The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-21

assured the two gentlemen from Connecticut and
Maine lMessrs Hawley and Hale) that from session
70 session, and from election TO election, the issue
would brought by the people until the government
should be found to RESIDE in the people and not In
the small traction OF the people that dWelt east Of
the Hudson or in the moneyed centres
MI. MARSHALL, ydem.) OF H., member Of the
conference committee, advocated tue report, 1t
avoided ne said, most OF the controversial cues
uons tnat mad DIVIDED both houses, but IL brought
forward measure taat was manlfestiy demanded
i Dy justice and Dy The rights and interests OF IL
4 people of the South and West. IL was a measure
when should have been adopted the first week OF
az u pfB Dssn
I TO great extent mlsrepresented In sDeeches
made Dy members rom other sections OF the
country ana ~ the press OF the country The
people OF The West were not In any sense In favor
OF Reputation or OF any dnancal system that
l would lead TO the reputation or any OF
4 the honest obligations OF tue government
anu would never deliberately sanction any
| measure tending In that direction. They were
| he believed, Unanimously IN favor OF some
financial legislation Clat looked to an early en-
hancement OF the circulating medium TO par with
goo. But at the same time they we're opposed TO
any system OF contraction that would put them
within the grinding power OF the moneyed monopo-
woulu not favor the establishments Of the national
bank system. He would not II he had the power,
stflKe It from existence now; out he would devise
some means by which 10 would be wound up as
rapidly AS II could be done without materially
ne H tne o. the country me 6 be-
financial question. 1t LET the present vicious sys-
TEN IN iuil lorce IN all other respects except as
changed In the conference report. The people
would not regard II as settlement. Congress
Jailed, and woiuliy Jailed, III discharging Its duty
! to the country.
Mr.. RANDALL. tdem.) ora, said he had hereto
fore, as a memDer OF tne Committee on Banking.
found himself unable to support, either in com,
mttee or IN the House. any OF The bills emanatlng
from that committee, because there were none OF
them that did not propose to extend and increase
what he considered the great evil OF the hour-tne
national bank system. Every one OF them pro-
4 tnOra fhn v.oti al hAnH
I the profits TO the favored lew, to diminish green
back issue and to substitute interest bear
ing Indebtedness. There were three distmcr
features IN the bill which commended
Ha s and when induced MIN
provision; that fixing the time for resumot lion
OF specie payment. The first feature he approved
was the provision doing away with the reserves
on circulation. He had never been able to see the
reason Tor that reserve. Behind the national bank
/ circulation were bonds the market value or which
averaged Is per cent and as the law only author
lzed currency to the amount OF ninety per cent OF
cent TO protect bill holders the failure OF
bank. Another feature winch ne approved was
that setting the volume o. greenbacK currency &C
1882 900 900. Like the gentleman Fl ON illinois Nr
MaIshalD, he mad uniformly denied the right
OF the or tne t or "a 70 In
currency. The tnird feature OF the bill me
redistribution feature. lie had voted and spoken
! either national bank Or greenback currency. but
had always expressed Willingness to vote for an
sincere IN his words then, and meant 10 be sin
cere In his vote now. There was no reason why
one section OF the country should nave advantage
New York and his own state had had
that money Tor long period, While the
been unable to secure banking facilities to
move its crops to the seaDoard No just
West that redsssoaion He 6eeved ps great good a
would result from 1t. The South would have IA
he IA
fed with its banking facilities and they would IN
future have nothing else TO do but fix day OF re-
sumption when greenbacks should be equal to
gold and when the bank notes would represent
greenpacks, which would be equal to gold.
report lie believed that at least ons-hali OF the
House regarded this measure as mere broth, with
rency s5d,ooo,ooo, or as his friend Marshall sad. 1t
only releases 50 much now tied up. fhis, SAID Mr
Is n %hy aSsr on oa want g
don't you get your snare ye OF tne south and Wests
Come with values. Why dabble with reserves ?
II you want to bloat.why don't You takea square
drinkS Our political platforms are square Tor I'M
mediate resumption OF specie payment rms re-
publican party lees like dong something to sup
plement their incompetency ana Keep their
party 10 power. don't want to nelp them 10
mere makeshiits without final and useful settle
ment OF the great problem
Mr. POTTER, (dem) OF N. T., expressed HE regret
that he was not able TO vote in favor OF the con-
ference report.
MI. HOLMAN, tdem.) Of Ind, expressed himself
in favor Of the retirement OF the national bank
Mr.. OBRIEN, tiem.) OF Nd. expressed mis- con
vct,on that gold was the only legitimate money
and the only sale money. He regarded the bill as
another prop OF the national bank system, which
was the greatest monopoly that had ever Destrode
as colossus any country In modern times. Ii was
another concession to capital, and was against the
true interests OF labor and Of the Industrial
classes.
Mr.. KELLOGG, (rep.) or Conn.,. opposed the con.
ference report, because instead OF being step
toward specie payment II was q long step III the
opposite direction.
Mr.. MAYNARD. OF Tennessee Chairman OF the
Banking Committee, SAID he should vote Tor the
conference report. lie could not do otherwise, for it
contained benencent provisions. At tue same time
he accepted the statement OF the gentleman rom
Illinois tdr MarshaID that this was not settle
ment OF the question OF the currency. The alter
native before the country, and ne begged the gen
tlemen to bear 1t IN mind. was Tree banking on
the one hand and annihllation OF the present
national bank system on the other.
The vote was taken and the conference report
was agreed to-yeas 22l, nays 40-as loilows:-
YEAs-Messrs Adams albert, Albright Arthur, Ashe,
Begoie Bell Berry, B,ery. bland, Bount sowen Bad,
ley, Bright, Brown BucKner. bundy. Burchard. Bur
nessee, Caldwell Cannon Cason, Cessna, Clark Of New
Jersey Clark OF Missouri Clarke of New York. Clements
burn ucminso eenser Cook uorwin Cotton creame 2
Crttenden, Crossland Crounse Crutchfed Curtis Dan
1rr as as srsse n0DP s or
Frye GARFIELD, Glover, Gooch unckel Gunter, apans,
rs Of g Georgia, aarris OF virginia harrison Hatcher
Hatnern, iiavens nawey o. Illinois HAYS, hazeon
Hodges Holman moss
Hunter, Hunron, HrlDut. Hyde Hynes Jewett. HAS.
Hs %s sWs
ssn Of x9sn Ni Monroe. Msale
en- Ssh. $s,r~ ys..
Plat Of Virginia, Plat OF New York, FRA / Rainey.