New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-04-06


The private calendar, MIR. McNulta OF Illinois in the
char.
bills more than halt which pension bills which
were thereupon passed by the House. None Of them
were Of any pubic interest.
THE CURRENCY BILL
The Uouse then resumed the consideration OF the
Currency bill aud was addressed Dy Nj KELLEY tRel"'
%, IN nposition 10 the bill and in favor of the 36j
hono il introduced by him lie regarded the pending
bI as frau-ht with great damage 10 the country ana
the revenues Its title deusye 1t was represented
m tho ntle as proposing to establish free banking lie
was ID favor of free banking aud thr1iore nS Wa Wa
imposed TO this bill, winch sought 10 cGte'u 'ue We
,p'upol ba king system which h9d already become 80
odous 10 Tie country ~ ~ 5e dcoosif of bonds to
secutc ciFculai lon that II might wen DC eut'ieu,
"A hin 70 increase the maIhc' pro- VI
rncJ STAT. bonds. ana to promote speculation there
in Tle deposit OF such bonds wac uO 15septal ~
bausing and al war with luiclo9' syS , % .;
bauIiug Eauking was The borrowing ana lending OF
money on credit. and Involved the use OF very lIVte
aud va- dangerous 10 any system OF banking
No system Of bauHns ia TINS or any otner IN
ms on ANY other ciuI age, had ever gone through
insolvency hOat OviuS ruin 10 tue Dahk an os 70
the baoldcgs aud general derdnsemeni 10 Tue fo1nS
tegrtY nad been that which had discarded b%9n as
secay ~ EIs yie n 6cH United states securities
and bonds Of the State OF NeN-NJk h' DIen u'iOs "n
to sec,. tho no,e. and he PANT % E"gasH' "Ho
nj Government securities, were illustrations o.
lhe uQ!A u ie 3.a}PznG: NJ? ~ aS5f f4Ss
hanks? Who mad ever lost pouGl DIV ie uT.s Us te
Bank OF fns n , eG ' Trssy no,e TO bny him
dollars worth 81 any American p'odGouoh No inni
He challenged al history ioL a parallel
banks proposed TO redeem their notes 10 specie
T5e south and West were condition to buy bonds
5n y speculative MARKET as they would have TO do III
order 70 establish banks IL this bill passed 1heS Were
in no better condition do than they had been
Tor the last four years, and If banks were estab
hshed under this bill IN Jhe South ana west " WOuu ue
They would represent abseneeism which would De
fatal 10 the industry and pr3sperlty OF nose
the urOs perity OF that unhappy island 1900
a. ' Gra1n without a shadow OF tolndltion and they
who talked II followed the teachings OF men who pro
claimed tner science TO be science based on assump
fions and presenting prfOri results. II was Ike the
Oriental theory creation that the world rests on an
elephant the elephant rests on tortoise aud tne tor
tise was presumed supposed TO rest on s0metnlnt
and II the presumption Was WrOnE, Juen tne tneOIl
assumption. Al talk OF specie redemption was lido
Tie redemption OF bonds would have 70 pre,ede tue re-
aeMutou u notes The annual iuteres. paid IA Europe
on Government bonds vas about slcOOOtOo IKE sum
was paid state, u5nncipai and oreora'e DUaIs, anu
Europe Where was tAe GOA oOlalheu " L. p pa5
With The mines produced Dut about s1o'cooooo ,
SQOOoOGlJ yeai Inc rest OF the debt was setel WIN
o,,d dries instead OF with gold Foreign nations.
moi being able take American currency aioWes oIsi
es m n1rsue lis undisturbed channels, and had to
80 o;r balances IA products OF the soil, the mines,
The Workshops ana the fisheries, and tha was tle point
~ his argument In favor OF currency Whicn SHOULD De
a. lie ysine In every mans hands wherever the AmeI1-
can lag floats az an emblem OF sovereignty ana yet
Iosi ito money value when II lett the HnI's VI INC
eouutrV. 81. r,r,p
CHARD Ocp., IN and MERRIAM rep, y. II, the
latter arguing that the banks stood ready Oias 10
$4,000 Of the 365s, and that pane came on tnc
would send them 10 The Treasury for redemption ana
thus swamp the Government IN Insolvency.
Mr. BUTLER rep. Mass replied 80 Mr.. Merriam ln, 5
objections sustained the 3.65 bond proposition
He had made similar proposition 10 The House four or
I've wears ago giving the subject thought
tban ne had ever gwen any other question OF law,
ncV NOT reire,able IL, gold but equal 10 gold He had
iold oyf all the investments III zoe world and found
,h n average interest Was te over three per cent
Ee therefore proposed that the American greenback
" productive Hs the average eou uoldt OF te
10 it, and mat he cOuiu anyways 500
when he could get no more That
nus how tested the value OF money ne hiu heard
ond deal OF tlk about redeemaDle currency put thefe
VA. AS much sense talking about IrueendoIo hu-
stick OF quart pot. Dushe measure money was put an
s,rtTref ana Wy should DO wanted 10 be reueeIned'
Muut was needed a means OF investing Mouoy 'h",
was NOT waited for immediate use ana ulat eOuu NC tot
when needed move crops III the Fan INN ihean
xynuId urJN.tCd by these o65 bonds, anu chuusH
money would loaned to the Government on these
bonds operate In tue reduction OF the average rao Vi
interest PAID by the Government -, A.
Mr. WILLARD Qsop, vi asked, why should lhe
paper dollar made legal tender between lndlVouas
Mr. BUlI.ER-Because that has always been the once
of nancy from the time When among the Romans, inc
sheep was a legal tender whence the word feenHtd
Imoneyl from the word peeaS Ia dock).
Mr. MAYNARD (Rep., Ieunl suggested tnat anotheI
rnIanauOn WIS that the figure o. sheep was STAMPED
IN the Roman gOld coin
M BIJRLElGH (Rep.. Mel asked Mr. Botier about
sesct oT adding the $44,0O0OoO to the currency.
M BUTJ.ER replied that Ne hao not examined the
tton nut that Increase wss only l2 part OF the
.boIe issue and he tbQugat tnst NJ @sa wVaiu COD