The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-01-16

money at any time On the l2th Of February. 1869,
proposed to the House the convertible system. My
speech Is on records never have had occasion to 80
back on it, and stand by it still.
eAEfIFLDs VIEWS
MI GARFIELD. rep) OF Ohio, said that the less leg
isiaton there was finances the better HE coun-
try was getting well and he would not favor any
radical change in the present order OF the currency
laws. But here was bill that greatly
misunderstood In the work of refunding the
present Secretary OF the Treasury had aban-
doned the syndicate and invited all national
banks markedly all depository banks) to take hold
OF the work and aid him III transferring the six
per cent bonds into four per cent bonds. He now
proceed yet more rapidly by going beyond the banks
and dealing with the people directly This bill pro-
savings bank Of the Treasury. The amendment of
the gentleman from Pennsylvania tAIr. Kelley put
savings bank feature into it, but not one broad
enough to I'LL the idea OF savings bank, while 1t
substantially took away the purpose of refnndi ing.
He believed that the bin il stood would be very
etiracious i'll fastening refunding. The gentleman
from Massachusetts lr. Butler) said that the bill
would distress the poor He tar. Gal'feld) had
more faith IN the poor man. He was willing to be-
lieve that if determined to $50 he could do
so. One of the clements of strength in France arose
from the fact that 5000 900 Frenchmen held the bonds
laborers were holders of United States bonds would
be the day when the occupation OF those gentlemen
the poor people would be gone. Applruse.l He was
anxious tor the death OF dcmagogcry and that the
people should heroine Interested III the debt OF the
nation That would be great protection for the
public credit II would hasten the day Tor refunding
the debt Ii labor and industry were to be encoIr-
aged the government must get ont OF the way as
ACTION ON AMENDMENTS
The debate having closed Mr.. Burchard offered an
amendment that ia lieu OF the certificates provided
for the Secretary tho Treasury SHALL II desired,
enter tie books of the Treasury TO the credit of
any sum not less than ST. and shall allow ill.,
terest thereon and credit the same quarterly at the
psr a or
OF such deposits; provided, that when the sum of
$1,000 shall have accumulated to the credit OF any
person, four per cent bonds shall be issued III dis
charge and payment OF it.
The previous question seconded and the main
question orlered-ycas ~. nays 10,
The first vote was taken on Mr.. Ke!lcy's amend
ment-tat certificates shall lie convertible after six
inonths) into lawful money, and at any time into
The amendment was rcjccted--yeas 81 nays ISL.
The next vote taken on Mr. Burcllard's substi-
tute. and it was dctcated-yeas 81 nays los.
MIR. SPRINGER dcm) OF ILL.,, moved to ny the bill
the table.
Mr. BrSpy rep, of n Y. moved to adjourn, and
the yeas and nays ordered.
During the roll call the hour half past four arrived
lat which time the House had agreed to take u
until halipast seveL) but the Speaker ruled that the
cali should be completed and 1t resu!ted-yeas Is,
nays l2j, and the House. at twenty minutes to five,
took until half-psst seven.
During the course OF the day Mr.. HUTTON Of Vir-
ginia offered resolution, which adopted for
the payment to the children of the late d. b. Douglas
of the remainder of his salary US mcnter OF the
Forty-1fth Congress.
EVENING SESSION.
The House resumed the consideration OK the Dill
authorizing the issue of certificates of deposit the
first vote being the motion OF Mr.. Springer, OF n
nois to lay the bill on the table.
This defeated-yeus 70, nays n5-and the
bill was then passed-yeas III, nays r.
GREENEAcKs RECEIVABLE FOR DUTIES.
Mr. WooD. of New York. Chairman OF the Commit
tee on Ways aud Means. reported bill making
United States receivable duties imports
Mr. GARFIELD, of Ohio. stated that he desired to
offer an amendment providing that such notes
should be receivable long they were equivalent
to coin Cries OF mo, no."o He did not propose.
for to shut OF the supply Of coin to meet the
interest Of the public debt in case any calamity
should happen to tho country
Mr. WoOp, acting as the organ of the committee.
yielded to the introduction of the amendment, and
| the previous question was ordered.
Mr.. HARRISON, tdcm.) of Ill. Ito Mr.. Garfcld)Hss
the gentleman any doubt about the success of re-
sumption?
Mr. GAnFIEIp-I have no doubt Of the success of
| resumption unless by such bill as this some
other hostile legislation resumption is destroyed
! The amendment was then dcfeatsd-yeas 70. nays
| 1o6.
| Mr. GAnriELp-Bclieving this bill to be q serious
attack on resumption to lay it on the table.
| The House refused to lay the bill on the table
| yeas Al, nays 100.
| The bin was then passed-yeas 154, nays ~.
simply provides that utter the passage of the act
United States notes shall be received in payment of
| duties on imports.
Mr.. WooD also reported bill to facilitate the re-
| funding of the national debt.
authorizes the Secretary Of the Treasury, in the
process OF refunding the national debt to exchange
directly at par the bonds bearing four per cent inter
| est for the bonds commonly known as fve-twenf-s
outstanding and uncanccled. and directs that when
| ever ali such fiye-twenty bonds shall have been
/ redeemed the provision of this section and
| all existing provisions of law authorizing the
refunding Of the national debt shall apply to any
bonds of the United States bearing five per cent
| higher rate Of interest. which may be redecmabe
and that in any such exchange interest shall DO al
lowed on the bonds redeemed tor period Of three
| months.
| The main question being ordered the House. al
| fifty minutes past ten, adjourned.