Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-03-16
HOUSE.
The Funding Hill.

After the presentation of number Of
unimportant petitions, the funding bill was
called I'D by Mr.. Schenck, who moved its
reference to the Committee on Ways and
Means.
Mr.. Garfield moved to refer it to the Com
mittee on Banking and Currency, as it
proposed to revolutionize the whole ma
tional banking system, and didn't pro-
pose to increase the public debt or borrow
money to carry on the Government.
Mr. Niblack asked if there was any
reasonable prospect of an increase in the
volume of currency by the present Con-
gress.
MIR. Garfield did not feel authorized to
make any statement while the Committee
on Banking and Currency proposed to re-
port, but would say that for two weeks
the committee has had under consideration
the specific point how best to meet the
very general demand, especially in the
West and Southwest, for enlarged banking
facilities, and the committee hoped to be
able to report very soon, but considered
the question of loan at lower rate Of
interest indispensable to and necessarily
connected with any proposition to increase
banking facilities. The two should
necessarily 90 together, and the committee
would be utterly unable to report bill
that did not include also the issue of bonds
at a lower rate of interest on which to base
the entire banking facilities of thecountry.
Mr.. Niblack inquired whether any in
crease of currency would take the form of
national banks bills or legal tender
notes.
MIR. Garfield replied that the resolution
of the House didn't state which form the
increase should take, therefore the
committee would leave the matter to the
decision of the House, making no re-
commentator on the point.
Mr.. Schenck said that the bill was one
that related in its whole object and matter
| to the national credit, and as such should
| 90 to the Committee on Ways and Means.
| He added, without claiming that it gave
| him any Jurisdiction over the subject, that
that part of this very bill relating to the
| public credit had been written by himself
| (Schenck), in conference with the Secretary
| of the Treasury within the first week of
the session, but he certainly should not
have troubled himself any with matters
connected with the funding bill, If
he had not expected the subject would in
the course of business come before the
Committee of Ways and Means.
MIR. Judd a member of the Committee
on Banking and Currency argued in favor
of referring the bill to that committee, as
the entire basis of the banking interest OF
the entire country was affected by the bill
while it did not provide for creating
rvenue or for creating new debt.
Afterfurther discussion by Messrs. Wood
Randall and others, a vote was taken and
the House by 65 to 20, refused to refel
the bill to the Banking Committee, ant
then sent it to the Ways and Means Com
mittee.
Pensions.
Mr.. Benjamin, of Missouri, then nd
| dressed the house in an hours speech ol
the subject of various bills proposing
change in the present mode of paying pen
sions, arguing against the plan of havlni
them paid by postmastcTs or by interna
revenue collectors.
The subject was then postponed for tw
weeks on motion of Mr.. Dawes-yeas, 70
nays, CO.
Mr. Butler, of Massachusetts,, from tn
Reconstruction Committee, reported bi
10 admit Texas to representation in Cor
cress. stating it was identical with the VIZ
einia and Mississippi bills, with the exceI
ton of an additional provision that its pas
sage shall not affect the conditions o.
which Texas was originally admitted in tn
Union.
Mr.. Wood, member of the ReconstruC
ton Committee, offered an additional pre-
viso that Texas shall be admitted with a
the rights of all other States of the Union
without qualification or fundamental cond
| A., axao,,f oc cfofa5 in Tho hill
Mr.. Butler said there was no objection
the proYiso, except that il was useless.
The amendment was rejected by part