New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-02-07

to the friendly action of Congress instead of bein.
retarded and injured by proposed nnfrendly action
at the instance OF those whose interests are first IA
cripple and then destroy.
COLONEL SHEPARD IN REPLY.
Colonel Elliott F. Shepard followed Mr. Mcfbe,.
son with an argument in favor of the bill.
His first point was that the principle of the bill ia
in accordance with the early practice of the Gov.
eminent. All the Government issues prior to
1862. he said. were entirely prepared for
the Government by private individuals
and companies upon contracts without loss.
over issue, or duplication. The original
object of the Bureau of Engraving and Printing
was simply the Authorization of the Governments
issues by the seal Of the Treasury. Tbs
Secretary of the Treasury in his report OF
1869, said that this arrangement of dvid.
ing the work furnished better security than
any that had previously existed, and Secretary
Shermans commission reported in favor of ths
plan last Spring.
Colonel Shepards second point was that the
passage of this act is demanded by the banking
and financial interests Of the country. In support
Of this attention was called to numerous petitions
that have been presented to Congress and TO
articles on the subject in influential newspapers.
Thirdly he said, the safety and protection Of the
Government demand the passage OF The bill. In
proof of this he asserted the absolute impossibty
ton to the great responsibility of the private con-
tractors, and their ability to give ample bonds;
spoke of the advantages that arise from the
fact that the private companies rivals
and competitors and are therefore quick to discern
the slightest fault in others; declared that the
present bureau system is attended with great dan
gers and asserted that instances of fault and mis-
take by those heretofore ana now connected with
the bureau, have been so numerous that
the faults of the present system have
been fully exposed and demonstrated. The bank
note companies have cOntended for years that the
cost of doing the work in the bureau is much greater
than II will be nnder private contract Willie the
bureau officials have held the contrary ground Col.
one Shepard quoted from the report of the treasury
Commission to prove that the former Of these prop.
ositiOis is true.
Colonel Shepard's next point was that tbe passage
of this bill Is demanded by sound public policy.
He SAID that the present system is an odious mon.
opoly destroying private capital and enterprise AMI
he argued at some length IN support OF this PROPOSE
ton.
The closing point was that the reforms within the
bureau are not adequate remedy for the evils Of
its continued existence The late reforms, SAID Col
onel Shepard show how false have been all ITS pre-
vous assertions of purity and economy. Again,
the United States furnishes manufacturing estab-
lishment with unlimited capital and pays sa!fry
to a chief who is not educated IN the business.
The reforms he continued, are only nominal. aud
NOT real and will not stand the test OF an eSaBina-
tion by the experts Of the bank note companies;
and he quoted figures to show that the work cannot
possibly bee done for the prices given. Coione,
Shepard closed by asking the committee to report
the bill fayorably. 49,,
The committee has taken no action on the bill