New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-02-21
YLIVM CONGRESS-FIRS1 SESSION.


REGULAR REPORT OF PROCEEDINGS.
MR. CulrfENDEN on THE DISORDERS or BUSINESS
BAD EFFECTS OF TOO GREAT FACILIIIts OF
CREDIT AND 100 MUCH PAPER MoNEY-Mk.
KELLEY on THE MYSTERY OF THE INIQUHY OF
HONEST CURRENCY-TnE SENATE NOT IN SEES
SION.
HOUSF.... WAsHINGToS, Feb. 10, 1876.
The House met for general debate, As in
Committee of the Whole. Mr. Eden tDem., I'D in the
chair The attendance unusually large for debate
day. TIE first speech was made by Mr.. CHIlTENDEN
Qnd, ". ia favor OF specie currency. In tie cou 80
OF it lie said:
Then popular the Try. Mr. Speaker, that my subject
has been powed ana b1Iro~r unti no spot remains I'M
TILED But is "A great and grave mistake. Contrac-
ton Of tie currency has been neglected too long AM AT
enormous cost. In my Judgment ihe lesiioner drDt
of the United the of that towering growth
OF speculation and taxation which threatens tnuFi Us
all abyss OF ruin aud u tie curse cO'inu's much
LONGER to Cypress the people and blast te commerce OF
country, winch Is OF Itself Gods ialIesi heritage AN
disposed to be- wise responsible Tor H. regard
our Ncd currency siem tnicc-lod an"inOly III
the rst place. haze the esal-iendor not 3 deyee
aud inv, ntO Of wal In the second place. "e nave banks
founded wiih real capital In general harmony Win an
GENIUS OF free Institutions ana Tie dohaIits Of hohest
cohiiicrcc. 81, -, .
te trd place. by OF Con sToSs the oanA currency
Lave described every dollar OF which has IA iect more
dollar gold back lt, Ii rcdcoIaDlo IN nDt"s
which useless Tor the liquidation Il deDls beyond our
natiuna. boundaries, and only oi value Nlh tA.h ot
cause through forced AMI unnatural reading Oh
thc Constitution las made them legal lender. gladly
that tLs pcop3 nave dsc!titu al c 81 III lac
abstract Tor an etly ieShhI tloh Vi sp.'o ia' i'n'o
believe that the great majority are educated
and prepared 10 discard all Slams ana COM t"hcos ANA
port their &c reehiail'cs III fu IHiat on as tue
present cn,ies Il, mdd. Bni nave We npI Too hI.cA
currency Tic y nteIau IRON Fchn>iii ANA Days No.
with great 'ihphsia' Ie, Is '"oa NO ~ 49, -,
First. wish IL cad your attention u tAe iict th Win
-ti-icnue. notes Withdrawn We are sue 10 nave cur
Icncy 'L"ugh under visiting l"Ns Mnlo man 100
National bnAs doing CUISINES, and now binhs Win
ont limit, AT liberty 10 issue 30 iho currency Lat can
lies pronD.g1 employed Whenever ard MHei. yer II is
needed And called Tor ~ lcgi innate commerce IhS Ii
.tIf emf Ia
ul history winch Gcmonsrate ana show ,oneiu-
s.yeD experience proves amy iAlns th We SHAH never
nuI a .. IS 0r conid nee lad enterprise gntli
have H. sry contracted Que currency l. me crisis o
1891 bn.s col tie STATE OF NoN-l orh 81 nu.u spc
Gle Payments e lJtn Of Ma. I0Se .rif chart
ury compelled To- resume on or before tnr lOth OF
May 1855, Inry did 80 resume AID IN dong II they
ron,l.. cd hcr issUos from s2JJUJOOO on &c 1t OF
Jpnd9ry lsJ1, q" slJ,CVOuVO IA round Ln'e' CA me
Tue Da.Gs ol tlc Whole country suspended l-aiu IN
1871. and IL sumcd generally ~ :De fpp" M ye- aai
e Is important purpose 10 compare tno c.-.ac-
lion and les NINA ttr con.o .cnc thai Win
the MIA ION which followed tine panic o. 10 id 'is
consc the paper circulation o &c "'e o"un-
~ IA 1901 vi, -t.UUOOOO 49, 1913 Hti ''h''o'S"
10 45G,JVO.ODO 10 bi"" ans ia I'|' hefa Soo'-
OUo,OJV. N IoJ,, T'7.,uJ"uo'l mere - coHu.cLoh oi
sJy.oOO,OOU IN ,ii.a."ion. aud siO-,JO,JoO Al D.uh
We coHc now q me p-ho 81 1901 "u' j "pO't 90
contrast ISSUES OF tas VITA te tii,oy nave Jua
rec ..d. The law O jane 20, lo1i nihc months alter
to crash instead ot provoking or inc S"ud Jay mont
Oi tnr cs4l-tsdcI debt, - IL should nave do.t .iuc
new mice 42G.OOO.JUO of 10 into oar hilso pal
ed" currency systoni ~ncnOy baik eouis were Jaw
fully enormously enlarged And lie Law al @dI II,
der only II - per cent of tc mesa
bona currency Dy Is suets lioo wall Dc OBJ
served IA DOth it, great nntncla nVis"Cs since
the ptIlc 81 l,1, congress ,nss 10 Inc ih- ~ pt
tcrous Theory that more currency Is the cur 10. te is
s,i; that, too, IN tnv ,.cc OF c,uciiJ IA tla
'"S -, - $50, -, oi ,,'c ~ ,, ,i'.,'.s i ~. .,a
~. also IN tbs lace Oi enormous aud .n
snrAagc saues, !It a'5 lar In advance C nJso %
loJI "at stili soiils Oh ana on
menl We dtl con tict'on' sharp VeAciheht' 4o1|'
So D.
