The New York herald., 1872-12-13
HOUSE OF REPRESENTATIVES.

Mr.. HOOPER rcp) Of Mass, from the Committee of
Banking and Currency reported back the Senate bill
authorizing the National Bank Of Lyons Michigan, TO
change Its location and name. Passed
TREASURY EXCHANGES
Mr.. DAWES, tep) Of Mass, from the Committee on
Ways and Means reported bill authorizing the secre-
try Of the Treasury to issue bonds in exchange
registered bonds provided that the expense of such
exchange shall be paid by the owner thereof He ex-
planned that while the Secretary had authority now TO
change coupon bonds into registered bonds. he had not
the corrcatve authority to change registered bonds into
coupon bonds and consequently the latter class OF
bonds account OF their facility Of transfer, com
manded higher prices Europe than registered bonds
This bill would place the two classes on an equality by
Mr.. Holman, Mem) Ind opposed the bill tending
to facilitate the acquisition and absorption OF our bonds
Mr.. Cox, Mem) ofN.Y. saw no objection the bill,
and mh up Nna o.
to the present obstacles to negotabty OF regis
tered bonds
Monday Ssp M TO the
he e pysns ns
proposition was TO allow certain designated number Of
trust for owners and 70 keep sets oi books in which
' % "a The % bank s s o the ee
the g @ By ne
bonds in trust such certificates could be sold i9 the the
bonds just t as raifoad and bank stocks are sold
M ts bank @ qss heS six an he s
Of that interest IN me course Of business Tor
!
Tie transaction Of the business The only dsaavantase,
bonds would be that the owners could sell the
the bank holding the bonds l. was she5elore
to yor than
seemed aoa law
IsgSrdtS the ~ rsgisteM,
Dawes would allow the pending bill to be introduced
spa G le in order that the other
MI. DAWES said he had no objection to that
orr. hoar as to the msasare introduced BY him
Se tn S and asa Means
e h S e
government to favor registered rather than coupon
but the other gave more security to the government and
Mr. DAWES did not see the slightest conflict between
The measure suggested y his S colleague r moar ana
Sdt
cond S
in large ct @ those which
Which in n,s yena M sa nsa 10 s b1 n sn ears
not s"a BANKS
Set Of tie World although he could Understand how such
@ p5Gsssn neas1s
Mr.. woop, Mem.l of NY. could see possible OBJ
THE FACILITATING OF TRADE AND COMMERCE..
To the government there difference in the value
of the two classes OF bonds but to the trading
s the Gnas ha
al S1f e oT Value
concerned and had The additional value Of passing
e ' this e, At the
s SS an 81 e
country He was therefore In favor OF the bill He would
very r. 'hf The
do 50 and consistently With its limited powers
grant facilities to further develop the commerce and
the money centre Of ne country there was periodically
taiists by the manipulaton Of lew million dollars abso
uely controlled the whole money interests Of the nation
the the
YET be believed that the Secretary could 50 use those
grant facilities by loans to individuals
THE HYroTHEcArIoN OF GOVERNMENT BoNDs
at given rate of interest which would prevent the
Smentabe destructive reSSoution@ry eS condition Of
money vas from e snseighth OF one per
% spsesAsp ai epy Of M si iremarfsd S that tie oeec
wns e to
pcrienee to have Neisht: The seeresary d the
Coupon bonds today bore . higher market value than
% hst h1s c net
value. II therefore seemed to him that both
Sa % TSs y y #
sets had no With he pending and
did not anagonize it. That was matter proper to be
s
the pending bill its merits without the
Secretary Of Treasury desired to change this class Of
Ing negotiate for the four and hall and i've per cent
bonds with The Syndicate, OF which the country had
n1 Nj
facilitated exchange contributed to prosperity.
Mr. CoxEThe gentleman does not understand my ques-
Mr.. DAwksI connection at all between this bill
more and more entered INTO the eonmereiaI trans.
medium 10 %s Ina. & ;s ssnss a j s sl a
Tine c the w a M f ysa %
neTs so &c G p s to e 3
Mr.. Cox-My objection 10 the bill Is ths-I do Want
@ s S Want sF 5 ses
1aSss 70 the people 60 in and speculate al
fs tue seeIs.r ss
Is.s "a +, p N
are to ake the rest Of them Without rher e esson
Ivan, to to Know ,si III. si
e sss ss% sSGds s bis S M
rn S y not stop TS Ss win not lead
be held 70 legal restrictions and not allowed Step
the law As he has done in other cases
Mr.. BECK said he would vote Tor the bill, considering
that did not at all affect the power Of the Secretary
the Treasury.
Mr.. MERRinAS, rcp) OF N. Y, member Of the Bank
o Mr. & ihs hs aid s o psp"ne
with the preceding measure which the bene.
fit spectators. but for the real beneft the people
Who had temporary floating capital, which this law
wSud render available.
The discussion closed and the bill passed-yeas 1867
70.
Mr. BBcK, from the Committee OF Wavs and Means re-
ported bill for the relief OF Mcssrs. Scales Manning
of Nashville, Tenn, in reference TO their distLery.
Passed.
Mr. HILL, lrep) Of n j., introduced bill to amend the
postal laws by placing seeds bulbs the third class
Mt the same rate Of postage as they paid before the pas
sage OF the act OF tile sth OF June, 1872 Referred.
The House then took up
TuE SOLDIERS eorsry LAND BILL
which disc used by Mcssrs. Copurn ucp) OF Tnd
storm, DEM OF Pa. Niblack tden) and Holman
demD OF Ind Stoughton. trep) of Mich, and Sheabar
ger, (rcp.l Of Ohio, chiefly in avor oft
A vote then taken motion o. Mr. EAwLEy of ILL.,
10 recommit the bill. Negatved-ycas, 80. nays g6.
substitute offered by Mr. HOLMAN, rep .of Ind, was
adopted Yeas, l05: nays g.
Ihlu uonsn AL faurn AL