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LUNE_ LXXXIV.
- iV
firiNillll.ol.
'CLOCIIs M.
ww.vAr.vE - ,
- IiA.RitISBURG.
Proceedings of the Legislature
—Bill to Prohibit Supreme
Court or Prothonotaries from
Exercising Juriridiction in
Naturalization Cases—Tax on
Anthracite Coal—Protection
of Insane Persons—Protest
Against Congress Incotporal
ting Railroads - Mifitia. 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. <tin coed of treason pr''
other crime of .'l3e,. grade of felony at ,
common lc.w." .
The substitute of Mr. Shellttharger is
iiinearly .similar terms , as that of
• Bingham, c•scept that Nr. Sbellabarger
permits the disf..anchinement• of those '
sta have cmgagod in rebellion; while
Binghamfonly, permits the diefratf-v
chisement of those who may hereafter
el3gage i n, relsei lion. ,
The substinte of Ward, like,
trrat of Mr. Shalibtbarger; applies to
those who hare been engaged ka rebel
lion, and restalais the States frogrft!•eing
ties-Germs a residents - required cf. - voters
at longer than one :tear. • „
The House then .bok up. as the latisi- -
nests of the morning hour, the bill;repor-i -
tedyesterday relating . to. the operations
•of the-pension laws. .
'The second section of the billov-hich •
L ' - directai;be withdrawal of pensionsefrdm
fernato pensioners who- are, living.arlife
of pros titration or ettocuhimage met with
much onositiom.
:.fit IlgblilFtSt till moved to. strike it i
•out, and Mr. SCNENtIi: characterised it
as one of the must monstrous and dis
graseibt proposittons-he over seen in any . ' -
bill, inasmuch as it professes to-make.:
the Cour:. of Vensions- the judge of the
tno sais .t 1 virtu . , of the widows of the
soldiers f the Republic,. and rctuired, .
them to prove a negative.
AItc.;;.I.N3,E.RSOLL took a like view of '
the seetien,which'ite declared wouhlitea.
disgrace to the stututo.book and •as out-
raga to widows of soldiers.l
After further disenesion, Mr:.
Ehls moved to lay the bill and amend
ments on the table. klejeeied--47i to 67. I
Mr. PSRLIANI moved the previoUs
question,. which the limes refused to
seer.cud; •
The
•
mornisg hour I.lavi ex.Riretz, too
bill went ore: till thane= morning hour.
The House then took up. the Ctinsiltu-:
tional amendment and.tbe bill in relation
to Sutfrage,:reported: by Mr. Bc.ntwell,
from tho.Committoo , on Judiciarr, and'
wns addressed by Mr:- DLDR.IDGE.in
position, to. skein. He argued that the
ri4ht to control elsotions and suffrage
was in the respective States, not in (Con= gres..s. The powers,. and rights, and. lin
e..l.,tesof. the States,and cf the peeple,did
not come down from; Congress or froM
the Federal. Government. There were
some pewatra with whieli Congress had,
not been. invested:. Congress.oould not
determine just how much betty the
people•silould enjoy. All the pawere of '
the Federal. Government, came, from the.
States and from, the people. CA:ingress
never had„and never could haverightfta
sathosity , to exercise any power not,-
given. to it by the Constitution., The.
exercise of any Other powers.vms rank
usursation. He criticised Mr. BontwelPs.
appeal. to partisanship, and asked, where..
had the Republican party derived the
power to reorganize the States
that did not rebel? In his judgment.
the .Repatibean members of the House
could not force this measure upon the
country without covering the party taftW
anoth.er dishomor,. or without a stiarrudat
violation Of . party pledges and party
faith. How many. States would the Re
publican party htsve carried at the last
election with. such a measure inscribed,
upon the platform? Where would, have
been Pthansvivtuila, Ohio and Incliattli?`
Sachs measure would alone have defeat.
ed the Republican candidates for Presi
dent and Vice President, With all their
great persenal,popnlarity. liewasiserrY•
Ili:Milos distinguished . colleague, of the
Committee (Mr. I3outwell) had not been,
able to base his' preposition on the been,
stfintlon and-law, instead of appealing
to the bare interests of party.
The subject was then passed over fOr
the day.
On motion of 'Mr. STOVER, an, allowi
mice of One year's pay as Representative.
was made to Mr. Switzeler, who conbist
till the seat of Mr. Anderson. of Missonri.
The House went into tkurintittee of, ti.)
Whole, Mr. Schenck in the chair, and, re
sumed the consideration of the Legbila
the Appropriation Bill.
A discussion in reference to, the plky d ef
the clerk of tile Committee on Publte
Lands brought out Mr. WASHBURNE,
of Illinois, who declared that if the con
stituents of members could know of
their extravagance, he believed they
would come down and run them into the
Potomac. [Laughter.] What were the
figures of the expenses of the House?
Ile would tell them: Capital police;
$63,000; clerks, $60,000;' Sergeant-at-
Arms, $6,000; Postoilice, $20,000; labor
ers, $16,000; folding room, $60,000; door..
keepers, $44,000; clerks to committees,
(Continued on Eighth Page.)
lima, th