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

WASHINGTON, June 20, 1874.
resolution was adopted continuing the powers
of the Committee on Arkansas Affairs during the
vacation.
THE CURRENCY BILL
Mr.. DAWES, trep.) Of Mass, presented the report
of the Conference Committee on the Currency bill
and proceeded to explain it. He regretted that
the report did not contain as the first conference
report had any provision, either Tor an early re-
sumption Of specie payment on the part OF the
government, or for any retirement, under any cir
cumstances, OF any portion OF the government
issue. Ee regretted exceedingly that It he'd been
found impossible to bring the two houses together
on any such agreement. But matter which
seemed to some not only demanded by the public
faith, but also seemed easy Of accomplishment, had
been found impossible to regulate either in the
two houses or In the two conference COM
mittees. The committee, however, could not
hesitate to !eel that the fixing OF the maximum
issue OF greenbacks was something gainei. 1t
had, therefore, fixed the maximum at $685., 600 600,
and required it to he kept in circulation instead Of
having part of 1t kept In reserve in the Treasury
to be shot out or drawn in as II on some tramway.
The second feature OF the bill was equally import
ant. 1t was that there should be no further in
crease OF national bank currency. Therefore the
country would know, SO isr as thus Congress was
bank currency was capable Of being ascertatned.
Another question which had stared the commit
tee in the face was the necessity OF redistribution
OF national bank currency, and as he was the
only member OF the Conference Committee
who represented the section OF the coun-
try which had more than its share Of
bank note circulation, it would not have
been becoming in him to oppose redistribution.
He had therefore given in his adhesion to report
when proposed TO redis.rlbute $4,000, 600 OF the
$50, 600 now retained by one section oil the
country more than It was entitled to by the ratio
OF wealth and population. Another feature was
as to the national bank reserve, and on that point
he explained what would be the effect OF the bill
He commended this report to the consideration Of
soe 80
increase OF the volume OF currency and free bank
ng and which had at the same time got $50 O0O, 900
that section OF the country that 1t could not AFFORD
to stand before the people IN the light OF hesitatng
what currency there Is II it refused to permit any
more. He desired TO. suggest that that section OF
the country was ultimately ia the power Of the
other section which only demanded this equitable
distribution and nothing more. To do equity was
the surest way to secure equity.
: Mr. HAwLEY, (repJ Of Conn, declared as New
Highlander and as a representative OF banking
centre, That he was willing to vote for the redis
triouton OF the $50, 10000. that part OF the bill
were separated from the rest. He expected to
have voted on the proposition to that effect offered
by Mr.. kassOn, OF Iowa.
Hawley.
MI. aAwLEy, pmpetuously, Not word.
Mr.. HUBBELL-Does not the gentleman know
that 1t Is impossible to vote Tor the distribution Of
$55, 900, 900 unless he votes for this bils
Mr. HAwLEY-I claim tie floor without Interrupt
tion. 1 say as New Englander, that you are ut
liberty to take all O! this currency which is neces-
sary to equaze the distribution but will not vote
for any measure that increases the volume OF ire
deemable paper currency or that increases the
volume OF currency IN actual use and thereby ex-
pands prices, widens the margin between paper
and gOld and to that extent pOstpOneS Indefinitely
the day OF resumption. The gentlemen have got
TO come to this doctrine just as sure as grass grows
and water runs.
Ar. KELLEY. irep.) OF Pa.-No. You have got to
Mr.; HALE rep.l Of Me-, said that he, like the
wllllng TO vote Tor the redistribution OF the bank
circulation. but he went further than that. lie
was not only willing to vote for 1t as an abstract
proposition of fairness, but he was going to vote
Tor this Dill. Cries OF 'Good good amenl'1 The
difference between them Ndr. Hawey and himselr
was That the gentleman from Connecticut was in
favor Of a fair distribution when II could not be
when 4 Could Sc Voted on.
MIR. HAwLEY I'm loud and angry tonel THAT Is
an unjust and unRentlcmany insnuatlon. Calls
TO order and loud hammeilng with the Speakers
gaye II Is di,nono r e statement zen, n
man to order, and ask that his words be taken
down.
Mr.. HALE apparently surprised, Whose words ,
The sPKAKER-The words OF the gentleman from
Connecticut were entirely supplementary.
Mr.. HAwLEy-So far as they may be Of an unpar
liamentary character l Withdraw them.
Mr.. HALF have been here too long to be
cowed down by the gentleman from Connecticut.
was saying and repeat 1t Tor the benefit Of the
gentleman from Connecticut, that he Is In favor OF
distribution when II Is not up, and has just de-
clared that he Will not vote FOR 1t when 1t s up;
but am in favor OF 1t, and VIII vote for 1t when
an opportunity occurs. ! will do IT, as said be-
fore, In spirit OF fairness and concession TO
another section OIL the country. While | do not
believe that IL Is based on any fair principles OF
finance, still believe that the section OF country
to which 1t belongs Is honest in Its demands, and
am willing TO make this concession.
Mr.. SHANKs, (rep.) of lnd.-You think that the
Vest x honest, but not very sensible In this prop
6sItion.
Mr. KELLEY, OF Pennsylvania favored the con-
ference report 1t did not retire greenback
nor tx an arbitrary day for the resumption OF
specie payment. nor did IL add to the volume OF
the currency but II did open way Tor the use OF
that which was now locked up uselessly IN bank
vaults, or put into circulation frauduently and
Illegally. In the name of the centre the West and
the South. where the power OF empire dWelt, he