Mr. BUNDY. Mr. Speaker; I begin to think there is a conspiracy here, knowing that I am a modest man, to embarrass my speech. [Laughter] Now, I do not know where I was. [Laughter] I was about saying yes, I did say, that by a law of Congress there was such a i.tax imposed upon State banks that it is impossible for institutions of that kind to exist, and therefore the only circu lating medium that we have or can have in the future, if this state of things is permitted to go on, will be that furnished by these national banks. I said they had no interest. It is true, they may have a conflicting interest. They may have no interest and no sympathy with my views; but they have an interest in this special, “strait jacket” legislation, which confines the entire facilities for furnishing a circulating medium to them. It is natural that it should be so. I have no objection to that on their part. They want to make as much money out of their money as they can. That is their side of the question. Now, Mr. Speaker, with regard to the processes and the manner in which they are to be accelerated for the reduction of the currency, I have said that these Eastern banks, acting on the suggestion of their own interests, as a matter of course, would favor nothing that looked to an increase of the capital of the banks, or a redistribution of it. I am opposed, for one, to any legislation upon the subject. if I should favor any legislation at all it would be a reapportioning of this bank capital to the States and Territories in proportion to the people resident there, or to the wants of the country, as might be determined after investigation. In looking further into the report of the SecyTreasury, I find that 8 States, including the 7 1stmentioned and Pennsylvania, have a circulation on authorized capital of $310, 459,000, leaving the other 28 States and Territories only 1six million odd dollars; or, in other words, that those 8 States have 2/3rds of the entire authorized banking capital under this law; and therefore it is not remark able that they should feel an interest in per petuating this state of things as far as they can, and making it as profitable as possible. Let me refer to the section of this bill, which has been read, amending section 32 of the law. I read the proviso: Provided, That compound interest notes shall not be included in the lawful money of the U.S. required in any association by the provisions of the preceding section.” What is the practice of all these banks now? For their reserve they put away the compound interest notes, and that being the case, it keeps afloat legal tenders to a corresponding extent, because the law requires that such a%. of their capital obe placed as a reserve, and it must be “lawful money;” and the word “lawful” is held to mean those interest bearing notes. Instead of holding as a reserve this vast sum in legal tender, non-interest bearing notes, they now hold compound interest notes. By the proviso in this bill the committee, no doubt acting in harmony with the desires and suggestions of the Secretary, propose to force all the national banks, to discard and surrender the compound interest notes now held as a reserve, and substitute thereforthe U.S. non-interest bearing legal tenders. This would facilitate, to the extent of such substitution, the reduction of the currency. The process of the reduction of the currency is not rapid enough to suit these gentlemen; it is too tardy. They propose, therefore, by this amendment to make it unlawful for the banks to retain compound interest notes as a reserve, and compel them to substitute the legal tender now circulating among the people. They propose, “at one fell swoop, ” by this amendment to take all the compound interest notes out of the vaults of the banks, and compel them to put in their place legal tenders or non-interest bearing notes. Now, Mr. Speaker, I said a while ago that there were 2 parties to this controversy; 2 interests involved. It is a fine thing for us to talk boldly and eloquently about “the rights of woman;” it is something for us to say when we go home, that during the present session of this Congress we enfranchised a portion of a race that has been disfranchised from time immemo rial; it is something for us to say that we have, asfar as we were. our voices and our votes, attempted to do justice to every member of the human family; but, Mr. Speaker, while we are doing that, while this interest seems to over slaugh all others, it must be recollected that back there in the States there are a few white men left, whose interests must be consulted by the Administration and by Congress. They have said in thunder tones to us, “These things ye ought to have done;” and the same distant and potential voice will also peal forth, “and not to have left the others undone.” If we do not now, we will be compelled to hear, and our successors to heed, the latter injunction. For my part, I am disposed to hear and obey that injunction now. It will not do for you to say to these men whom you called into the service, a million and a quarter strong, men from the free States who endured the hardships imposed upon them by the Government to put down the rebellion, that, after they did as they had done, nobly, you, by your action