New-York tribune., 1875-01-13
HOUSE OF REPRESENTATIVES,.

On motion of Mr.. WILLIAMS (Rep., Mass.),
the Committee on Post-oGees directed to inquire
and report what change be made In the postal laws
for the purpose of reducing expenses without inparng
the usefulness and efficiency Of the service.
Mr LUTIRELL (Dem., Cali offered bill for the sale
Of certain lands in Lassen County Cal Referred the
COmIuIttee on Public Lands.
A BILL REMOVING LIMITATION TO GOLD BANK CIR
CULATIoN.
Mr. MAYNARD Rep., Tenn). from the Banking and
Currency Committee, reported back the Senate bill 10
remove the limitation restricting the circulation of
gold banks g. 100000. Mr. Maynard explained that
the bill was local operation. relating only TO gold
banks winch were confined TO the Pacific Coast. The
representatives from that section very anxious TO
have IL passed. -,
ing that proposition was that the sDrce-paylng
banks should be left without any limit whatever on
Nj MERRIAM C2ep, n. Y.l-It is free banking so far
the gold banks are concerned.
The bill for the resumption OF specie payments nav
ing been referred to in the deOate, NJ. RANDALL
tanned to that Dl and SAID that desired amended
the Secretary oi the Treasury should never have
The power Kreenbacks redeemed and should,
therefore, have the opportunity 10 initiate or con-
tract currency 10 affect the money market, aud,
strike out the rst aud second sections. which in
vOved expenditure OF {44OOUO0 in the purchase OF
silver supply the place Of fractional currency1 and
would require three years time to coin that sill
YER That measure they had been told was the embOdl
ment of the financial wisdom OF the Republican party
therefore 1t responsible for It's effects upon the pub
lie credit and the public industry. He recognized that
there a formidable intellectual minority Of kepuD-
hcan members against that bill.
Mr. G. F. HOAR (Rep Mass) asked Mr.. Maynard
whether there was any precedent IN legislation for per
mrting any class OF corporations TO contract debts
without limitation and whether that was not the effect
Mr.. MERRIAM replied that the absolute Sc
curty 10 holders OF National bank notes existed for
the holders OF those gold bank notes.
Mr. GARFIELD tReD., Ono), In response 70 Mr. Ran
DALI said he did not understand that the bill to
specie payments involved the charge OF $4,000 900 to tho
Treasury of redeeming fractional currency
Mr. kANDALL-It increases the National debt just
that amount and provides for increasing II further
making 1t nterest-Desring, instead OF non-interest
M GARFUELD-It does not Increase the National
debt.
Mr.. GARFIELD-It may increase the interest-bearing
debt, but II Ii the very essence OF any measure
sumo specie payments that the non-interestbearing
debt shall he redeemed on presentation. No
confront the idea Of specie payment without coming to
the CONCLUSION that the Of interest
creased by taking up the paper aud
Mr HOLMAN (Dem., Ind.)-Could not the same object
be accomplished by retiring National bank notes instead
| Mr.. GARFIELD-lf we could turs all our pubic debt
into Treasury notes should apparently at least ga We
the payment OF interest out the policy OF the Govern
ment LAS been TOO long settled against the issuing Of
vast volumes Of paper by the Government, making
Government banker, for that question TO be raised
now as practical one. should regard II q bad day
this country when the Treasury becomes bank ana
issues all the paper that IL 10 DO used currency
voted for the Specie Resumption bill ON two grounds
voted for IL first for what In It, Ny fear
had oeen tlat any pi ksy 70 DC passed Dy THIS Con-
would be bill OF Initiation driving further from
get the consent VI DOth Houses of that
distinctly excluded that idea, regarded IL d
gain Secondly, voted for II for the Affirmative reason
tLat 1t was solemn declaration OF law that would,
at hxed time in the future, resume specie pay
That declaration Is clear and unequivOca. A day IL
nXed, and the law declares that that shall
| that cOnsummauon. That was gain which
willing 70 lose. While the mach provided la
bill does not seem at all adequate 20 bring about
suit my hope Is that public oplnon iOowng the lead
OF this solemn declaration, Will enable Congress- fore
that time arrives 10 take the ssay seps achieve
what las been solemnly promised. That was the con-
trolling Affirmative reaeOn why voted for that bill
After further discussion, the bill was passed-Yeas
1856 Nays, So IL repeats much of Section 6Ig5 OF
the Revised Statutes limits 20 81 circua
ilon OF banking associations organized the purpose
OF Issuing payable III gold aud allows tnen To
increase the circulating notes Ia aeeorance with the
existing laW without respect 10 such Limitation.
on motion OF Mr. HALE (Rep., Mel, the Senate
Amendments OF the Naval Appropriated Dll
Cured III, they only increasing the apprOpfiat ton
s2O 900 wnich Mr.. HALE said was an unprecedented
| cIrcu.nhIance ia general appropriation bls
Mr. GUNCKEL lIkep., OniO), from tue Military Com.
miUee reported Dl that where person. mustered
Of tRe army as supeTDumeraTy orcer shai Dc reap.