The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1870-07-13


ma bin as amended was then reported to tho
Senate and the amendments concurred In.
Tue bill then passed, and the Senate, at twenty |
minutes past twelve, adjourned.
HOUSE OF REPRESENTATIVE,
WASHINGTON, July IL 1870.
CURRENCY AND BANKING.
Mr.. KELSEY, rep.) Of N. Y, presented a petition
from Dansyille, N. Y, for time demand currency
and free banking.
TUE ARMY AUTHORIZATION BILL.
Mr.. DIcKEY, rep, Of Pa, reported from the CON-
mitee on Appropriations the Senate amendments
to the Army Appropriation bill, with recommends
ton that the bill to reduce the number OF army |
officers as agreed to by the conference committee,
but rejected by the Senate, be submitted for the
proposition of the Senate on that subject.
Committee. stated the various points Of difference
between the Senate amendment Tor the reduction OF
Appropriations, the latter being Substantially the
bill agreed upon by the conference committee and
that part Of the Senate amendment which continues
the present system OF Communication Instead Of nav.
ing xed rates OF salary LIE chara ' It as
and lie called upon The House to adopt the substi-
tute reported by the Oomm.tee on Appropriations.
Mr.. VAN WICK, uep) Of N. T., deprecated the de-
feat OF an important measure on account OF the mere
matter Of the pay Of a few general Officers.
defeat great measure for the pay of few oiccrs
Ihat was not the great point OF difference. He
would prefer TO have any amount liked In the way
OF salary rather than to have the system Of commu-
tatOn continued.
Mr.. VAN WICK dlscaiIned making any nsnuations
ana was surprised at the gentleman from Illinois
supposlng that he Nlr Van Wyck) was rejecting on
his conduct. He had risen simply to protest against
any effort to reauce by legis alton the pay salary
OF any of the army oficers lie did not think 1t
neces AIRY to strike ut the salaries or Generals Sher
man or Sheridan. and the people did not think 1t
After further discussion by Mcssrs Logan Law
n
| reported by the Committee ON Appropriations was
agreed to.
teenth and seventeenth rules which prohibit bills
being semitic erher House or to the President In the
last three days Of the session, were suspended.
EXEMPrINd INSURANCE COMPANIES FROM THE IN
COME TAX.
Mr.. SCHENCK. from the Committee OF Ways and
Means reported hack the Senate JOINT resolution 10
relieve insurance companies from liability to The IN.
come tax for undistributable sums carried to their
contingent fund with an amendment applying 1t
also 10 the sums paid by mutual lie insurance CON-
panies to their policy holders. j. ~ fgsso- ~
The amendment was agreed to and the joint reso-
| luton passed.
THE FUNDING BILL
| Mr. SCHENCK, from the conference committee on
the Funding bill, made report, the substance OF
| which has been already published.
Tue report having been read, Mr.. SCH NICK pro
Cecded TO explain IL. The Original Senate bill, he
said, had provided for the issue Of twelve hundred
millions OF United States pcnds-four hundred NIL
hons at five per cent, four hundred millions at four
ana q half per cent, ana foar hundred millions at
! four per cent. The House had proposed to put on
| u
one thousand millions at four per cent payable after
| thirty years. Another point Of difference between
the Senate and The House haa Deen that the Senate
proposed to compel tho national banks to substitute
| the new bonds for those now deposited as guaran-
1 sr IN shat the
Committee the senate adagreed TO adopt The House
bin as the basis Of the report now presented The
report proposed an issue OF two hundred millions,
years, tnree hundred millions bearing foot
| fifteen years. and one thousand millions bear
Ing four per cent and payable after thirty years.
opinion Of capitalists thai this offer OF mixed loan
OF 1--WE per cent four and half per cent and four per
| Treasury was confident that, whatever doubt he
might have OF the practcability of four per cent
smaller classes and shorter dates, to put all on the
market in shorter time. The bill therefore is, as
the Senate the House and the secretary the Urea
sury, and all were much better satisfied than they
expected to be- The House conferees had objected
10 the employment or agents, and that part OF the
Senale bill had been abandoned by the Senate, but
with the agreement that tile Secretary might use
cent for the purpose Of engraving, printing,
Issuing, advertising and disposlng OF the bonds.
assurance that there would be no attempt to exer-
else power not given to appoint special agents. but
and that those who exercise any agency IN the ma
ter ON putting the bonds In the MARKET Will receive
their commissions IN other words the business would
be open to everybody, and there would be no special
agents Another POINT OF difference was as TO the
SETON allowing nte est on deposits OF gold III tho
Treasury ana IL had been agreed to reduce The lte
rest to two and hall per cent and to limit the time
to two years. Another modification was TO require
' Nr GARsistD TtI q Ohio inquired whether the
option to the three kinds OF bonds to be cXer.
clsed by tle banks themselves or by the Treasury
| Mr. ScHENcK expressed HIS belief that the bonds
10 be deposited by the new banks would be just such
| bends ~ the secretary should think proper to ssne
In order to get the loan atloat on the market The
/ ..n1 EtH ~
Secretary would not oier the tours alone, nor TIE
| four and halls alone, nor the nves alone There
was good reason to expect that the Secretary
right III his dolciuSon that persons for the sake vi
getuns, ives would be very glad TO take some fours
aud he could thus dispose or mixed quantities Of
| the hves, four and q hats and tours, whether 10
| banks or to individuals
| Mr. GARFIELD inquired whether 1t wOnld be In the
power Of the Secretary to say that new banks shoald
1eposit only four per cent boad5f
| Mr. SCHESCX-No SIR; nothing OF the kind.
Mr.. JUDD, (rep OF Ill.,, opposel the report OF the
| committee OF conference IL i've per cent bonds
| were 20 he issued, free from all manner OF tax, and
ii Onehalf OF one per cent was to be paid for COM
mission he did not sec that the country would save
much BY tue operation. But his great objection to
| was tie unlarnes or discriminating against the
banks TO bc organized under the Currency bill just
passed. by compelling then to use The new Issue Of
bonds. IL continued, for all purposes, Tic monopoly
| OF the existing banks. He nopeu the report would
be rccomnltted, with the view Of expunsinX that
Mr. WILSON, rcp) of Ohio, expressed similar
| views.
Mr.. Mr.. Cox, gieml Of N. n, opposed the report.
OF interest," second, because 1t was JOB for agents
| NJ an expense OF seven and half millions which
| would eat up the saving In interest;
4 thrd because II would make the United
| States still more tributary to Europe.
| The present year showed q balance Of nearly two
| hundred millions against the United States to lie
| paid by bonds. so iOGg as there no effort 10
| reach gold ard silver and 10 steps taken in that
direction this and all other 20 icies would fail. The
only panacea the country was fair, gradual ana
honest resumption Of specie Payments aud Cod the
laws 0f trade, commerce and the democracy would
| fight hcreaf or Jor It.
| The report was also opposed by Messrs. Marshall
| Nblack, Garfield, Benjamin and Morgan.
Mr. GARFIELD regarded The seventh section, which
requires new national banks to deposit tho new
bonds, as an indefinite suspension or the banking
feature Of the late Currency bill. He also opposed
the allowance Of One-half OF one per cent commits
| sim thinking one-1ialtcr OF one per cent annie