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Ors ganization Retrenchment in State Departments—Consti tutionality of Repeal Or Tax on Beak Estite—TaX Duo by Counties—Eleventh District Contested Election Bradford Cas— e Divorce Case —Hills Passed Finally. IBy Teiei[apb to the Pittsburgh Gazette.] HARRISBURG, January 27, 18G9. SENATE. - BILLS INTRODUCED. By Mr. ERRETT: Supplement for Jones' Ferry Company, authorising them to make another landing; prohibiting the Supreme Court Or Prothonotaries to exercise juiisdietion in naturalizatiiin eases. By Mr. DA.VIS: For additional Law Judge in tho Twenty-third Judicial Dis trict. By Mr lIENSZEY: Relative to elec . tions in Philadelphia. By Mr. RA.NDALLI - Supplement to the ninth section orthe act of 1868, relatiVe to taxeson corporations, Increasing the. tax on" , anthracite cual imposed in said . section. By Mr. WHITE: For the better pro ,tection of persons charged with being in. sane. By Mr. WALLACE: 'Joint resolution protesting against - Congress incorporat ing any railways within this Common., wealth. 13Y Mr. BURNETT: Providing for the enrollment ofilhe organiiation and discipline of the National -Ouard of- Pennsylvania. and for the pttbiio defence.' Ur. WHlT,K,introduced a resolution: instructing the Committee -'on Retrench-_, MGM and lieform.7to examine-into the manner of - coadueting the- business of the several departmenW of the State government, with al: - view to ascertain if administretion'tannot be reduced to report by bill 6k otherwise: Adopted. By Mr. ERRE - a: Resolution request- - ink; the Attorney kieneral.to cbminutii cats his opinioil whether the act of Feb: , ruary2.3d, 186(f r ropealing all tax on real ()State *Tor State purposes is constitu tionali'so far as the same may be con. .strued to repeal the tax , of 'one-half mill imposed by act - of 1861. the proceeds of which were phidged to.the extinrr ' uish. merit or the than for arming the State, authorized by act of 1861..; .and, if uncon stitutional, what legal steps are neces- , :nary toeoutitate tome said act 61 1861. Adopted. .--- . RETRELNCILILEIn -IN.,_pr.rapratz:irrs.• Senator WHITE, in introducing his resolution instructing the Committee on Retrenchmellt and Reform to investi gate with% a: ;view to cutting down de partmefital expenses; - Viithcrat being in vidious, thinks among other things too much moue] is spent in the Adjutant General's Department, and that it ought to be put on a peace footing as to salaries .4nd.clorksliipa.l_ • , • • PASTING AND FOLDING. The Senate Retrenchment Committee, after examination, say that - the Senate expenses for _pasting and foldi?g this year will tioeatrioVintlo'nriore than Rauch & Cochran offered to contract for. ; SOUSE. OF, REPRESENT.A.TIVP.S. nUE IIY COUNTIES. The SPEAKER presented a tabular statement from the Auditor General of the amount of taxes:due by each county to the Commonwealth. ' CONTE,STED ELECTION: Mr. STRANG presented the report of the, Coutested.F.lection,Committee in the case' of Willi;irri M. Bunn. Republican, against Daniel Witham, Democratic member from the Eleventh (Philadel phia) District, in favor of Bunn, who vim •aworn in. Mr. - DAVIS.' PhiladelPhia, introduced a bill' paying Mr. Witham for the whole session. Passed finally. DIVORCE CASE. Nearly the whole session was occupied in discussing the bill divorcing Elliott HurlbuiT and Olivia, his wife, of. Brad ford. Passed finally. • - rAssnu rrszAtt.Y. Tlio pplement,from the Senate, for Erie•Alarine Hospital, passed finally; else, a bill for the. protection of livery stable keepers in. Lawrence county. 3111:' itlty Telegmh to the Pittsburgh Giszette.j ; WASHINGTON, January 27, 1869. • VIRGINIA. TtEcONSTItIICTioN. • C. H. Whittlesey,.'iditor of the Rich mondVournitt,' testified -before ttie Re constrnction , Committee to-day that tie opposed plan of the `Virginia Com mittee of Nine for the restoration of that into the Union, and considered it inexpedient at present to relieve the ju dicial officers In I . l frglnia *din political Alsateities. PIE 'PEABODY MEDAL. The,President sent to Congress to-day the corresPandence between 'Secretary ;Seward and George Peabody, relative to the gold medal presented to him by -order of Congress. Mr. Peabody therein says: "Cherishing, as I do, the sincerest , affection-for my country, it Is not possi ble for me to feel more grateful than I do forthis,pretious inemoriai of its regard." O nIO RIVER BRIDGES. The Committee on Roads . and Canals heard witnesses to-day as to whether the bridges over the Ohio river are an ob . traction to commerce. NEyirS BY CABLE. The Maori Rebels in New Zeal and Defegted in Battle—The Easterilliculty Still Un settled—American Minister Dix Asserts American Synipa.