The New York herald., 1870-06-09
NEW YORK HERALD THURSDAY JUNE lsO-rRlPLE SHEET.

Mr.. GARFIELD, Nep) Of Ohio, chairman Of the
Bank,ny Committee, by direction OF the committee
aud as matter OF comfy towards the COMMITTEES
Of Ways and Means, moved TO strike out the iunding
sections OF the bill-sections three four ard i've
and 70 allow all bank circulation 70 be issued under
TINS bill 70 be issued ON The bonds now existing or
that may hereafter be issued.
me- STEVENSON, lrep.) or Ohio said that the amend
ment just offered by the chairinal oil tiie ban Ning
Committee removed his nrst AMI chief objection TO
the bill. He argued In favor OF expansion rather
than Of contraction and declared that II they could
not have contraction II they could not advance
they would not retreat.
Mr.. HOLMAN, ldem) OF Ind., expressed his conyic-
ton that the bill would fall, and condemned the ha-
uonal banking system, declaring nat the whoie
machinery OF the government enied 10 be In lis IN
terest No government had ever SHOWN much
favor 10 capital and much Indifference 70 labor as
,n1 United states government had done WITHIN the
,as. Ten years. This bil, he believed, was another
movement IN the interest OF capital.
Ing COMMITTEE, advocated the bill. He argued that
financial changes should be pref plated on the
country, but that Congress should address itself 10
sv ,e wSx Sax oi correcting sch defects ~ experience
basel ON four or four ana a hilf per cent bonds
Should De Issued as measure OF usticetO the desti
tute districts Of the SOulh and West as their III
creaslng business might require not exceedng
ninety-hve millions. lie contended that the funding
OF the three per cents ana the legal tender notes. as
provided by the bi was step leading IN the d,rec-
ton OF gradual, safe AMI aerms.nea. resumption
Of specie payment and that the puolic sentiment as
~,
gress should do no act that would initiate against
the restoration OF the currency 10 specie standard
a. soon as practlcable, anu as the interests OF tne
country would permit With the vast sources OF the
United States, and with the evidence already iur-
nished OF the determination Of the people TO preserve
the nau nal credit there could De no doubt OF the
a.ity of the government TO fund the deb, at lower
rate OF interest and thus reduce the taxes.
Mr.. KELLEY, trep.l OF Pa, said he could not sus-
tain the bl. IL proposed TO construct an inverted
pyramid, which could not stand. The base ought TO
be broader than the apex, not narrower. IL pro-
A fhA fI.tnn affrf afAz
and $40, o0o0J0 OF grcenbacks ana 10 substitute
500, Of bank notes. 1t would, therefore, ope
rate largely as measure OF contraction, and con-
traction was not the road TO resumption, but 10
bankruptcy. He thoaght that resumption would be
ruincus until The balance OF trade favored the United
States. He hoped that the bill wOlnd be recomnit.
ted, with instructions to report oil exteidn the
national banking system TIM 0ughout the South and
West 10 the eXteAt OF from go to Sg5uO0 voO
secured by bonds already existing or her after tU be
issued
Mr.. LYNCH, Tep.) Of Me-, member or the Bank
legislation on the subject should be deferred until
the country was prepared 10 return 10 specie pay
nents and 10 system Of free banking based ON
gold.
MIR. KERR (dem.) OF Ind, opposed the bill. lie
characterized II as not compliance with the order
OF the House, but as an evasion Of 1t. IL offered no
reeG to the currency. IL proposed nothing but dis
turbance and unsettuig conditions, without improv
than now existed, and II offered extension of the
currency that tue country had. 1t proposed TO
diminish the power Ono corporation, but Immensely
powers and make tnetn absolutely supreme. not
alone in the financial control or the country but su-
preme IN the control OF the financial policy and
future legislation OF the country. lie was opposed
to the bill Decause IT would operate as a contraction
Of tue currency. lie declared himself in favor OF
withdrawing every dollar Of national bank circua-
ton, and Substituting for it greenDacks so rs to
maze the aggregate greenback currency equivalent
TO all the existing currency.
Mr. OZARK, trep.l OF Texas. argued in favor Of re-
DISTRIBUTE y OF ,le currency
Mr.. BINGAxA, trep.) OF Ohio, moved to amend the
n
ton allowing The cancellation az greenbacKs, and
striking Out the succeeding sections except the
spd advocated the striking out of everything that
re.ased 10 gold banking aud tnat encouraged gold
gambling. Ills amendment would leave an addl-
tiona circulation onntiy milioss ,sra wsald relieve
the people Of three per cent inleiee5 AOw paid on
these certificates.
Mr.. GARFIELD in reply to his colleague said that
those god sections which he wished struck out had
passed he Senate alter the most elaborate and care
ful debate, with all the limits Of the banking
law applied to Them lie offered as substiTute the
original bill with sections three, four, five six and
twelve struck out, and WITH secuon inserted In
stead OF the Iundlng sections.
After discussion and explanation the understand
ing had that all the amendments offered are TO
to he printed Oaiy TWO noweyeT were 70 he re.
garded as amendments TO the substitute.
Mr. lNGEKsoLL remarked that there was no ad-
that all their amendments would be ruled out by the
| substitute.
In reply TO inquiries the SPEAKER stated thar tho
substitute offered by the chairman wonld take pre-
cedence Of all other substitutes and thar u the irs
were adopted Il would not he order TO entertain
| any other substitute.
A good deal OF confusion and misunderstanding
ensued as 10 the parliamentary position Of the bill
and the various substitutes ana amendments but
finally the explanations OF the Speaker were salts.
factory, and MI. Garfield moved the previous ques-
tl0n.
Mr.. NEGLEY moved that the DILL be laid on the
table
Mr.. DICKEY moved that the House adjourn
The SPEAKER, III reply to question, said that II
the House adjourned without secOnding the prev-
question the bill would longer be before the
House.
Mr.. DIcKEY persisted In the motion to adjourn,
but the House refused to adjourn
The question was then put on Mr.. Negey,s mo-
ton, that the bill and amendments be laid on the
table.
on count by the Speaker the vote was e5 to SO.
The yeas and nays were ordered
Mr. ELDRIDGE, (dem.) OF WIS.,, renewed the mo-
ton TO adjourn.
On a vote by tellers, amid much excitement the
vote on adjourning was 10 TO 70.
The SPEAKER modified the statement previously
made as TO the effect OF an adjournment on the bi
and said that should tie House now adjourn the
pending question being, "Sha the bill be engrossed
and read third time 2' the bill would 10 to the
bottom OF the bills on the Speakers table
Several Members-And that would be the last
Oft.
Mr.. ELDRIDGE-That is the reason why moved tC
adjourn.
Mr.. GARFIELD called for the yeas and nays on the
motion to adjourn.
The question was,taken and the House agreed to
adjourn, thus virtually killing the bill. The yeas
were 10, to nays 70, y io42Ys:-
Yeas-90.