The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1877-11-24
The Eepeal of the Resumption Bill.
HOUSE.

The following is a su 1mary OF the closing
proceedings of the house on Friday:
After rejecting Mr.. Hubbell's amend
ment to the resumption bill, the next vote
was on the amendment offered by MIR.
Pound, repeating the limitation of Ma
tional Bank circulation. It was rejected.
as were the following: Amendment by
Mr. Cox. of Ohio, providing for the gradual
redemption of legal tenders from the lst of
January, 1878; amendment by Mr.. Cum
mings, postponing redemption until the
coin reserve in tie treasury is sufficient to
authorize it; amendment by Mr.. Hewitt.
OF New I iork, requiring the accumulation
in the treasury of $50,000,000 year until
the amount shall be equal TO half of the
outstanding legal tenders; amendments by
Messrs. Eden, of Illinois. Chittenden,
Keifer Deering, Aldrich. On the amend
ment by Mr.. Stenger recalling the resump-
ton act vote was taken by yeas aud nays
aud resulted-yeas II, nays 900
The amendments offered by Mcssrs
Clark. OF Iowa, Patterson and Willis, of
New York and Morrison were seyerally re-
jected without division.
The next amendment was one offered BY
MIR. Ward to add new section to the bill,
providing that debts for wages shall be
payable only in coin or legal tender notes
Mr.. Garfield demanded the yeas and
nays aud called saTcastically on the labor
ing mans friends to vote for it. The count
on ordering the yeas and nays was 46 to
] "a, tie, as one-ffth orders the yeas and
nays.
The speaker voted no, thus defeating the
call, but the question was then taken by
tellers and the nays and yeas were ordered,
and vote was taken by yeas and nays.
Finally the result was, after much delay.
Occasioned by numerous changes sanDouncedI
as yeas l27, nays 129.
The speaker then announced that the
next vote would be on the bill as amended
that is, on Mr.. Forts substitute. The
result was-yeas 1873, nays 100. So the
] bill was passed.
i Following is the text ofthe bill as passed
| A bill to repeal all that part of the act
approved January IA, 1875, known as the
resumption act, which authorized the sec
retary OF the treasury to dispose of United
States bonds and redeem and cancel green
back currency: That all that portion OF
/ the act approved January IA. 1875, entitl
ed An Act TO Provide for the Resump-
ton of Specie Payments" which reads as
! follows. to-wit: Aud whenever and sc
often as the circulating notes shall be
issued to any such banking association, sc
increasing its capital or circulating notes
or so newly organized as aforesaid, it shal
be the duty of the secretary of the treas
ury to redeem legal tender United States
notes 10 excess only of $500, 900, 000 to the
amount OF 80 percentuD of the sum o.
national bank notes so issued to any socf
banking association as aforesaid, and tt
continue such redemption as such circrla
ting notes are issued until there shall be
outstanding the sum Of $500, 600, 900 o.
such legal tender United States notes auC
no more, and on and after the first day o
January, A. D.. 1879. the secretary of tn,
Treasury shall redeem in coin of the { nitet
States the legal tender notes then out
standing on their presentation for resump
tion at the office of the assistant treas
urer of the United States in the city 0
New York in sums Of not less than $50
and 10 enable the secretary of the treas
ury to prepare and provide for the redemp
ton in the act authorized or required, b
; is authorized to use any surplus revenue
from time to time in the treasury no
otherwise appropriated, aud 10 issue, Sc
: and dispose Of at not less than Par iu Col
either of the descriptions of bonds of tn
United States described in the act of con
gress approved July IA, 1870, entitled "a
act to authorize the refunding OF th
national debt, with like qualities. privilege
and exemptions, to an extent necessary I
carry this act into full effect aud to us
: the proceeds thereof for the purpose
7 aforesaid be and the same is hereby n
pealed.
Finally the house adjourned till Tue.
. day.