- thy for Greece = Religious citement in S - pain The Ws aster to the French' Steamer Periere. By Telegraph to the Plttetnirgh Baretla.l GREAT BRITAIN. LONDON, January 27—Mr.. Earnest Jones, the well ( known radical politi cian, died yesterday. He had just been informally chosen by ballot over Milner Gibson, a liberal candidate, to succeed Mr. Berley, one of the present members of Parliament from Manchester, in case the latter should be unseated on a charge of bribery. • The directors of the Bank of Overend, Gurney (St Co.,,have been held for trial in bonds of twenty thousand pounds each. Official despatches have been received at the —War Office from New Zealand They announce that a battle had taken place betwten the British troops and the Maori rebels at Poverty Bay, and that ho latter were defeated.with great loss in killed, wounded and prisoners. The victory has restored tranquility in that quarter of the colon 4 y. DUBLIN, January 27.—A meeting of influential citizens was held here last night, at which resolutions were adopt ed urging the govetnment to pardon the Fenian convicts. MARINE NEWS HAVRE, January 27—Noon—The ship Alaska, with a cargo of cotton, from New Orleans, is on fire here, and will proba ble be totally destroyed. She is owned in Boston: • LONDON, January 27.—None of t he first class passengers on the Pereire were se riously injured by the recent accident. Three of the crew were killed, and the following second-class passengers : Mr:" Callaghan, a Catholic priest; Mr. FOuhr, a Frenchman, and Mr. Falkenburg, a Gernvn. The Pereire encountered -a fearful tempest a few days' out from Brest, in the course of which a heavy sea broke over , her, carrying away en tirely her forward deck cabin, and in flicting other damage. She also sustain ed-such injuries to her machinery as compelled her to put back to Havre un der saiL. . • LoNDoz.r . ,, January'27, 630 the tiddittoyal information which up to this hour has been obtained of the disas ter to the French steatuer Pereire, is an assurance that *lope of the AtnertcAn pas sengera on board were killed or, injured. SPAIN MADRID, JSnuar2.- 27.—The govern ment has laid claim to all libraries, ar chives and works of art _possessed by churches, as property of the State. It Was while carrying out the orders of the Government that the Governor of Burgos, was assassinated. ' This event caused in-. tense excitement. Violent demonstrations have been made by the people in this city against the Papal Nuncio, and the government has Withdrawn its odidal recognition of his diplomatic power. The Dean and Chapter of the Cathedral of Burgos have been arrested and im prisoned. GREECE AND TURKEY. La:gnaw, January 27, --The Levant Times publishes a rumor that Senator Nye, of Nevada, will succeed kr. Morris as American Minister at Constantinople in March next. The Greek Government will probably , give iu its adhesion to the Conclusion of toe Conference at Paris, but it is feared its signature will be accompanied by a reservation which can only tend to pro tract the difficulty with Turkey. FRANCE PARIS, Jan. 27.—Gen. Dix, Minister of the United States, at a public banghet this evening, made a speech, in which he declared the cause of the Greeks was identical with the cause of liberty throughout the world, and he assured the people of Greece they had the sym pathy of America. FINANCIAL AND CDMIAERCI AL. Lorrnori, - January 27:—Evening—=Consols,93q. Five-Twenty bonds, 75%. Erie, 26q. 92%. • , Faaimvonr. 'January Z.—Evening.— Bonds, 79 1 /,@793,1. Pwars. January 27.—Evening.—Bourse firm. Ratites, 70 francs, 25 centimes. LIVERPOOL. January 27.---Evening.-L Cotton firm; Middling Uplands, 4%44 1 A; Orleans, 11,4@11 2 / 4 . Sales were made of 12,000 bush 0411fornia white Wheat , at Ils 7d; (red westeru.No. 2,9 s. 'lod®loB. Western Flour, 265.®265. 6d. Corn: No. 2 mixed, 345. tid@3ss; old, 34.3.(y):34 %s, New , Oats. , 3s. 6d. Barley, 589. Peas, 'Pork, 02s. Gcl. Beef, 1059. Lard, 765. Cheese, 745. Bacon, 589. Common Rosin, 59. 7d; fine, .16s. Spirits Petrol eum buoyant at 9s; refined firm at Is. 10d. Tallow, 475.. Turpentine is •firmer but not higher. LorzpoN, January 27.--Evening.—Tal lo*; 475. '6d: `l3dffned Piaroleum Is firm at Is. 4d • Sugar btuiyant and sells at 295. 