Alpena weekly argus. [volume] (Alpena, Mich.) 1871-1893, 1878-08-07

Mr.. Broomall-"I wish TO ask
whether the 500, 100000. author
lied 10y the act of June, 1861, are
not now circulated to consider
able extent as currency 7"
Mr.. Stevens-"I have no knowl-
edge on that subject. They have
been issued, probably, in the shape
of bonds with coupons. They may
circulate in the same way as prom
isory notes do.
Mr.. Broomall-"The proviso, if |
understand the gentleman Alright,
provides that they shall not be made
legal tender. | also understand
the gentleman tn say that the pres
ent issues, the 5000, 900, 900, are not
made legal tenders; that the Secre-
tary of the Treasury did not see
fit TO exercise the power given him
to make them legal tender. Am
| right 7"
Mr.. Stevens-"You are right 7"
Mr.. ScoGeld--"My inquiry is
this: If we pass this hill, then,
with the proviso which the gentle
man proposed, will not the Secre-
tary have the power to add to the
volume of the legal tender notes,
now in existence some S10,000,000."
Mr.. S,evens-"There is an cX-
press limi. to the legal tender
notes of Sl5O,000,000. That is the
law now"
Mr.. Scofield-"There are about
S10,000,000 of notes which may be
issued under this act, and when we
authorize the Secretary to issue
them in the form of seven-thirties,
he will then have the power to
make them legal tender notes mn.
der the two acts Notwithstanding
the proviso."
Mr.. Stevens-"No, sir"
Mr.. MorIill-"Thpre have been
no legal tender notes issued under
this act 1.-THE seven-thirty act of
lS6I.) Not q dOHdr.
Mr.. Stevens-"I think there is
yet unexausted under the law the
right to issue seven-thirty bonds,
so, 200, 900, and some $3.50, 100000
under the other. Under that Sec
ton no icgai tender note an any
shape, no compound interest bear
ing note, has been issued. They
hare all been issued simply an the
form Of seren-thiFy bonds"
Mr.. Broomall here read the act Of
1861, and asked: How does the
gentleman get over the provisions
of law making them a legal tend
err Z"
Mr.. Stevens-"They are only a
legal tender when they are made,
payable at certain times, and it is
so expressed on their face. None
of them have been issued, not dol
lar. They have issued seven-thirty
bonds, and none have been issued
under the other power contained il
the law"
Mr.. Broomall-"If the Commit
tee of Ways and Means will put
this bill in a shape, such that th'
issue under it shall not enter into
the currency of the country, and
further initiate it, | will vote for it,"
Mr.. Price-If YOU make these
notes seven-thirtic, You do no.
swell the volume of currency. J
do not think any gentleman vii
say he has seen tany seven-thirtie.
as currency. | propose
to put the matter beyond doubt b,
requiring that they shall he seven
tbirties, md therefore that MeyShd
not enter into circulation, ihereb,
increasing the price Of gold in tb'
Mr. Kasson-"This seven-thirt,
loan is being obso,b6d to the gree
Of the friends of tn,
treasury and of the country.
Mr.. Davis, of Maryland, desire
w llItNtUI lilt lSsut vi uOltS y
less denomination than 500, add
ing: THAT it will prevent it from
being sncb a denomination as vii
circulate as money"
All the statements made by thu
great irresponsible advocate of the
national "white horse" system,
were as equally devoid of truth a'
the one we have smoked little.
and if any man is inclined to be-
Iieve the wonderful stories told 10y
ths,greenbaclS orator, he should be
sure and not tell those who are in |
the habit of doing their own think
ing or he will be set down as a per-
son easily imposed upon and badly /
posted as regards facts.