Ellsworth American., 1874-06-25
General News.
Discussion on the Currency Bill, as re.
ported by the Conference Committee =
Horse


House..
Mr.. Dawes Of Mass. presented the report
Of the conference committee on the curren-
cy bill and proceedr1 u explain IL Be
regretted that the report did uoi tssutain
Gas the FIRST conferences report tm.i1 any
provision either fd~ AN sarIy r~-uiit,sfi.sb al
specie pay, ents on the part OF the g,n RI
ment or for any retirement u,nivr ny err
cumstances of any portion of the govern
ment issue. lie regretted rXcc'tlin-iy
that II had been found Impossible I" Jting
the two Houses together on any such agree
ment. But a matter which il seem Il 10
some not only demanded by the pubic
faith, bIit also seemed easy OF accoinll III
ment, had been found impossible 10 rrgu
late, either in the two Houses or ia The Iwu
conference committees. The rommt &C
however could not hesitate 10 feel that the
liking OF the maximum issue OF grecnbachs
was something gained. II had therefore
fixed the maximum at S3S2 900 600. sna re-
qured IL To be kept in circulation. Instead
OF having part of 1t kept 10 reserve ia the
Treasury. to be shot out or drawn IN as il
on some trainway. The second feature ef
the bill was equally important. II WAS
that there should be no tuther Increase of
national bank cnrrcucy. Therefore tl,.
country would know. 80 far u this Con-
.ress was concerned that the whole vol
uine of the national hank currency was CT
pable OF being a.ceriaiued. Another g,Ir,-
ton, which had stared the cu,iniitre Ia
the face. was the necessity at "A redi,iribu-
tioh of the national bank currency. and "a.
he was the only member OF the conference
committee, who represented u section OF
the country which had more than its share
OF bank note circulation, 1t would not have
been becoming Ia him To oppose redi>-
tribution. lie had therefore given in his
adhesion TO a report. which proposed to
rein>tribute $55, ,000. 900 OF the $4,000, 900
now retained by one section OF the county
more than II was entitled to by the ratio
OF wealth and population. Another feature
was rs TO the national bank reserve, and
on that point he explained what would be
the effect of the bill. He commended the
report To the conslderatioa OF The House,
and particularly to that section of the
country which had steadily refused two
things an increase of the volume OF the
currency and free banking-and " hich had
at the same time, got $50, ,UO0. 900 more than
its share OF the currency. He would say
to that section OF the country that II could
not afford to stand before tic people In the
light of hesitatiug whether il would do
justice In the distribution OF that currency.
that Is. If IL refused to permit any more.
He desired TO suggest that that section OF
the country was ultimately In the power
of the other section. which only demanded
this equitable distribution and nothing
more. To do equity was the suresi way
TO secure equity.
Mr.. Hawley Of It, declared "a a New
Englander and as representative of a
banking centre. he was Milling to vote for
the redistribution of S55, 100000. IL that
part OF the bill were separated from the
rest. He expected to have voted on the
proposition TO that effect offered by Mr..
ktssnu.
Mr.. Hubbell OF Michigan, addressed Mr..
liawlcy.
Mr.. iIawley (impctuously).-Nota a word.
Mr.. IIubhrl-bo"- not the gentleman
know 1t is impossible To vote for the red
islriDutiun oi So oJJ,Ns0 uuI,ss he voted
for hi, bill:
Mr. lIawlcy-I claim the floor without
interruption. say, a. New Enylanlrr.
that you are n, lioerty t. take all oi thi,
currency which Is necessary TO equalize
the distribution, but will not vote for any
measure that Increases the volume OF ire
deemIble paper currency or that Increases
the volume of currency in actual use aud
thereby expands prices widcns the margin
between paper aud gold and to that ex-
tent po.tpuues indefinitely the day OF re-
tn this doctrine just as sdrc as grass grows
and water runs.
Nr. kelly-No. You have got TO abandon
II.
Mr.. Hale Of Maine, SAIL that he was like
| the gentleman from the comlnl,tec( iIaw-
1 ley. lie was willing To vote for the rcdis-
! tribution OF bank circulation. but he went
further then that. He was not only will.
ing 10 vote for It a. an abstract proposi-
/ tion OF fairness, but he was going to vote
/ for this bill (Cres OF Good. rood.
Amen The difference between them
I (ilawley and himsclD was that the zen
tleman from Connecticut wa, IN favor of
redistribution when It could not be voted
on, while he Hale) wa. In favor of ii when
| Il could be voted on.
Mr.. iawley in a loud and angry yolc,)
| That is an uujust and dn.entlcmanly in-
| sinuation. (Calls TO order and loud ham
merins with the Speakers gavel) II Is "A
! dishonorable statement.
/ Mr. Maynard of renn.-I call tue zen
/ tleman 10 order aud ask that his words
/ be taken down.
| The Speaker-T The words were entirely
! uuparliaInentary.
| Mr. HaHley (apparrntly surprisull-
1 Whose words:
I The Speaker-The word, OF the .rntlr.
man from Connecticut wcrr rrrriy un-
| parliamet tary.
/ Mr.. lfa" lcy-So FAR as they may be Of
/ an unparliameutaTv character | withdraw
| them.
Mr.. Hale OF Mline-I have been here
! too long To be cowed down l,v the ,-ntl.-
man from Connecticut. | WA, saying and
| repeated it for the benr Git ui tile gentle
| man from Connecticut. that he l. in favor
| OF distribution when IL Is not up and has
lust declared that he viii not vote for H
! when 1t is up; but | am in favor ol it and
will vote for it when an opportunity oc-
ours. will do 1t, as I said before, In
| spirit Of hrmuess and concession to an
other section OF the country, while do
not believe that il is based on any fair
| principles of finance. Still believe that
the section OF the country To which il be-
longs is honest in its demands. and am
willing To make this conccssi sion-sMer-
chants Of Indiana. you think that the West
Is honest, but not very sensitive in this
| proposition"
Mr.. Kelley of Pa, favored the confer
| ence report.
A vote WAS taken and the conference re.
! port was agreed 10. yeas 22l, nays 40
The bill now goes TO the President for
| hi 5 signature.