3d. -'llllcutta 'Linseed, 58s. • HAvnE, January ,, 29.- livening.—Cot ton unchanged. • , ANTWERP, January 27.—Evening.- -Petroleum,lsB3G (4159% francs. Connecticut Democracy. CBitelegraPfi to the ratabtirgfi Gazate.3 HArtmvoan, January 27.—Tho Demo cratic State Convention was well at tendetd.. ist. Waller, pf.lgew ,London, presided' temporarily, and made a strong spout' in favor of paying bonds in gold. Hon. J., Cy Loomis, of Bridgeport, was elecchairman.perinatient chilran. Resole. dons were adopted Ignoring the Tam many platform. Resolutions, ware also adopted in respect tO the'rnembry of T. H. Seymour. A speech was made by J. F. Babcock in: support of the latter resolutions. The old ticket was renomi nated. West Virginia United States Senator. tßy Telegraph to the Pltlsburyh Gasette.l ' WHEELING, W. Va Januarys 27.—At the Republican caucus to-day Gov. Bore man was p unanimously nominated for United St I tee Senator. No other nomi nations w , re presented. PITTSBURGH, TIIURSDAY, JAN V 1 1 111" 4 6 khol POUrt O'CLOCK. A. M. FORTIETII CONGRESSI SENATE : Memorial for Phre , . no logical Examination of Applicants for Doyenne Ap pointments—Public Debt and Currency Bill Discussed Speech by Mr. Sherman—Cen tral Branch Pacific Railroad Bill Rejected. HOUSE: Suf frage Amendment and Bill Further Discussed Substi tutes Offered. , Illy Telegraph to the ontsberghG.azette.) , WASHINGTON, January 27, 1869. SENATE. Mr. HOWE, to the great amusement of, Senators, presented a memorial pray ing for the appointment of an able phren ologist to examine all candidates for In ternal Revenue appointments, to see whether benevolence, conscientiousness, casualty and comparison be their most prominent protuberances, to the end that the Government may no longer suffer from thefrauds now no common in that department. Referred•to the Committee on Retrenchment and Reform. Mr. CHANDLER introduced a bill to Prevent the collection of illegal imports under color of State authority. Referred to Committee on Commerce. Mr. HENDERSON introduced a bill to enable the Cherokee, Choctaw and Chickasaw Indians to become citizens of the United States. Referred to Commit tee on Judiciary: Mr. MORGAN Introduced a bill, which was referred to Committee on Judiciary, to , designate a place of confinement for persons convicted of offenses against the laws of the United States.l Mr. TRUMBULL, from Committee on Judiciary, reported adversely on the iolut resolution introduced by Mr. Mc -1 Creery, proposing an amendment to the 1 Constitution •, also on Mr,Sumner's bill to enforce the provigisions of the four teenth amendment, and on Mr. Harris' bill, requiring the . President, on applica tion of the Governor or Legislature of North Carolina, South Carolina, Florida, Georgia,Alabama, Louiaiana or Arkan sas, tO 1.111 oa•O - the - militia, or to employ the forces of the United States to supprees insurrections. Mr. TRUMBULL also reported a sub stitute for Mr. Stewart's bill to punish the crime of holding Oleo in violation of the fourteenth amendment. It provides that any. person 'who shall hereafter knowingly accept, or hold an office to= which he is ineligible under third section of the said amendment, shall be deemed guilty of felony. and on conviction be imprisoned pot more than five years and (lined from one thousand' to ten thousan dollars. Mr. MORRILL. of Maine, froth .Corn. mittee on Appropriations, reported the , Naval appropriation bill, with a slight amendment. . The expiration of the mornfing hour Ibrought up the bill relating to the Cen t tral E'acitie branch of the Union Pacific i Railroad. Mr. SBERMAN moved to postpone it to take-up the bill in relation to public debt and currency, reported by him from Committee on Finance. Messre. MORTOX and POMEROy supported the 'bill and Messrs. HOW ARD, CORM.= and strkticErt oppos ed it. The latter called for the yeas and rays which were ordered and the mo tion carried by a vote of 32 to 26. ' Thenublic debt and currency bill be ing now before the Senate, Mr,: DAVIS moved to recommit and instruct the Committee to report In its stied another I -bill. ~ - Mr. SHERMAN then addressed the Senate upon the bill reported by Com mittee on Fin rice, in which he discussed humoreseily t &speech of Senator Mor ton on the fin ncee, the President's rec ommendation on that subject, and the reports orate t ecretary of, the Treasury and Tremurer of the United States. Mr. Sherman commenced by stating he appealed to no party to support this - Measure, yet all must recognize the dif- ficulty of harmonizing the great diversi ties oflopiplohs that exist on financial measures, eid,opt by a partial surrender of individual opinion and something like hearty support of any measure that may be agreed upon. He then proceed ed to state the amount and character of our paper currency, which sums up seven hundred and forty-six mil- - lions of dollars, all of which is by law at par, yet one dollar of it has only the purchase power of seventy-four cents in gold. tit seemed to him that we must, to begin withatbandott the attempt to reason from a false standardi and rec ognize the immutable law of currency, that there iii but one par, and that is gold. Ile elaborated this idea at some length, citing in support thereof the acts of the Bank of England and of the British Par liament relative thereto, and events in the history of our own country during the revolution and war of 1812. - A, distinction between the standard Of value and. the actual agent of exchange must always be kept in View. One must be gold and the other oughtto bsTicsiper money, corriertible into 'gad. - Spoji paper currency, with proper measures to meet panics or extreme drains of specie, Is proves by ill experience to be best possible currency that 'has yet been de vised by man.:. An unmixed coin cur rency cannot exist in an econotn 'eel ,country„, for 'necessity `will compel . merchants to devise, and .the people will nee, some representative of money, whether it. be bankers bills of exchange, certificates eidetic's% or hank or Government paper money, and ono unbending, unrelaxing rule, that com- - pels payment in coin at all times, during panics, distress or war, as-well as in peace, will periodically produce disaster and baukr t iptey, The requisites of a good currency are: Find, that t be a paper currency; sec ond, that it i be amply secured, ei her by the credit of a nation or by unquestioned coliaterals; third, that except in cases of panic it be convertible into coin; fourth, that provision be made for a suspension Of the right to demand coin during such panics. The only legislative questions that can arise on these points are: whether the ARY 2dz 1869 • ! paper money should he issued by the nation or by corporators, and hat relief shall be provided in case of arnecessary suspension of specie payments. As 2o the first euestiOn, both Englarici and the United States hare settled . uPon a bank, currency, secured by the public credit. As to the second, they have tried various devices, as the raising of the rate of inter est, a temporary suspension of payments, making'the _pa er a legal tender; but all these expeche is are merely temporerY, to bridge over war or panic,l period of starvation, or u unnatural adverse bail ance of trade. They are remedies in sickness, to discarded the moment the health coin s again. Whatever theo rists may suggest, however si i igar-coated the remedy , be, there is but o e test of a healthy paper currency, and) that is its convertibility into gold coin. 1 If, then, gold only is the true standard of money, shall we not commence ourl finnancial measures by restoring it to its place as a legal standard of money? . Why not al low our citizens to base their future con tracts on gold?. Why not enforce these contracts in the court as legaland valid? There are difficulties In applying a new j standard to existing contracts, made upon a different standard, but!• these diffi culties does not apply to fUture con• tracts. We wish to restqre specie payments, and yet we forbid all men from dealingin specie. Such contracts are-put uptei the same footing as gaming contracts. It would seem that, if we are at all sincere in wishing specie pay ments, we should not only promote specie contracts, but should I encourage them. Contracts to a vast anount are now, from necessity, made upon a gold basis. All our foreign f ommeree, ex ports and imports amounting annually to over $81:10,000,009,•are based) upon gold; the price of all public securities is fixed by the gold standard 4 t .temdon and Frankfort; the sale f all im ported goods by the importer to the jobber, is by the gold standard; the daily transactions in gold in New York often amount to one hundred tnillions; on the Pacific slope gold is thelonly stand ard of value.. We cannot nit; this if we would. Why. not recogni the fact, legalize these contracts and eouform our measures to the gradual adjustment of existing contracts, including paper money, to the standard of *old? And, air let tne also recognize the general principle, that it is no wiserj or more in accordance with the ppirlt of Cur govern-. ment, to leave this adjustment to volun tarynontracts of the people, ;rather than, undertake it by the arbitrary rules of law. If our people are left free, they can do, this without injury to debtor or creditor, without 'confiscation of prop erty, and without any change in the in trinsic value of property. 