Year: 1874

EN NENlNG SESSlON.


The recess having expired, the House
re-assembled at half-past seven o'clock,
p. M, Mr. McDill, of Wisconsin, in the
chair as Speaker pro tenapore.


CURRENcY-FREE BANKING.


The SPEAKER pro tem,pore. By order
of the House the session this evening
will be for debate only, in speeches not
to exceed fifteen minutes each, upon the
bill to amend the several acts providing g
national currency and to establish free
banking, and for other purposes. The
gentleman from Ohio Mr.. Bundy is en-
titled to the floor


Mr.. BUNDY. 1 do not know really
whether I am to make speech or not.


Mr. MYERS. 1 have no doubt there
are other gentlemen who are ready to
speak.


Mr. BUNDY. There is only one part
of the bill to which wish to call atten-
ton. and suppose l can do that in ff-
teen minutes, and may as well do it now
as at any other time.


Mr.. MAYNARD. Now is the accepted
time.


Mr.. BUNDY. I refer to that part of
the bill which looks to resumption of
specie payment by the force of law.
know that those of US who are in favor
of proper amount of currency are stig-
matized by the name of "infationists. ]"
We do not accept that designation at all.
As understand it. at least so far as am
concerned and those who sympathize
with me, we simply want sufficient
quantity of the circulating medium to do
the ordinary business of the country !;
and whatever that is in amount, we want
to have it made just as good as it is pos
sible to make it.


1t is also reported that we are in favor
of imitation and against what they call
resumption of specie payments. l do
not understand that to be so. The only
matter of difference between US, between
those who favor resumption in their way
and we in ours is this We think that
the best mode and perhaps the speediest
mode of getting to specie payments is
through a proper expansion Of the cur
rency, so as to start off the business and
industries of the country +; theirs is by
contraction, and the consequent destruc-
ton of the business of the country.


Now the reason why I am opposed to
having anything in this bill that pro-
vides time, l do not care when that time
is fixed, for forced resumption of spe-
Gle payments, is because that at once
makes the western country and the



the East. If we can get at specie pay
ments by the natural order of things,
through the natural course of business,
so that the paper currency comes up in
value to gold, we will then have a re-
sumption that will be worth something
to the whole country.


Now undertake to say, and l believe
/ am right in saying, that the gentlemen
in the East, in New York especially, if
you please, that are clamoring so loudly
for specie payment, would not accept it
through our plan. If we had the power
to-day to render them specie payment, if
we had the power to bring up the circu-
lating medium of the country the paper
currency, to gold they would not be sat
isfed with it. If every dollar of paper
was equal to a dollar in gold, without en-
| forced resumption, they would not be
satisfied with it. And why?


Some of us are old enough to remem-
Der the days of 1857, 1858, 1859 and 1860
In Ohio from 1856 to 1860 we had re-
sumption of specie payments. With
that resumption we had perhaps the most
perfect system of carpet-bagging that has
ever been seen in this country, not even
excepting the Southern States. And
with that we also had this: Every person
who got money at our banks, upon bust
|
PEELED to pay for it, in addition to the in
terest allowed by law, the cost of trans
porting gold from Ohio to New York
City. That was a system precedent tc
any bank accommodation. The cost ot
that transportation, including the char
ges of the middle-men, was about l pei
cent. and per cent. on ninety days
discount, was equal to 4 per cent. per an
mum. The reason we had to do that was
because we had what was then called
specie payments enforced by law.


Now, by resumption of specie pay
ments under the plan that | have indi
Gated, our paper currency would be just
as good as it is now in paying debts in al
parts of the country. Therefore the New
York broker could not say to the western
merchant, Although your paper is good
yet because the law provides that you
shall pay specie, you must pay the cost ot
transporting specie from the west to New
York City" That is the reason why dc
not wish to have forced resumption o.
specie payments by law; and hope thai
before we get done voting upon this bill
we will have it put in some such form
that there shall not be forced resumption
of specie payments by law.


Mr.. FIELD. That is right


Mr.. BUNDY. Our currency now
whatever may have been said OF 1t by
gentlemen here, is the best currency this
county ever had. There has been less
fiuctuation in prices while it has been {
medium of exchange than there was il
the best days of specie payments Anc
allow me to say that that constitutes the
objection that these men have to tit il
because they cannot shave us every tim'
we go to pay a debt in bank in the cas-
or in the west.


Why, sir, 1 remember that in thost
days OF specie payments l was once a
Pittsburgh, and they would not tax,
their own paper in payment of my hote
bill because Ohio money was worth ther
about per cent. premium.


We have been characterized here a.
those who are heavily laden with articles
of merchandise of some description, anC
that we want to unload. The gentleman
from Pennsylvania Mr.. Townsend,1 I
very fair-minded man indeed, made tina
charge directly to-day, that because W.