, 1874-12-25

11o did not think thoro would 30
l1alf tho frog banking that people gcnefail5
aupposcd. lilo thought i we'll enough 70 Tx = =
would nccuntom pooplo to look forward to IT.
Wl,on tho tln1o camo, II It waa not practicable,
it necd not bo carried out. =,
bankor aud millionaire, naid ho did not like to
Rivo his ylows Of tlo bill for two reasona l]rst
bccat,ae lle had not soen tho bill, and, socotsd,
bocauso ho was 2 momber Of tho banking aud
TINT there would bo no grconbacka Withdrawn,
mud no 80 Per cont, aud TINT tho whole bill
would, be inoperatiyo, hecanHo there will
be no Increase Of tho National Bank circulation.
to tho basis Of apeclc, and says wo must curtal
tho n,nouut Of paper M 4 stnrtfng point. Ho
won'1l DO IN favor Of rroo barking II NO could
shut tho door agaInst multiplication Of pa,or.
Ills itloa. Tlsoy eenoraliy arguo IN favor of ali
Erceubncks and n0 National Bank currency. SO
fur aa this mattor Ia concerned, hc said. ho could
III. Marshall. Of Illinois, a Dcmocrat, and one
Of, tho Oldest mombors OF tho House.
| naid l1o was opposed to tho Rational
R1'ankng 1'a system, ,s, and to tho . scheme o., Of
Of retiring tho National BANK circulation grad
menta wo must have FREQ banking.
Mr. scuddor, Of Now York, thought the bill Of
| his idoaa, 1t does not so far enough but 1t is
| something. flo thought 1t would occaslon good
| doal Of dcbaso.. One objection ho has to 1t is
Tint It takes III legal tenders too slowly. Wo
| ought to hnye free banking nov, and we ought
70 pull III all tho legal tenders possible and burn
I tllom mp.
Mr.. Freeman Clarke. Of Now York. formerly
| Comptroller Of tho Currency, does not think
thcro will bo any resumption. and that tho bill
does not amount to m,leu--a moro nalse-ahitt.
But ho thinks. nevertheless, TINT tho bill will
pass. llo thinks that, Il the circulation IL takou
us as tho inAationists think, by 1871 that tAere
and that tbero would bo no preparation by tho
banls to resume, because OF froo banking.
Mr.. Phelps had not seen tho bill, but Ind
heard talk enough about it TO- hayo An opinion.
like oil compromises, patchwork, illogical, in
| consistent, and unsatisfactory. Thoy Ind lot in
too many cooks, onch with q favorito spice, aud
had spoiled tho broth. It made poor fare for
and thoy liad better take 1t, askiug 10 questions
| for copaciouce sakc. He had novof expected tho
imitation majority to offer oven as much as this.
Hero was 2 square recognition that resumption
something and what tley novor offered before.
"Of courso, they saddlo 1t with conditions. nud
grant you,' said Ao. 'thcso arc unploaaant.
January, 1870. is long way OIL, and hato to
ragged edgo Of anxiety lost so!no CongreHH may
| In tho interim postpone tho timo. Thoao, to DO
sure. aro drawbacks, but what bottor oau you
expect in compromise? Thcp, again, thoy
This Is q gnin. Before thoy fought dcspor-
atoly to Increase, and poremptori1y refused
to diminish them.. And for this concession
what do VIC give7 II NC withdraw eighty
100 hank-note dollars. This looks like initiation,
end is undoubtedly sop for Logan md Ferry.
But tho imitation under this bill dooan't begin to
work soon enough to harm. Tho groonbacks
taF k1w 4c $>oFu tr
chance Of expansion In our paper currency, and
Tor this reason tho Secretary in giyen power to
cancel the whole or any part tho s5o, 900 600 Of
danger that this llmlt viii over DO reaci-
Cd under this bill. Il is q largo os.
tinate Linn a., to aupposo I that s2o. .ooo. 900 Of
four years. Tho profits Of banking, as derived
from circulation, aro yory Bmhll; are much 1osa
than tho puelio suppose, nnd the inducomont :e
take or retain circulation is very slight. Some
national charter, and others have in large
amounts returned tho circulation thoy took al
the outset, ,undor mistaken expectation ol
profit from Its upo. And We hard-money mer
to resumption is to throw 1t gradually upon the
banks. No want quietly to withdraw tho Goyc1n.
ments promises, which represent nothing, and tt
leave III their place tho issues OF tho hanls, whic
Ala QuCkEu W luo pAIAb CAplE4l HQu {u6if htCck
holders liability" Mr. Phelps thought tho e1i.
yor aubatltuted for tho fractional currency would
remain III circulation because Of the necessities
for itH use. People must have fractions OF q
dollar Tor the rotail trado. and will pay what il
necessary to get and keep them. iYGcro tue,
can't get paper, tho demand will supply then
with silver. On tho whole, the bill was fair a<
fur as 1t went; tho only difficulty was, it did mol
70 very far. It would pass the uuuse unless
discussion should reveal 10 theiuilation momborf
Of tho Iouae what they began to DISCOVER last
,sntor, that their leaders in tho Senate wore bot
ter in politics than iu finance aud lad, aa usual
bccn oyoEroaclled by tho hard-noney Senators
, when matters got beyond the sphere Of pure
science.