The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-06-14

prety OF a negotiation by the Executive OF a new
convention IN respect TO the same. The
mt,ee has also reported tavoraby the bnl providing
for tho return OF the Japanese indemnity fund 10
Japan. amounting 70 about $lS0.0o0
PROCEEDINGS OF CONGRESS-
SENATE.
WAsHIScroS, June 10. 1873
Mr. VOORHEES,, (iem.l OF Iud.. moved 10 takc up the
bill TO repeal the specie Resumption act.
Mr. BAILEY. (dem OF Tenn, spoke In favor OF the
motion OF Mr. Voorhees,, and argued that tho question
should be settled as IL OF great Importance to
the country.
Mr. BECK, (deml OF KY, also favored the consldera-
ton Of the bill TO repeal the Specie Resumption to-
day and agreed that the Sundry Civil Appropriation
bill would DO IN tho Senate tomorrow day,
aud then tnere would tmc consider any other
BILL --ftst'
on motion OF MIR. vooRhSEs TO take up the bill to re-
peal the Specie Resumption agreed to-ysas
80, nays 2S-as folows:-
Bailey Bssi ccs.s Coke
5;,s.., Ms.ss,d @s.l; SSs:,sa SSas. sIssS.
Marss "i sssn pn Masey
veornss., Wallace. and aiihsrs-so.
side Eqer chrs.snsy Dswss Eaton Hear HOVE ks,
Morrill, rnddock Rollins Sargent sanisSary SAUNDERS
spencer Teller ~adlegi. whyt. and Windom-2s.
Mr.. HARRIS, who would have voted IN the afnrma-
voted in the negative.
Mr.. CAMERON, (rcp) Of Wis, was absent on account
OF sickness
Mr.. FERRY, (rop) OF Mich, member OF tho Com
miitee Finance having called Mr. Anthony 10 tho
chair took charge OF the BILL he Derry having
ported to the Senate and SAID he agreed with q
Jorty OF the Committee on Finance in liking October
as tho time wncn United States notes shall BIO
cevabe Tor duties on imports, but tho amendment
tho nature Of substitute proposed by the Senator
Indiana tVoorhccs some time ago was 10 make Thorn
receivable from aud alter passage OF tho act He
suggested 10 the Senator Voorhees) that
shall DO receivable emo same as coin" In payment
ior tho four per cent bonds &C., and It was so mod
| flied.
| Mr. FERRY during hts remsrKs on the bill said tho
theory Of Il was 70 break down all disncton between
| the ereonbacks ana coin.
Mr. DAWES, (rep) OF Mass, said the object OF 1t
just the reverse. The object OF the Specie Resump
ton act was TO break down tho disthction between
grscnbacks and coin and this bill TO repeal the
| Specie Resumption act.
Mr. FERRY replied he had different way 10 break
down tho distinct,on and the Senator from Massachu.
sets Dawes wanted 10 wait until the LIST OF Janu
ary to break 1t down. while he me Ferry desired to
| break u down on the LIST OF October
Mr. DAWES argued that the coin had been mortgagsd
to tho public creditor. Should this btu before
the government OF tho Unitcd States from saying 10
the world behind this greenback wherever goes Is
| COIN dollar.
| Mr.. MATTHEWS SUBSTITUTE
MI. MATTHEWS, (ren) OF Ohio, gave notice that ut
the proper limo he would submit as substitute Tor
the DILL reported by the Finance Committee III at OF
which he gave notice some time ago, providing Tor the
reissue Of Treasury notes returned the Treasury
redeemed III coin, and that the amount oi outstanding
legal tender notes shall not exceed the OF
s35o00O,O00 Also authorizing the Secretary OF the
treasury 70 maintain IN the Treasury reserve funds
coin OF 500 000 900 10 redeem legal teudss and that
the obligation OF the secretary oil tho Treasury
deem legal tender notes in coin shall NOS begin until
said reserve fund has accumulated TO the sum OF
$780, 100000 II further authorizes tho Secretary or
the Treasury to receive legal tender notes In payment
| Tor United states bonds.
