The New York herald., 1876-03-07

Utah. Colorado and California certainly cannot bo
used for this purpose, for the simple that this
product belongs TO individuals and be obtained
by the government only by way Of purchase
Inere ls. lhdeeu no way IN ihc world Dy
by the selling Of bonds. Then the question comes up
right square, Can the bonds be sold and this amount Of
coin reazedY Where can this amount be sOldf
Surely not at home, for the coin here Can This
be done abroad in the countries whore bonds have
heretofore been sod-that is in France, Germany
Engandf Would the capitalists OF either or all OF
these countries be willing to part with this amount of
coin for an equal amount OF our bondsg Would they
agree TO this gold depletion, winch would DO
certain TO involve them IN financial panicY
l say surely not | hold this IS beyond
any doubt impossibility. The relations OF
the commercial world at this day Of tele-
graph and rapid communication so intimate, par
ticularly between this country and Europe that any
great financial convusion IN any one is Immediately
felt in all With captious spirit, but the con
trary, with sincere and honest purpose TO ind out f
this could be done in the way proposed, | am com
PEELED to say that look upon this as utterly imprac
ucabe To do this gradually IN the way proposed by
the Secretary would involve us IN as great trouble We
need $4Oo, 600 0O0 Could this amount be withdrawn
from the circulation OF the world and be gradually
cumuated be ready for the day OF resumptony
RESUME?
would regret TO answer this question in the allrma
tive, for believe resumption is possible, provided
90 not diminish the paper money, now legal lender,
but the contrary appreciate its value, and this
be done by taking It for alt debts due the government,
including duties on imports Coin will remain us IL
should and must the measure OF value. Ii certainly
would not 20 out any iastcr 10 foreign countries
IL paper was received in payment OF duties than
it does Indeed, 1t can be demonstrated
from Official data that our coin is dimn-
ishing, having lost in the last year perhaps
$25, 600 000 This | say, can be proven; but will
not detan tho Senate at thus time to do While
all admit that resumption Is most desirable and am
satisfied desired by large portion of the country East
and West, nevertheless II would not be wise 10 bring
this about the expense the prosperity OF the
,sy ,Ot !. Is Ony lrTusn prSspery t9at pcrmanon.
not differ from individuals The man in debt
pay unless he makes money, and he cannot make
money unless he be prosperous
feel that | have detained the Senate already too
long. and will, therefore, now as briefly as possible
give my views bow to bring about resumption. The
stone Of my argument will be 10
as possible the prosperity of the country holding that
without prosperity In every branch OF business com
mercial manufacturing farming domestic and foreign
trade TO attempt to would not only not be
cessul bnt would involve the country in great nnan
cia trouble. We must adopt system which the mind
OF the country will look upon permanent, so as to
justify capital and capitalists to seek investments with
out the constant danger standing before their that
change IN the financial policy by Congress might IN
volve them In ruin.
would, tnofefore, let 1t be understood that the
present laws in relation to the legal tender notes and
national bank notes would remain permanent and
under no circumstances any contraction oil the iormer
and increase of the latter the business OF
the country might call tor Then | would receive in
payment of duties on importations the legal tender
notes although my bill provides for taking OF BOTH my
object being at the time introduced II 10 elicit the
views of others on the proposition. IL may be thought
that If take kind of paper, and not the other
the taken will dopreciate. This answer would
not be the as the one not taken is by law convert
iblc In the other. And there being about the same
quantity outstanding OF both. this conversion would
not be difficult to make, II desired would then akc
security for the circulation Of tho national banks
bond of four or four and half per cent,
and in that way relcase the bonds now
deposited worth from 500 200 to $S0000 900
premium or that amount more than their face.
