New-York tribune., 1877-11-08
INITIATION IN THE HOUSE.
DEBATE or THE BILL 10 REPEAL THE RESUMPTION
ACI-SB. PRICE OF IOWA, HARD MONEY MAN
AMENDMENT PROPOSED BY MR.. cox, OF ONO.
InY rELEaRAnu 10 TLLE IEmENEL

DEBATE ON THE BILL 10 REPEAL THE RESUMPTION
ACG-MR. PRICE OF IOWA, A HARD MONEY MAN
AMENDMENT PROPOSED BY MR.. cox, or ONO.
lnY TELEGRAPH TO TEBUSEI
WAsHINGToN, Nov. THE debate on the bill to
repeal the Resumption Act proceeded in the House
to-day and occupied nearly the whole session, with
out attracting the attention of more than dozen or
twenty members. The most significant speech of the
day was that made by Mr. Price, of Iowa. which he
took firm and decided stand in favor of hard money
4 few Western Representatives, has already
been shown by the indirect votes on this measure
last weCk-will act in harmony with Eastern men
for the maintenance of tic faith of the Government
and the preservation of the Resumption Act. How
much courage and political independence it requires
to be a harl-moncy man in the West. is shown by
the fact that so many who formerly were counted
upon as sound on the currency question, have been
swept from their mOorngs by the public sentiment
of the Mississippi Valley. which has beer so much
misled through tie efforts of a few demagogues,
as TO Join with the Democratic inhationsts
Al support of the Silver Bill aud TO hold very uncer-
tain positions touching the Resumption Act itself.
Even Governor Cox Of Ohio, advocates only par
tial execution Of the Resumption Act, and proposes
sliding scale for the redemption Of the United States
notes by means Of which he hopes that the green
back might be brought to par with gold by the lst
Of July 1880 His speech to-day in explanation Of
ton of the House few others did. The discussion
Of this measure VIII be interrupted tomorrow by
the Committee on Appropriations which will call
up the Army Bill. As this Appropriation Bill was
thoroughly discussed at the last session of Congress-
and contains no new legislation Of any kind, it
should be passed by the House in one day. 1t may,
however, occupy the remainder Of the week, and the
Senate meantime-as il is not disposed 10 20 on with
the contested election cases from South Carolina
and Louisiaua-has absolutely nothing TO do The
full text of 4lr Coxs amendment to the bill reported
by the Committee on Banking and Currency is as
follOws
Strike out az after the enacting clause and insert;
rfaf socfio 4 ~ the act passed January A. 1879 en-
tted An act to provide FOR the resumption Of specie
rovmeuts Dc so amended 10 read as '0Aows, 10 Wit:
~ me Iited states limiting the aggregate amount Of
circulating 0f the National D&ihuE associations DC
s~d hereby repealed and each existing banking associ-
st,on NAV increase ITS circulating notes In accord
Snce y existing law WitL0St respect 20 said aggregate
limit aud new banking associations may be Organized IN
scI,,1|rce with exstiug law without respect 10 said
aggregate Hmit, and tic PROVISIONS o. law Tor win
drawd and redsiIlpu'i9n oL N"suI'I @ r1 sr
aaS,SD3f a. ~ JatUarv Anno Domini 1s7s the Secretary
~ the ry shan on heir for redemption
al The Office OF Assistant treasurer OF me Oh'el
Ss.fes IN M. civ Of NeW-Yors sums Of not less an
so redecm lie United States legacnder notes then
cufaudlng "a the rate OF 81 cents on the dollar N CON-
81 On ana after the Ist day OF July. A. d. 1873 The
t-,, g. - - ne Treasury shall under the mita-
fious i'm ike manner redeem said notes al tbe iae O
oi cnts on the dollar in com; and and after the
;ras,yy shall under the same limitation, like man
80 r5cem said notes at the rate Of 80 ccnls on the
HdS I'm coin and on and after the LIST day ofJuly A. D.
1879 the Secretary OF the treasury snsll, % uIor t
t0me limitations, IN IKE msnnef Ioue9 fbs SoaT in
ssoin and on and after the lst Gay OF
January D. 1880, the eecreIaI{ i VI @ .no redeer1
d 1te AZ 90 cents on the dollar IN CON- ana on ana
rter the 1st day of July, y AsoV' 'ns 0Ses'' " ''