1 I For these reasons. the Cemmittee of Finanee regard the first section of this bill, which legalizes gold ,contracits,.ae in indlspensiblet preliminary to any phin for appreciating our' currency to gold. , All the provisions of the municipal laW which protect contracts from fraud, usury or coercion, apply to them as wed as to ceutractsiqeurrency. It is only oy restoring gold tontraets you can safely avail yourself of all the multiplied uses of paper money. Then, and not until I then, you can issue paper Money based upon gold. The gold now lying idle in 1 the Treasury may thenbe utilized, made 1 to produce an Interest byl the issue of coin notes based upon it, and thus enter into actual circulation and gradually be made to perform all the uses of money now performed by depreciated currency. This is the basis of the fourth section of the bill, which utilizes the! gold by the issue or gold notes based Upon it, and their application to the purchase of bonds and the reduction of interest. And the right to make contracts in geld may now safely and properly be'extended to banks organized under the national banking systein, upon a deposit of lends. Exist ing banks, or new banks, m iv be author ized to issue gold notes eq.ial to sixty five • per cent. of the value' of the "United States bonds deposited to secure their circulation. Their payment .will be in cote, but in all other respects they may beeubject to the general prodsions,andlimitations of the banking act. Miuiv of the' banks, cape. daily in commercial cities, will gladly avail themselves of such d provision to withdraw their present circulation and substitute gold notes, conycrtible on de tnand into coin. With such a provision and on such a basis, the system may be free, and thus all the embarrassing ques tient about inequality of distribuvon of the bank circulation avoided. A right conferred upon all, , without limit as to amount, and upon regula tions ! applicable to all would at once secure to the South end West new banking facilities, and weuld rapidly tend to substitute coin or its equivalent for legal- tender notes, and without the severe process of contraction. The ob jection made, that this would create two currencies of unequal vale° applies as well to the present state of the currency, for we have now' two currsncies of un equal value, gold and legal tenders. If we pre sincere in wishing specie pay ments, we must not only multiply the demand for coin. I We must encourage coin contracts), issue coin notes, both by the United States • and by the banks, and thus, without contractions dispenee with the use of inferior and &- Predated currrency. sThetjuperior value of coin notes, their use in commercial cities, their convenience in gold preidu dng States, will soon give !higher credit and secure them in every part of the country. lam confident, under such a system, the national banke will, if allow ed, and before specie payments are re sumed, substitute coin notes for present circulation, and that, too, without di minishing the aggregate of circulation.. Many of them have now I reserves and profits enough to make the requisite de posit of additional bonds, and 'the gold certificates now twined from the Treas ury (might be used for their coin reserves without creating now demands for calm Mr. Sherman also argued, as a consid eration in favor of the sections of this bill relating, to gold contracts and gold notes, the doubt that rests . upon the va lidity of, the legal^ tender ed. We must not forget that currency 1 contracts do - pend, ,not upon the agreement of parties. but entirely , upon the validity of that act. This has always been dciubted, and is now contested before the Supreme Court. The legal tender act is only material as it affects existing contracts, Is it wise to continue a measure only !justified by a grave public necessity, now when the ne cessity has pmsed? It may be that the Su. pretne Court will deny the validity ofthe legal tenderact,or litnit its operation to existing contracts, made since its