The New York herald., 1870-01-22


halr per cent he held 1t mistake to suppose fhat
New England got the main benefits from the tarin.
No section OF the country received less oene1t Hou
the tarlr than New England ana no one w9d M sumGc M
rious operation OF the tartr on the great ooot an0
shoe trade OF New England by the duties on hides M
and bark sumac, oil and other articles uScd IN th0
manufacture OF leather. and which duties added ten
per cent TO cost; and as TO the enhanced cost
OF IRON, OF which New England consumed more than
any other Aection 80 as co COAL salt and lumber He
believed The policy OF the people was 70 remove
nons to nereape pe''S, eynorts aDa home produc-
lions and 10 give TO labor employment a. gooI
prices. TO effect this internal taxation snoulI
be abandoned NJ soon al possible, eXceps
as to stamps spirits, tobacco accumulated capital.
and tariff duties should be abandoned all articles
entering into manufactures tor export and kept as
the highest revenue point upon luxuries.
Mr.. CosuRs, Tep.l Of Ind, addressed the commit
tee on the question Of finances, and against any re-
ducton OF the currency He SAID that II the plan OF
a redistribution OF the currency haa succeeded At
the last Congress the equilibrium would have been
now in process OF restoration. arordna reief the
country II had Iaed through the fears Of the older
they needed ali their present currency ana were de-
termined to retain It, II that imitation OF twenty Hve
dollars head were good for the East wny
and south, But tue East wanted innanon
at home aud stringency eyerywhere else. IL
The fact was that the whole country WAS In favor OF
expansion, and this was the origin Of the sudden
raid OF some for free national banking. THIS expe.
dent, with the gttering name, was resorted to 70
prevent Redistribution. Free banking, with ctrca-
L l1tlou reuecmaDc IN greenDaCkS, WOuld DC v Wiu
ana llllmitaole scheme OF EXPANSION, VITA circua-
| tlon redeemaoe IN gold IL would be measure OF
xpen.o Neither ~ p1oy m wouic 40
moderately and 10 definite amount. He thoughs
Il had better be done IN the shape OF legal tender
currency rather than IN bank currency. Legal
| tenders woald pay deot but II these were with.
drawn and bank notes substituted coin would be
necessary anu would become more scarce aud dear.
The banks would take the alarm and withdraw
| their circulation, and tue result would be hoard
consequent stringency. he denied that the SUB.
| stituiion OF bank notes for greenbacks would
the shape OF slirinkage for coin was not in thas
| sense elastic. IL could he Withdrawn, or locked up
! or cornered. It depended upon trade TO carry iE
out in this patent elastic Tree bank paper would
/ depend uron the caprces OF speculation. Stability
| was better than elasticity. Abundance made low
rates Of interest. When business could not get
/ money at Reasonable rates for legitimate uansac-
tons was too scarce. This Was now the case. The
reason which existed In 1854 for limiting OF
Rreenbacks 10 four hundred mi lions do not operate
now. Then the nation was at war; aud the object II
tue limitation was to save tho credit OF the govern
| ment Now the nation was at peace, anu our ISSUE
OF grccnbacks would not hurt ITS credit or deprec,-
ate the bonds. Al all events, the law repcalabe
| aud not compact or contract. As an arguments
10 show that the country had u redundant currency
tie high prices OF commodities had been pointed to-
He denied The premises. The prices OF many OF the
| great staples OF trade we're As low as ana lower
| The people had been prospering and were not
| grunbling on account OF u redundant currency.
| Failures We're fewer than formerly, but some men
| worshipped coin and must have H. and when u u
absent they cried out that ruin was impending. The
! country might as well conclude 70 do without coin.
IL could not keep II. 1t could not come down to Old
world wages ana prices 10 please the gold worship.
| ers. Instead OF cutting down currency they had
| better cut down expenses aud taxes. /. was bad
policy 10 pay or tue debt now, as the ATTEMPT would
! only cripple The 1nances Not dollar than
running expenses should bs levied. Payment Of the
DEBT should be postponed until the nation had more
| ability. This was the way TO cheerful and prompt
! collection OF revenue, which was the only founoa-
| ton OF safe circulating medium. Ten years Of
prosperous national afe. produced oy liberal Imam
clsr policy, were worth q hundred years OF cramps
| and ch'ils and contracuons, low wages, low prices
| and lan9uishinR business.
Mr. NE6bfY, rep.l Of Pa made q personal
| PLANTATION III regard TO q charge OF Reputation
against Alieghany county. Pennsy wanna SO lar IA.
| MIR. Moorcnead was idenuned with H. winch was re-
Gently referred to by Nj. woodward.
Mr.. KELLEY, rep.) OF Pa, explained that owing to
q clerical error he had maze mistake the other dag
| II stating that the Irst bcssemer steel rails nal
| Ueen imported III 1866, when gold Was about Two
| dollars. The first importation was really made In
is64, when gold ranged conslderably above two dol
lars, and the lowest price Ut which The rails could be
got was one dollar and a half per ton. That hlgn
| price developed two iactorles-thc Freedom WORKS
: | at Harrisburg, Pa, ana Mr. Grlswolds works ut
Troy, N T.; aud IN the latter part OF the next year
the Canvassers OF these works the market
ut one dollar and thirty cents; anu tins statement
was confirmed by what the gentleman from Massa-
Z chusctts, Mr.. Twitchell. sad yesterday
Mr.. TOWNSEND, Tep.l of Pa, addressed tho com
miitee on the subject OF the finances, contendin2
| that the currency was not redundant. He argued
hrst, that as compared wih leB, there Is no redan
dancy Of currency; second, THAT TO prepare for re
] sumption the government must ffst resume aud
should Withdraw hall its legal tenders be sup
pied by notes 10 be Issued where most needed bJ
new banks; third, that u reduction or taxes.
relieve he people 10 the extent OF $50 1908; fourth
the contro OF the currency IL an attribute OF SOY
erelgniy and should always be kept within the
| power or Congress, hence fres banking Is unwise
ith, legislation Dy Congress. so as TO prevent the
| foreign loan from returning hands.
| Nj. SToUGHT0S, Hep.t OF Aich., also addressed the
| committee on the same subject. ana then the com
Gittee rose ana The House. at nalpast four O'Clock
adjourned, with the understanding that the session
Tomorrow ghal be ior debate only.