New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-07-13

States and District Courts and for other purposes was
A brief Executive session was then held, when the
Senate took recess till 1880 O'Clock
EVENING SESSION.
At 7:30 o'clock the Senate proceeded with
tional amendments were agreed to, and the bill was
passed. The Senate then adjourned
HOUSE OF REPRESENTATIVES.
Mr. KELSEY Rep., N. " presented pc
from Evansville, n. Y, for time demand currency
and free banking privileges.
Nj. DICKEY QIep. PENN withdrew the motion, pend
ing at adjournment yesterday into Committee Of
The Whole on the bill for a pier and breakwater at
THE ARMY APPROPRIATION BILL.
Mr.. DICKEY reported from the Committee on ApprO-
priations, the senate amendments to the Army ApWo-
UrIJiOn bill, with recommendation that the bill 70 reduce
the number OF army officers as agreed 10 by the con
tutcd for The proposition of the Senate that subject.
After brief explanations by Messrs DlCkEH and
DAWES Mr.. LOGAN dep, NJ, Chairman Of the Mill
tarv committee stated the various points Of difference
between the amendment for the reduction of the
Army and that reported by the COMMITTEE ON AppToIa
tious the latter being substantially the bill agreed upon
by the Conference Committee and approved ny the
House He objected strennousy 10 that paI Oh Ie sen
ate amendment which continues the present system OF
communication, instead Of having fixed rates OF salary
He characterized II as double concern WhlcI noDoIy
could understand; and he called upon the House 10
adopt the substitute reported by the Committee on AI
NJ VAN WICK Rep, " deprecated the defeat Of
important measure on account OF tne mere lhdt'er Vi
M ~ (0AN roeiied Inc nsniaron that he womd de-
feat a great for the pay of few officers That
was not the great point of difference He would prefer
10 have any amount fixed in the way of salary rather
tlau have the system OF communication continued .
Mr. VAN WICK disclaimed making any lnslnuauons
p pH That e Wan %ycRJ Was rejecting his conduct
fIe had risen simply 70 protest against any ef2t to re-
ducc legislation the pay salary OF any OF the army
officers lie did not think it necessary to strike at the
salaries OF Gems sherman or Sheridan, ana the people
Alter ter further discussion by Messrs; LOGAN Law
RENEE, BUTLER (Alass) and DICkEY, the substitute
reported by the Committee on Appropriations was
htIctu ~: NJ oCtrrNcLy Dan Ohio, tho 18th and
nth rules which prohibit bills being semitic either House
or 10 President in the last three days Of the session.
Nh sCHENCK, from the Committee Of Ways and
Means, reported back the senate JOINT resolution TO re-
leye insurance companies from liability 10 the income
tax understandable carried to their contingent
fund with an amendment applying II also TO the sums
paid 10y mutual lie insurance companies 10 their pOcy
ne amendment was greed to and the joint resolution
passed. ..
MI. SCUENCK, from the Conference Committee on the
Fm0uS D, made report, the substance OF which has
'ri l"ying been read. Mr. sCHENCK proceeded
O. plain a.. The original senate D Ne sad had pro
vided ior the isc o. 0d oaed stes ponGS
and S02OO0Oo0 ID four per cent The House mad pro
posed 70 put the market long bond at lower rate
of iuercst-SlO at four cent, payable after 80
years Another point OF difference between the Senate
and the House had been that the Senate proposed to
compel the national banks substitute the new bonds
for those deposited as guarantee Tor their crcua-
ton In the Conference Committee the senate had
agreed 10 adopt the House bill as the basis OF
tn report presented The report proposed an issue
of s2OooOO bearing five per cent, ana payable ater 10
ys% tS Is g years and be sne
Ing four per cent and payable after 80 years.
ion Of capitalists That this offer OF mixed loan Of per
cent, q cent aud per cent would he takSR, put that
ever doubt lac might have Of the practcahty OF per
cent loan hc would lie enabled with the aid Of these
smaller classes and shorter dates TO put all on the mar
kct I'M shorter time The bill therefore, is nearly as
might accommodated 10 the views of the Senate, the
House aud the Secretary of the Treasury, and all were
much better satisfied than they expected TO be- The
and that part Of the Senate bin had been aban-
10y the senate but with the agreement that the
Secretary might SUN not exceeding onehalf
of per cent for the purpose OF engraving printing
Issuimg advertising ana vi Viii I re o s
ance that would he attempt TO exercise power
NOT given to appoint special agents. but that the bonds
would 20 on Tie market generally and that those who
exercise any agency in the matter OF putting
the bonds in the market Will receive Their com
Dssio-in other words, the business would be open 70
everybody, and there would be no special agents
Another point OF difference was as 10 tne section al9W
ing interest deposits Of gold In the Treasury and It
TO limit tie time TO two years hhoIneI nV t
was require new national banks To use THESE new
Mi GARFIELD Q2ep, Ohio inquired whether the on
lion as TO the three kinds Of bonds to be exercised
Mr.. SCHENCK expressed his belief that the bonds to
be deposited by me new banks w0ed DC ' I drd Ro
get the loan anoat on the market the bonds would De-
offer the a. alone, the as alone, nor the 50
alone There good reason TO expect that
The Secretary was right his conclusion that persons
s0me a. and he could thus dispose OF mixed quauti-
lie of the S. 4Bs and As whether 10 banks or to ndi
viduals ~ III 10 A., a.
mower OF the Secretary 10 say that new banks should
deposit only four per cent bonds. ,.,,,,
Mr. sCHENCK-NO, Sir; nothing OF the KIND.
Mr. JUDD rep, ILL., opposed the report OF the Com
itte OF Conferences II i've cent bonds were 10 De
ssuod free from all Of taxation ana II one ha
of one per cent was 70 paid for commission ne dd not
see that the country would save much by te Opera0h
But his great objection TO IL the unfarness on ds
crmnatOn against banks 10 be organized uhder
the Currency bill nIst passed. by compelling thein 10 use
the Of bonds. II continued, practlcaliy the
monopoly Of the existing banks. lie hOped INC Iepos
would be recOinited with the view OF e1puhShg laI
section.
Mr.. WILSON QRep, Ohio expressed similar views;
Mr.. COX Dem, n " opposed the repOrt-nrst, De
cause II did provide for uniform rate OF interest,"
second because 1t Job for agents at an expense OF
a. OOO which would eat up the saving IN interest
third because IL would make the United States sil more
tributary TO Europe, The present year showed "a ba
amer OF nearly sOOO000 against the United states To DE
paid by bonds 80 long there was no effort TO reach
gd and silver and steps taken in that direction this
and ali other policies would fail The only panacea for
Tie country was fair gradual and honest resumption
OF specie payments, and God the laws OF trade, com
neree and the Democracy would night hereafter for ~
The report was also opposed by Messrs Marshall Nib
lack Garhed, BENJAMIN, and Morgan,
Mr. GARFIELD (kep OhlOl regarded the seventh sec