The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1877-11-08
XLVth CONGRESS-E Extra Session
HOUSE..

HOUSE.
WASHINGTON. Nov. T.
The resignation of Rev. DR. Poisal, chaplain,
was accepted aud resolution adopted express
sing the regret OF the House at the resigna-
ton.
The regular order of business being demand
ed, Mr.. Atkins said the Committee on Appro-
priations did not desire the Consideration of the
army bill today, and the Speaker declared that
the regular order was the consideration of the
bill for the repeal of the resumption act.
Mr.. Gardiner of Ohio addressed the House
in favor of repealiog the resumption act,
claiming that the tendency Of the act was too
rapid contraction of the currency and that
meant rapid depreciation of values and conse-
quently general bankruptcy of the active BUSH
ness of the country.
Mr.. Cox of Ohio, advocated his amend
ment
Mr. Blair of N. H. suggested to Mr.. Cox that
IT the refem ptloD of legal tenders at a dis
count of 8, p, 2, u, and per cent. was proper
now the same thug might have been done
when legal tenders were not worth so cents on
a dollar
Mr.. Cox 10 reply drew a distinction between
ordinary and extraordinary circumstances.
Mr.. Blair-Then if the distinction in regard to
contracts is a distinction between extraordinary
and ordinary circumstances, would the genllt
man have applied his principle when legal
tenders were so cents on dollar, which was
ton?
MIR. Cox-As practical matter of history
began to advocate the doctrine which / now
state in 1867 when gold was at premium Of
1-16 per cent The innuendo is often made
that we were breaking contract. L wish to
be distinctly understood as saying that don't
believe any such logic in regard to currency.
The currency is 10 the form of loan by the
people of the country to the government. !
am entirely free to say. resumptioDist as 1 am,
th If hn of ha
thai .sns,totiuos i., Ga1ensss- that thew do
not want the government to pay it in 1880 or
1890 or any other time, they have the absolute
right to say so. 1t is question between the
people and the government. A legal tender
note is on its face contract to pay in coin, but
the question when coin shall be paid for it has
been distinctly relegated to Congress-
Mr.. Riddle addressed the House in fla.
vor of the repeal of the resasumptlon
act and made an earnest plea in favor of sub
staniial equality in imposition of burdens and
distribution of the benefits of the government.
Mr. Price said he had voted to take the bill
out of the morning hour not because he beliey-
ed in the doctrines of the bill, but because he
was opposed to anything like gag law or the
suppression of discussion, and also because he
belived truth had nothing to fear in discus
sion with error He did not mean by this last
remark to say positively on which side of this
question all truth or error lay. The question
was one which agitated the whole country. 1t
needed discussion. 1t wanted some light shed
upon it, and probably some light would be shed
upon it in this discussion. IL was alleged yes
terday by Mr.. Phillips that the contraction of
the currency and financial trouble of the coun-
try had been brought about by the resumption
act and that the retirement of so many nation
al banks would not have taken place except for
the passage of the resumption act Ifthat gen
tleman would examine the history of the coun-
try for the last two years he would change his
opinion in that respect. So many national
banks had retired their circulation and wound
up their business solely because the taxation of
national banks is go burdensome. Two hun
dred and thirty-three national banks had vol
UNFAIRLY gone out of existence, not because of
the passage of the resumption act but because
taxation of the national bank property was
greater than the taxation of any other property
in the country.
Mr.. Kelley Of Pennsylvana-I beg leave to
say that the taxation of national banks has not
driven single banking institution out of ex
isteDce. My attention was called this morning
to the fact that the national banks of Pbila-
delpbia have just declared sem-annual divi-
dends ranging from to 10 per cent, and have
been adding to their surplus, and as 1 init
mated the other day, one of our national banks
recently made not an annual but an extra divi-
dend Of 100 per cent, and 1 say that taxation
which allows such profits is not oppressive or
calculated to drive capital out of business The
gentleman from Ohio must look elsewhere for
a cause
Price-There are exceptions to all rules and
indeed exceptions prove the rule. There may
be half dozen banks in Philadelphia and else
where able to declare such dividends, but
speak Of the system as it stands all over the
country, and challenge contradiction when
ay that the bank property of the country pays
more taxation than any other species of prop
erty
Mr.. Kelley-I desire to apply the gentle
mans own assertion that the exception proves
the rule. If 230 national banks have retired
for some cause or other they have left snr-
vivorship of 1000. The banks that have re-
tired ere exceptions and only prove the fact
that the banking busioess is the most profits-
BILE business in the country.
Mr. Phillips of Kansas, suggested that the
reason the Western banks went out of business
was that they could not exact more than u per
cent. interest, whereas outside of the banks
they could exact per cent. a month.
Mr.. Price replied to Mr.. Phillips, and ciiti-
cised the statement made by the latter yester-
day as to the prosperity Ut France under its
large circulation. In conclusion, he said, 81
want the country to stand by its promises 1
do not want it to 60 out to the world that we
cannot do anything What have we ever tried
which we could not do? We stand to-day on
the highest pinnacle of honor: we stand peer
of the proudest nation on the globe in point of
honor, in point also of financial ability. If we
are true to ourselves we will accomplish all we
have promised, and shall continue to be what
we are today-the admiration of the civilized
world. (Applause)
AfCer some furt0ef discussion Mr.. Blair con-
troverted Mr.. Kelly's historical allusion to Eng
land, and asserted that the troubles of those
times did not commence till after actual re-
sumption Of specie payment.
Mr.. Kelly sustained the correctness of his
own position and referred to Allison's ard
Doubleday's histories in support of it.
Mr.. Harrison of Illinois, depre Gated the tone
of Mr.. Prices remarks in so far as they assum-
ed that this country was not subject to the same
general laws OF trade as other countries, and
advocated the passage CT the bill. AS to the
argument of pighted faith to bondholders he
said there was no respect for the faith plighted
to the people. There was an implied Obga
ton on the government to protect the laborer
aud the poor man. If this thing " ent on, he
prophesied that the people Of the West would
never submit to the people of the East robbng
them for the sake of the bondholders.
The subjecl then went over till tomorrow.
MIR. Blount from the naval appropriation
committee, reported the naval deficiency bill
and SAID he would ask action upon it as soon as
the army appropriation bill was passed.
Mr.. Page presented an address of the people
OF California on Chinese immigration. Refer |
red.
Mr.. Wood offered a resolution calling for iE- |
formation as to the expenses in the War De- |
partment. Referred. |
A Democratic caucus was announced for to- |