aAd enterprise are o,! Sara 40 the eon.tAsL "y uOcs
II cAi,ti VIII tell yOu why
liz 1857 we nal no dshonOrol lcg.lteuder debt-aii-
Other ion Government machinery iOt tidnS over ai
form, OF eAtra,a ,ance aud banhIul 10y -s had
1873 AMI sti have The race Oi brilliant m VINO nov
trade 10 grow up To Yolhno 0f currency Er~c!y
Ia ex,ess OF that IN use at the climax u tAo r.@ay
mama had not that become powerful. BGk oIodts ana
currency we've tncn let to pond TO natural laws.
fearicssy Affirm that there is not argument In
support Of the p.eScut volume o currency tdt Rot
equally iondbe to JUSTIFY us indefinite CNsn>on on ,Ac
ninsest ploteXL Unless all economic Laws
accepted us PRIOR 10 tho war hye been abrosatod or
rcy, Tsed; unless inc sun iiscl. IL turned baeA
unless We arc hereafter To cultivate strawberries
in ice,nouses. AMI plo" our fields with &c Aea -
OF our horses hdessed To tho wietieos unless We aie
IN tue future 10 build our houses Without foundations.
ana navigate the seas IN paper ships, We shall a. re-
svlI enterprise country untll
we maze rnl ana irruycisIoc decree asl>t i"o legal
tender deb. abomindon, leaving tao commerce oil o
country Tree To nN itS own ws III respect 10 IA hoial'
currency and bank credits. The Is cloar. ar
speaker, tnat Utmost feel II To De an impchmehto'
he common of tie House 10 argue Serious j.
Dss uisc may, there bat one remedy Or cAs-
prosper when We become honest ana Lo' oeor' IL
there true in any direction OF Restoration % Co-
ndcuce and the iuhtADic eupuy htht ol 'dht'i now
ids so long rs IA present con On az tAc ou4lccJ
cou.inurs 7 Not slcn s-n tnIt can discover.
IL IL idle to tiA p eSal tenders In cola IN 1879
without steadily funding tnen PRIOR u th..t There IL
nothing in history, nothing IN tie present commerce o
the world, nOlAlng own inaicntcss resources,
lucos We lind wherr Inne gold aud silver pure
cut gIiite 20 warrant Tie hope Tat Uo.rON
or hoard gold enough 10 resume ani maintain coin pay
meu,s present volume Oi currency. our
drDt aud oUrnouS Aes al home forbid ~. such scccs.
Resumption Dy Cove ninent means resumption bs 2.OOJ
National Danks. To think that u4dor casting
clrcih-otnce II To think without Ina la
Ignore history, experience, ANA coulih0n ns'.
Ny prop slDn 10 aItiiJrke tho sSdc OF Si,OJ 1000
ot Duais mouth for eight months OF each JoaI, be-
ginning with H,bruary ana including sepcmJc., tue
DVS Kun 10 years, bearing interest 1t rate Vf NOT
exceeding i2 per cent per au, ana ~ Dc cold 70 tue
highest irI tho Hisl Tuesday uI the mOnLu FOR legal
trnueis, tue iattsr De hnnsuaL,y destroyed. Ibl,
eiic ctiyc Nobody mistake lis meaning or
itS scope Ii means clear away tho wrecks with all proper
fObca 81 ans bury tho dead tilt tie lIii. may
cOHnre 10 1--we. In means .cSisltton iOr tn9so wao Ave
by had and OH liked SALARIES, Instead OF legislation
in ho interest of DfiDers AMI hopeless bank
IA "a and lust here tho iiIc OF batlc bcnccio,ih
both and cuG OF Congress. Finally my proposition.
staple IT, means specie pIyniutS, perhaps not III
IST.-I thint n0t-but US soon ~ rfdcticube.
how long Mr. speaker shall ts precious Resources OF
our country trliiOJ Sn Congress, year after
ear Waste ito tuo IN d5bdtia. pa tOg coutryaaocs
pain 10 the common ntcilgencot Are We To assume
mat psopia OF this country consent W giyen
slaiis dcusons Dobt Is not money. surely II
ispsL Tc 'sIt.c1dcr drbt of the United States is not
good neg II pcrxSt 10 tho contrary, tc time viii
o,.g money VIII be nIosoonyefu1lo. or ut