Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1874-12-09

Government bond than to have it in trust
company al per cent. on CALL
Mr. Merriam of New York, inquired whether
he would Withdraw all money from savings
banks aud invest ii in vernment loan, and
thus bring chaos upon the country?
Mr.. Butler replied and said ne would rather
the negro 9th South had his money u a
Government bond than in FreelmaD's Saw
lDgs Bank, where he would not get g. IS of ctnr.
This bill would keep money at home and not
compel US to send millions abroad He did
not Wish to expand the currency or to repudlate
anything, but he did wish to say that the
Government would take its own money as a
loan from It's own people and redeem it wheu
the people want it again. He knew these
views were not popular in his own section, and
when ne advocated them last year he was told
he would not come back, but he made UP his
mnd that II he stayed at home others should
stay at home also. The Republican party has
become the party OF the monopolist and the
aaIhoIder. Years ago it was the party of
labor, aud 1t commenced at the lowest strata of
labor-wlth the slave--b but now we have the
negro al one end and the capitalistat the other.
The responsibility for this abnormal condition
OF things Is with the Republican party. It has
now last opportunity to relieve the country,
IL
MIR. Garfield, Of Ohio, protested against the
doctrines that had been advanced to-day in
support of this measure. He believed it was
Taught with measureless evil, evil not to the
Government alone, but TO all the capitalists and
laborers throughout the United States. He
had studied this question for ten years and if
Congress DOW followed the path pointed out,
he believed the most grievous disasters would
Ia IN prir. luo Id
| that IT was the fear that Congress would initiate
the curreucy that made moneyed men uneasy.
The Legal-tender act vas adopted at the COM
Increment ofthe war as dire necessity, and GOT
as matter Of craftsmanship, and now to adopt
this measure would be to give up all the ad-
vances that had been made toward specie re-
sumption
Mr.. Dawes, Of Massachusetts,, said the only
measure that would bring relief would be to
make our money at par with the money of the
civilized world, and all our energies should tend
in that direction. No other step should be
taken to put our paper below the COLO standard.
Mr. Cox, of New York, deprecated this dis
cussiou, and said he believed it would produce
The very worst effects The bill might pass
the House, but he doubted if il could pass the
Senate, ard if it did the President would
veto it.
Alr. Kelley and others said the House was
not to be overawed by threats OF what the
President and Senate might do
Mr.. Kelley than offered certain amendments
to the BILL and it was ordered to be printed,
aud reads as follows:
Section provides that the amount of United
States notes in circulation be limited to $780,
900 900; that any holder Of such notes present.
ing any sum not less than $50, or multiple
thereof, to any treasurer of the United States,
shall receive III exchange therefore an equal
amount Of bonds of the United States, coupon
or registered, as may be by the holder desired,
bearing interest at the rate Of 3 65 per cent per
annulu, payable semi-annuay and that when
any person shall demand tie redemption of
such bonds, it shall be the duty of the United
States Treasurer or Assistant Treasurer to pay
III United States notes the principal Of said
bond or bonds, with accrued interest.
Section = provides that the Secretary of the
Treasury shall invest seyenty-fve per centum
Of the United States notes received 10 exchange
for said convertible bonds as rapidly as may be
practicable in the purchase for redemption of
bonds Of the United States outstanding at the
date CT the passage of this act, or 10 the pur
chase of gold with which to redeem said bonds.
Section 3 authorizes national banks to hold
said bonds bearing 3.65 per cent interest, in-
stead of the reserves OF United States notes as
now required by law.
The following amendment to the constitution
Of the United States was proposed by Mr. Ellis
Fl Roberts, of Naw York, and referred to the
judiciary Committee:
Article = Congress- shall not make anything
but gold aud silver coin a tender in payment Of
Individual debts.
Section . Congress shall pass no law i'm
pairing the obligations of contract.