Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-06-30
EE0HSE.


HOUSE. -
Bills were passed authorizing the con
struction of a bridge across the Arkansas
river at Little Rock, and to repeal certain
sections of acts passed by the Territorial
Legislature of Wyoming.
Mr.. Churchill, from the Committee on
Elections, made O report on the Missouri
contested election case, that Dyer, the sit
ting member, is not entitled to his seat,
and VIM. F. Switzler, contestant, is. He
gave notice that he would call it up for &C
ton Thursday week. .-.-
Mr.. Cessna presented the views of tho
minority, with an opposite conclusion.
Thc Currency Question.
The House resumed the consideration
of the conference report on the currency
bill. Mr.. Judd gave notice that he would
move to reject the report, and have an
other conference committee. Mr.. Coburn
opposed the report and argued that, under
it, the people of the West we're not going
to get any of the distribution within a rea-
sonable time, and he believed ii would be
better to put the bill off till next Congress,
and then pass general measure OF redis-
tribution, rather than take this measure of
contraction, which directly tended to bring
disaster on the country. That was no ex.
pansion which would requireifty- four mil
lions of greenbacks to be kept as reserve,
instead of forty-five millions of three per
cent. to be withdrawn, and provided only
for an issue of forty-fve millions in nation
al bank currency. It was, therefore, q
measure of contraction in that respec; also
in respect to the gold bank section.
Judd also argued against the conference
report, which ne claimed settled the ques-
ton against the desire of the House and
against the best interests of the country.
He asserted that if the report was adopted,
the currency would be contracted at least
eighteen or twenty millions. Forty-five
millions Of greenbacks would
have to replace the three per cent. GER
tificates; that was just equal to the amount
Of national bank currency allowed to be
issued, but of this additional issue twenty
per cent, or nine million had to be held
as reserve in greenbacks. So this
amount locked up would be fifty-four
millions. As to the gold-bank section, he
regarded it figment of the brain 1t would
be only adding to the difficulties of the
situation. They had q currency of ma
tional bank notes and greenbacks and
would throw an additional kind of shin
plasters, if members chose to call it 80.
He expressed the conviction that If this
report were rejected and q new conference
committee appointed, the Senate would
concur substantially the in provisions made
by the House.
Mr.. Armstrong expressed the belief tina
any policy looking to the contraction of
the currency would be injurious to the
business interests of the country, and re-
garded the Conference Report as positive
measure of contraction at least to the
amount Of nine millions. he thought the
wisest policy would be to reject the report,
even though the bill should fail.
Mr.. Cox expressed an opinion that the
measure was not much, either of ccntrac-
ton or expansion. It might work little
contraction at first, bat it would produce
expansion and explosion. 1t was bill
which satisfied neither house, nor any
body; neither contractionists or expansion
lists, and all Congress should do was to march
boldly up to the measure of a return to
gold and silver, as the President had re-
commended.
Mr.. BurohaTd also condemned the con-
ference report, particularly because the
committee had abandoned the $4,000, 900
additional issue, which would have reached
all the States having less than their fair
share of distribution of currency.
Mr. Morgan also opposed the report as
being a measure of contraction.
Mr.. Ingersoll thought it would hardly
do, when the people were asking Congress
for bread, to give them a stone; and he
imagined that the present imposition was
no moro or less than that He believed
that four-ffths of the people, if there
could be a popular vote On the subject,
would vote in favor of an increase OF the
currency; and that, too, in the shape Of
greenbaci;s rather than National Bank
notes.
Mr. Townsend also opposed the report,
because he looked upon it as a measure Of
great expansion.
Mr.. Benton characterized as most arrant
nonsense the talk in favor of imitation or
expansion, and was twitted and badgered
considerably by Eldnd8e and Ingersou,
as to his own views on greenbacks, but was
amusingly successful in keeping those views
to himself.
Ar. Jones, of Kentucky, advocated the
conference report, and stated the facts
showing the propriety of the redlstribu-
llOu "a GtlII6ICys IO NOlo aAAdANA3 uhiSoo NA''
conference report was agreed to, the bill
would fail He approved of the report
| not because it met his views to their full ex-
tent, but it did so in some measures, and
he believed, was the best the House could
get.
Mr. Garfield closed the discussion by q
speech IN advocacy. In reference to the
point that the report was a measure OF con-
traction, he called attention to the remark
able spectacle presented in the House by
| two exceedingly able and intelligent repre-
sentatives from Pennsylvania, both Of
them intimately connected with nation
al banking system. One of them. Arm
strong, has made a speech opposing the
! report because it was measure OF con-
| traction. The other, Townsend, had made
a speech opposing it as 8 measure of in
fation. That was as high q compliment
| to the report as could have been, because
it was clearly proved by one that it was not
! a contraction, and by the other that it was
not an initiation, and that was just what
| the conference of the House and Senate
| had expected to reach.
! Those gentlemen who had figured up
| contraction in the bill ignored the fact that
In starting the additional forty-five million
| dollars in currency in places now destitute.
The credit business of the country would
be increased by a whole volume of checks
! and drafts issued from hand to hand in or
der 10 prevent contraction being worked
by the withdrawal of three per cent, which