The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-12

IN 1859 nad resumed specie payment with not more
than thirty-three per cent, and the nation now
could resume with a much less sum-
Mr.. JONES, (rep.) OF New. said 1t seemed to him
that tins blll brstled all ever with ipma n he
Snerman) his confidence that legislation would
not be changed before January 1873, IN such
manner as to entirely ignore every feature OF this
bnl He (Mr Jones) did know that imitation under
the bill would be immediate. There had been
ment but II was utterly impossible to resume
specie payment and have u permanent with this
great volume OF greenbacks In circulation. The
bill proposed TO make the greenoacks redeemable
in bonds and then reissue them. He laid 1t down
as proposition which never had been disputed
that specie payment can never be maintained with
out contraction OF the volume OF the currency.
The bill would have the effect to raise the price
depreciate the bonas 10 o small extent. He denied
that the bill would ever bring the country 10
specie payments, and all the fluctuations now com
1873 Gold would not remain in the country when
the price OF everything would be so high as to
drive 1t out, and the revulsion would then be ten
times greater than II the country should return TO
specie payments to-day. Indate the currency
boarded nor exported. lie Thought the bill
travelled IN a circle, and expressed the opinion
perty was to return 70 the true standard OF value.
Instead OF by an arbitrary measure raising
the price o. greenbacks t , would be ,n lar
II would approximate the price OF gold.
He believed II easy to return to specie payments
wlthin two years, without any danger 20 the in.
passage OF this report. He believed that Its
trends did NOT know what It's e1ects would be.
Evil and only evil would spring out OF its passage.
He was opposed to any propositions which had at
70 wnss GoI cann,r nau naarae
upon gold basis 1t would enter upon an era OF
prosperity which would be unoroken for GEN.
fury.
Mr.. HARVEY, trep.l oaKan., favored the adoption
or the conference report The Senator rom Ne
money! He (Mr. Harvey thought that a new doc
tri1e. and could IND nowhere IN his readings where
God had SAID the legal tender OF country should
Mr.. STEWART, trep.) OF New, said the bill was for
an unlimited expansion. He rdicuied the Dill,
and said he never saw anything ike It. Green
backs were to dow in and now out in ceaseless
stream, and the result would be, that the value OF
the bonds exchanged Tor them would be destroyed.
All contrivanceS TO destroy the standard measure
OF value was cheating, ana ne hoped congress
Mr.. BOUTWELL, said II this blll was NOT calculated
to increase the volume Of currency In the country
II was not calculated to meet the demands o. those
country has paper money which was not OF equal
value with coin. Any policy OF expansion was det-
ally to the laborng classes The ciamor for ca.
pansion was a misdrected public sentiment. as all
the duty OF Senators to stand in their places and II
possible set Alright TINS instructed SEN
ens The passage Of tine bin wOuid
ruin OF every interest the bankruptcy OF com.
the bill transferred the financial powers OF this
country from Congress to the spectators OF Wall
street and throughout Europe. and when the 1st
OF January, 1878, should approach there would be
demand Tor the repeal Of this section because
the country would see ir could not stand the COM
blned SPECTATORS or the world.
Mr.. MOTION said the argument Of the gentleman
(Mr. Boutwell) was to the effect that q return TO
specie payment at any time would be rulnous to
the country.
Mr. BOUTWELL, denied that such was his argu-
ment, and contended that the country would
gradually approach specie payment
Penang discussion on the conference report on
the Currency bill the Senate. ut six O'Clock, on
motion OF Mr.. Cameron, proceeded to the consld-
Grafton OF executive business, after which the
doors were opened and an adjournment took
place.