The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1876-03-28

bonds, and to repeal so much of the resumption
act as required the Secretary of the Treasury
to redeem all outstanding legal tenders by JAM
!, 1879
Mr.. Payne of Ohio, moved to suspend the
rules and pass his bill to provide for the gradu-
al resumption of specie payment. The first
section directs the Secretary of the Treasury to
get aside and retain in coin each year, until
United States notes shall be deprecated to par
with gold, an amount equal to 8 per cent of the
outstanding legal tenders or legal tender notes,
to be held as resumption fund for the redemIs
ton of such legal tender notes, provided thai
such coin set aside aud retained shall be count
ed as Fart of the shaking fund The second
section requires national banks to set aside and
retain from the coin received by them as inter-
est on the bonds deposited as security for their
circulation an amount Of their circulation, such
coin to be counted as part of the legal money
It serve. The third section repeats SO much of
the resumption act of 1875. as provides for
the redemption OF legal tender notes to The
amount of 80 per cent. of the national bank
notes in circulation, and as much as provides
for the redemption of legal tender notes in coin
after January, 1879.
Mr.. Kasson asked whether the bill came from
any committee of the House?
The Speaker replied that it had not
Mr.. Kasson asked NJ. Payne whether he did
not desire the judgment of oae regular COM
mittee OF the House.
Mr.. Payne's only answer was to call for the
yeas and nays on his motion
Mr.. Kasson suggested that the committee of
the gentleman (Payne) was a member, the
Banking Committee, might be the proper one.
Mr.. Holman inquired if it was in order 10
divide the proposition, as he wanted to have
vote on the last proposition.
The Speaker replied that division of the
proposition was not in order
Mr.. Perkins inquired if this was the bill
which was known as the Payne bill, and had
been printed
Mr.. Payne replied that it was SO without any
change whatever.
Mr.. Kasson asked the Speaker if the bill did
not violate the plan of the United States to
maintain sinking fund.
Mr.. Randall and others objected to debate.
The Speaker replied that he had no authority
to amend question of that kind.
The vote resulted as follows; Yeas 81, nays
1876, so that the motion was defeated. 1t would
have required two-thrds vote to pass the bill,
and the fact that there was nearly a two thirds
majority against it ELECTED some laughter. The
following is the vote in detail:
Yeas-Ashe, Bagby, John H. Bagley Barnum,
Bell Blount, Bradford, Brown Of Kentucky, Cabeil,
Caldwell Of Alabama, Caulfield, Chaplin, Cymer,
Bolt; Douglass, Durham, FELTON,, Forney, Gibson,
Goode, Gnnter, Hancock, Hardenburgh. Harris OF
GSeorgia Harrison HardIdge Henkle Hewitt Of Al
Marsh, Meade Metcalf Mken, Money Morrison Sas'
Randall, Reagan, Robbins Of n e, Roberts, Ross Of
n. j., Schlecher Singleton Stevens Smith of Geor-
gia, stenger. Swami, Terry, Thomas: Throckmorton,
P Ps1SSSs Williams Of Alabama Eeatss and
Nays-Adams, Anderson, Atkins, George A. Bag
ley Baker of Indiana, Baker of N Y, Baou, Banks
Beebe, Blackburn, Blair, Boone, Bradley, Bright
Brown OF Kansas, Burchard of Illinois, Burleigh
Caldwell of Tennessee. Campbell, Cannon, Casson
CasMel, Cate, Chttenden, Clarke OF Kentucky, Clark
Wis. Dennison, Dibbell, Dobbins, Dunne Durand
Eames Eden, Egbert, Ellis, Evans, Farwel, Faux
ner Fort Foster Franklin, Fuller, Garfield, Glover
New York, Hartzell, Hathcrn, Raymond, Hendee,
Henderson, Hereford, Hewitt of NewYork, Hoar,
Holman, Hoskins, Hubbell, Hunter, Hubert, Il y
man, Jones of Kentucky, Joyce, Kasson, Kehr, KEEL
| ley, Kimball, King. Landers of Indiana, Lapham
Leayenworth, Lynch, Magood. McCra1y. MacFar-
,and, M Mcmahon, Miller, Maise, Morey. Morgan
Packer, Page of Mo-. Phillips Of Kansas, Pierce
Piaisted Pratt, Poppleton Patten, John Reilly Rice
Riddle, Robbins of Pa, Robinson Ross Ct Pa, Rusk
sampson, Savage, Sayer, Scales, Seelye, Sheakley
sinickson, Smalls, Smith. Southland, Sparks, Spring
er, Straits, Stevenson, Stone, Stowell, Tarbox
Teese, Thompson. Thornburgh. Townsend of N. Y
Townsend of Pa, Van Worries, Vance of Ohio, Wad-
Mailing, Wells, Ward, Warren, Wells Of Missouri
z. A. S. Williams of Wisconsin, Williams Of In.
