New-York tribune., 1874-03-28
HOUSE OF REPRESENTATIVES,.


This being private bill day, a number of pri-
vate bills reported from various committees, ana
referred to the Committee OF the Whole.
The Senate bill removing the political disabilities OF
Wm L. Cabell OF Texas was taken from the Speakers
table and passed
TIE FREE BANKING BILL.
The House then, 1:40 p III, resumed the considera
ton of the bill to amend the several acts providing
National currency and to establish free banking.
Mr.. POLAND tRep., vi Indicated amendment
which he desired TO offer, making 1t the duty OF the
Secretary OF the Treasury to retire aud cancel fast
duced 10 $685. Oo0o, and then to allow 10 the National
banks circulating notes without any mit " their clrc
Mr. MITCHELL Dem Wis2 member Of Of the seo Bank ,o
ing 'aG trdbs wer
not caused by an insuficency OF currency, but,
occurred If the currency had been on a specie
basis The fact that the currency was not at par with
gold showed that the currency not only not TOO
small, but excessive. He gave i as his conviction
that, instead Of increasing the issues OF egatendcr
the true remedy TO be found In th1 adoption
by Congress OF fixed policy for the gradual withdrawal
Of those notes BY funding them into bonds or by other
paying and eancellng Them For these and other
set out in long aud carefully prepared speech,
Mr.. MERRIAM Rep, N ". another member OF the
Banking Committee, addressed the House IN advocacy
of the D particularly of the free banking features OF
it. In reply 10 remark made by Mr.. Archer I'd M,
Md he said the Republican majority In Congress hid
done something in relation to the currency which II
ought not TO have done but that was going TO correct
all that and make all people happy. He argued
that the spirit OF American INSTITUTIONS was angOnlsuc
monopoles aud hence the almost universal demand
for free banking. Free banking would be the opp
uuity of the West whose enterprises hitherto had been
carried under disadvantages OF dear money bOr
rowed from East. With free banking the West
would be saved from the Shylocks OF the East. lie
tended contrary the position taken by Mr.. Mitchell,
the panic OF 1873 caused by the contraction OF
the currency.
Mr.. HUNTER Rep, Ind), another member Of the
Banking Committee, then addressed the House He
favored five sections OF the BILL and opposed TO
OF them He advocated the first section, 90 make
banking free aud proposed TO have the present law
amended in several particulars one OF winch was 10
allow National banks pay interest deposits only
when the deposits were made for a fixed period. He
cOntended that the recent panic was caused by
the accumulation OF money at New-York. and not
by the superabundaDce OF money in the country /;
that 1t accelerated by the failure OF jay
Cooke Co.. and that that failure out OF the hos
ty Of the people 10 railroads account OF their OPP
pressve freight tariffs he quoted Daniel Webster, TO
prove that whatever legal tender was constitu.
onal standard OF value; that It established aud
could not overthrOwu and that 10 overthrow t would
shake the whole system He gave notice that he would
offer amend ments TO carry out his views.
House, at 445, took recess till 1880, the evening
session. the session tomorrow TO be exclusively Tor
debate on the Currency bill.
The evening session was attended by not more than
dozen members and there no ipterest III the pro
ceedngs, the speeches being merely written essays.