The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1876-03-28
C o N G r E SIS.
HOUSE.
WASHINGTON, March %, 1876.
THE RFSTrN PTTOS ACT.

puIl Vi lHC slHhlIB luIlus 4HC sSSOil
section requires national banks TO e
aside and retain from the coin receive
by them, rs interest on the bonds depO
tied us security for their circulation, n
amount equal TO three per cent OF thei
circulation, such coin to be counted MS
part Of their legal money reserve. Til
third section repeals so much OF the rt
sumption act OF January 18th, 1875, q
provides for the redemption Of legal ter
der notes TO the amount Of so per cent {
the national bank notes in circulation
and as much as provides for the redemT
tion Of legal tender notes in coin nfte
January, 1879.
Mr.. Kasson asked whether the biI
came from any committee Of the llousC
The Speaker replied that it did not.
Mr.. Kasson asked Mr.. Payne whcthe
he did not desire the judgement Of one Q
the regular committees OF the House o.
this bill.
Mr.. Payne's only answer waste call 10
the yeas and nays on his motion.
Mr.. Kasson suggested that the commit
tee Of which the gentleman (Payne) wa
Il member, the Banking Committee, nigh
be proper one.
Mr.. Holman inquired whether il wa
in order to divide the proposition, as h
wanted TO have vote on the last section
The Speaker replied that division o
the proposition was not in order.
Mr.. Hoskins inquired whether this wa
the bill which was known as the Payn,
bill and had it been presented.
Mr.. Payne replied that it was so with
out any change whatever.
Mr.. Kasson asked the Speaker il tn
bill did not violate the pledge OF til,
United States to maintain n sinking fund
Mr.. Randall and others objected TO de
bate.
The Speaker replied that he had no au
thOrity to answer question Of that Kind
4 vote was taken, and resulted ayes 81
nays 1856. So the motion was lost.
1t would have required twO.third.
vote TO pass the bill, and the fact tha
there was nearly twO-thirds majority
against it elected some laughter.
Mr.. Randall moved TO suspend the rulel
and adopt n motion TO have evening ses
sions on Tuesday, Wednesday and Thurs
DAY of this week for consideration OF the
legislative and judicial appropriation
bill. The motion was agreed to--aye'
l5e, nays IL.
SILVER COIS.
The House then went into Committee
Of the Whole, Mr.. Sayler IN the chair, OIL
the bill providing for the deficiency in the
Engraving and Printing Bureau Of the
Treasury Department, and for the issuing
of subsidiary silver coin.
Mr.. Toxnsend, of Pa, offered an amend
ment providing that silver coins shall be
exchangeable at par for U. $. notes in
sums Of not less than three dollars, and
shall he receivable for postage, revenue
stamps and for all duties to the United
States except customs in sums not over
five dollars, and shall be redeemed on pre-
scntatiOn in such sums and under such
regulation aS shall be prescribed, and
that the total issue OF silver coin shall'not
exceed fifty million dollars.
Sutechcs were made by Messrs. Landers
Of Ind, and Phillips, OF Kansas, against
the bill, and by Messrs. Eames, Of Il. l..
and Burchardt, Of ILL.,, in support Of it.
Mr.. Landers characterized the resump'
ton act as a white elephant on the hand:
of the Republican party, and expressed
his regret that any Democrats were found
willing to assist in its management.
Mr.. Phillips objected to it-among
other reasons because it established Q
third standard Of value.
Mr.. Burchard referred to the fact that
all Governments except the United States
4 subsidiary silver currency
and to the fact that it had been demon
stratcd that it was cheaper for the Gov
crnment TO issue it than to issue q irac'
tional paper currency. lie believed that
the people would not entrust the control
OF the Government to the Democratic
party unless they were assured that that
party would maintain the credit OF the
which was now "A high az 1
per cent.
Mr.. Bright opposed the silver currency
feature OF the bill, and declared that the
Democratic party had no interest in
the financial blunders Of the
Republican l,arty. II disaster hung on
the heels Of the financial policy Of the
the fault should he allowed
to lie at the door OF its authors. lie
spoke OF the bOndholders as vampires,
the blood Of the American pco.
pleas CormOrants, who are swallowing
up the labor Of the poor. lie favored an
appropriation for the employment Of the
| 900 employees who had been turned ont
OF the Engraving and Printing Bureau,
but he wished it distinctly understood
that il was not the Democratic party that
was striking down the system Of frac.
tiOnal currency.
Mr.. Hamilton, OF New Jersey, said the
Republican party had conceived and
brought forth the rngbaby and had forced
the ilIegitimate bunting upon the coun'
try against the protest and remOnstrancG
Of the Democratic party, and it was now
very unkind in that party to rcpudiatG
its own offspring and attempt to quarter
it on the Democratic household. lie
that by legislative and executive
the Supreme Court Of the
United States had been recognized and
packed in order to decide the constitu,
liOnality Of the legal tender law.
Mr.. Garfield supported the bill first as
a matter Of economy, and second because
il was n step in the right direction Of
general resumption OfSpccie payment. II
the silver clause were struck out Of this
hill il would be necessary TO increase this
for printing irnctiOnHlcur.
rcncy $2jO,OOO. He expressed his amaze
mcnl ut the spirit which pcrmeated the
speech Of the gentleman from New York
(lIcwilt) on his declaration that the re.
bill was n Republican measure,
and that therefore it should mol bolster il
up by Democratic majority in the
House. lie intimated that there was in
Mr.. lICwitts opposition to the bill
another big bonanza besides n silver
one, aud that was the obtaining OF
another big bonanza besides silver one,
and that was the obtaining Of contract
for the New York Bank Note Company
to print fractional currency. He re-
minded the House that fractional cur
rcncy had to bc renewed every ten
while n silver currency would
not need to bo renewed in half n century,
Tho gentleman from New York, there
fore, advocated n currency which would
cost tho Government about 81, 900, 900 d