The Portland daily press., 1877-11-16
XLvth CONGRESS-Extra Sessi on,
SENATE.
WASHINGTON. Noy. LIZ.

SENATE.
WASHINGTON, Nov. Is.
Mr.. Dawes presented a remenstrance of the
national banks of Boston, against the passage
OF the House bill for remonetzng silver The
petitioners set forth that they are REQUIRED by
law to hold and possess many million dollars
worth of bonds of the United States and they
are apprehensive that the passage Of the bill
will greatly deprecate the value of such bonds
and have bad influence on business through
cut the country,
Mr. Sargent, from the Committee on Appro-
piiations, reported without amendment the
House bill to provide for certain deficiencies
10 the pay of the navy and marpe corps, and
cussion and now goes to the President fer sig
nature.
Mr.. Eaton OF Conn.,, intro duced a Joint reso-
lution proposing an amendment to the consti-
ton. providing for the creation of tribunal
by the States for the decision of all contested
issues arising in the choice of electors for Pres
ident and Vice Presideut. Referred to select
committee.
At the expiration of the moraiug hour the
Senate proceeded to the consideration of the
army appropriation bill.
The Senate passed the army appropriation
bill with the amendments as report ed by the
committee. and also an amendment providing
that the army shall not be recruited beyond
Il SOroOo hCug luStcdu VI ZU,UUU, DIS pdSS6u ny lue
House.
Mr.. Eaton demanded separate vote on the
amendment limiting the army to $4,000 men
instead of 10000.
The amendment made in the committee was
| agreed to, yeas 80. nays 10, as follows:
Yeas-Messrs Allison, Anthony, Bayard, Booth,
| Bruce Burnside, Cameron of Pa Cameron of Wis,
Chafee, Christiancy, Coke. Conkling, Conover, Da-
| lin, Hoar, Howe, ingalls,, Kirkwood Lam ar McNil-
lam Matthews, Maxey Mitchell. Morrill,, Oglesby.
RSns Sargent Saunders
Nays-Messrs. Bailey, Barnum, Beck, Cockrell,
Davis of W; Va, Eaton, Gordon, Harris, Hereford,
| Jones Of Fla, McCreery, MCPHERSON, Merrimon,
Withern-l9.
| The bill goes back to the House of Represen-
| tatives for the action of that body on tine Sen
| ate amendments
that tomorrow he would call up his resolution
| 10 regard to the discrepancies in the books and
| accounts of the Treasury Department, aud sub.
| NIT some remarks
| The Senate went into executive session, and
| subseq uently reopened and adjourned.
HOUSE.
| The following bills were introduced and re-.
| ferred:
By Mr.. Hackett of Kentucky, providing for
the payment OF duties on imports in gold, sill
| yer aud legal tender notes.
| by MIR, Schleicher of Texas, providing cheap
| transportation between tide water on the At
iantic, and on the Ohio and Mississippi val
| legs.
| By Mr.. Sapp of Iowa, for the construction of
railway from New York 90 Council Bluffs,
| Iowa
Mr.. Cobb of Indiana, from the mmttee on
mileage, reported back adversely the bill al
| lowing members mileage for attendance at the
| extra session. Tabled.
The House then resumed the consideration of
the OIL Tor the repeal of the resumption act
Mr.. AldIich Of Illinois offered substitute re-
| peaiiug 80 much of the resumption act a., au-
thorizas the Secretary OF the Treasury to re-
deem legal tender notes in excess of $500 900,
| OOO directing that no furth n reduction of legal
tender currency bs made, and authorizing the
reissue Of such legal tender notes as may be re-
deemed 10 coin after January, 1879
Mr.. Steuger of Pennsylvania offered sub
stitute SIMPLY repeating the resumption date
clause 10 the third section of the act.
Mr.. Clark of Iowa offered a substitute amend
ing the third section of the act so as to repeal
the law limiting the aggregate amount of ma
t'onal bank circulation, and to provide that as
| often as bank notes are issued these shall re-
deem legal tender notes in excess of $3.50, 0G0, =
00O to the amount of 80 per cent. of bank notes
so issued, and to continue such redemption till
the limit OF $3.50, 100000 legal tender notes is
reached; also authorizing the accumulation in
the treasury of $500 100000 in coin as specially
to be used for redemption of legal tender notes
and then, after public notice, authorizing the
redemption of legal tenders when presented for
| that purpose.
MI. Eames of Rhode Island said the considera-
| tlon or the pending proposition involved three
questions; first. whether it was practicable by
the means provided IN the resumption act in
| the present condition of the country to redeem
in com the national notes on Jan LIST, 1879; sec
ond, II it was SO whether this redemption could
| % made at that time without eminent to the
material interests OF the country; third, if it
could be DONE whether any change should be
Il m ha owls ftpo To- TIL I'D -
was practicable to redeem at the time nam ed
| and it ought to be done, and he therefore oppos-
| ed the bill before the House.
Mr.. Ballou of Rhode Island declared his be-
lief that the repeal of the resumption act would
be pernicious and detrimental to the business
interests of the country
MI Hubbell of Michigan declared himself in
favor OF resumption of specie payments because
IN his opinion the country has reached period
! when its commerce and general business should
| be provided for. He explained and advocated
the amendment offered by himself to the pend
ing bill.
| Mr.. Kelley of Pennsylvania, the next speak
| er, prefaced his remarks by saying he was
| going to deliver what in religious parlance
would be called doctrinal discourse. He pro-
posed to continue an argument commenced by
him in this hall on the Sd of January, 1867.
| he read some quotations from that speecL in
| whica ne spoke of the financial measure then
| pending as one that would make the money of
| the rich man more valuable and wonld deprive
the poor man of the value OF his labor He
| also read from an article in the North Ameri-
can review over the signature of Hugh Nc
| Cnlloch, which be said exhibited such ignorance
OF the very elements of the question at issue as
| lett no cause for wonder that a country under
the guidance OF such man as its Secretary of
tue treasury should have gone from pros peri
W TO bankruptcy. He went on to argue that
| when the LIST of January, 1879, arrived, if the
| act was not repealed the banks woul d send in
large amount of notes for redemption and the
| gold having then been transferred to the banks
| anu natlonal suspension again occurring the
pronts would accrue to the banks. he said the
English government did not dare to paw the
Geue.a award 10 gold because they were afraid
the withdrawal of SO much gold would cause
| CRISIS he said that Congress in legislating for
~ and said the bank men and capitalists knew
this. He proceeded to glorify the rag babv.
saying it saved the Union
AT TINS point his bour expired but unanm Gus
consent was given to him to flush his speech.
hes9mlng, be said it was notice to every
Capitalist that the body of money was to be
contracted. that the banks must hoard spece
Ior resumption, that prices must fall aud that
therefore tne bsst use of money was to barry it
either in their own cellars or in the wants of
oanKs; mere was no use for money when men
saw That that which they produced must be
sold at less than cost. Gould money be borrow
ed on farms, factories, FORCES or furnaces? No;
ana why! Because under the resumption act
o1oii s"iuo must snrinK lie had heard of
moneyed institutions 10 New York that were
not only foregoing interest on mortgages, but
were paying the taxes on the mOrtgaged prom
erty rather than take it all its present depre-
ciated value and thus tie up their working cap-
ital de knew of similar instances in Pbila.
delphia.
Mr.. Hartzell of Illinois, followed ia advocacy
OF the repeal, and talked about mopey-lenders
and Shylocks whom he charged with taking
the money of the people and placing it in their
ewn pockets.
The debate was soon closed and the Hnnse