passags. It may subject currency contracts to en forcement in coin. Is it not wiser to bridge over this uncertainty, by author izing the adjustment otthis matter be tween creditor and debtor, by funding a portion of United States:locos, by requir ing the banks to maintain th,.... , r full re serves in legal tenders, by wiaddrawintt the three per cent. certificates, and by the use of the gold in the Treasury? We' could resume at once this process, might increase the bonded indebtedness , of the United States leo.ol/0,000, and the inter est *5,000 2 000. but odr revenue* are ample in gold to pay tfle increased interest, and the -actual saying in the current expenses+ of the government, by a reduction of prices to a gold staad- ard, would be double, and perhaps Fillai- ruple, the increased interest. The boetv of orisr,expenditnre, being, the interest of the public debt, is now payable an gold., and its' burden is not increased by specie. payments,. while the savtng in expendt tures and the palpable eaving by thee funding of the debt at a lower interest,. 'mould largely exeeed any interest we would have to pay on not.s winks:hewn from cireulatfom. And if tire- burdesaiof re sumption fell alone uptin the national banks, the task: would lap an easy one.. Their securitiea r deposite with th elites.- urer of the United States are nownear ly eval largoldo to. the zionnt of their circulation.. A eall-unde the banking act of ten per centuervadd tionat security , could be eFrfily met by tfiegreat bgdy of them, and thus enable them, to restart* wheneyer the United States le prelared to resume. Their profits 'in the past have been large. These not now 'among, enough. to Ferformtw the great ,obignt of their, organiszttion, namely, to. fui - nish. a unifosni currency, convertlble , , Into gold, may welt give way to otter latiaies. ready to take their pleee Bet redevap tion by the banks means redemption, by all their debtors, by then erchants, man ufacturers and tradere 1 f the eountoy. But it is not possible to t ke thievoyaga• without sore distregg• to every parson,. except a. capitalist oat• or debit, or to• salaried officers or ann itants: Jt is a. period of loes, danger, la- itude cif t rade,. fall of wages, suspension of enterprise,. 'brnkruptcy or disaster to every rail road. It is an addition of at. ,one-third to the burden of the elebt. More than that. Deduction from the value of stock. To every banli it. means the ncoessity of- paying. one it un dred and Ility'dollcris fer every one h un dred of. its notes and deposits, exclopit so far as the buck mety transfer this to its debtors. It means the ruin of all de al ere whose debts are twice their capital, 'though -one-third. less than their tiro p-' arty. It means the fall. of all agniciri tural productions, withoUt any very great reduction of taxes. To' attempt this ! task suddenly,. by a surprise upon{ our people, by at , ?nee paralyzing their industry, by arrest ing them in the midst of lawful, Duairiess, and applying, a new standard , of value to their prop<-115, without- any reduction of their debt, or giving` i an opportunity to conigound with - their; creditors, or distribute men. loss, woold, be an act of- folly, without example-in evil in modern times.. Our power • over' the creditor is unlimitedt_ Wo way levy taxes upon him to any. amount, but_ we have no power to vary a contract or to add to the burden of an existing debt. The question. then. remains,_ wend. amount of appreciation of value of green backs will operate the. least injuriously to all sound business interests of Otir constituents. And upen.this,peint .yeed- Counnittee, after the most. caretul cola sideration,saine to the concluskin that the only and best plan was bo allow them, to be funded, at the ploasum of the-holtL-• era, into interest-bearing bonds of, the United States. In de:debating the bond, .1. we have selected that now famill. to the people, the 10-4 U bond. ':.he mark t value or this bond is now but slightly ith ve that of legal tenders, so that the pr )cess of tie w appreilation of the notes will, ..slo,. and will only advance with-the • inprwr ing credit of the conntvy. It i a bond bearing as low a rate of interest as we are likely to negotiate,, and .yet of SUCiI, intrinsic value that wo nty'hope to eee. it par with gold within. a short period. t It enables. us, after ten, years; to take advantage of the money marke to still 1 further reduce the iutenest. Its credit is supported by a permanent appre