M BArARD. Of Delaware. suggested that the vote
be taken rst part OF NJ. Voofhees' substitute
! IN the following words
That after passage this states
shall DO % inc ssms s SSn 70 for
The suggestion OF Mr.. Bayard adopted ana that
part Of Tho substitute agreed 10 without roll CALL
Mr. ALLISON, (rep.l OF Iowa, submitted amend
ept so rs to provide that United States notes shall
be receivable IN unyment Tor the four per cent
| ports instead OF 'shul." be receivable, &c
Alter somo discussion Mr.. Allison modified his
80 Is g read may ~ the discretion Of
Tho amendment was then rejected by . rising vote
| yeas IL, nays "a.
on tho bill Us II came from the House OF Representa-
tivcs. and no did not wish to compiica.e matters
Of n substitute which no had proposed, leave
tho contest between tho House bill and substitute
reported by tho Committee on Finance.
Mr. HeHEyoRp, tdeua) OF W. Va, favored the adop-
ton OF the bill u came from the House OF Repre-
ioput On any amendments on account OF the late
ness OF tho session. should amendments be put on,
and the bill should TAIL ne country would cei tho
ACTION on THE BILL
The question being on agreeing to the substitute
for tho House b, reported by the Committee OF
Finance, Mr.. Ferry moved strike all latter
| part thereof as folIows;-
And sail notes in the volume in existence October
1878 shall not be cancelled neny boarded. but
be rs.sued and they be used Tor funding and all
ing In tic whole the aggregate amount thereof
.he said nsses Whether then In hs fs.. @%s
thereafter received under any Congress aud from
' s:s e: %sS :f
sa.iiiss provide To- the S..s@nss .pss::
United States notes shall
srcnos IAN laws and d laws inconsistent with
this act shall be and hereby arc repealed.
NJ MCDONALD. tdem) of Ind, submitted an amend.
ment TO strike out October ana insert July so that
imports aftcr July 1878, instoad OF October 1873.
Rcjcctco-ycas %, nays 3o-as follows
YkAs5Messrs Arm.srong. Bailey Beck. Booth, Bruce,
sfson Isrsiord Johnston Joae. q S.,asa Mscrssry.
sSsnssi Thurman Sooshse Wallace and
Nars-Me.srs Allison. Anthony, Bsrnum Baysrd, Burn.
fs fSe' as y yo'sy .sgr rsy
Mcmillan Mcpherson, Matthews. Morrill, Paddock Patter.
SOU, kandoph no Inns. sargent SALISBURY. Teller wad-
PROSPECTS, or vvro.
| Mr.. THuRMAs. tdcu.) OF ONO. said tho House bill
simply repealed tho existing law aud substituted
thng In us place no iavorsd the substitute Ia tho
House Dill reported by the Committee Finance. the
greenbacks should be received Tor duties and
Tor the Jour per cent bonds which would DO addo
cause TOR them TO be maintained nj par. IL
| order for him TO say what would take place at tho
other end OF the avenue but no Ind conviction that
II inc Senate should pass The House bill TO repeal tho
Specie Resumption act II would never DO law. Tho
pledges already maze would coercc somebody 10 say
veto ~" aud everybody knows that there was not
MR. anssrosp u %ess S Virginia ' sssasa ,h. tho
bill 10 repeal the specie Resumption act eond 10
passed purc and simple, then tho Senate could iaKo
In ms - teva onde
toms duties, pass u and send IL TO tho President
Mr.. HILL, tdem.) OF Ga, referred TO the financial
legislation OF tho present session Of Congress, and
said tho bill for the remonetizaion OF silver was
! wise measure though " was not perfect ono n "
passed. Ho believed this Congress should make tho
legal tenders receivable Tor tho Iour per bonds,
and after october for customs duties Ito Dcncvcd
! that would equalize the currency. As 10 the 70.
peal the Specie Resumption act, that
could DO done mex, December The host ihne