The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1874-06-22
fixing 4 i in such way that It would no,

money 10 be kept IN or put out at the dis
cretiOn Of one man. The other most i'm.
portant provision Of tho bill was that II
relation 10 the distribution Of the curren-
cy. The committee concluded not 10 al
low unlimited Tree banking, or 10 author.
iEe further issue Of national bank curren
cy, and therefore they had agreed to !
redistribution. He (Dawes) was the only
member oi the committee representing i
section Of the country that had q surpluG
ot circulation. All tho other members
came from sections oil country that said
they had not enough currency and de-
mAnded more. He old not feel that as one
member OF the committee he should re
slSt that demand. He commended this
report 10 the consideration ol tho House,
and especially 10 mat section Of the
country which was opposed TO increasing
the volume Of currency, and which had
surplus. True equity demanded fair
distribution, and he hoped the section
that had the surplus would 'cheerfully
give It TO that section that had iE not. r
blr Niblack, Of Indiana, said that
while he could not voio for an increase oil
national bank circulation, he was very
glad TO vote Tor q redistribution OF the
present volume Of tho currency.
Mr., Hawley said, as a New Englsnder
and q representative ot b.nklpg centre,
be would vote for a fair and equitable dis.
tribulion, but he would not cast a vote
that would in any way tend TO increase
the volume Of this lrredeemable paper
currency. Why did not the committee
seize the opportunity and burn up the
twenty.siI millions Of reserve, and thus
reduce the volume ol the currency 10 that
extent. Let the volume be kept down 10
two hundred and fiftysi millions. Go
to New England and take all the money
from the banks, but do not ib14te the
currency. BE could not vote for the bill
on account oi the lDa4lon feature, and he
warned gentlemen that they would yet
have 10 come TO his views.
Mr. Hale, of Maine, said he agreed
with the gentleman from Connecticut Mr,
Hawley) that there should be q redistri-
button Of the currency. But he went
further, and would do justice and vote for
this bill. The trouble with Mr.. HSwley
was that he would vote for distribution
when there was no opportunity to do 80,
but would not vote Tor 1t now that he had
an opportunity. he (Mr. Hale having
the opportunity wonld vote ior II.
Mr. Hawley, interruptiug, said thst was
an unjust, uDgentlemanlY and dishonora.
BILE insinuation.
he was called to order for the remark,
and the Speaker decided him out Of order
Mr. Hale said he had been In the House
too long 10 be scolded down by the
gentleman from Connecticut. he was 10
lavor oil the bill as an eastern man, be-
cause be believed all danger Of inf ,tion
had passed away. The action Of Con-
gress and OF the Executive indicated that
He had always believed in fair distribu.
tion Of the currency, and this was the first
the House had had 10 vote
for 1t without coupling 1t with inf stion.
he believed the question Of resumption
would take care Uf itself. He regretted
that q clause for resumption was not in
the bill, but he would not throw away
this opportunity 10 vote for distribution
Mir. Kelly, Of Pennsylvania, said this
bill would take good deal Of currency
from his State, and yet he should vote Tor
Ii cheeriully. The bill does not retire o
greenback or fix an arbitrary time ior
the resumption oi specie payments, but
II opens the way for that money useless
ly locked up In the bank vaults He pro-
tested against the statement oi Mr.. Haw.
ley that the country would come 10 his
rescue.
Dir. Marshall, Of Illinois, said this bill
was no real settlement OF the financial
system oi the country, But It was a
measure Of justice to the'WGst aud .Sc1!!::iiS;; Z;
and as such he should FJtS for 1t. The
people Of the West arc opposed 10 any
system OF contraction which will put
them in the hands Of the grinding monop
olists Of the country. he favored espe-
cially the clause relating 10 the reserves
He believed the reserves were issued IN
violation OF law, for the benefit OF specu.
lstors. He would oppose leaving the
power in the hands OF any man on earth
TO expand or contract the currency at his
pleasure.
Mr. Randall, Of Pennsylvania, said be
had hitherto been unable 10 agree with
any bill on this subject, because none ol
them had reached tho evil, But there
we're three features IN this bill Of which
he approved. They were, first, the re-
lease Of the reserve for circulation; sec
ond, II settled the volume oil greenback
currency at $Ss2 0000O0 and takes away
the power Of the Secretary 10 change
values, and, third, It provided for redls-
tributIon. He would have been glad II a
clause had been inserted for resumption
Mr. Cox said the bill was q mere make
EhiIt, and the whole question would have
TO be settled hereafter. The only way 10
which stability could be given 10 the cur
rency would be to take step toward
specie payments,
Mr.. Marshall commended the clause
releasing the country banks from keeping
part oi their reserves in New York. he
hoped II was not that clause that induced
Mr Cox to oppose the bill.
Mr. U'Brien said in all the votes thai
he had cast on the currency question dur
ing represent Congress he had steadily
adhered to the principle that gold was The
only legitimate money, and the only safe
money to secure the prosperity Of tht
county and maintain unsullied its honor
and integrity; and that since, as a relic O
the var, we are compelled to use an ir-
redeemable paper currency, II is absolute
" necessary that its volume should not bt
expanded, II we are to look forward to
return to speciS.
A BalIoonaIic Traptzist.