The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1877-11-08
CAPITAL NOTES.
CONGRESSIONAL PRoCEEDlNGs.
The % Oslse.

The Speaker lHtd before the House y eohlnu-
npation from John Pereell, rendering bis resig-
Mr.. Stephens offered Q resolution declaring
he m9s had heard Ybh tba Ee Y s rea e
House had returned Its thanks to its late Chap
lain with its BEST wishes for his success In his
new sphere of usefulness.
MIR, Atkins gave notice that he would not eall
up his army bill. which was made the special
order for tho dey. until to-morrow
rose TO o personal explanation In reference to
hi action yesterday In relation to the reference
Of a bill prescribing o form Of credentials n $50 for
The Com mittee on Rules by Mr. Stephens, and re-
ferred 70 the Committee on p Elections. -, o..,
Mt. stephsns moved to diseharge tne gomi
the bill. and to refer IL to the Judiciary Com
pittee. The melton was agreed to by Mr.
The motion was formally put and agreed to.
House on the bill repeating the third section ct
se he rspea q 3Re ha M eetioa besvSs the re-
sumption act had failed TO accomplish what was
expected of. It by Its friends at The time OF its
did ho think the country was prepared for con, n,
traction Of. legal tender notes. He argued that
they were issued as o var measure 'anay and snly
under the RESUMPTION act The court would
not sustain their reissue.
He then explained the principles of his pro-
posed substitute which retains free banking,
ths principles Of resumption on graduated
scale. commencing to redeem January 1. 1878,
at ~ i cents IN gold for greenbaek dollars. and
increasing at the rate of onss half cent on the
dollar for each successive elk months thereaf-
ter until greenbarka ere redeemed at par. This,
he believed, would bring about a, national and
healthy resumption In q manner best calculated
to promote the interests Of the country
@ wt hs oon sna M q ea t
specie payment. He admitted the ambiguity of
language in the cause complained Of He re-
s se % ,e on S
subject. and thought II desirable to take such
steps as could be carried to q successful result.
idea a s1 n ns The
legal tender characters Of greenbaek notes
should cease. Party lines. he said. had been
to agree, regardless. of party lines, upon this
plan for improving the currency of the country.
Mr.. COX considered a non iluctuating cur
reney as essential. He was In favor of holding
what we had got and would not open the door
to initiation or anything that would lead to the
huetuatlgn In value of the currency.
He said that the process Of resumption pro-
posed would afford constant test whether the
currency was in excess of the business wants Of
the country. and Ii there was surplus, this
would come in for redemption. and If 1t was
wanted, the currency would not be presented
A legal tender note was u contract to pay In
coin the value Expressed on its floe. me time
To fix that tima rested with Congress, the rep
resentative of the people.
Mr.. Riddle reviewed and criticized the legis-
lation on currency since 1sgs, declaring 1t un-
tiaity. and said that for ali this the Republio,n
Mry Prce spsa thaf he had voted to take
tes bill he out p aas chewing i2t ss r.
fses s the Of @ aaa nens e fear Re ID G
eussion @ On, with error. He did not think that all
the truth was on either. side Of this question:
light. and he thought the discussion here would
give some additional light on the subject,
=, He then, proceeded to the defense Of the ma, na1
tonal bank system. and said that 233 banks had
suceumbed on account Of the excessive taxa
ton, which was greater on banks than on other
Mr. Rely said tbat taxation had not driven
q bank out Of existence. The banks in Phila-
delphia had paid semi-annual dividends rang
ag ro 10 resany s
extra dividend of 100 per cent. He maintained
that such profit rs this was not calculated TO
drive capital out Of employment
Mr.. Price said these were exceptional cases:
and did not disprove the rule. He reiterated
his statement that taxation had driven and was
driving the national banks, to, surrender their
circulation. These banks had put over $so.ooo-
~ Mr. 's Rely asked If 1t was not paid with gold
circulation notes printed by the government
and redeemable In worthless. lying greenbacks.
Mr.. Price said these notes were printed ~
sso.ooo.o 600. Mr.. Price next proceeded to reply
to Mr. Phillips. denying that the currency Of
France s Tas three times rs that Of the ~ ontsd na
s32 50 per capita. and of the United State s21 80
per capita. It was fact which every gentleman
would adm I'M thnt except Stat France the t6n
civilized nation. The currency OF this country
to-day stood better than h at any Day since the the
first gn was Ted on IL the flag G2d to-day was
We had approximated to specie values. and
with specie values specie resumption would not
be difficult.
A very lively passage occurred between Mr..
Kelly and Mr.. Price, In which the former re-
minded Mr.. Price OF the suffering and distress
sumo madeIby the British government In 1922.
Mr.. Price responded that he was not on the
floor of the British Parliament legislating for
States; not for a country which could be crossed
in q day. but for one reaching from the Atlantic
to the Pacific. from the icy regions OF the North
which no other country could be like. for there
was no place to putt Loud clappine of hands
and applause.l
was the American eagle spreads Its wings over
every acre and screamed defiance to all creation.
[Renewed laughter.l
ways being made In supposing that this country,
over which the gentleman from Iowa had flown
his ca le. was unlike any other. He referred
Mr.. Tucker offered a resolution for the pay
ment Of the Chap ain from October to Novem-
Der Z, the date of his resignation the resolution
Persell to take the oath of office. Adopted.
Mr.. Chandler, from the Committee on Appro-
priations, reported bill making an appropri-
alton for the deficiency in the pay Of the navy
and of the Marine Corps, and for other expen-
ditures, and gave notice that he would call it up
Immediately after the army bill was disposed Of.
Mr.. Baker. of Indiana, introduced bill to
authorize the issue of legal tender not re-
deemahle in coin on demand, Referred.
Mr. ar ai1rpGa n the np0nIa
fornia. on the subject of Chinese immigration.
Mr.. Morey introduced a bill to amend the sun
payment of mail contractors in the Southern
country prior to 1861. Referred to the Commit
tee on Postoffices and Post roads.
The House at 4:10 p. m. adjourned.