The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-05-17

the Speaker submitted requests Of three
members for leave Of absence.
Mr.. Hooker objected, unless coupled
with the condition that their absence
was not to operate against obtaining 3
quorum.
The Speaker stated that that amounted
to an objection, and therefore withdrew
the requests.
The result Of the vote was announced,
and the House adjourned.
sENATE.
Mr.. Maxey, from the Committee on
Postofices and Post Roads, reported with.
out amendments Senate bill to provide for
the eptablishment OF q steamer mail SER
vice between the United States and Bra.
I'll, being the bill introduced BY Mr.. Eus.
tis yesterday. Placed on the calendar.
he gave notice that he would ask the
Senate to consider the bill at the earliest
possible time consistent with the business
Of the Senate.
Mr.. Butler, Of South Carolina, submit
ted concurrent resolution providing for
commission consisting OF two Senators,
three members Of the House and three off.
GERS oi the regular army who have served
not less than ten year,, 10 whom shall be
referred the whole subject OF reform and
reorganization Of the army, the commits.
sion 10 assemble as soon rs possible and
report 10 the next session of Congress
through the President Of the United
States. II appropriates $1,000 to detray
the expenses Of the commission. Referred.
The House joint resolution to print
800, 900 copies Of the report OF the Com.
missioner Of Agriculture for 1877 and
5000 copies OF colonial charters and
constitutions was passed.
SPECIE REsuMPr1os.
Mr.. Matthews referred 10 the provisions
Of sections 3579 OF the Revised Statutes,
and said they were consistent with those
Of the specie resumption act Of January
I4lh, 1875. There was nothing in either
forbidding the re-iPsue Of notes redeemed
in accordance Herewith. When Con.
gress intended the absolute extinction Of
redeemed currency language was used
which could not be mistaken. BE quot
ed from various acts. In support Of this
view, but favored an express provision OF
law on the subject being made now
to remove any doubt which might exist.
he then spoke as to the Constitutional
power Of Congress TO issue paper money,
and said he believed It to be the duty as
we'll as the exclusive right OF the gov.
ernment to furnish TO the people ma
tional currency, and il the government
could do It through the medium oil the
national banks II might do II by the is.
sue Of its notes. He saw no reason why
the Representatives Of the people in Con.
gress might not be trusted with the re-
sponsibility Of regulating the volume Of
currency. II the resumption Of specie
payment meant redemption and reissue
Of Treasury notes, he was in favor OF 1t,
but II on the contrary It meant redemp.
ton and retirement Of legal tenders,
then he was opposed to It. In
whatever direction Congress moved
II should take but one step
and not take another till the effect Of the
first be experienced. The question as 70
whether the legal tender or the national
bank notes should be done away with
could well be postponed. What we need.
ed was that our existing currency should
be made as good and kept as good as
could be. The desirable thing was to
maintain u currency "a steady as the
needle to the pole. The evils under
which the country had been suffering
might be summed up in two words, "un.
employed capital" and unemployed cap
itai meant unemployed labor. Our cur
rency had appreciated because public
opinion had forced this government to
treat It's own currency with respect and
honor. What we needed Waa not the
repeal OF the specie resumption act,
but to 20 forward and provide for the
beginning OF resumption and to steadily |
maintain 1t. He favored q coin reserve
fund and expressed an opinion that un.
der ordinary circumstances such fund OF
500, 900, 900 would be sufficient to main
tain a paper circulation Of $500, 600 900.
BE then explained the amendment In the
nature Of q substitute which be proposed
for the pending bill, being the bill intro
duced BY him on the 9Th Of November
last, providing for the reissue OF Treasury
notes and when redeemed the amount OF
legal tender notes outstanding at any time
not to exceed $3.50, 100000. Il further
provides for coin reserve fund Of Sl00,.
6OO, 900, that the bonds OF the q. s. shall be
sold for legal tender notes, and also that
legal tender notes shall be receivable for
ali debts, public and private, except Tor
principal and interest Of the public debt.
In conclusion, he said that after the most
careful examination Of the subject he
submitted this as his proposition for the
settlement Of q question Of such great
importance. He moved that II be adop.
ted n substitute for the bill.reported BY
the Committee on Finance.
Pending discussion the bill TO repeal
the resumption act was laid aside infor.
mally.
DiSric. Of Columbia reported q substi-
tute for the House bill providing per.
manent government for the District
Of Columbia. Placed on the calen.
dar. He gave notice that he would call
It up for consideration on next Monday.
Adjourned.
FIRE RECORD.