The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-01-17

towards specie standard. The second only Ii
subject TO the objection that IL would violate the
public faith now pledged TO maintain the Customs
Bureau In coin az special fund for the payment OF
of the whole subject leads me to the conclusion
that the simplest and most expedent measure Is
to declare by law that
The United States will redeem us notes either
with coin or, at the option of the Secretary OF the
tions bearing five per cent interest in coin. This
will be o recognition by the United States OF Ns
solemn pledge made In March, 1858. that 1t win at
the earliest practicable period redeem its notes IN
coin. IL will provide also for the possible, but not
probable, contingency that more notes will be pre-
that event the United States will redeem it,
notes in character of bonds now with par
in gold in the money market OF the world. The
objections that may be made as to its effects on
the national banks have already been anticipated
in what have said. 1t is founded upon the plain
promise by payment in coin we will at least give
to the public creditor who holds the notes OF the
equal to gold II Then, these notes are inc in excess
OF the wants OF the people Tor currency they VIII
be presented for redemption and ought to be re-
deemed. nn0t their value will be appreciated to
the gold standard, and this is specie payment.
The notifications OF the Banking act can properly
be postponed until a future time, when the prac.
tical effect OF specie standard upon the United
States notes will test the ability Of the banks to
maintain their notes at par with United States
notes whether they should be relieved from
maintaining so large reserve whether there should
be one centre Of redemption are questions Of
the notes are redeemable in coin the banking sys-
tenn ceases to be limited IN the number and dis
business pursuits open to all who win give the
quisite security for their notes and will obey the
In submitting these remarks at this time feel
like ap0lOgizing for passing by arguments worthy
@ tn SIt ny 1 nv now n was Go 70
mittee Of Finance the leading measure in favor of
1t. MY hope Is, and it is reasonable one, that
neither Senators nor the public will contne their
arguments to
CRITICAL DIRECTIONS
but will suggest some plan better suited to the OBJ
jects we have in view. l, for One while honestly
supporting this plan will readily adopt any better
one that will make the now broken promise of the
gold dollar of the Mint.
Mr.. SHERMAN reported from the Committee on
Finance the following substitute for the Bucking-
ham BILL
n S That on the ls day Of
IN @ to y. q & N nds IF 1a
~ hs tor n Ii % an % Of he gold
at his option Issue in exchange for said note an
ST sF he Sd es
the
%s t.
asy
ss S sss!5sss
and the said boz and the IL % shall be &
s%s; as II
pons be made payable at the Treasury the United
SEC. THAT from and after the LIST day Of July
the limit Of the aggregate circulation Of national
% s % e
circulating notes bonds of the United States issued
the rounding Of the national debt" approved July IA,
sEc a-That all banking associations which shall on
4fs
nctns
At sns S sSS s on ss
pef sen s and S
redeem their circulating notes in anything but gold coin
SIC 4That section Of act entitled IAN act to pro.
yas for fas @ Of the nss per
appTossd July ~ SereSy S?s
ICED under the provisions of an act provide
provide
thereof" approved June 1854 upon the deposit with the
sand dollars Of United States registered bonds as pro.
SIC 6-Thatit shall be the duty of the Comptroller OF
e to be "bsr each
the bunk is printed in whole or in
and s n ms as sh have Seen I IN
o, the notes Of national banks which are in
under such regulations as shall be
and approved by the Secretary Of the treasury and the
expense of such examination and destruction shall be
paid out OF any appropriation made by Congress for the
special examination OF national banks - bank plates
The bill was ordered to be printed.
The House bill to incorporate the LOOMS Erial
Telegraph Company was passed; also the bill for
the relief OF 7. H. Haldernen, owner OF the British
ship Duke.of Edinburgh
THE LOUISIANA MIDDLE.
Mr.. MORTON offered resolution instructing the
Committee on Privileges and Elections to inquire
whether there Is a legal State government in Lou
iSiana, and, II so, by whom constituted He said
he was authorized by the majority of the committee
to oner the resolution and stated that the design
the whole subject matter of the investigation
already committed to them.
Mr.. SALISBURY offered an amendment directing
the committee, lift found no legal government IN
Louisiana, to inquire when 1t ceased to exist and
whether any federal Of1cer, executive or judicial,
had anything to do with overthrOwing 1t. Q.Ost.)
MP. MOrtOn's resolution was then adopted.
On motion Of Mr.. CASSERLY the Secretary OF the
Treasury was requested to inform the Senate
whether the Union Pacific Railroad and the Gen.
trail Pacific Railroad companies have complied with
the act OF July g. 1862 requiring that after the
pletion OF their roads i've per cent of their net
earnings shall be applied to the payment OF the In
terest and redemption OF the principal OF their
bonds, and, In case Of noncompliance, the reason
therefor.
on motion Of Mr.. RAMSEY, the Committee on
Post Offices and Pos: Roads was discharged from
the further consideration Of memorials asking that
newspapers pass free through the mail.
Mr.. CARPENTER, from the Committee on the Ju-
dietary, reported q bill fixing on the second Mon
day Of October for the opening of the annual ses-
sion Of the United States Supreme Court Passed.
At five p. N. the Senate adjourned.
HOUSE OF REPRESENTATIVES,.