New-York tribune., 1874-04-13

THE CURRENCY DEBATE.
THE STATUS OF THE BILL UNCHANGED By SATURDAY. 6
PRoCEEDINGs-TuE HOUSE BILL PROBABLY TO BE
PASSED FIRST As A DECLARATION or THE INlEN-
uoN or TIE HoUsE--A TROUBLESOME POINT OF
ORDER.
tyRou A RrcrrAR CORRESPONDENT OF TIE TRIBuNEi
WAsIIyGroN April l1.-Four hours spent upon the
Currency bill on Saturday brought the House no
nearer conclusion than did the tedious session oi
the day before. When an adjournment was carried
gt late hour the condition Of the bin exactly
the same as at the outset, with the exception that
number of new omcndmcnts were pending which
will have to be voted on when the question comes mp
agaIn on Tuesday. The votes during the day has
shown that the inHatlon mWouty were determined to
pass the House bill first declaration of what they
would like IN the way of legislation on the currency
if they could get it, and then pass the Senate bill as
the only that il is practicable 10 enact into
law 1t was further shown that the full strength of
This same majority is opposed to any PROPOSE
tion for retiring grcenbacks 80 open the way
for resumption, although conditioned on an eQuiva-
lent issue Of bank notes, and thus relieved from the
dreaded principle of contraction. Another thing,
stin more significant, was demonstrated, namely,
that the great mass of the Democratic members
In favor of wping out the whole National bank
system and supplying the place of the bank currency
with new issues of irrcdeemable greenbacks
The contest opened with motion by Mr.. Butler
TO 90 to business upon the Speakers table in order
to take mp the Senate bill. Only 35 members sus-
tanned this motion. 1t was plain that the House was
determined TO 90 on with its own bill for a while
longer at least. Mr.. Maynard, who had nursed
his bantling with anxious care yesterday, and had
tried hard to conciliate opponents was emboldened
bv Mr.. Buffers defeat to make an effort for
the immediate passage of his bill He moved
H.. ,r.l4 ,r.,t.c
of a number of members who were on their feet
brandishng amendments winch they wanted a
chance 20 offer. The House refused, by vote OF
1l2 to 100 TO order the main question so Mr.. May
nard for the second time saw his bill turned over
10 the hands Of its enemies. Mr.. Beck was recog-
nzed as controlling the floor. and offered long
substitute providing for issuing Treasury notes in
place of the National bank currency, and also for
convertible $50 bonds, aud for the payment
Of one-half Of customs duties in green
backs Ii contained elaborate provisions for
forcing the refinement of the circulation of
the National banks through the operation
of three per cent tax. For this substitute Mr..
Packer Of PcnnSvvania offered a substitute proYid-
ing for free banking and for the retirement of legal
tenders as soon as the bank circulation should eX
coed S5O1O0OOO0. to the extent of such excess until
the volume Of the legal tender is reduced to $780,
NUUOJV Mt. NOUuIU lUONVu al dHiCNuiUtut 10 lUc
original BILL ID effect repudiating the legal tenders
by providing that there should be S4OOOOO,OOO of
them permanently in circulation, which of course
meant that they should never be redeemed. His
amendment also provided for Sj0000000 additional
legal tenders as reserve to be used in exchanging
for bonds at par Mr. Hunter, another prairie finan-
cier from Indiana, offered an amendment
providing for S4jOOOOOOO of greenbacks and making
it a penitentiary Oflense for any bank officer to
charge rate Of interest higher than authorized by
State laws, OF in any case higher than ten per cent
Short work was made by the House with these two
projects of the disciples of Mr. Morton. Mr. Coburns
amendment got only 81 votes, and Nj. Hunters was
rejected without division.
An hours debate on points of order made against
Mr. Bcck's substitute ensued, in which the Speaker
took leading part, and finally ruled cut the
section about paying Customs dues in green
backs as not germane Mr.. Packers conserva-
tive substitute for MI Becks wild and fantastic in
Hation scheme was lost by n Yeas to 149 Nays the
Affirmative vote representing the strength Of the
strict auti-expansion party. The amendments were
now all cleared away except Mr.. Becks substitute.
which was rejected by vote of 6S to 16i. The old
question of the right of members who own bank
stock TO vote on a question affecting the banks
which has been great deal talked about this scs-
sion, was brought up for decision A clause in
the bill taxed bank circulation three per
cent Messrs Speer. Cox. and Holman all
raised the point that members owning stock were
debarred from voting the bill by the rule which
says that no member shall vote on a question in
which he is personally interested In order to make
the point specific, Mr.. Spear specified Messrs Poland
and Phelps Republicans and Hamilton Democrat
as officers Of banks. The Speaker made an exceed
ingy clear and convincing ruling against the point of
order quoting precedents in the House Of Commons
well as the House of Representatives. He held that
the rule did not deprive members of the right to
vote when the question to be decided affected a
class of which they are members. but only when it
affected their individual personal interests as dis
tiBct from those of any large class OF citizens If
members who owned bank stock could not vote on
a bill relating to the banks, then III case a
majority owned such stock, the House could
not legislate on the question at all, for
there would be no quorum 10 vote SO, ia the case
Di the repeal Of the income tax, as every member
was Affected no one could have voted. bill tax
ing cotton could not be voted on by cotton planters
OF a general pension or bounty law by members who
had been in The army and would get the beueft of
IT. Before making his decision the Speaker allowed
hessrs. Butler and Dawes 10 speak on the point,
but did not give Mr. Speer All opportunity TO
argue u fully and reply TO Mr.. Dawes who some
"nat prehgured the Speakers argument in support
~ Hs Tn!lug AT. SpeeT thought himself unfairly