The New York herald., 1877-11-14

Samuel d. BabcocK, A. A. Low. J. NJ. Fiske. J.
P,errspont Morgan, w. 4. Dodge. Jr.; ". X Jessup,
j. T. Kennedy, j. r. Townsend, u. o. French. James
NJ Brown, John W. Ellis Charles NJ. Fry and William
A. Hancg
from Philadelphia Frederick Fraley A. ).
Drexel, George W. Childs and Charles Plat.
Dir. Frederick Fraley, of Philadelphia, argued that
Il would bo inexpedent to adopt silver for uli
legal tender obligations due by the government and
the people OF the United States 1t would certainly
reduction In the value Of an already deprecl
ated currency to pass the bill at tho present
time. II IL was question solely OF the
United States there would be great harm
in adopting the meas ure before the committee, but
he sald:-"As we have laHo dealings with the out
side world should we adopt deprecated standard
our people would have to suffer the re-
salts.n He thought II tho paper currency
were allowed to circulate n would be but
tow months before 1t would DO at par
with gold He further expressed the opinion that tho
passage OF the bill would completely check the negot
alton OF loans to fund the six per cent
bonds, aud advised the committee to look at inc
question as ono which connects the United States
government with the outer world, and not TO act
hastily upon so serious a matter. Mr.. Low argued
that should the bill be passed could predict
the amount Of injury and loss It would occasion.
Mr. Babcock believed the bill had two prominent
features, one being the reconciliation OF silver ana
the other the decentralization OF gold, and thai when
the bill became law If IL ever should, gold would go
from our country and silver would come in he
further argued that II the bill was passed
upon the people It would injurc the credit
OF the government and it would be injurious to all
kinds OF industry. The difficulties At present expert
cnced by the abor!ng classes OF the United States
we're caused by capitalists Withholding their money.
and he thought he had tho right TO ask the committee
to act slowly and cautiously upon the matter.
Mr.. Townsend spoke IN favor Of tho savings banks
interests. He stated that the Bowery Bank OF New
York city held $15 900 worth government bonds,
and If the these bonds is TO be paid In sill
YER the value will necessarily dcprecntc and tho poor
people viii be the losers Hc said he desired that the
committee should fully understand these facts
Mr. Ellis made an argument substantially as fol-
s:The amount of, six per cent bonds outstanding
IS s729 600 000 and the annual interest s s43 600
The amour, OF Ave per cent bonds outstanding
IS s7os 100000, and the annual interest Is
s35 400 COO Total interest," SO, 100000 per annum.
II the same amount funded at four
per cont tho annual interest would be S57 4S0 000 or
an annual saving OF Sz1 $50 uO0 II the bonds were
paid of at the end OF thirty years the total saving
during that period would be S649, 500, 0O0 II the
same amount OF bonds was paid OF in silver at the
present rate instead OF gold and the reative value
of gold and silver were continued as at
present say difference OF eight per cent the savings
would be STA 960 O00 or If the annual Interest was
paid for thirty years to come in silver instead OF gold
the saving respect would be about S19O 000
showing q total saving to tho government OF tho
United States by substituting silver instead of gold,
OF about 1915 000 000 against about $3.50 O00 600
which tho government would save If tho
pJoA fnur mar rnnt Mr. art
con,ended that should this oil be passed. all that has
been gained the past three years toward stability
and a sound currency would be lost.
Representative Bland, OF Missouri was present,
and being called upon by the chairman Of the CON-
mittee spoke IN favor OF the b after which the
mittee adjourned
AND HOUSE.
Tho bill introduced to-day by Representative Banks,
OF Massachusetts, so extend facilitate and cheapcn
land and water transportation OF freights and pas
sengcrs, and to promote industry and labor without
further Appropriation OF public property or In
crease Of public debt" proposes that all
moneys due that may become due from the
several Pacific railway companies shall be held and
set apart special fund to be used exclusively to
aid in the improvement Of such rail-
ways canals and evecs may by Congress be deemed
necessary and proper to enlarge, extend facilitate and
cheaper the transportation OF ireghs and passengers
in tho several States and Territories OF tho United
States, and that other public money he ap-
proprated for such purposes. The bill requires
that such money, when unemployed, shall be invested
in United States bonds, and when advanced on public
works OF the character specified, shall form first lien
upon them and that when the money repaid shall
in like manner BIO paid back to this permanent i'm
provement fund.
Tho bin introduced in tho Senate to-day by Mr.
Sargent, authorizing general account OF advances
or the naval appropriation authorizes the Secretary
OF the Navy issue his requsitons for advances to
the dsbursng officers and agents Of the navy under
general OF advances to exceed the total
appropriation for the navy, the amount SO
advanced to bo exclusively used to pay current
obligations upon proper vouchers and that the pay Of
the navy shall hereafter be used only for It's egti
mate purposes, as provided by law The bill further
provides that the amounts advanced shall be charged
TO the proper appropriations aud returned 10 tho
sGenerai account OF advances" by pay and counter
warrant. The charge, however, to particular appro-
priations shall be limited to the amount appfo opriatcd
to each.
The bill introduced in the Senate by Mr.. Mcdonald
In relation TO distnng and rectifytcg spirits pro-
vides that the Comm mssiouer OF Internal Revenue,
subject to the approval OF tho Secretary OF the Treas
ury may, special and by special permit,
authorize the Installation and rectihcation spirits
be carried on In buildings heretofore erected, and
less than five hundred feet apart and u direct
line. IT. IN his opinion, interest OF the United States
Will be effected thereby.
The bill introduced by Mr.. Eaton to encourage and
protect the shipping interests and to revive American
commerce provides that when tori biddcn by
stipuations, discriminating duty OF ton per ad
valorcm in addition TO the duties imposed by
law shall, and after the lst OF AprI 1873, be
levied and collected upon all goods, aud
chandise which shall bc imported in ships vessels
oil the United States, and that the President tho
United States shall take such as may nc COS
sary 10 cancel and terminate any treaty stpuatons
now IN force preventing the levy and collection oil q
discriminating duty as herein provided.
Mr. Eaton also introduced bill allowing registry
TO foreign built vessels which provides that IRON aud
after April 1875 the entitled IAN act conccrninc
the registry aud recording Of ships aud vesselsn ap
proved December 81 1902, and all supplementary