New-York tribune., 1876-01-31
XLIVM CONGRESS-1st SESSION.
REGULAR REPORT OF PROCEEDINGS.
NO SESSION ~ The sfN,TE--MR. sCth ICnIR OF
TEXAS SPEAKS IN TIE HOUSE rORCIBIl FOR RI
Sumption.

NO SESSION IN lHL etNNIf-Mf' H'hl'i'Hih WI
TEXAS SPEAKS IN THE HOUSE ioEcIBlf FOR RE-
SUMPTION.
.WAsmNGTOS Jan. 20. 1876.
The House met as if in Committee of the
Whole Mr. Eden Dem. IllJ III the chair, for general
debate No business whatever was transacted. very
few Of the seats Of members were occupied
MIR. sCHLEiCHEK DEM Texas made speech on the
financial question. He began u! shONlhE 'hr lIFUIt
ancc of raising credit OF tie Government III order to
Ieducc the burdens of the people, conS'queIt uiOh th
necessity Of paying the interest GA lhe Iuphc dcb'' ana
then called attention 10 tie difference htiNeth u'pl
due al home aad dcit Guc abroad hl-h cI'ui' pro
credit Of the nation should hc high. The gIch-
inS ,r,,niec of the GGycr1ncn ilact in 1867 and
ucwtd IN 1863 10 pay them AZ tEc earliest pAciedHe
period has not been kcpt although tc means hi' "tl
at hand The Government hAs d, I't,II, fiu, & 80,
money IN paving bonds not due than Woud hd bc'h re-
@ no..d ~ : per cent II caused an increase IN tie
cUst OF imported goods Of at least 40 per cent 90 me NIL
mate consumers them tudt the expense oI tht nc
tuang currency to he people had been m0e man ten
time. as gcat a, tae saving OF interest on the G,Ver
meut bonds Withdrawn ana d.su"!ci ihat wa
capital from Legitimate business T." be u"'d Ia
specuia;ions, thcicny throwing "ut 90 'ln!l"S
This xpains present state Of the labor market, and
the iac, tat the country Is o'riIuh 10y t'h'. bl ~,
resumption "I specie I,9 H''lS anu .4,' W % 'ui ~ " i @
cessation Of gambling IN the fluctuations oI money NOR
capital wound be thrown into legitimate business th
the hUdcst mEtiin-t ltd ever p""N'u ~ s"' 10 et %
te demands Of trade As T. tnc remedy for IN evil me
need pltiiC cOlltltCt IT. rlif HN'u HldI
cal policy. NItEout coIhdc"oc tn'Ic Is Ii" iH>t@''t
without investment there is not business speedy re-
turn coin basis can alone gave the conn thr. ne
considered the act of lljn January. le1J, JUDGED
by the test of certainly, failure. IL Indi-
GGSlS1 ITaHGs ng Ile "Gn inean. Al c ajc % discussion
throughout country show ed TIA" the 'c' "'s moi con
et,r,.i py The people settlement OF thc question:
II. only practical II suit was /" post one action n ~
lie could not imagine any cause i,i dei"E IL" therefore
advocated speedy resumption. He would first resume
aVuent of tie fractional currency next june redeem
inl one million month"; hcginning ~ith IA" sm4tc de-
tudr r next royemnrr, by selling ten mon- Of guu or
silver monthly for lrga,nier notes. destroying AL ne
il Was all Destroyed lie calculated tnat IA count bee
done Ia aud hali wears, without any shoes 10 ,l
ness ana fhcn mere would be cft National bank crcu-
latiOn, redecnaDlc III t0.d ana sINtI on u'"did.
HE means f9I this operation msAt hc oh,"",u met ~
use OF the $3o,OJu,OJO pad anindhy Ia the SilhHig
Fund CSnicn J. no more sacred t iht pa! ntt ui prl
due ulOns.uly nOte and tcn ny The issue "i tl3oO1p
,,,ctino inr,,.i M, ay ol tn,s ,cusn,r and resumption
on this should not, therefore be- preceded hl con
traction Tnc only sale OF bonds Tor currency mat lac
r,nJ adyoca.c would be for the puIuorc oi obai,ug
funds TO meet d,ccHci's Oi the current expenses ~
the Government cdUDci 10y mo appropriation 81 me
gold: and then would have ths al paid
out 10 rrua in circulation Gut, III ltN turn, II was i-
deened-wAch would occur hul once "r t|i'c' because,
a. soon IT, currency had reached !1r gold SILVER drd
currency would appafr ind-crIm nni'N m the r"r"ps
of tne Government, vel a. N is dsDar.cmcEts.
u5Iu \, y and Ur ca NPBELI tIib m, aud against
The protecjiyc tariG by Nj. MILLS Uem., Tcxat.
