The New York herald., 1874-12-09

BY Mr. PARKER, (rep.) OF NO., to enable Indians
IN certaln cases TO enter land under the home'
Also to punish the obstruction Of mail trains;
By Mr. spRsGus 'reul ~ 81 onoTo Sa.e arrange the
graduates OF the Naval Academy. NHf
BY MT HoUGHroN, repl OF Cal CaL-Amendatory OF
the Paclnc Railroad acts also TO confirm 70 the city
OF San Jose, Cal. the title to certain lands.
By Mr.. HEREFORD, tdem.) OF W. va.-For the
improvements OF the Kanawha River. s.f
BY Mr.. NEsMTH, tdem.) Of Oregon. For the
manufacture OF breech.oading muskets and car.
BY Mr.. CoBURN. trep) OF Ind.-To Increase the
emciency OF the medical depar tment OF the army.
oey By MT; TOWNSEND, rep) o. PanTo repeal the
autnorlzing the President TO correspond with
foreign nations concerning the establishment OF
system oi International arbitration.
tions In certain Southern States; also to amend
BY Mr. CLAYTON lrep.) OF Cal.-To make further
provision lor the arrest, detention and delivery Of
domestic fugitives from justice.
BY Mr.. RANDALL. (dem.) OF Participating the
increase Of the Presidents salary.
= BY MT. SMALL, trep) Of n. H.-ro reduce the
Mr.. LAWRENCE repl Of Ohio, offered resou.
tion calling the Secretaries OF the Treasury and
Sugg. Fort. of Robinson county. Tenn. for com.
missaries, stores, &C., on what evidence 1t was
Mr.. KSEIEYs BOND SCHEME.
The House then went into Committee OF the
Whole on the general calendar. and, after laying
aside several bills without action, II took up the
bill Of which Mr.. Kelley, ,repl Of Pa, is the
author, Tor the exchange OF greenbacks into 3.65
Mr. KELLEY proceeded TO address the House in
support OF the bill He said that " proposed that
which he had no present use he might lend i to
the government at the rate OF a65 per cent. re-
when the time came or the use Of the money He
claim claimed that the government would thus get about
$500 GOO 600 at that low rate OF with which
TO redeem the gold bearing bonds now held abroad;
that IT would relieve the government OF Its foreign
debt; that 1t would give increased value to the
thereby remove the disparity between them and
gold; II would quicken every industry and restore
' BUTLER rTI nsV1'i ON THE FINANCES.
After speaking tor twenty-five minutes Mr.. Kelley
yielded TO Mr.. BUTLER, OF Massachusetts, who ad.
with the position which he had held on the subject
Tor many years. 1t was simply q proposition to
1--WE have taken your money, and we desire that
you Will az least pay US interest on 1t so long as
you haveit." Any one could borrow In New York.
at three PEI cent on call, as many milliops as he
chose to deposit coaterals tor; but II he wanted
money as q business loan he could not borrow II
that Congress and ne Executive wers
payment was reacned but specie payment there
never had been and never would be. II was q.
e; si be values 10 tay
u this bin were passed.. The country was coming
TO specie values every interest n y, except thar
down IN New York thirty-three per cent, in Massa-
chusetts twenty-five per cent and In chi
capitai capt - never '' came me- down-nos @ Issc dollar.
The country was eaten up Dy interest:
Ssn MSy s e osn na nox ga S % ten and
money! 1t was because OF the nigh rate OF in
terest paid by the government. II was axlomatic
In finance that government securities were alway
at the lowest rate OF interest when the govern
ment was at peace and when everybody had cona-
s Of the United States ss Was
70 the amount Of 81 800 900 at the rate OF i've
town and county bonds and they had TO to pay pa six TX
and seven per cent. The next best security, rail-
road bonds. had to pay seven and eight per cent.
and wnen business and the risks OF business came
to be considered the borrower had TO pay eight
and nine per cent IN Massachusetts, and ten,
centres ss Of the West. Tnereore he wa wanted the
government to- come into the market as q
next range would ' be " nearer 20 'uyn and and
so on, until all the rates OF interest came down.
He proceeded TO anayze the causes Of the various
they arose from the failure In each instance OF q
trust company. And why had the trust com.
can and mad to lend It out at higher rates, ana
saIl IN snsir own loans fsss enough, and they
failed ana all confidence was lost. Every
girls or Of Massacnusssss % were to- to cali I'Aha in
every BUSINESS man IN VIZ Would oe
broken. They could not stand the pressure day.
the ns o e
honored. Would not every man rather have
3e5 bond rom the government than give his money
TO trust companies at iOur per centy
EVILS OF A FOREIGN DEBT
The terrible effects OF foreign debt are just
now being ielt. We owe IN railroad and other
debts ABOUT $3.50, ooo, 600 OF interest to be paid
every year abroad IN gold: Where Is that coming
cause we V only % produce s % sixty ODD Millions Year.
II must be paid in some other form. How has It
been paid hlthertos BY selling more bonds. but
the whole wheels OF business are stopped. Let US
learn little from history. Hall q century ago
earth; tull OF manufactures full OF productions
and, what Is the greatest evidence OF prosperity,
RnS ss s as sn
people, who were happy, prosperous, living Of
being removed from her soil-ior the owners OF
her land to 1--we abroad. Thus came Irish absentee
land owners VINO took Tue rents OF their property
spent sll the money abroad and nothing
sm sss Sssk .aas as eject Of snHe h
that country was depopulatsd from soOo,Ooo
~ after M gong tnsOugR D1
this winter, II not In MASSACHUSETTS. All the Irish
estates pretty much have gone through bank,
what produced that 2 All writer's on political
economy agree that It was absenteeism. 1t was
e. 5OO 900 sterling Isl2 ooo every year, which
was spent abroad. We have no landlords living
abroad except the enriched bankers and capital
lists, who 60 abroad TO bring their trunks home.
(LaughterJ But we have our landlords In the
shape OF the bondnolders abroad, to whom we must
pay every year $3.50 OF interest. The amount
paid by Ireland was only 81 so per head Of the
population: The amount paid BY us Is s. 50 d
head. l think that with our resources we can
stand IT., but we cannot stand it with
every mlll idle with every ship tied up At
the wharf. with transportation brought to
such conditions that takes io1r bushels OF corn
TO get one from Iowa to the seaboard, for the
bushel OF corn which cost twenty cents in Iowa
costs 81 20 when iced 1t to my horse on the shores
OF the Atlantic Here we are in tnat condition OF
the currency, not 70 innate the currency,
not to repudiate any obligation, but that
the government shall say to the poor man
and 10 all men, whenever you do not
want to use your money we will give you S.65 per
cent interest for It, and when you can DO any bet
ter with It you can withdraw tt.u There Is Ia tnat
no danger OF any shock to the business OF the
country observed that many men representing
national banks on this floor voted AGAINST this