Morning journal and courier., 1880-01-22
Forty-Sixtb Congress.
WASHINGTON, Jan. Z

SENATE.-The Senate took up tho Bayard resolution for the withdrawal of tho legal tender quality of United States notes. MT. Beck opposed the resolution, prefaciag his remarks with the statement that he regretted to differ with the Senator from Delaware, and he believed the latter was acting for what he thought the best interests of the country. He opposed Bayards resolution because 1t was calculated to check the prosperity of the country. He quoted generally from the fnan- cial history of the country, and denied that there was anything to warrant the issue of the legislation. The exigency which had ren- dered the greenbacks necessary has never passed away. Our commercial navy had not been restored and the high protective tariff and taxation continued to oppress the nation and the public debt had actually increased during the past four years In the face of these facts could any one say that the exigen- cy did not exist to-day which rendered the Treasury notes necessity? There was not Q place in the country except New York where the banks could redeem their notes in gold. The effect of this resolution would be to leave the public dependent upon the banks for their currency, and banks were not required to redeem their notes in gold. They could contract and expand the currency whenever they pleased to enrich themselves at the expense of the people. It was safer to trust the Congress of the United States than these corporations. He would compel all the banks to hold their reserve in their own vaults instead of at New York, to redeem their own notes in gold, and to settle up their contracts before renewing their charters. He referred to the large profits of the First National Bank of New York last year. On 8 capital of $500, 900 they had made net profit of over $2, GOO, 900, not by legitimate operations, of course, but through money of the United States deposited with them. The system under which the in- fiuence of the Treasurer of the United States hn fO O hon uiOfnr one, and should not be sanctioned in future funding operations.
 MT. Merrill denied that the Secretary of the Treasury had deposited any funds of the United States in that bank. The money was placed there by depositors purchasing bonds.
 MT. Beck contended that the history of the past showed that the bankers could not be trusted when circumstances rendered 1t possi- ble for them to profit by the misfortuuss of the nation. Yet these men denounced all who refused to comply with their demands as men who repudiated honest debts and they had bought newspapers to villify their oppo- nents. He doubted whether our prosperity could continue while our foreign commerce was carried in foreign ships and right pro tective tariff restricted us to trade among ourselves He was glad that the Government had at last awakened to the necessity of ad- mitting foreign built ships to American regis ter, and he quoted remark of Hon. Horatio Seymour that Legislature which restricted the right of the people to purchase where they could best suit themselves savored of communism. He then proceeded to dsnounce the protective tariff, which he contended was 8 system to enrich the few at the expense of the many. He advocated revenue tariff and thought it would give all the protection that was desirable or necessary. There was 8 falling of in the exports of American manufactures, excepting sugar, which was due to the subsidy the refners received. hn hoIoraa n in roodA up on exports of agricultural produc- tion. Until we had balance of trade in our favor, resulting from the energy and indus try of our people in competition with the nations of the world, he was not willing to assent to t proposition to deprive our currency AIts legal tender character, and hand the people over to the tender mercies of the bankers
 At three o'clock the Senate went into exec utive session and after some time spent therein adjourned.
 HoUsE.-Mr. Lounsbury concluded his speech begun yesterday in favor of taking of the legal tender quality of greenbacks.
 Mir. Townsend, of Illinois, followed. He regarded this bill part of 8 conspiracy which has been entered into for the pur- pose of making the National bank system permanent institution in this country for aggrandizing the gold dollar and for dishon- bring the silver dollar and the greenback. He was convinced that there was 8 we'll ar- ranged and organized conspiracy for this purpose. He asserted that this measure was first recommended by the Secretary of the Treasury, next by the President of the United States. and the third step in this arrangement is this bill of the Committee on Banking and Currency advocated by Messrs. Pierce and Chittenden. MT. Town send advocated the bill which proposed to abolish the National banks, and not this one which was to perpetuate them.
 In the course of his remarks he asserted that MT. Chittenden in his speech yesterday had advocated the retirement of the green backs and the substitution of four per cent. bond. MT. Chittenden denied this, and for a time there was lively discussion between Mir. Townsend and him on the subject.
 MT. Buckner finally got the floor and op- posed any further discussion of the subject and demanded the previous question, but be- fore vote could be taken the morning hour expired.
 The rest of the day was devoted to discus sion of the report of the Committee on Rules. It was agreed to close the debate. The most important speech made to-day was that of General Hawley, Q member of the Committee on Appropriations, who admitted that the committee had too much to do.
 MT. Robertson obtained the floor and will speak tomorrow.
 The House adjourned at 4:4O D. m.