New-York tribune., 1874-06-12

oud bring the country to specie payment without CON
meot with not more than 50 per cent and the nation
now could resume with much less sum. q, q, tb,s
iii brstlsd all over with Imitation. He did not share
with the Senator from Ohio Mr sherman ms
that legislation would not be changed before
ISIS in as entirely g Ignore sa sIefy ieaaon
ture this bill He Mr Jones dd knoM ur nn. had been
Great talk about the resumption OF specie payment ou
utterly with this NJ great volume
in circulation The bill proposed to make tne stheon sh
hacks redeenable in bonds and then reissue tneln;
He laid it down as proposition which never had
been disputed, that specie pay ments can never DC an
tanned without contraction of the volume OF tnc o
rency The bill would have the effect to raise the price
Of eenDacks few per cent but %ouiu d o ,h, .ba h
ate the bonds to small extent lie denied tna. ,no oi
wond ever bring the country TO specie anu
all the fluctuations complained OF woula DO jus ,S S
countrv when the price of everything would he SO high
ss 10 drive out and the revulson woud tneh W ,o
times greater than If The country shouu return w sPo
ce nayments to-day Initiate the currency and IT fur
nishes money which can neither 10 hoaroou noi VA
He thought the bill travelled a circle, and expressed
the opinion that the only way to restore the country
Value Instead OF by an arbitrary raising the
price would be far easier to reduce the
volume thereof that 1t would approximate the price
of gold He believed it easy to return to specie pay
ments within two years, without any danger 10 Inc @
passage of this report lie believed that its friends did
not know what its effects would be- Evil and only ev
sny wT% Which attempted to override
God Himself had made money. he thought when
the country entered upon gSa Ds 30 NhrnSo for
Mr.. HARVEY Rep. Kasl favored the adoption Of the the
Conference report The Senator from Nevada lNir
Jonos) had called gold "God made money" He (Mr
where in his readings. where God had said the legal
tender of a country should be gold
Mr.. LOGAN (Rep., ILL., spoke In favor OF the report
said he surprised to hear mon opposing 1t here
to-day who, short time ago. advocated the very iea-
ators on his side Intiatonists had declared
themselves in favor OF specie payment Now they had
If they should put themselves record against 1t the
tables would be turned. The bill was not satisfactory
vexed financial question abandon, for the time be-
ing opinions the subject. He appealed to ms
friends both sides TO act In spirit or c0ncesson ana
not il they alone made up this mighty hemisphere.
The passage OF this bill would bring peace and prosperity
Nr. THURMAN Dem.. Oho) said If the passage Of the
bill would stop discussion on tne currency quesuon anu
they were going to have and TO work 10 earn IT, II
would do good, but he did MT think 1t would nave tna'
Mr.. STEWART (Rep. New said the bill was for an n un,
limited expansion HE Me sas S were 70 dow in
and to flow ont in ceaseess stream ana nne o
them would DO destroyed. All contrvances TO destroy
the standard OF value was cheating, ana ne
hoped Congress would not try to deceive the American
MIR. BOUTwELLisaid il this bill was not calculated to
not calculated TO meet the demands OF those who made
it, The difficulty to-day was, that the country mas
paper money which was not equal value with coin
| erest of the country. especially to the laborng
| classes. Tie clamOr for expansion was Ills
directed public sentiment as all history and our own
experience taught 1t the duty OF Senators 70 stn
n their places and IL possible set right this msdrected
sentiment. The passage OF the bill would be depart
ure the opportunity TO resume specie payment
| and would result i'll the ruin OF every interest,"
| the bankruptcy Of commerce and comInerciai men:
The eighth section Of the bill transferred the financial
country from Congress to the spectators
OF Wal-s and throughout Europe and when the hrst
of January 1873 should approach there would Dc de-
mand the repeal of this section because the country
would see could stand the combined spectators
| Of the world. ,
Mr. MORTON said the argument OF the gentleman IN r.
Boutwel 10 the effect that return 10 specie pay
ment at any time, would be ruiDOus ~ the country
Mr.. BOUTWELL, denied that such was his argument,
and contended that the country would gradually ap-
| proach specie payment.
| Mr.. CARPENTER tRep, Wisl. from the Committee M on
the Judiciary reported bill 10 determine the )urlsdc-
On OF circuit courts OF the United States and TO regu
late removal OF from State courts anu Ior
other which ordered t0 be printed and re-
committed to the Committee. -,
Pending discussion the conference report on tne
Currency bl the Senate at o'clock, on motion OF Mr
CAMERON Rep., Penn). proceeded TO the consideration
Of Executive BUSINESS after which the doors were re-
opened and Adjournment took place.