The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-01-13

the capital OF gold banks to $1,000,000.
Mr. Maynard explained that the bill was local In
its operation, relating only to gold banks which
were confined to the Pacific coast Tue represent
atives from that section were very anxious 10
have IL passed.
Mr. HOLMAN. tdem.) Of Indiana, opposed the bill,
remarking that the proposition was that the
specie paying banks should be lett without any
limit Whatever on their circulation.
Mr. MERRIAM. trep.) OF New York-It is free
banking SO far as the god banks are concerned.
The bill for the resumption Of specie payments
having been referred to in the debate, Mr.. RAM
DALI. tdem.) Of Pennsylvania, repeated the OBJ
lection that he entertained to that bill, and said
that he desired II amended SO that the Secretary
Of the Treasury should never have the power to
reissue greenbacks redeemed and should, there
fore, never have the opportunity to innate or
contract the currency or to anect the money
market and, also, strike out the first
and second sections, which involved an expendi.
ture OF $44 0Oo 900 In the purchase OF silver to sup
ply the place OF fractional currency, and which
would require three years. time to coin that
silver. That measure, they had been told was the
embodiment OF the financial wisdom OF the repub.
ucan party; therefore. it was responsible for its
effects upon the public credit and the public In
dustry. He recognized that there was formidable
intellectual minority OF republican members
against that bill.
Mr.. G. F. HOAR asked Mr.. Maynard whether there
was any precedent in legislation for permitting
any class OF corporations to contract debts with
out Limitation, and whether that was not the effect
Mr.. MERRIAM, trep.) OF N. T.. replied that the
same absolute security to holders OF national bank
notes existed az for holders OF those gola bank
notes.
Mr. GARFIELD. (rep.) OF Ohio, 10 response to MI
Randall, said he did not understand that the bill
a 40 IN 70 n unA n 0 nj
Ing fractional currency.
Mr.. RANDALI-It increased the national debt
just that amount, and provides Tor increasing IL
further by making II interest bearing instead Of
n0n-interesr bearing
Mr.. GARFIELD-lt does not increase the national
debt
Mr.. RANDALI,-lt increases the interest bearing
Mr.. GARFIELD-It may increase the interest
measure to resume specie payments that the
nOn.interest bearing debt shall De redeemed on
specie payment without coming to the Conclusion
that the payment OF interest must be increased
by taking up the n0n-interest bearing paper and
putting It In The form Of interest bearing paper.
Mr.. HOLMAN, (dem) of lnd.-Could not the same
object be accomplished by retiring national bank
notes nBtead OF RreenbacksP
MI. GARFIELD-lf we could turn all our public
debt into Treasury notes we should, apparently,
at least save the payment o. hn but the
tied against the issuing OF vast volumes OF paper
by the government, making the government q
banker, for that question to be raised now as q
practical one. Ishould regard 1t as a bad day for
this country when the Treasury becomes 2 bank
and issues all the paper that Is to be used as cur
rency i voted for the specie Resum ption bill on
two grounds. voted for 1t first for what there
was not IN It, My fear had been that any bill
be bill OF Imitation, driving US further from
specie payments, and when found bill that was
gress and that distinctly excluded that idea. re-
garded it as real gain. Second, voted for it
declaration OF law that we would at q fixed time
in the future resume specie payments. That decia-
ration Is clear and unequlvocal-a day IS liked
and the law declares That that day shall witness
that contamination. That was a gain which was
not willing to lose. Wnlle the machinery provided
in the bill does not seem at all adequate to bring
about the result, my hope Is mat public opinion,
following the lead OF this solemn declaration, will
enable Congress, before that Time arrives, 70 take
the necessary steps to achieve what has been
solemniy promised. THAT was the controlling
affirmative reason why voted Tor that bill.
Alter further discussion the bill was passed
yeas 1876, nays SO. II repeats so much OF section
5185 Of the Revised statutes as limits to 600 900
for the purpose of issuing notes payable IN gold,
and allows them to increase their circulating
notes IN accordance with the existing law, with.
out respect to sucn limitation.
Mr.. ELKINs, (rep) OF N. NJ, introduced bill
granting the rignt OF way to me Mexico ana Col
Orado Railroad Company. Referred.
BILLS PASSED.
On motion OF Mr.. HALE, (rep.) Of Me-, the Senate
amendments to the Naval Appropriation bill were
cOncurred IN, they only increasing the apprOpr1a-
ton $4,000, which, MI. Hale said, was an I'M
precedented circumstance in general appropria-
Mr.. DOMAIN, trep.l OF Iowa, from the Committee
on Military Affairs, reported Dill appropriating
$4,000 for the construction Of military roads In
Arizona. Passed.
Also, donating condemned cannon for soldiers
monument ~ MasiOn, ONO. Passed.
Also, adversely TO the bill to pay volunteer off,
GERS between the date or their commission by
Governors OF States anu the date OF their muster
ing in. Laid on the table,
Mr.. GUNCKEL, (rep.) of Ohio. from the same COM
mtttee, reported a bill, that where person mus
tered out OF the fimy as superpnmerary officer
shall be reappOinted as an Otcer the three years.
pay and allowance received by MIN when mus
tered out shall be refunded BY deduction Of fifty
per cent on his pay. Passed.
Also adversely, a bill lOr the relief Of enlisted
men who served thirty days In the Seminole war
In Florida. Laid Oh the table.
THE PAY DEPARTMENT OF THE ARMY.
Mr.. MACDoUdAL, lrep) OF n y, from the same
committee, reported a bill nxing the Pay Depart
ment OF the ARMY at one paymaster general, with
the rank OF brigadier general; two assistant pay
master generals. with the rank OF colonel; two
deputy paymaster generals, with the rank Of lieu
OF major; fifteen with the rank OF captain and
fifteen with the rank Of first Lieutenant. Referred
to the Committee OF the Whole.
Also bill to place Lawrence A. Williams late
MAJOR in the Sixth cavalry, on the retired list Of
Mr. HUNToN, OF Virginia, from the same com.
mittee, reported bill authorizing the establish
ment of a mutual snrvivorship annuity fund
mittee OF the Whole.
Also blu to extend the observations OF the
Signal Service so as to benefit the public health,
Referred to the Committee OF the Whole.
The Committee on Military Affairs having ex-
hausted its business, with the exception Of some
In the hands OF Messrs. Coburn. OF Indiana. and
Albright, Of pennsylvania, VINO, having been alb
sent on the special committee in Alabama, were
not prepared with their reports the Spe aker pro-
ceeded with the call OF the committees IN their
regular order, thus passing Six committees with
out drawing any response lrom any OF tnem.
THE CIVIL RIGHTS BILLS TRIBULATIoNs.
An attempt was then made on behalf of the
Judiciary Committee, which was among those
that had been called and had not responded, to
get permission to go back In the call: but Mr.
RANDALL, (dem.) OF Pa, objected, and persisted
In the objection, thus shutting out the civil Rights
bill, which the committee was prepared TO report
To get over this difficulty the speaker proceeded
with the CALL and, no committees responding, he
got around very rapidly till the Select Committee
on the washington National Monument was
reached, when MIR. CHAPMAN, (rep) Ol d. o., Chair
man OF that committee, reported the bill to pro-
vide for the completion OF The Washington MOnu-
ment; but, as that bill proposed an appropriation
1t was subject to point OF order made by Mr..
BUTLER, Tep) ofMass., apd was got out Of the way
by being referred to The Committee OF the Whole.
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