The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1876-02-15
CAUCUS or pEMocRAr1c sENAroRs.
GENERAL WASHINGTON DISPATCHES.
WASHINGTON, Feb. IA, 1876.
RESUMPTION AND SPECIE PAYMENTS.

WASHINGTON Feb IA, 1876.
RESUMPTION AND SPECIE PAYMENTS.
In the House. Mr.. Baker, of Indiana introduced bill
to make banking free and to repeal the Resumption
act. Mr. Harrison of Illinois, also introduced bill
providing for the repeal Of parts of the Resumption
act and for the purpose OF preparing way for the
resumption of specie payment and for the resumption
OF specie payment 1t directs the Secretary Of the
Treasury whenever National Bank notes withdrawn
from circulation to issue in their stead an equal
amount Of legal tender United States notes. but he is
not to issue them except when the aggregate amount
of unredeemed legal tender notes and of na
tional bank notes in circulation is less than
the aggregate of both classes Of that
in circulation the 14th of January, 1875 II also
qures national banks to retain part of their
all the gold received by them interest their bonds
held by the United States security for their circu
lation until the amount of gold so retained shall
equal one-t third OF their circulation, which
gold SO retained shall be security for their
circulation and deposits 1t also requires the
Secretary TO retain from the gold received for
toms duties SIC 600 900 annually until the amount
retained shall be equal one-third of the amount OF
legal tender notes at such time unredeemed which gold
retained shall be taken from the sinking fund when
ever the OF gold retained in the Treasury shall
be equal to one-third OF the amount of unredeemed
legal tenders Then the Secretary OF the Treasury is TO
redeem legal tenders the amount Of $12 600 900
nually using for that purpose the gold received for
customs duties, which gold Is TO be taken from the
amount ordered TO DO set apart for sinking fund
The bill was referred to the Committee Banking and
! Currency.
Mr. Hale, Of Maine also moved TO suspend the rules
and adopt the following resolution
whereas the currency now in use among the people
of United States consists Of the national bank notes
and the greenback the latter being the debt of the
|
! the former being redeemable In the greenpack and
subject to like fluctuations with IT.; and whereas the
United states Treasury has thus far failed to meet its
obligations and to redeem its notes, thereby deprecia
ing the value of the peoples money and keeping at
large discount which depreciation varies from day TO
day causing risk and uncertainty In business affairs TO
the great prejudice of all legitimate industry and en-
terprse; and whereas Congress, by It's enactments,
and both political parties by resolutions adopted in
their several national conventions stand committed
TO the early resumption of specie payments therefore,
Resolved That prompt measures should be taken BY
such legislation is needed to render effective the
policy the resumption Of specie payment by placing
the hands Of the Secretary OF the Treasury all neces
sary powers carry out said object to the end that
sound and stable currency may be provided for the
[ people
Mr. Morrison, of Illinois, suggested that the rcsolu
ton should be referred the Committee Banking
and Currency.
Mr. HALE think It better to have expression Of
the opinion Of the House now / to see whether
caucusng has done friends the other side OF the
House any good.
The motion to suspend the rules and adopt the
luton lostyeas IS, nays 49, The vote was pretty
nearly party one although there were some devia-
tions that rule. Among the democrats voting yea
we're Mr.. TarbOx, Of Massachusetts, and Mr. Willis Of
New York Among the republicans voting nay we're
Mt Baker, OF Indiana and Mr. Fort, of Illinois.
PINcHBAcK's CLAIMS.
The Senate, on motion OF Mr. Morton today con-
sidered tho resolution that IS 5. Pinchback be adj
mitted as a Senator from tho State Of Louisiana, the
pending question being the amendment Of Mr.. Ed
munds 10 insert the word "nop before the word 'ad
mittcd.n
Mr. Morton OF Indiana, said If no other Senator de-
sired 70 speak no would reply 10 the argument made
last week against the admission or Mr. Pinchback BY
the Senator from Ohio mr. Thurman). No one taking
the noor Mr. Morton proceeded TO answer the speech
% Senator Thurman After short debate the senate
went into executive session and adjourned al half past
fnpr O'CLOCK y "a