The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-05-03
PROCEEDINGS OF CONGRESS.
SENATE.

WASHINGTON. May 2, 1878.
Mr.. THuRxAy, (dem) Of ONO, from the Judiciary
COMMITTEES, reported back the bill to repeal sns Bank
rupt law, with amendment 10 perfect the saving
clause.
Il provides that the repeal OF the law shall NOS
affect pending cases, and all future proceedings
therein and respect Of all pains, penalties and
ieures which shall have been incurred under any Of
said prior TO the when this act takes effect or
which may DO hereafter incurred under any those
provisions Of any OF said acts which Tor the purposes
named in this act kept In force, ana all
penal actions and criminal proceedings for a
viol,tion OF any Of said acts. whether then
pending or thereafter Instituted, and In respect
OF ali rights oil debtors and creditors Except the right
OF commencing original proceedings In bankruptcy
aud all rights OF and suits by or against assgnses
dor any or all OF said acts In any matter or case
which shall have arisen prior TO the day when this
act effect (Which sh all be the 1ss day OF JAM
uary A. D., $780, or in any matter or case which shall
arise after takes effect in respect Of any
ter or bankruptcy authorized by this act be pro.
ceeded with after Said last named day.
Mr.. TnURMAN, after explaining the amendment said
he thought reconciisd all conflicting opinions whica
had been expressed in the senate, and he moved she
immediate CONSIDERATION OF the bill
Mr.. VOORHEES,, tdem.) OF Ind, objected, and said IL
amendment printed and oe lard tho table uut,
morrow. He submitted motion 10 that effect, which
Mr.. CoSKLise, lrep.l Vi N. y. presented q petition
from tho May or ami citizens OF New York. asking an
increased appropriation for the Improvement OF
spuyten Duyvil Creek. Referred TO the Committee
Commerce.
On motion oil Mr.. ANTHONY, trcp.l OF R. l.. It was
ordered that when the Senate adjourn lay be
meet on Monday next
Mr. BECK, (dem.) OF KY, Introduced bill TO amend
certain seasons Of Revised Statues establish nx
the rank naval officers Referred to tho Committee
Messra Terry, Paddock and salisbury were ap.
ed m IN he re I'm on
part OF the senate on the bill TO regulate the adver-
tising OF mail lettings.
THE srKcIE RESUMPTION ACT
Mr.. FERRY, trep.) 81 Mica, called up the House
bill to repeal ihe specie Resumption act, aud read
lengthy argument explaining me amendments re-
ported by the Committee on Finance. He said, ad-
monsbod by the iateness Of the session and the
luton nxing The time Tor final adjournment, he should
forcgo much that he intended 20 say IN favor OF The
passage OF this bill he referred TO the Tact that
United States notes and gold were nearly eqaai Today
aud argued that this fastened by the act 10
store Tue standard silver dollar Abiding TO the pas
sage of the ac, Of January H. 1879 10 resume specie
measure reluctantly lie quoted at great Length from
nnsnc,al statis,ics and, alter explaining the amend
inerts reported ny tue Committee on Finance.
said II the b,ll should be agreed 70 amended %
would give tue country volume q currency or
commercial confidence. IL would result IN our own
people holding the national debt Instead oil iorsgnsrs
the recent safe Of 100000 600 worth OF bonas ~ .ue
secretary OF the Treasury WIS assurance oi this,
and evidence OF tho advancement OF pubic credit.
Ine government should now turn lis attention 70 ur-
holding It's credit with IT'S own people
QUESTION.
lie next referred 10 the coin required by the
government, and said no tears need DO apprc-
hcndcd that tho government wound have to 10
abroad to seek coin to meet IT'S require
meats The Necessity Tor denying United states
noes their rigntfu place Ia the circulation Of tho
country had departed. He referred briefly TO past
financial elisliion. AMI asked wry should cast
faces over tue past. which could not changed aud
turn our backs upon the future, which could be pro-
v,ded Tor. No bellsved greenDacks snd com would be
at par before the LIST July Bext, anu referred to a
nounccmenm daily made W business firms ana bank.
ing associations that they had resumed specie pay
mcn.s Referring 10 Wall street, he said all Wedge
on finance did hot dwell solely with tho wise OF
GOTHAM. New YORK city, which had been SO clamor-
r specie Resumption, seemed 10 be tue last
respond In conclusion he argued tnat the passage
this bill would be to SETTLE 1naoces upon sucn
basis would rcicgatc financial difficulties IRON
the halls OF Congress- 10 tue marts OF commerce.
vooRHEEa
Mr.. VOORHEES, oi Indiana, tnen took the floor and
road iengthy argument In favor OF repeating tho
specie Resumption act. lie argued that It's repeal
had been prominent element Ia tue American mind
since the passage OF the bill IN 1873 Inc amount OF
human misery, wretchcdncss and vice which the law
had caused could not DO estimated. IL had over.
thrown property vaues SIMPLY beyond the power Of
language 10 descrtUe. Ten Thousand million dollars
worth Ut properly mad been absolutely connscatcd
He refer TO tho passage oy the House OF X prescu
tativcs Of the bill 10 repeal the specie Resumption
act. and SAID hau there been as prompt acton
on the part OF the Senate then much loss, bank
ruplcy aud rum would have been saved. He res