The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-11-16
WHAT CONGRESS DISCUSSED.
gEsrNPT TON ~ THE house AND TIN,
iRMK BILL ~ THE SENITL.
The Latest Financial ~uRacs tions-speechcs by
Kelley. Hanna. and Others, hut no Action
when the Debate IL TO CLOSE The senators
.ho voted for an Army of 81, 900 Men.

Kelley. Hanna. and Others, but no Action
when the Debate IL to tIosc-The senator.
g. he voted for nm Army of $4,000 Men.
v ,snlSGrOS, Nov. BIN the House, Mr..
r.U. ,ucm.. Ind.l reported back adversely the
% allowing members mileage for attendance
heoAtrh session. Tabled.
Several bills were introduced and referred.
The House then resumed the consideration
q ,hrhl for the repeal Of the Resumption act.
'lr Hcnlcc u,cp.. VT asked the gentleman
,lo had charge Of the bill when the previous
io-uon WAS to bc called
Mfr Ewing Dem. Ohiol not being in his scat.
me Speaker said he understood that the debate
would continue to-day and to- morrow and that
slr Ewing would take his hour on Saturday.
tncr which the previous question would be
called.
Mr. Alirich rep. Ill offered substitute re-
roahng SO much of the Resumption act az au-
horzes the Secretary of the Treasury to re-
deem the legal tender notes In excess OF
300 100000. directing that no further reduction
OF the legal tender currency shall be made. and
authorizing the reissue of such legal tender
notes as may be redeemed after January. 1879.
Mr. Strngrr Pal offered substitute repeal
ias the clause fixing the date Of resumption.
Mr. Clark Rep. la offered substitute re-
gealing the law limiting the aggregate amount
II national bank circulation. and providing
Rat. n often rs bank notes are issued. the Sec
.,tary shall redeem legal tender notes in excess
u $3.50 OOO.uOO, to the amount Of eighty per
cont Of the bank notes so issued. and continue
such redemption until the limit OF $3.50 900 900
s reached. Also. authorizing the accumula-
non IN the Treasury " $500 600 900 ia coin
special redemption fund.
Mr.. Eamcs kcp i; ~ said that in his judg-
riNn' II wis pratt able To- r"sun" specie pay
mcnts ut the date fixed 10y the Resumption net
and IT ought to be done. ANY change IN that
law would affect inIuriously every business
transaction in the country.
Mr; Ballou rep. r. L. said that the repeal Of
thr Resumption net would b" perniciOus and
detrimental To business interests.
Mr.. Hubbe.l Rep.. Mlchl was Of the same
orini9p. He .Xpaincd his amendment.
MIR. Kelley tltep.. Pal said he was going to
continue m argument begun hv him in that hall
on Jan 3, 1867, After reading extracts from
his speech OF that date. he severely criticised
recent uttcrancos of Mr.. Hugh MrCulloch as
indicating nm Ignorance dis'rcdiinhle to the
country that had had such Secretary OF the
lr'nsury. and also downright mcndarity. He
Mr. kell"yl had converscd coniidcntlally with
many bankers. and he had not found one
fh" Treasury might hy law resume specie pay
mont on jan. |. 1879. its supply Of bullion
would be exhausted on that day the banks get
ing III IN time would make n good thing OF it:
here would be- DO cal 'ulatng how high the
premium on gold would go. or how long the
next suspension OF specie payment would con-
inue the necessary amount Of gold was not
IN the country, and could not be- obtained The
b"n"Na award OF tlb.JN.UuO WAS not paid in
coin. because the English Government wis
afraid that the withdrawal Of So much gold
would cause n financial crisis in England
congress. in legislaiing for resumption Of
specie pnvments was legisatng an impnss-
nility They might as well ATTEMPT to regulate
the laws Of erayitatIon or refraction as
g. lcgi-lato the flow OF gold from cred
lior t. debtor nations in an epoch like
he present. The banks understood all this
Ih"ir representatives were in Washington and
nai Yesterday invaded various committee
rooms. They had even gone. the newspapers
said. with three Cabinet VI nisters To the White
House But he did not believe that story He
euuli not believe that forty or fifty men owning
money bags had Cabinet Ministers ready 70
drop their business and to escort them with
snrV iity 10 the Executive Chunl.r m.