New-York tribune., 1879-01-16
CERTIFICATES OF DEPOSIT.

ovt, OF THE BILLS RECOMMENDED BY THE sECRE-
TAEY OF TIE TREASURY PASSED BY THE HOUSE
1uHOrGH GENERAL GARFIELDs ADVOCACY OF IT.
IBY TELEGRAPH TO TIE TElBUNE.I
WsHIyGIoN. Jan. 1j.-ro-day the House of
Repr-enta;Ives passed the following bill, reported
from the Committee on Ways and Means by MI.
Fernando Wood which, It will be noticed, Is the
same bill which was recommended by the Secretary
Of The Treasury:
Ahu ~ euthorze the issue certificates OF deposit
in aid of the reflndlnr of the public deut.
Ea il cuaeird rtc I at the Secretary Of the Treasury
g.. ~ nr,.i and dirnc.nl 10 Is-ue In exchange
for lawful money Of the United states mat may he
puipl for sucn exchange. certificates Of deposit OF
tbe nol,lai ION of 80 bearing interest the OF
3 urr c.utum per aauum. and cOnycr"ic al anV time,
viii accrued interest. the per centum bonds de-
,ccd I'D Krfuudng act and the money so rcceived
shal applied onlv 10 the poyncit ot the DO bonds
in Inc MOI prescribed hv sald act ard be l. authorized
10 prescribe suitable Jules and regulations IL conformity
with TN. act.
The fortunes OF this bill and the obstacles which
il encountered into the House to-day showed TO how
great a degree many members are governed by
prejudice rather than by calm reason.
When Nj. Wood first called mp the bill he did not
say hat It's passage was recommended by Secretary
sherman. beievilg probably that IT would be re-
cc.ycd with more favor by he majority If it seemed
20 originate with the committee. But on the other
hand some Republicans who had given the subject
no attention were suspicious of the bill, and were
Gispo-ed 20 say that II hot best to be lrgslatng
on anv branch of the financial question.
Julgr Kelley came IN with an amendment, winch
tle committee had agreed should be voted upon,
and which provided that the preliminary certIh-
Gates should be rcdeemabe at the Treasury any
time within six months after their issue He spoke
for the poor man, he said, who, having bought one
Of these certificates for $40, might never get the
remaining 80, and would become the prey Of
brokers and banks. Sir. Abram ;. Hewitt was
afraid that the operations of the bill would be TO
initiate tlc currency by adding to the circulation all
m. cert icates issued. General Butler feared that
the bill would contract the currency by causing TO
lac collected in the Treasury all the United states
mites converted into the proposed certificates and
- the hill was attacked all sides by men Of op-
ro.itc views. and for exactly opposite reasons.
Ar Tins point General Garfield took the floor in
f,,r or the bill. and IN very brief speech cleared
away the mass of nlsconceptons WHICH was 'nIe"'-
eping 10 destroy the measure. He showed hrst that
the bill provided simply the third step III the pro-
ce,s Of populanAug refuudlug. Al hrst lie Haie OF
tbe refurding bonds was gwen 10 syndlcates
o,rposod Of a few rich bankers. Then the Secretary
of rbe TREASURY invited all the National banks
- port,ciDate in the work and having succeeded
beSond All expectation, he now invites everybody
IN subscribe and proposes by the provisions OF the
nendinp measure TO make II possible for the poorest
man who saves a few dollars 10 become interested
in the debt of the United States. He sad that the
credit of France is strong to-day because so many
Freuchmen are creditors OF the Government; anu
that il TINS bill were passed and the people OF small
means should become bondhoiders, the occupation o