The sun. [volume] (New York [N.Y.]) 1833-1916, 1870-06-09
THE PAPER. MONEY FIGHT.
THE FOREsHADOWINa or TROUBLE
FOR THE NATIONAL BANKS.

Democratic Consrsssmen at Length Pro-
neuncing tor Greenbacks-shan the Ma
tionnl Banks be Compelled to Surrender
their six Per Cent. Bonds.
WAsHNoros, June s.--The House resumed
confederation OF the Currency bill to-day. Mr. L.
orRsoLL rep, nl) contended that II public con-
ndence, not gold and silver. tl,sk ormsd the true
basis OF paper money. He advocated an increase
Of the circulating medium. He ridcuied the idea Of
the United States resuming specie payments, pre-
dieting that II would result In national bankruptcy
lie hoped the people would see TO II that no State
bank OF private bank should ever be organised on
a specie basis.
Mr.. ALLISON QRep. Iows), offered an amendment,
reducing the proposed new issue from ssoooo,ooo to
t65, ,OOO,000
Mr.. RANDALL CDem., Ps.) advocated On amend
ment authorizing m issue Of 1000 in green
backs and the redemption and cancellation OF an
equal amount OF national bank notes, with q pro-
hibion OF any further issue OF national bank notes.
He argued that the circulation cf the country should
be all grcenbscks, and II It had boon specie pay
ment would have been reached before this time
Mr.. ooBuns (sep., Ind) declared that no more
radical messure of contraction could possibly be
adopted than the pending bi L. and therefore II could
never Obtain bis assent
,, mt % noTcIxss SRsp. N ~ approved the sec
TO issue specie payment regarding II a. an approach
20 resumption. The country should have free
There was no more danger OF redundant currency
than of redundant merchsndiss.
po.ed to The ann section. requiring banks to sur.
them four and a half per cent bonds as basis Of
circulation. When the funding bills were consum-
mated the Government would 20 into the markets Of
the world and ask that It's loans be taken up al .
Mr.. Sniru Dem.. Oregon) argued In n vor OF q
Govcrnment currency a axainst the national bank
Mr.. dARprxLD Casp.. obio), By direction OF the
Banking Committee, moved 10 strike out the tupd-
Mr. srsvrxsos Csep, Ohio, favored e1psss,on
rather than contraction.
MI HoLnAs Dem Indl eondemsd the national
Of the Government seemed to be in lie irtsrsst NJ
Government had ever shown so much hvor TO capl
tai and 90 much indinercnee 70 labor a. the United
States Government had done within the last ten
years This bill he believed was another movement
In the interest OF capital.
In compliance with the order OF tile House. but A.
an evasion Of IL offered no bctter currency than
nov eIs'ed and n offered an extension of the worst
withdrawn OF every dollar OF national bank eircu-
laton, and substituting green backs for n so as to
to all the existing currency.
Mr.. BNenAn (Rep. 0tio) moved 10 strike out the
sections sect allowing the cancellation Of rsenbseks,
that encouraged gold gAmbiing.
Mr. 0AnIIxLD offered q substitute the oriainal
ou WIN socuous " r. o. o. Anusif stricken out, and
with . section inserted instead Of the funding
sections.
Amer discussion the ding was that all the
amendments offered were 10 be considered O. pend
ing, md they were all ordered TO be printed Only
we. however, were 70 Be regarded - amendments
Mr.. koxnsoLL remarked that they would be told
to'morrov that all their amendments were ruled out
BY the substitute.
The srEAKER said that Mr. Garneld's substitute
would take precedence OF all other Substitutes, and
that II the nrst were adopted, would not 10 In
order 70 entertain any other substitute
Mr.. GARFIELD moved the previous question.
MI NEoLkr (hep., Pa) moved that the bill be
Mr.. DicKKY. nep., Pay moved On adjournment
The sPEAKER said that IL the House adjourned
without seeonding the previous question, the bill
he question was taken and the House agreed to
adjourn, thus virtually killing the bill. The yeas
were 70 to nays rs as follows Democrats In itacsJ
YEAs.Messrs. Adams. Ames, Archer, Arneil, Berr
Sg, & Bu,sr pS ean cessna cha1ch h hsTRsos E:Ss
iaad. COBB (wsJ. CounsJ Covode, Creoos, Dawes,
Ss Sas 'tsy SS fla hsqt tdfHsGs HsG. Es1sS 1 s
sn h.ss 1sSs %sDs, kMSgs MsygDs,rS 9s E..Shsp L%aa
oGEs sa MfFi Pses Hf eI. sn9ES pcahd dsIs Tss
soi! kseoe; sa1rSd shOysr s,aaA oresOnJt stark.
SnsSpsv TarS Tanner. Tovnsehd, TSitehe 'dsn; T1s
Msat,g AZ Nnd Willard, wiis0n. (AinnJ. WhrcAessr,
Atwood. Aver, Beatty, benton bingham Blair. Boies'
esSb srt. cCSa4n cSsna S
Coz Desener, ponIes pgyal, Over, Fsrnsworth,
S .sasr .%.1
ms Se1S s%!n S sog s%sh rn.D
WIlninson Wsop eohioy' WiaSns wi.nss wai'm0re'