MI MAKD PuIufcd out tnd l"r long s'iltS or years
the NUMBER 0 bankruptcies M increased annually snlt
lSG2; that oapfal was lately offered "a unpr"ceicHcdI
low rates and tndt uupaia eied number uf men Hrd
women cut OF emp uyMeut 10 thio" llfhI on the
present financial conuliuh,hc hilcy tNcWc" Il history
ohOwns tue errort io winch u aro-e tc heei 81 he
party power that tie war could only b. BRIEF; is
enormous Withdrawal 81 sIecle from the banks
lastedd Oi huHDihNhg ul'n resources JUS N"i-
uItary depreciation Of the Government paper
by making. i,r the irst time IN any country, dsuuc-
tion between 1t and specie tbuh Opening d"OI 10 Inc
enOrmOus ONersue oil p"lGi mono, "hch hdr bech 50
disastrous to ine PEOPLE; Iht eys Is %ef no, nciea,rd hy
per cent interest Tins was done a, q tIhic ~hon
The q per cent noGao o wrie otIy ii 1o!d . ia ~
eminent. Many times the sum sought To be saved "as
lost, aud. under uecdl sly inflated currency, Il war
deDt of SZ,oO0OOOOOO Was incurred although me
value received Was not more th1n 40 cents ON thc
diminishing the value oi the currency 80 hs
to tempt purchasers, or Ia tHo pnia'"i"Ry
OF IA day float the d'D' uoinihiy ~ pi' put Itdiy
far below II, strong specie r'fcIV" sh"ud nave eeh
maintained, and the paper dollar Kept as noary as pos,
Government with mat OF france Who~r currency Is
now at par, and VINO never permitted IL To
reach discount over Zl2 per cent throughout her
recent calamlcs liz reve"eo various M hedi ePYchs
In England France, Austria, the UGi,cd States AMI Cam
ada sho wing that the laws oi tAe sCh II ana wcaEct
governments nave aHAo sIei''J lu'Vd ~ eoiHici"nb
people 10 take irrcdcm4blc Pipe, I par "Ith Eod.
MI Ward declared the traditional policy o. ihc Demo
Gratis 10 be that OF currency cd'cHahIc III nara money,
while the Republicans are respJns,Die ior The wIoo
present yst, IA of pa II none and nave rep at diy
pledged Congress 10 make provision Or the fcdehrt0n
Oh the UDtcd states notes iltIOugn DUNG the
ss ten years which have elapsed since tDese pledges
made tie premium on god has iea."d.
Mr.. Ward decidedly disarproved the act OF January,
1870 but held hat II should not be repealed ucOndi
tloly or without substituting for II better
ner resumption of specie payments he hcid that
long as Government practically 1nsists tat Ito own
notes are interior The precious metals, most
error II committed aud that barrier continues specie
uavneut cannot be resumed Tor many years.
lie n gtled d moderate contraction Of lcgdlendeIs
vital redui.ite 10 pton but held that II sn0ud bo
SO gradual not 10 disturb violently the existing inter
ests OF tHe production, commerce. and prosperity
OF the country He believed the simple process
of funding legacndcr paper with bonds, AT the lowest
practical rate Of interest, wOuld probably turn the
foreign Exchange IN favor OF the United states 20 Tar that
We snould not only retain tic InntEse product Of our
own mines secure the return OF sufficient amount
OF the precious metals now driven away, To- en-
able us 10 resume specie payments. This
would be done by process perfectly natural,
and in harmony with the well settled principles
OF and finance He did not believe U within the
ken vi legislators to x definitely by statute me time for
resumption. lie urged definite and absolute provision
Tor moderate aud steady contraction and that for
this purpose tho Secretary OF the Treasury should
DO authorized 70 purchase aud cancel some
moderate amount. say SIOO0.O00, per month OF
egaitender notes, providing funds by tho sale