The New York herald., 1874-12-11
NEW 1uKK HERALD FRIDAY DECEMBER H. s74-TRPLE SHEET

as the sublimest stretch OF financial imagtnat tfon
and the oiiest flight OF poll economy that bad
ever been sent abroad ON the air rom the House,
and suggested that no holder oil i've and SIX per
os0n cent goa 70 bones was gong 20 be csnt ,oo
currency bonds. As to his colleagues assertion.
that Il took tour bushels OF corn TO transport one
tDawes had referred TO the price current and
found that corn In Chicago cost seventy-nve cents
q oushel, and that The transportation from
Cnlcago TO the seaboard was only from twenty To
twenty-five cents bushel.
Mr.. BUTLsR-Does Chicago produce corn9
MI. DAWES, passing from this point, and touch
Ing on Mr.. Buffers ausi0n to the savings OF the
MASSACHUSETTS servant girls, aud the consequence
argue that the direct and inevitable consequence
OF the substitution OF the pending bill Tor the ex-
s,ns rsts state % o. AFFAIRS bring
per cent, and thereby take no Hom the the iaborer
oi his days wages, and cut down his now scanty
loaf OF bread. He argued that the greenback
would be worth as mucn as gold to-day II the goy-
ernment would pay 1t when presented, and II
never would be worth as mucn as gold until the
government did that. Let is do that and the rest
would loH0w. Another way TO bring the green-
back up 70 par was to make 1t scarce by conrrac-
ton or otherwise. He had proposed at last ses-
sion the Iundlng OF greenbacks into gold bearing
bonds. Then, II any legislation should decide in
effect, that as between greenbacks and national
bank currency, the former should 20 to the wall,
tney would go there without loss TO the holder
and without d!shonor TO the government.
The TINE LEFT FOR PARTY PROBATION.
In conclusion he said:-'Ihose who are respon-
sible for pubic ahairs have no time 10 lose; we
can put ~ our duty In the premises no longer;
save or TO destroy It's existence; no other power
than itself can accomplish It's ruin; 1t will pass out
OF mind and memory IN the politics ofthe country,
well as the privilege OF accomplishing either OF
these results Whatever in the near future awaits
that party let It not die Or want 0l courage"
BORROWING MONEY.
MI. PHELPS, tdem.) OF n j., also argued against
tne penalng measure. he argued that nuctuat.
could only harm the government and the people,
and that 1t was possible ior the government to
redeem Its honor and iull Its promises by borrow
ing money. II would not be necessary to borrow
such an amount as would balance the amount OF
circulation, dollar for dollar. The experience or
banklng had been that a relatively small proper
tion oi money was sufficient to satisfy and noat a
large proportion OF currency. IL was the duty Of
the government when II mad currency unequal
to par, ana when 1t could correct that BY borrow
ing money and redeemlng its promises 70 pay, 10
ton Of the national honor, aud for giving TO the
people currency equal to the money OF the
world.
Mr.. KELLEY, trep) OF Pa.-Do you relieve your
sell Of debt by borrowing money TO pay lt2 That
Is the Mlcawber method.
fails to make the distinction that Is generally
made In the minds or all business men, and which
was even made by Mr.. Mlcawber, whom | would
not cite as the very best illustration Of prompt
business man. II have borrow ed money for ten
years am not ins0vens 1 m and nave not broken my
nntll the ten years have expired and the payment
OF the debt Is demanded. But II have promised
ior luiaIment. I am disgrsced; have
hands OF my creditors, unless then and there
meet my promises And this Is what ! ask the
government to do. ask the government to pay the
promises It made twelve years ago. to pay these
Rreenbacks on demand dollar Tor dollar, and ask
the government 10 do so by borrowing on It's bonds
payable nifty years alter date. money win which
| to pay It's present Indebtedness. In my opinion
there Is but one way to make the currency equa
TO money, and that Is 10 follow that straigh,
narrow path, which Is the path OF honesty. The
government must pay its debts when they are due.
Tnen alone can we expect 70 be again prosper
GUS and happy and hOnOred nation.
MT. II. 3. SMITH, lrep.) Of n. " declared him
sell opposed to all lnfation in favor OF the resump
| earliest moment possible without serious disaster
and opposed to an expansion OF the currency
wmc h a. sue
grave objections 10 1t. There was llllmitabe ex.
lanslon IN II, because these bonds OF small denom
ination would circulate as currency. In order to
guard against that he would move to amend the
oih By making the lowest denomination Of bond
$1,000
At the close OF Mr. Smiths remarks the Commit
tee rose without action on the OH.
On moIon OF MIR. TYNER, Tep.) Of Ind, the Sen
ate amendment to the bill appropriatlng $50, ,00(
or scales required IN carrying out the law for the
prepayment u newspapers was concurred in ans
Mr.. GAKFIELD, trep) OF ohio, made an effort I.
have an adjourpment until Monday next, bu
ScVeIdi votCh 6uOWcu y mdJOFAty VI Tue nous
against It, Mr.. Butler remarKing that Mr. Gar
| fields OBJECT was to prevent the action OF tn
/ House on other subjects than the Appropriation
! bills.
| An effort to have to-morrow's session set apar
for debate only, was also successfully resisted.
The speaker announced the following appoint
ments to ill vacancies on committees.
on ARKANSAS ADai1s-Mr. Scudder, OF New York
J,tdicidrD-Mr. FInck OF Onio.
Csra Service ReJoam-Mr. Cnlttenden, Of New
York.
Centenniol-Mr. Schell, OF New York.
DpnSiOn2-Mr q y
vania.
Education and Labor, also on Expenditures IN IN,
Naral Departnaent-ME Carpenter, OF South Caro-
lima.
The Speaker also announced that by the opera
ti0n OF the RUE MIR. Harmar Of Pennsylvania sue
ceeded to the Cnalrmansnlp OF the Commit ttec or
the District OF COLUMBIA. instead OF MI Hale, o
New York, resigned.
The House then, at quarter OF four P. NJ, ad