leaden, i . fin ro au ample fund, sufficient without : further act of Congress to pay IT every dollar of the debt in twenty-fir years, The proposition in the. idli substi tute coin notes for legal tender n tes,, as. the latter are retired, by voluntary -A:in version into bonds, is an wfteuip 'of. the Committee on Finance, in. defer neat° a. vote of the Senate ut the last session. to. effect the same object, namely, to guard against a too rapid contraction of the currency. I must, however.] insist upon my conviction that the time to guard against both undue ex pansion and eentriction, while spa ode payments are suspended: is to. allow the public creditor, whether note holddr or bondholder. to freely ex change cite for the other withftut ant limitation, except that the aggrt,gate a circulation should not emcced tbei United States notes now outstanding, and this aggregate may be gradually reduced as specie payments are resumed.. : It the. Senate shall agree with this opinion, by adopting the amendment of the Sena tor from New Jersey, (Mr. C7attell,), then some changes will have to be made in the fourth section. If, how ever, the Senate still opposesilds endue ality of conversion, then the subStitution of coin notes should precede. The :an collation of 'greenbacks, or a reservation of legal tenders thould be inamteined by, tho Secretary of the , . Treasury, to bels- sued at his direction. Mr. Sherman concluded byl stating bristly the reasons why other Proposi tions submitted to the Comma tee had not been approved. 'On motion of Mr. MORTON; the bill was then postponed, and that r lating•to the Central Branch of the .Union Pttefilo Railroad taken up, the - pending amendment ' being that offered by Mri Conkling yesterday. Mr. CONKLING modified the amend,- ment by striking out the clause fixing the point at which the Central Branch road shall unite with the Smoky Hill triad. The amendment was voted upon and lost. ' • • Mr. PATTERSON, N. H., offered an amendment declaring the subsidy should not exceed $200,000. LOst—yeas 25. nays 27. Mr. MORRILL, of Vermont, offered an ,ainendment providing that the inter est on the bonds authorized by this bill to be issued should not exceed five per cent. in currency. Lost. ' The bill was then read a third time and rejected by the following vete: • Yeas—Messrs. Abbott. Cragin. Doo little, Drake, Ferry, Fessenden F'owler, Harlan, Hendricks, Howard, di:Donald, Morrell, (Me.) . Morton, Norton, Nye, NVMBER 27 Pomeroy, ,amsay, race. •Rbss, Snryer,„, Sumner, Thayer, Van Winkle, Wadi, ~ Vilson. • Nff , /$—M eSSM Anthony, Buckalew, Conklintzt. Conners,' Davis; Dixon, Ed munds, Frelinglinysen, Harris, Hender son, Howe, MCCreery, Morgan, Morrill, (Vt.) Patterson,' (N. H.) Patterson, (Tenn.) Poole. Robertson, Sherman, Stewart, Trumbull, Vickers, Wade, War ner, Whyte, Willey anti Mr. MORTON moved to again take up the currency bill. Mr. CONKLING moved triihold an ex ecutivo session, and Mr, CAMERON to adjourn, which latter motion prevailed. Adjo4ned. , - HOUSE OF -REP!: ESENTATI YES. The House resumed the conside4tion of M 7. Lynch's bill to provide for the re-- surnotion.of specie payment. Mr. SCITOFIELb addressed the House. On mot ion of Mr. SCHENCIC, it was agreed to hold evening sessions in Com mittee of the Whole for general debate. Mr. WASHBURNE urged the House !I come to some understanding relative Is the pt_l3lic business, saying the indi cations yesterday were that it was not dleposed to touch appropriations at all. The SP:I:AKER recapitulated the bust ness-that "gf as pressing on the attention , of the House. lefter some dscussion a motion to re consider tt.43 vote referring- the resureirrg+ tion , of specie payment bill to rhe Com mittee on lisakingivJas tabrid, and the bill rermaine.'eonamitted. , The; Constitutional .4..inendment and., bilirelating tv sud'hago were postponed until after the mosning . hour, with sub stitutes ofiered4he , refor by Memrs. Bing-- ' lam, Ebellabarger and Ward. - Mr. Binghaal'i albstitute is aofollows: - ."No State sh-411 Oahe or' enfOrce any law virh - lh shal abridge' or deny to any - , citizen oft the 'nth's& States., . oS sound! ) mind and.overtwe ty-one yearn of age, the equat-exercise f the elective frail- chise at eil'election 'xi the State wherein he shall have act ly resided' for a period of one prar..lXt preceding such election, eurcept sue of said citizens as- - 1 " shall hereafter cog. ttg. ga in rebellion or in -1 surrectio"or who may have been or shall' be only.