wished 70 put upon the
act TO strengthen the public credit would make it.
nonsense. But even II he had said what thai SEN
atOr charged he thought 1t would not have been
more dscourseous than 1t was for the senator from
certain view OF the law, that anybody could see
that the contrary was the correct view. He had for
many years admired the Senator from Maine, but he
thought that Senator appeared less advan-
tage than when lecturng the Senate as he had done
Mr.. FEssENDEN-I beg the Senator when he talks
about my lectur1ng the Senate to remember that
ar ~ any lecture VI mine to-day S concerned was
addressed to the Senator himself; and beg to be
understood also that ne s not the Senate but only
q very small part OF 1t.
Mr.. MoRToN-Ihat is also very true. These little
nings care nothing about II does not become one
OF even my age in the Senate. But the Senator will
mistaken idea Of what said
Mr. NORTON speaking OF the bill to strengthen the
public credit said that It had been carried through
the House by the pledge contained In 1t that the
greenbacks would be redeemed In coin without
which 1t must have failed to pass
Mr.. FEssENDEN said that the act simply pledged
the government TO the payment OF the national 0bl
cations In coin at the earliest day practicable. The
object OF making that pledge was simply to assure
the national creditors that the nation would keep
faith with them ana that they would not be cheated;
but there was no pledge that the payment would be
made at any particular date Therefore, II any Of
these obligations were presented for payment before
the government was prepared to pay coin, and the
stead OF coin the pledge would not be thereby viola
ted. He Mr. Fessenden) had objection increas-
ing the amount OF interest 70 be paid by the govern
ment provided the country could gain anything by
doing so, and he believed that It would gain greatly
II the greenbacks could all be put into bonds at five
or six per cent interest.
The amendment offered by Mr.. Williams to Mr..
WILSON'S amendment was then rejected
EXECUTIVE SESSION.
After some further discussion the Senate, at
quarter to i've, went into executive session.
ABOLITION OF THE OFFICE OF CHIEF OF STAFF.
When the doors were opened the Senate took up
the Oil to abolish the ONCE OF Chief OF Stan, passed
1t, and then adjourned until Monday.
HOUSE OF REPRESENTATIVE
WASHINGTON, March 20, 1909.
SYMPATHY WITH THE CUBAN REvoLUroSIsrs.
Mr. BANKS, trep.) Of Mass, from the Committee on