New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-06-09

mttee said that pleasure for him 70 say that
man from Nevada. In any improper trahsactoh III eia-
tion TO Cnba or anything else. ,. and revsr mn,
the alleged agent in the transaction IN b. Taylo ana
had never met or converted with anyDody or C"hsn
Independence until after he had made speech y, h o
in favor OF the motion, after which he had Deeh
called upon by some gentlemen, who thanked MN ior
the words he had said No man who had called on MN
success Of the movement he should expect anything
but their gratitude aud regard The purpose OF tne lo
was TO act ON the question whether not Spain was TO
be helped to crush Cuba and had been perhaps conec
by members Of the Spanish Embassy that II suen
ISLANDERS could be circulated against such members, some
gentlemen might be afraid to express their actual sent
ner or OF five dollar bill to somebody to send out the
first note of Islander He expected that the wnoe pacs s
own action was concerned, he would deem himself re-
creant his duties and his manhood II he allowed tne
cry of pack OF hungry edyotes TO swerye him at any
time from speaking what his tongue had to sag III Dena
of people STRUGGLING for for liberty Gt|.r.,,or q,
THE CURRENCY
Mr. INGERsOLL (Rep, Ill.,. who was entitled TO the
the debates to-day minutes each on the most Inn
pOrtant measure that Congress could discuss He sug
tomorrow debate be confined to Is minute speeches
Mr. DAWES CRep., Mass) objected and stated that at
the session last evening" when he came into the nail,
there were but two members present the gentleman who
was speaking and the gentleman who had charge OF the
bill MR. Garheld), 80 little interest did nenoeiS HALL
Mr.. INGERsoLL then proceeded with his remarks, re,
that il public confidence, not gold and silver that
formed the true basis Of paper money He advocated
an axiom that the nation which used the most circulating
medium the nation which furnished tho greatest evil
dence OF national prosperity and progressive CIVILIZATION
When Rome at its hight OF glory and greatness
had gold circulating medium OF u oo, o0Co and with
Of the Roman Empire he ridicued the idea Of the
United States resumng specie payments predieng tnas
easy for Great Britain TO maintain specie payments with
circulating medium OF 600 in gold ana an annual
ipa st40O I'M
she held He protested against resumlng specie pay
msn while Sa tns U C IN gold he de-
clared that the idea Of specie payment was snd %
hoped that the people Of the United states would see to
it that State bank or private bank should ever DC
Mr.. ALLISON [Rep., iowa) offered an amendment
ducng the proposed new issue from s5oocC to s55oo
Mr. RANDALL Dem. PENN argued that this was not
the time for pressing the bill, and said that ne WOUND
amendment which he had offered authorizing an issue OF
In greenbacks and the redemption ana cancer
prohbton of any further issue Of National bank notes
He argued that the circulation Of the country should he
hnye been reached some time since. He therefore ad
vocated strenuously the adoption OF tho greenDacK
| Mr.. BURCHARD Rep., nl) moved to amend by In,
sorting additional amendment requiring the NauOhi
banks keep con in the Treasury coin certificates
the interest falling due the bonds deposited in the
Treasury until the reserve required to be Kept snail con-
| sist wholly OF coin and coin certificates.
| Mr. COBURN Rep. Ind) thought that this was not
the time for any radical changes IN the currency An
that was asked increase OF the currency so as 10
supply fair distribution OF 1t to those sections OF tho
country that are at present destitute IN mat TePeG
He argued that the first section OF the Dill ana not
$4,000 That was owing TO a peculiarly in the
Banking law. He declared that no more radical
the bending bill and Therefore Il could never obtain his
assent. His proposition was to redistrbute s5OOOo0o
three per cent certificates the reserve In the
banks. This would the Government $4,000 year
without any OF the succeeding sections and then the
increase Of circulation would be only s57OoO and then
South and West would still have less circulation than
Mr. HoTCHKIss Rep., N. " said that the Committee
fault with the mode in which that duty was performed
Al per cent bonds 1t had business In a currency bill
and was calculated to antagonze with the Funding Dill
opposed the sections authorizing the establishment OF
National banks to issue specie payment notes regarding
il as approach to resumption He believed that the
currency wants Of the West could be met without en-
that the Country must have free banking system.
trammeled by restrictions ana only made safe There
was ,no more danger of redundant currency than of
redundant merchandise All these questions were regu
lated by Laws that were beyond the reach OF egat2n
the Chairman Of the Banking and Currency Committee
IN regard TO the D lie %s pa Opposed Lcr 10 Ts
bonds and take instead OF them four and half per
bonds basis Of circulation He conceived 1t to
be matter OF bad faith toward those effective and won
derfu institutions The Government owed 1t to good
seven years ago. II could not afford TO be unfaiIhfu
When the Funding bills consummated, the Govern
could go into the markets of the world and ask
that it, loans up lower rate OF interest; and
with what grace could it do such an act OF unfat
Mr. SMITH Dem, Oregon, argued against the bin and
in favor of Government currency as against the Ma
Mr. WELKER rep, Ohio moved to strike out all but
Mr. GARFIELD Rep Ohio, Chairman of the Banking
Committee, by direction OF the Committee and as mat,
Means moved strike out the funding sections OF the
bin (sections g. and and to allow all bank circulation
to be issued under this bill to BIO issued on the bonds now
existing or that may hereafter be issued.
Mr.. STEVENSON Rep, ohiol said that the amendment
removed his first and chief objection to the bill He
argued in favor Of expansion rather than OF
gree of expansion they would not have contraction.
Mr. PACKER QRep., PENN, member OF the Banking
Committee, advocated the hill. He argued that sound
policy required that no sudden violent financial
Changes should be precpated the country but that
Congress should address itself to the work OF correcting
Additional currency, based on or A per cent bond,
81 should the De detinte districts of the South and
west as their Increasing business might require, not
exceeding 100000 He commended that the funding Of
vided by the bill was step leading in the direction Of
e and a SnG @ well eh pes Pa
aa ma act pf That Wona ii Initiate Onssi the
restoration Of the currency to specie standard
as soon as practicable, and as the interests
Of the country would permit WITH d 1.-THE the
the evidence already furnished of the determination of
S of @ ABILITY of the to- the
debt at lower rate OF interest," and thus reduce the
taxes.
Mr. KELLEY ORep., Penny said he could not sustain
the bill II proposed TO construct inverted pyramid,
which could not stand The base ought to be broader
tine per cent nSs and 70
and to substitute s95OOooo OF bank notes 1t would
and contraction not the road TO resumption, but to
bankruPey He thought that resumption To9d be ruin
lie hoped that The bill would be recommtted, with in