diana, W. B. Williams of Michigan, Willis, Wilson
| OF Iowa, Wood. Woodburn and Woodworth-156.
Mr.. Randall moved to suspend the rules and
| ouOPO d luOGiUu W nave Ou6 S6SSlUu Iu6Suay,
Wednesday and Thursday of this week for the
consideration of the legislative and judicial APP
preparation bill. Agreed TO, yeas 152, nays Il
The House at $50 o'clock went into commit
tee OF the whole. Mr.. Sayler in the chair, on
| the bill providing for the deficiency in the en-.
| craving ana printing bureau of the Treasury
department Tor the issuance of subsidiary sill
yer coin.
Mr.. Townsend of Pennsylvania, offered an
amendment providing that silver coin be ex-
changeable at par for United States notes in
sums OF not less than So, and shall be receiva
BILE for postage and revenue stamps, and for all
duties to the United States except customs, in
sums OF not over IS, and shall be redeemed on
presentation in such sums and under such reg
ulations as shall be prescribed, and that the lat
est issue Of silver coin shall not exceed $780,
100000,
Speeches were made by Messrs. Landers OF
Indiana, and Phillips of Kansas, against the
bill, Eames of RHODE Island, Burchard of Hi
nois, in support of it.
MIR. Landers characterized the resumption
act as white elephant on the hands OF the Re.
publican party, and expressed his regret that
any Democrats were found willing to assist in
its management
Mr.. Phillips objected to it, among other rea-
value.
Mr.. Burchard referred to the fact that all
governments except the United States main.
tanned subsidiary silver currency, and to the
fact that it had been demonstrated that it was
cheaper for the government to issue it than to
issue paper fractional currency. He believed
the people would not entrust the control of the
government to the Democratic party unless
they were assured that the party would main
tain the credit of the government, which was
now at per cent.
Mr.. Bright of Tennessee, opposed the silver
currency feature of the bill, and declared that
the Democratic party had no interest in shout
dering the financial burdens of the Republican
party. Ii disaster hung on the heels of the
financial policy of the government the fault
should be allowed to be at the door of its au :
thor. He spoke of bondholders as vampires,
sucking the blood of the American people, and
as commemorative are swallowing up the labor
OF the poor. He favored an appropriation for
the employment of the 1000 employees who had
Deen turned out of the engraving and printing
bureau, but he wished it distinctly understood
IL was not the Democratic party that was strik.
| ing down the system of fractional currency.
NIL Hamilton of New Jersey, spoke in favor
of the bill. The Republican party had con-
ceived and brought forth the 'r3g-baby," and
had forced the Legitimate bantling upon the
country against the protest and remonstrance
or theDemocratic party, and it was now very
| unkind in that party to reDudate its own off
spring and attempt to quarter it upon the DEM
ocratic household. He charged that bylegs-
preme Court of the United States had been re-
organized and packed in order to decide the
constitutionality of the legal tender law.
Mr.. Garfield of Ohio, supported the bill, first
as matter of economy, and second, it was a
step in the direction of general resumption of
specie payment. If the silver clause were
struck out of this bill it would be necessary to
increase this appropriation for printing frac.
tlonal currency to $25O,GOO. He expressed
amazement at the spirit which permeated the
speech of the gentleman from New York (Mr
Hewitt) in the declaration that the resumption
bill was Republican measure, and that, there.
fore it should not be bolstered up by the Demo-
cratic majority in the House. He intimated
that there was in HeWitt'5 opposition to the