The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1876-03-28
HOUSE OF REPRESENTATIVES,.

HOUSE OF REPRESENTATIVES,
WASHINGTON. March 81 1876
The SPEAKER proceeded call the States for bills
under which number of bills were introduced and
referred.
MR.. PAYNR's BILL.
Mr. PAYNE, (dem) of0hio, moved to suspend the rules
and pass his bill to provide for the gradual resumption
Of specie payments
The first of the bill directs tho Secretary of
the Treasury to set aside and coin each year
until United States notes shall be appreciated to par
with gold amount equal to three per the out
standing legal tenders legal tender notes. be held
resumption fund for the redemption of such legal
tender notes. provided that set aside and re-
tanned shall be ted part of the sinking fund
The second section requires national banks TO set
aside and retain from the received by them as
terest the bonds deposited security their cir
culation, amount equal to three per cent OF their
circulation; such coin to be counted part thor
legal money
The third section repeats much Of the Resumption
act OF January a. 1875 provides for the
illegal tender notes to the OF eighty per cent
of the national bank notes in circulation and as much
as provides for the redemption legal tender
coin alter January, 1873
The vote was taken and resulted-yeas 81. nays
156 So the motion defeated.
THE ISSUANCE or SILVER COIN.
The House then, at hafpast two r. NJ, went into
Committed OF the Whole (Mr Sayler, OF OHIO, In tho
chair on the bill providing for the deficiency the En-
craving and Printing Bureau of tho Treasury ana for
the issuance OF subsidiary silver coin.
Mr.. TOWNSEND, (rcp) Of Pa, offered amendment
providing that silver coin shall be exchangeabe at par
Tor United states notes IN OF less than 81
and shall be receivable Tor postage stamps
and for all duties to the United States except customs
in sums OF not over 50, and shall be redeemed pre-
sentaton IN such sums and under regulations as
shall be prescribed and that the total silver
coin shall not exceed $50, 100000.
o Speeches made by Mcssrs Landers of Indiana
and Phillips, OF Kansas, against the bl and by Messrs
Eames, OF Rhode Island, and Burchard, OF Illinois, in
Mr. LASDRRs characterized the Resumption act as
white elephant on the hands OF the republican party
and expressed his regret that any democrats were
found willing to assist IN Its management.
Mr. PHILLIPS objected 10 IL, among other reasons,
because II established a third standard Of value.
Mr. BURcHARD referred TO the fact that ali govern
ments, except the United states maintained a subsid-
AIRY silver currency the fact that It had been
demonstrated that It cheaper TO the government
TO issue II than TO issue fractional paper
rency. He believed that the people would not
intrust the control OF The government to the demo
cratic party unless they assured that party
would MAINTAIN the credit OF the government, which
Mr. BRIGHT, dem.l OF Tenn, opposed the silver
| currency feature OF the bill and declared that
/ the democratic party had interest IN should
ering the financial plumbers Of the republican
party. III disaster hung on the heels OF the
financial policy OF the government the lault should
be allowed 10 lie at the door OF lis authors He spoke
OF the bopdhoiders as vampires sucking the blood of
| the American people and AS cormorants who swa
lowing up the labor OF the poor. He favored APP
preparation Tor the employment Of the 600 employees
who had been turned out OF the Engraving and Print
ing Bureau he wished II distinctly understood that
was not the democratic party that striking down
the system OF fractional currency
Mr. HAMILTON (dem.l Of " j. spoke in favor Of
the bill The republican party had conceived and
brought forth the rag baby and had forced the ile
CLIMATE banng upon the country against the protest
and rcmonsrance Of the democratic party, aud was
now very unkInd In that party to repudatc its own
offspring and attempt TO quarter It on the democratic
household. He charged that by legislative and
tive contrvance the supreme Court of the United
States had been reorganzed and packed In order to
decide the consttutonality OF the Lega Tender law
Mr. PAGE, rep OF Cal, denied that this bill would
benefit the Pacific coast any than any other part
OF the country that the interests OF California and
Nevada were different In that respect from those OF
any other part OF the country He the people
OF the Pacific coast had recently purchased from the
government 50 OOO COO worth OF SILVER CON- for which
they had paid dollar for dollar IN gold He asserted
that silver coin circulated the Pacific coast the
gold com. As TO the assertion
The issuance OF silver coin had been resolved on
IN the interest OF the Big Bonanza NINE he pointed TO
the fact that the shares OF the Consolidated California
Company were quoted at s. 30 per share now less
than they were when that policy entered on.
Favorng as he did, the resumption specie payment
At an early oay he was IN favor OF the bill and would
vote for IT,
Mr townsend, Of Pennsylvania, advocated the bill
and his own amendment TO IT, lie characterized Mr.
Hewitrs speech against the bill as intensely partisan,
/ and gave that gontlemans quotation s7tueo
DGndos ct dona Jerentes" the free Interpretation,
'Democratc rags are better than republican silver
/ tLaughter)
SPEECH oP MR. RANDALL
MI RANDALL, OF Pennsylvania chairman OF the
Committee ON Appropriateness closed the debate with
speech in favor OF the bill The chief objections
which had been made to the substitution Of SILVER
Tor fractional currency were:-Frst that Il
would be depreciation OF the currency and second
that the value OF the silver might and that OF tho
grecnback depreci-te 10 point that would render IL
profitable to melt export silver coin. and that tho
people thereby might be put 70 serious Inconvenience
Tor want of change. The fret objection readily
answered There was no proposition to deprecate tho
silver coin. On the contrary the bill provided Tor the
issue OF silver OF the weight and purity as
had been issued BY the Mint since 1858 In fact. tho
COINS proposed TO be issued would be signify more
valuable than those coined from 1858 TO 1913, as tue
object was TO make the silver dollar conform To tho
weight and value OF the I've franc piece. The picture
drawn by the gentleman from New York (Hewittl,
! as to the injury the poor from the
substitution OF silver currency for that OF
paper currency highly overchargcd He lRandalD
thought that these silver coins would maintain a