Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-06-09

proceeded with.
HOUSE.
Mr.. Sergeant introduced bill to amend
the act of May 30, 1868, for the survey and
sale of the public lands by providing that
! money deposited for the survey shall be
credited as pant payment for lands.
Passed.
Corrupt Use OF Cuban Bonds.
Mr.. Fitch had read an article from the
Washington STIR summarizing the Orient
correspondence in the New York E0cRing
Post, duplicating him in the matter of
professed disclosures as to the corrupt use
of Cuban bonds, and stated so far as he
| was concerned, it was an unmitigated false
hood and its author a wicked and cowardly
liar. He called upon the chairman of the
subcommittee investigating the subject to
state whether any evidence had been pre-
sonted tending to implicate him in any
manner. ...
Mr.. Butler, Chairman of the Sub-Com-
mittee, said there was no evidence what
ever, to implicate the gentleman from
Nevada, in any improper transaction in
relation to Cuba or anything else.
specie Payment n DeIusiOn.
The House then resumed the considers-
ton of the currency bill. Mr.. Ingersoll
advocated the measure for a circulating
medium, and protested against the resum-
ing of specie payment, while the country
was debtor. The nation had not more
than one hundred and fifty or two hundred
million dollars. The idea of specie pay
ment was the delusion, cheat and fraud.
He hoped the people of the United States
\ a.
bank should ur5r nc ofSanI1eJI 0ii ii specie
basis.
Mr. Allison offered an amendment re-
ducing the proposed new issue from ninety
millions to ffty-tive millions.
Mr.. Randall argued that this was not the
time for pressing the bill, and said he would
move to postpone it. He advocated an
| amendment he had offered, authorizing the
| issue of three hundred millions III green
| backs and the exemption and cancellation
of an equal amount Of national bank notes,
with the prohibition of any further issue Of
| national bank notes. The circulation
| should all be greenbacks, and if it had
| specie payments would have been reached
before this time.
Mr.. Burchard moved to amend by in
sorting an additional amendment requiring
National Banks to keep in coin or in coli
| certificates the interest falling due on bonds
deposited in the Treasury until they re-
ceive the required amount. The amount
| kept shall consist wholly of coin or coin
| certificates.
Mr.. Colburn thought that this was not
| the time for any radical changes in the
| currency; all that was asked was an in
crease in currency SO as to supply fair
| distribution of it to the sections at present
| destitute. The distribution should be on
the basis of population.
| He argued that the first section of the
bill did not actually increase the circula-
| ton So, 900, 600, but only 81, 900. 900; that
was owing to peculiarly in the banking
| law. He declared no more radical measure
of contraction could be adopted than the
! pending bill, and therefore it could nev2r
| obtain his assent. His proposition was to
redistribute $50, 600, 900 and re- issue S44,-
| 600, 900 of greenbacks in place of the ;
| per cent certificates now used as reserve.
| This would save the Government $3.50, 600.
| year. He favored the adoption of the
| first section without any of the succeeding
sections, and the increase of the circulation
would be only S57, 100000, and then the
| South and West would still have less cir
| CuldI4OH lLdl D6lOIS TIC wal
| Mr. HotchkiSs opposed the section for
the issue of four and half per cent bonds,
| but approved the section authorizing the
establishing of National banks and issne of
| specie payment notes, regarding 1t as an
approach to resumption.
| Mr. Townsend was particularly opposed
to the 4th section, requiring the banks to
| surrender their six per cent bonds and take
/ Sc So Iolf
bonds as basis of circulation. He con-
| ceiyed it a matter of bad faith with these
effective and wonderful institutions.
Mr.. Smith, Of Oregon, argued against
the bill and in favor of a Government
currency as against the National Bank cur
| rency.
MIR. Burchard advocated the amendment
| offered by him to-day, and discussed gen
| orally the provisions of the bill.
Mr.. Walker moved to strike ont all but
the 18th and 18th sections.
Mr.. Garfield, Chairman Of the Banking
/ Committee, by the direction of that COM
mittee, and as matter of courtesy toward
10 strike out the funding sections of the
bill, sections 8, {, and land allow the bank
circulation issued on bonds now existing,
or that may hereafter be.
Mr.. Stephenson said the amendWent just
offered by the Chairman of the Banking
Committee refuted his first and chief OBJ
lection to the bill He argued in favor OF
expansion rather than contraction, and de-
clared if they could not have a moderate
degree OF expansion they would not have
contraction. If they could not advance
they would not retreat.
MI Holman expressed tie conviction
that the bill would fail and condemned the
National Banking system, declaring the
whole machinery of the Government
seemed in its interest. No Government
ever showed so much favor to capital and
so much indifference to labor as the
United States Government within the
the last ten years. This bill he believed
was another movement in the interest Of