The New York herald., 1870-06-08

reslric,ious. Aid vet within that time the United
Kingdom had trcbled rs wealth and qaa:drnpled It's
the s's commercai a0ln'se i t the draft on the bank
business Of the United Kingdom was transacted IN
coin or paper money more than ninety-hve per cent
OF it being transacted through the banks In the form
of drafts, bills and transfers or credit THIS was
remarkable fact which should be taken into account
it 4. sa showed that the bank was to-day the great
mechanism for facilitating trade, rather than coin or
notes. He believed the first great want or the coun-
try was sound cur. ency, exchangeable into coins
| but as tha, was impossible at present and beyond
his aspirations he would say that the second great
ing exchanges. whether in the form OF paper notes
or banking credit That was the great and
the argument as to the distribution Of our
rency, arguing that, no matter how distributed
or trade ana could not be restricted by any absolute
provisions OF statute law He SAID In reply TO an
complaint was made It was Of the inequality OF
banking capital and banking facilities that was com
the market. He read from the money article OF
New YORK mosnng paper statement that ta. tne as; s.
May, $780, two hundred and twenty-eght NAL
lions on deposit and circulation OF thirty
dred and slxty-one millions. The reserve OF
twenty-five per cent on that would amount TO sixty
ninety.lo1r and q nal millions, being surplus Of
thirty millions. What was the key to that situation
The succeeding sentences furnished it;-"Rate OF
the Gold Room Jon 'i is dull" fhere were scarcely to be
found more important facts crowded into o small
effect to each other, and showing tho DIM
cultses. than what he mad read from
gut in the currencys Because at the
present moment there was remarkable
change and the Stock Exchange Of New York. The
gamblers were unable to prognostcate the signs Of
Ss we're ass Il Ses I
ting 1t be idle II Congress were to adjourn with
out LEGISLATION on the financial question the scenes
or July, August and September, 1882 would be re-
peaea and the whole business OF the country would
be tossed up and down, torn by the gamblers OF
New YORK; York respectable % merchants in the West with
the best pusnes paper and security. were to try IN
Legitimate business was suffering while the rascals
and gamblers who dealt IN the nations life blood
had money easy at their command, and this was one
OF the conditions that grew out of the unequal ctrc
arIon ana unequal distribution Of banking facilities.
| The Committee on Banking ana Currency had been
subjected 10 newspaper attacks growing out OF the
bill, one paper denouncng the BILL as one or c0ntrac
ton, and another denouncing 1t as one OF Imitation
He stated Facts to show 1t was not bill oil cOntrac
tion, and wished 1t was as easy for MIN to prove
that 1t not one OF imitation. That was the great
difficulty which ne had with the BILL AS to the sug-
gestiOn In favor OF issuing greenbacks, he was en-
trey opposed TO IT, 1t was never safe TO trust the
political party In the National Legislature. But II
that dlilculty were not in the way, there was still
issued not In connection with banks was not regu.
lated by the wants OF business. 1t was Just
SO much the year round, while every man knew
that in some seasons of the year more circulation
was needed for business than at others. He deemed
tile issue of currency by the government as unphi.
losophcal unsafe aud i'll adapted to the wants OF
business and he reminded the House Of The late de-
clsion Of the Supreme Court against the Legal Ten
OF the bill relating to gold banks, saying that on the
Pacific coast, IN Texas, in New Orleans In Charles
ton and in New York these banks would be est tab
ished. lie declared himself Enthusiastically in favor
Of continuing and amending Il need be, the national
banking system, contrasting Its security TO the pub.
lie under the Old free banking system.
Mr.. Cox, dem) OF N. Y, oprosed the DILL He
regarded all the fiscal bills proposed as being IN
tended either to change the currency or Increase It's
volume. He opposed TO the issue Of the ninety
five millions of national bank notes as proposed IN
the bill He would prefer uf redeemabie) for
economy and safety the greenback issue; but he
held that al Ithese measures were makeshiits,
because they did not look to a basis Of gold and
silver the sine qua non OF all legislation on the
subject was successful scheme OF resumption. He
opposed the currency sections OF the bill, especially
those relating to gold notes. which he denounced.
This issue Of national bank notes was dangerous
expansion The scheme OF new banks he character
| opposed 10 any partial redistribution The funding
parts OF the BIN he rsgardei m as out OF place until
| them having various rates OF interest, when
| there should be but single rate, and as being
impracticable and hardly worthy OF opposition. He
| believed nat all free banking, even on redeemabe
| paper system, would bring excess and ruin, and he
publican leaders and the connection so often assert
ed in Congress between the debt and the currency
connection between them except for bad purposes.
| He pleaded Tor return to gold and silver cur
nouncing the legal tender system as forced loan
aud as the great crime against the constitution and
the age which the democracy only had the skill and
| Various amendments were offered and ordered
printed.
In support OF the bill and in opposition to the theory
| OF o government currency, which he believed would
system could not be claimed as unobjectionable or
fautess; but he thought that IT'S faults or detects
iation could and should correct the banks had sup
ported and assisted the government IN Its financial
operations anu had given steadiness to the volume
| ol the currency and whatever OF elasticity 1t had
possessed. Impressed as he was with the convic.
ion of the general soundness and stability OF The
national banks, he could not but urge as a measure
of national Justice as well as OF national interest,"
thai an sections Of the country should participate IN
the advantages OF the system and ENJOY the banking
facilities possessed by more favored portions. He
favored gradual prudent enlargement OF the BANK
Ing ss,e as proposed IN IN nh tne pi made an aroument
against the Dill, beginning his remarks with COM
ments upon the inatteption OF members to the I'M
pOrtant Subject of the BILL, as evinced by so many
empty seats All the speeches made to-day he said,
whether for against the bill, were made In the
interest or bondholders. The members from the
Eastern states were all combined IN that interest,
and he, therefore, called upon the Southern and
Western members to combine in the interest OF the
farmers and OF the wealthy classes He alluded
to the numerous petitions which he had presented
| TO the House In favor OF an increased issue
OF greenback currency and the redemption OF nve-
twenty bonds, and argued that that was the proper
| plan TO follow. In reply TO an observation by MI
Cox, lie said that when the democratic party meet
| IN national convention in 1872 That convention
would represent not the bondholders OF the nation,
but the people, and they would go forth and conquer
| The bondhoiders and their allies.
Mr.. Cox disclaimed the insnuation OF his repre-
| senting bondboders and said that he would stand
| by the platform OF the democracy in 1879.
! Mr.. MoRGAN said that that platform would pc for
the people. He went on to denounce the whole ma
tionai banking system as an atfocity which shoule
never have been perpetrated, ana should oe abol
! isiled without delay. He had made up debit and 9
credit account between the people and the banks
showing that on a capital Of 900 the banks
had received in six years profit OF $64O 900 0oO OF
nearly fourfod the original capital. lie also statet
various other startling arlthmetical calculations u
regard to the pubic debt and its interest com
| pounded.
SALE OF THE CHARLEsTOwN NAVY YARD:
| At the conclusion Of Mr.. Morgan's speech Mr.
LYNCH, (rep.)sof Me-, introduced joint resolution
| authorizing the Secretary OF the Navy to sell IN
| No. a.tu Yar q CharlaatAukn MASS remove tl