would then increase the legal tender character of sill
TO the of 81, 900 in payment, thereby CIV
ing to this metal which we are now producing IN our
mines in SUCH large quantities, the orgest capacity of
usefulness without at the same time driving out OF the
country the gold coin 1 would thon require the
national banks to set aside part of their reserve
the gold interest received these bonds which would
emancpate an equal amount OF paper now held as
reserve One year after the passage of the act l
would require the banks 10 redeem in silver their notes
presented in sums not exceeding 800, and after two
years to redeem in gold in sums OF like amount
By dong away with the large demand Tor gold to
pay duties-amCuntng annually TO between
$780, 900 900 and $16O 600 0o0-and creating demand
for precisely of like amount for legal tenders the di
ference between the two would disappear; that
being so-that Is gold not worth premum--it would
Sc 90 needed 70 nav ,So home due cou
pons, as the coupons due abroad provided for by
the purchase OF exchange as is always done and by
the shpmeniot CON- this exchange can be bought with
legaltenders There is now the LIST OF Dccem-
ber per report the Secretary in the Treasury
aud above all liabilities for coin certificates certificates
deposit almost $40 900 900, within $40 000 900 OF
enough To pay the home due interest for year TO
come. But in the worst possible view even II tho
government had 10 buy the necessary pay the
interest II would be better To do IL than keep all
paper now in circulation deprecated from twelve TO
fifteen per cent all the time.
The argument is advanced by the Senator from Yer
mont (Mr. MorriD that If you do with any de-
rally 90 10 the countries where II Is needed rms 10
my mind Is the only argument advanced IN opposition
which is al all maintanabe But viii the facts sustain
the argument, for admit there country where
coin was not IN use at ALL either as measure of value
a circulating medium. that none would be found in
that country. But In this case the govern
mcnt would require not less than $4,000 900
TO pay the homc-due coupons. And as II is
legal tender for all debts any there would
always be some very considerable demand Tor IT, In
addition to tins the Government will need annually
On O he de I'm
The demand for gold coin would still be very large,
fully as large as the supply for this supply cannot be
large with this large balance standing aganst.us and
for which we have 10 remit every year.
THIS country at this time is terribly depressed every
branch OF business is IN state OF paralysis and my
honest conviction Is that much OF this paralysis is
owing to the present Resumption law. However i'm
portant believe II to be for the prosperity OF this
country that should at day other, no mat
ter how distant resume specie payment nevertheless,
between the two evils OF making no provision looking
10 that end and the continuance OF this law, would
unhesitatingly say, repeal the law Immediately With
out any law Tor providing for resumption could get
along, but II this law remains unrepeacd believe
country will be driven into universal and widespread
In reply TO a question of Mr. Morrill,, OF Vermont
Mr. BoGY said free trade begoen in England, and
IL had poisoned the whole world, and people
had the hydrophobia worse than those of any other
country. He then spoke in regard TO the tarn, and
said the present tariff, which he believed was known
the Morrill, iarin, was injurious TO his (fr Bogys 81
section, as II did not impose sufficient duty on hides
and wool
Mr. MORRILL,, OF Vermont, said the Senator from
Missouri tMr. Bogyl nad commented on what he was
pleased to call 'thc Morrill, tarli That merely
nickname applied 10 u for the purpose OF killing tho
bill when II introduced IN ls6i The Tari bill did
increase the duty hides and wool moro than
had been done by democratic administration. lie
tMr. Morri always maintained the idea that tho far
should be projected as well as manufactures.
Mr.. EATON ldcm.l OF Conn., said unless some Sena-
tor entitled to public attention should in
troduce bill Tor the resumption Of specie payment BIO
would takc that liberty himself He referred the
Of last and said the great laws Of nature
ragged by H. II was easy enough TO talk about specie
resumption, but Congress should legisate wisely,
taking consideration the condition OF tho country
and the fact that the United States the great debtor
nation OF the world
The Senate then at twenty minutes TO iour P. NJ,
on motion OF Mr.. ROBERTSON, OF South Carolina, went
into executive session, and after short time the
doors were reopened and the senate adjourned
HOUSE OF REPRESENTATIVES,.
WASHINGTON, March O. 1876.
Under the call of States besides many private bills