New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-07-02

master in The land who could doubt true construction
sCHENCR argued s Iha nat ambiguity had been
removed by the law Of the 18th OF March, 1862. ,, o
ton by striking ont the words (which in HIS opinion and
discretion, can be conveniently applied TO that
and inserting the words "deriyed under the prOvSlons
of this act" He explained his object by stating that II
this bill became law, the Secretary OF the treasury
aIR and redeem SO bonds In COIN he wished such
right TO redeem limited to the proceeds derived uhder
Mr. WOODWARD, in support OF his position, read from
the legal tender act that clause which declares he
ssued under il to be lawful money and legal tender III
payment Of ell debts, public ana private wnl
United states except duties on imports ana interest OH
| the bonds OF the United States. 49,
| Mr. VOORHEES, Dem Ind) sustained the position OF
Mr. woodward and quoted IN s o PSe co TE Of
Ways and Means in the House. and MT Sherinah ChaI
that no smbseanent legislation could affect the contract
and demanded that 1t shall be carried OUT accoiuns 10
law and not according to any perversOn OF the law
There nality ON that subject except obedience
| to the contract a. ,,,,, ,,oa,oort
was rejected by Yeas, a., TO Nays, Us. a., ND.
| The Republicans who voted Yea were-Messrs Beatty
| Coburn ORTIZ and Tyner. The Democrats VINO V0ted
| Nay were-Messrs. Barnum, Brooks New-fOrk), KAN
| dali, slocmm. Stone. and Swami. -. ,u,.,
sorting the words which may he derived from the sale
any OF the bonds the issue Of which Is provided Tor III
Mr.. sCHENCK Rep. ohio moved to amend Mr
(which he %ay awfsy apply to such purpose orr
Both amendments were agreed to so as 70 ase te
Is hereby authorized and instructed with any coin In the
Treasury of the United States which he may lawfully
a sse 70 6 SS pf the bonds the issue Of which pro
yided for In this act" ,...,, ..,
Mr.. BUTLER rep, Mass) moved to amend the fourth
section by adding to 1t these words: ,,,,u,
But Of aid obligations no, already sae snail s
shall be onyebI INTO coin at he option Of the h or unless a qss
bonds be redeemed he sold at coin and the United states
S9 P s .S1% # mate % Do iaV c earnest p
the amendment debated at some length by Messrs
| BUTLER, BINGHAM, HoAR, ALLISON, sCHENCK,
| DAVIS, ana LAWRENCE.
| Mr.. BUTLER gave as reason for the amendment,
that under the 5th section Of this bill all the gold in tho
country might be borrowed by the Treasury and rs per
cent Of the amount used in redeemng 62Os at par al
though at the time greenbacks might be TO- 90 or 80
per cent below par. The people would not allow that
! The amendment was rejected; Yeas, "a; Nays lOo.
Mr.. GRIsWOLD Dem, N. " moved to strike out the
Mr. cox Dem, y. " moved to add a proviso that
with the LegalTender act Of 1902 Rejected; No fur
ther amendment was offered TO the fourth section 49,
| Mr.. BUTLER (Rcp Mass) moved to strike out the
fifth sectOn which authorizes the treasurer TO receive
three cent interest and to use 70 per cent OF the
amount in the redemption Of outstanding bonds lie De
clared that dangerous and destructive PROPOSE
United states to the risk OF call loans for which only %
convert the Treasury into immense banking concern,
with per cent reserve The Rothschds and their de-
Tendencies owned s2OOO0OOO OF the 500 bonds II they
had them redeemed and deposited the gold in the Treas
ury they might under the pressure of European war
withdraw II, and the United States Government would
thus be at the mercy OF t9Tfn DakSr
from all parts Of the country conveyed to the Committee
the impression that the fifth section the most vital
section in the biat all events it section that was
essential to its operations The argument OF the gentle
from Massachusetts had been directed TO the appre
henson that too much gold might be poured into the
Treasury IL was an argument not to strike out the
drafting the BILL the Committee Of Ways and Means had
had in mind to put limitation on the amount to be re-
leave 10 the discretion Of the Secretary Of the Treasury
IL not at all necessary that the Secretary should
limit himself TO a reserve of 25 per cent He might
| retain 30 per cent or any other proportion
should purchase slOGOOOOOO in bonds. it was
not to be supposed that the persons to whom
without interest they would look around for some other
investment, and there two modes which would at
again to the Treasury take certificate, and receive the
be Government bonds to be procured except the
reason TO believe that the effect would be general rise
| TO par and an ultimate return to specie payments.
Mr.. cox dem, n. " expressed the idea that there
were several good qualities in the bill. 1t established
fixed rate ofnteres and that allow rate Another good
feature Of II was that the banks were not in favor OF IT,
league mr. Wood had been adopted, to prevent the
pedding of the Europe and America by agents
II he SSd any assurance that the bonds would be taken
he would be inclined to vote for the bill.
nounced his confident expectation that within
bic time, within this year and the coming year. these
four per cent bonds would be taken His reasons for
thinking to be found in various articles in Euro
pean Journals speaking fayoaby OF the credit OF me
low rate Of interest In addition to that some mombers
| Means,
had had within the last week assurances from banks
and bankers in France Of their readiness TO take the
bonds at four per cent they could be OF the Kind de-
scrbed in the first section Of the BILL that is long bonds
redeemabe after 80 years. free from taxation and paya
BILE in CON- and Of small denominations running down TO
| Mr.. cox remarked that that announcement was the
most important part OF the debate. If he could De
sured that moneyed men and institutions in Europe were
willing take these bond and the American people
not know but that he would vote for it, particularly if
OF its bad features were eliminated. He was re-
right tax these bonds That right ought to be reserved
If possible. II these bonds could 60 into the market
Several members on the RemSGrat5c side including
position taken by Mr. Cox, though it not clear
from confused mode Of expression what the exact
las ttS n Tamy Hal SOA
The debate was further eSHti1ued by Messrs KELLEY
New-York, WOOD, and MUNGEN.
Mr. JONES DEM. Kyl declared himself opposed to
all the provisions OF the BILL which he characterized as
direct legislation in favor of capital against labor He
said the two gentlemen from NewYork (Messrs Cox and
Brooks spoke from standpoint which he did not
nze as that OF the Democratic party He did not believe
that these gentlemen represented the people who sent
tonal Democratic Convention which nominated Seymour
and Blair put itself expressly on the policy of paying the
to return to specie payments, he hoped 1t would
Nj TOWNSEND CRep., TENN opposed the fifth section
converting the Secretary of the Treasury into great
Mr. WOOD criticised the Committee of Ways and
Means being subject to great deception and imposition
the part of capitalists, and being guilty OF gross
improperly in attempting TO palm of the House and
country information thus obtained.
| Mr. MAYNARD called Mr. Wood TO order for charging
the Committee Of Ways and Means with gross impro-
priey the words ruled by the Speaker to be
| unparliamentary.
Mr. WOOD said that he would not repeat it, but he
| would not take il back
The question put and he was allowed to proceed in
order.
The discussion on the fifth section was closed by Mr..
SCHENCK.
The question was taken amendment by Mr..
DAVIS to insert after the word bullion" the words
o al and le aWa oft
States" and il agreed TO-
Another amendment, offered by Mr. DAVIS, to make