The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1870-06-09
HOUSE.


Mr.. Hay, from the committee on In
valid Pensions, reported bill to amend
the supplementary pension act of July
10th, 1866, by providing that persons
who have lost sight Of both eyes, lost
both hands or both feet in the service,
if so disabled as to require permanent
aid or the attendance of other persons,
shall be paid arrears of pensions from
the passage of that act to the date OF
their disability at the rate of twenty
five dollars per month. Passed.
Mr. Negley, from the Conference COM
mittee on the supply of artificial limbs
to disabled soldiers, made a report
which was agreed to.
The House then resumed the consid-
Grafton of the currency bill
Mr.. Ingersoll advocated an increase
of the circulating medium, and pro-
tested against resuming specie payment
while the country was debtor notion
and had not more than Sl50,000, 900 or
S2000O0,000. The idea of specie pay
ment was delusion, cheat and fraud
and he hoped the people of the United
States would see that no State bank or
private bank should ever be organized
on q specie basis
Mr.. Allison offered an amendment re-
ducing the proposed new issue from
| $50, 600, 900 to $50, 100000.
Mr.. Randall argued that this was not
| the time for pressing the bill, and said
he would move to postpone it. He adj
vocated an amendment he had offered,
authorizing the issue Of $500, 100000 in
grecnbacks, and the exemption and can.
collation. of an equal amount Of national
bank notes, with a prohibition of any
further issue of national bank notes.
The circulation should be all green
backs, and if it had, specie payment
would have been reached before this
| time.
Mr.. Burchard moved to amend by
inserting additional amendments re-
quiring national banks to keep in coin
or in coin certificates the interest falling
due on bonds in the treasury until the
reserve required kept shall consist
wholly of coin and coin certificates.
Mr.. Coburn thought this was not the
time for any radical changes in the cur
rency. All that was asked was an in
crease in the currency and a fair distri-
| button of it to the sections at present
destitute of it. The distribution should
be on basis of population. He argued
that the first section of the bill did not
actually increase the circulation to
ninety-fve million, but only to fifty
seven millios That was owing to a
popularity in the banking law. He
declared that no more radical measures
of contraction could be adopted than
the pending bill. His proposition was
to redistribute fifty million, and reissue
forty-four million in greenbacks in
place of the three per cent certificates
now used as a reserve This would
save the Government $350,000 year.
He favored an increase of the circula-
ton of only fifty-seven million, and
then the South and West would still
have less circulation than before the
war
Mr.. Hotchkiss opposed the section
for the issue of AZ per cent. bonds, but
approved of the sections authorizing
the establishment of National Banks to
issue specie payment notes, regarding
it as an approach to resumption.
Mr.. Townsend was opposed to the
fifth section, requiring banks to surren-
der their per cent. bonds and take in
stead +! per cent. bonds as the basis OF
circulation.
Mr.. Burchard advocated the amend
ment offered 10y him to-day, and dis
cussed the general provisions of the
bill. ;,
Mr.. Walker moved to strike out all
but the lth and 18th sections.
Mr.. Garfield, chairman of the Bank
/ ing committee, by direction of the com
mittee and as a matter of comfy toward
the committee on Ways and Means,
moved to strike out the funding sections
of the bill, sections 3, and D, and al
low all bank circulation issued under
this bill to be issued on bonds now ex-
incing or that may hereafter be.
Mr.. Stevenson said the amendment
lust offered by the chairman of the
Banking committee refuted his trst
and chief objection to the bill. He
declared if they could not have mod,
crate degree of expansion they would
not have contraction. If they could
not advance they would not retreat.
Mr.. Packer advocated the bill, and
and Messrs. Kelley, Holman, Lynch
and Kerr opposed it.
Mr.. Bingham moved an amendment
70 the bill by striking out part Of the
second section allowing the cancellation
of greenbacks, and striking out all the
succeeding sections except the eleventh.
His amendment would have an addl-
tional circulation of S5,000,OOO, and
would relieve the people OF the ) per
cent interest now paid on these certih-
Gates.
Mr.. Garfield, in reply, said that these
gold sections which he wished struck
out had passed the Senate after most
elaborate and careful debate, and with
all the limits of the banking law aP
piled to them. He offered as substl-
tute the original bill, with sections g. 4,
5, 6 and u struck out, and with a sec
ton inserted instead of the funding sec
tions.
: After discussion and explanations, an
; understanding was had that all amend
ments offered be considered pending
and ordered printed, only two, however,
to be regarded as amendments to the
substitute.
Mr.. Garfield moved the previous
question: In
laid on the table. Yeas 65, nays 66:
iS.N. IL Va