New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-11-16

bank notes issued the Secretary shall r..e...
legaltonder notes IN excess OF S3jO,O0).OJO 20 IN
amount OF 80 per cent OF the bank-nOtes 50 ..u.d
and to continue such redemption unt tho limit OF 800
OOOO Of eglltender notes IS reached Also aiifbor
Zng the accumulation In the Treasury ~ s2O0ODO Goo
IN cOin rs special fund 70 be used for TO rcdru,oo
OF legatender notes and then. after pblc notice aT
thonzng the redemption OF cgatendcrs when preseniod
for That purpOsc.
Mr EAMEs rep. r. - said hat the consideration q,
whether was practicable ~ the provided In tb
Resumption Act m the present condition % the county
% redeem tn coin the National notes January s-g.
second II II was go whether this resumption con be
made at that time without detrment 10 the material
interests or the country: aud third Of 10 could la
done, whether any change should be made In ia
existing law In his judgment it was practics'to 10
he was therefore, opposed 10 the bin before the f ~
IL was OF no consequence how or why tho Ia IA,
the date OF resumption. Since that avy Ia
passed every contract which had been entered Ilto
view to resuming on the day fixed any change 4,
that law would affect every business Transaction IN the
country. No change was required and change M
TO be made because, n the law left unchanged he
result would be that upon The LIST ~ January 1870 the
present circulating medium would be equal In purchase
bic value, to gold
MI BALLOU GIcp r. H. declared his belief that the 70
peal Of the Resumption Act WOud be p.rnciou. and
detrimental 10 me business interests OF the country
Mr. HUBBELL rep Mich.l declared himself IN favor
opinion the country had reached that period wnen ,fs
commerce and general business should be provided for
He explained and advocated the amendment offered BIZ
Mr. KELLEY rep. PENN was the next speaker and
prefaced his speech by saying that ne was going to de-
liver what in religious parlance would be called doe.
uunal discourse. lie proposed 10 continue ar-
eument begun by hm In this ball on the 81
% January, 1867 He read some quotations from
that speech in which he spoke Of the imam
cial measure then pending as one that WolI
make the money OF the rcl man more valuable, and
would deprive the POOR 81 the vaue o. bis labor
lie also read from an article n ne Worth ADrlcn Re-
rier, over the signature ~ 1lr Hugh MclulJch, which,
he said exhibited such ignorance ~ the very elements Of
the question at ssue left no cause FOR wonder tha
country under the dance OF such rs Score.
tary Of the Treasury should have gone from
prOsp rity 90 bankruptcy. The opening paragraph
Of that article indicated ignorance d.,creIitl6e
thor had been, and mend1cty which invoked an the
0pprobr0us ephet. thar ever bad been Lre6 from the
many bankers and he had not found one ~ them who
thus speaking clnhdenualv did not say tE T. although
the Treasury might law resume specie payment The
exhausted on fbaf ay bv me fodr. ~ ccr,itc't n
deposit, aud by banks who would nd f0rw ard larae
having TINS been trIusf.rr.d to b,nk. and V,tf,1a
suspense having again occurred the time for The profits
arrisef for. nnder "A new Suspension there von!d be
would go. or how long sus' ensOn would continue.
lie rccauituatcd me debts " the country National
STATE city. county, and corporation, and c0Hasfcl with
and showed maj when a. teey, award nj sl5 50O00
was made some years ago that award, which WIS pay
ee I'D com was nCo 80 l5sf 4S lr Ls9
IN '' ny S', ~ @ m G i .''T ~
most potent Government The banks underst5oi
ah mis-. Tgey know there could Doe no
Thrir representative were IN Washington, and Dad yes
tcniay invaded various commit rooms Ih.F t4t
Ministers 20 the White House. WY did they NOS rather
hear the Vol es ID mothers Of orphans of men. women
selling s.T y' ther a6or, and nd take counsel ABOUT
thai The banks were not plr@fhs lor T.
and they were increa ins their circulation
The National banks had failed once, in September
tue contempt which was being h.aptd upon b. I peace.
~ ZOO OGOOOO was certainly enough 20 sustain
credit OF $1,000 ,OO)OOO H. pointed o. thc shrink
o56oo6 l ast year-aud TO the .6rnkig. in In:
assessed value OF real and personal prop tI n
H. predcte thai II the Resumption Act was TO bee main.
tanned the SuitIngs OF On, last i|o years N'ua De,
WheI COMP ,i.H W'i ,ii ~, S'' - ~ 49,, oro
pared with the Attic cold that builds lp me mountluols
iceberg IT. asked the House ID ~ p. OH, III uA,L'
statute. Igstood menace o. c.nndrnc.-the, el5 ne
,troycr of credit u "1- notice to 49, I gapi may
me BODY o. money was % DE 90" tt ' es
must fall and tha' tn'igofe 'ae G'' ' ..Gp
"D,, mg Ca,r vas or in thc vaults o. tae banks
lie had hear! Of monr}ed institutions in Ncw-fork t'lt
paying De Ncs on Doe inartsi pIolriF' 'A.. ''a
take u 90 .is present decree aed ylu' ana tDi' ne
ID Philadelphia. lie kne" oi ln"it-'seor' Muo WI,
glrg Tine mortgages to take The property AMI nee e
IIllu- lhi-mrut, Mii|h M.ti.'A 't.-tib
inc hopes OF their future lie In conclusion Nt sai'
.prl thar Act restore coudi tucc allo" TIE Iimp3
and fhc millions of work ugmrn alo Women NA0 ale
now living in despair, 100 20 to work Oh your IaF
material and supply each other "lth WOrh. No h-tol,
no ufiuiau4l was freed from d.hf p lirn-ss ana
want OF industry. set Ore miners Oi Fthn-- Fa ma
he other coal States at work DID, prodtA- power Let Ae
q lal which they mine quicken Foui ihiclil'it' ~
wages DE earned by OBJ, working people t9 cAt -Irn
TO pay their debts, aud 10 consume duiAole ana 'AaVo
commodities"
NJ HARTZELL Dem. I'D said that the hesnmnuln
Ar had DESTROYED all the business transactions oI tIe
country and mat taken the money nom tIr professor
the people ana placed 20 n tue possession oi tt 9 oeA'
and moncv lenders . f..
Mr HANNA U;ep.. Iud) declared himself opIosed %
the Resumption Law a~ il now stood ID. N,- 10y ~
favor o Wild and ckl"ss initiation tir "a t"'o. %,
,eeping the e.al-tendcr currency intact hlI rh"'"t
have the same purcGa>ahlc value ~ -n.L IS
y Republican, he ,cOmcd tn, lded OBJ Irlu'l ti'n;
in behalf Of an honest constituency. d. hIl''t
back tID chlrge th3t thr PROJECTION, o.. tt p'.I' ln
were, taking a step toward rupuiuiln Nf "'.i.i'".i-
tile repeal Oi the Resumption L.". IAe op''',u- y.
fu. OU characterized tnc ic- 4.cuarf l0ie- - 81.
money" (. wts by virtue OF these rags lH iN' '- ~
tI. Union Heated dN oyer tur tii9l pi '.i -''i.
Il aad wrought ruin enough. and therefore A' "'7 '
favor of ITS repeal -, H. ,. 40
O'Clock, adjourned
THE COIN II THE TREASURY.