New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-06-08

ment IA unphilosophca unsafe and III adapted 70 tne
wants of business and he reminded the House 0, tne iao
decision of the Supreme Court against the Legal 1ea
act lie went on to discuss briefly the sections OF tne
bill relating to gold banks, saying that on the ras' 20
New York, these banks would be established He dc,
carod himself Enthusiastically In favor OF continuing c sm
trastng s security 20 the public under tho ON i"'
Mr. Cox DIEM, N W opposed the hill. He regnrdcd
all tho fiscal bills proposed as being iniende, @ on
change the currency OF increase s volume nna Bank
notes rs proposed in the bill. lie would plc " nc.
deemablr for economy and safety the gfct ho
but he held that all these measures were Tbe
cause they did not look 10 basis OF gold i os snc
~ scheme Of resmpon lie opposed the currency
section of the b especially those ea'ins ~
iD Tho scheme Of new banks he characerlzed as
great and explosive monsirosy. nc Was ~ tho bilI
nv partial redistribution The funding part 81 .e ,o
he rdgaricd as out of place until resumption iakes a.
He dsapprOved of them az having WIZ aud as
teres Wien there should be but s6r - "nnosition
bcing imnraccable and hardly worthy Oh oIPusi,o,u
De believed that all free banking even o ~" III aud he
nble paper system, would bring excess anu h ,"nub
rdicicd the varieties Of currency IgopoSeu 10y III Con-
can leaders, and the connection so oln - ne conntry
cress between the debt ANA the W hcfween
lie held that there was necessary connecu1h 49,,
them except for bad purposes o pedas oy uofman's
TO gold and silver currency anu duou ,cn as forced
message denouncing the legal tender and
The age which the Democracy only had Tic 9hin anu
cosS " amendments were offered and ordered printed
MIR SMITH Qep., VT next addressed the IouSo ., ~
support OF the BILL and in opposition 10 tne yo,ate
GON all
nnriomsIv The present National Banking system con,d
not be claimed as unohjeotionabe or @ iGercnt bnt
Thought that its faults defects were not d
uere snch IA judicous legislation could ann
should correct. The banks had sHppo nnai
and assisted tho Government In us h hanoiass
neratons and had given steadness TO the volume 81
the currency and whatever OF elasticity ~ ~ he General
soundness and stability of the National BhnhS n ~
not but urge a. ef thnt All sections Of the country
should participate in the advantages OF the una
Hef "A gradual,
the banking system as proposed IN inc Dill -, oo,rst
Mr. MORGAN Dem, Ohio) made an argument aeai ih
tbe hill beginning his remarks with comments upon the
nattention members to the important suect oi so
BILL eynced by so many empty seats n rit he h
were made in tho interest Of bondholders me ioieS
est, and be- therefore called upon the southern and
western members to combine in the Interest OF tne
farmers and Of the less wealthy classes He alluded 70
the numerous petitions which he had presented 70
the House in favor OF an her increase - FHe
Twenty bonds and argued that that the proper plan
to follow In reply TO observation by Mr. Cox ne
National convention in 1872 that Convention would rep
resent not the bondolders OF the nation but inc
and they would 90 forth and conquer the pohdhoci'
AM Mr. COX (Dem " dsclamed the insinuation Of
| stand Inv the platform of the Democracy in 1872
Mr. MORGAN said that that platform would be tor the
people He went on TO denounce the whole Nat, omar
Ranking system as an atrocty which should never nave
been perperated and shOudbe abolished without delay,
He had made up debit and credit account DeiWeeHi
the people and the banks showing that on capital OF
si7OOoOO the banks had received In SIX years r Gs
s64OOOOOOO nearly fOurfold the original capital Hc
also stated various other startling ar1thmetcaI cacua
tons in regard to the public debt and It's interest COM
| pounded. - ,,, ...oooh NJ ryNcU
O2ep Mel introduced Joint resolution authorizing lhe
Secretary of the Navy to sell the ~
| town, Mass, and remove the materials 10 kttery'
| Maine which referred. o,,-,., ,.o
| on motion OF Mr. GARFIELD (Rep., Ohol the Selat
amendment authorizing increase of compensation 20
was taken from the Speakers table ana
| MIR JOHNSON Dem, CALI introduced bill granting
public lands to q railroad from NOy0 Ryer 10 EOuhu 'ai
ley Cal; which was referred. $4,000 an, 20,
THE House then, at o'clock, took recess TIL I;5'
o'clock this evening" the session to be for debate on th'
| Currency bill.
| EVENING SESSION.
There were but few members present at the
| evening session. Mr. Amber in the chair Seyera
prepared speeches the Currency bill were fcau Oh
were ordered printed in The Globe The proceeding
had no public interest.