on this great question of finances, have so crippled the industrial interests of the country as to turn them out of employment, or to leave them and their families to starve. I know some gentlemen talk as though they could o: men who have money to operate with it. o such thing can be done. Capital, as has been said here repeatedly, is always timid. The manufacturers, who give employment to these men, will do just as their interests indicate they should do, in order to save that capital and enhance it. And therefore it is not surprising at all that, amid the terrible uncertainty that now seems to hang over this whole question of finance, we find that 15,000 artisans, mechanics, and day laborers are idle in the city of NewYork, looking in vain for the means of procuring subsistence. Why, sir, we not only owe to all conditions of men the boon of personal freedom, but we owe to them access to the means for their living. And here let me say that there is another thing that will come up in the hereafter, blink it as you may, frown it down in these Halls as you can. Having provided by law that one 6th of all your taxable property, held by all the people of this country, shall, for all time to come, be exempt from taxation, if you turn these men out of employment, who provide the means by which the value of and interest upon that property is kept up, they will say, if they are thus treated by their Government, why should they hereafter labor and toil to keep in power a party in the country who will continue to exempt that property from taxation, while its action destroys the means to their prosperity? I hope the day may never come in the history of our country when the thought of repudiation will tarnish its fair fame. But I will tell i.they may so act, they may so conuct public affairs, as to precipitate such an event. It will do the soldier no good; it will furnish him no reasons why he should continue his support of a party that, on these great ab: stract rights, obeyed the behests of justice and the dictates of an enlightened conscience, when at the same time it fails to secure to him and his family the means to exist. This, indeed, existence, of the laborer? would be a sublime history and grand example for the instruction and admiration of the world. The soldier has been honorably discharged from the conflicts of the ensanguined field; he has now returned, if not to the more terrible, yet more protracted battle of life. It is true, we have a free country; but with freedom I want to carry blessings to all its people. The manufacturers will not, cannot, employ these men. The agriculturist cannot do it. The capitalist will not invest his money in any enterprises, without reasonable prospects of fair profits upon the investment. They will prefer investment in the untaxed bonds of the Government. There is another view of this subject which may be important in this connection, and which is intimately connected with this question of labor, or the employment of labor. Before the war, when our currency was in round numbers $300,000,000, the manufacturers as a class, and even the agriculturists, were so much in debt that they were obliged to continue in operation their business regardless of the results of their operations as to profits. The manufacturers were compelled to keep their establishments in operation even at a yearly loss, so that, by the sale of their products, their existing indebtedness could be carried over from year to year; and they were also stimulated by the hope that each successive year's operations might show a better balance sheet at the end thereof. The farmers as a class were embarrassed by reason of investments made for improvements upon their farms or for additions purchased thereto, so that it o: may be said, without any disof the farmers as a class, that their arms were shingled over with mortgages to secure the payment of liabilities incurred as above suggested. They too were compelled to cultivate their farms, furnishing employment to labor, so that by the sale of each year's prod ucts they were enabled to pay the accruing interest on their liabilities and also carry over or change their maturing liabilities by making new loans. But, Mr. Speaker, that state of things no longer exists. The manufacturers and farmers are comparatively if not entirely relieved from debt, and the only thing for them now to decide in the consideration of the question of prose cuting their business is, whether it will be profit able to operate or not. The farmer will be contented with simply producing enough to subsist himself and family, unless, indeed, he has as surance that he will receive such prices for the surplus that he will be paid for his labors. The same remark will apply to the manufacturers. So that the question of the employment of labor will not, as heretofore, be governed by the necessities of the employers thereof, but by the prospects of their os. Now, Mr. Speaker, is it not easy to see that if by our action here the financial affairs of the country shall be so distracted and disturbed as to unsettle or embarrass our producing enter prises, and that supplies ofbe cut short by reason thereof, that the prices of produce and everything that our people consume will be enhanced thereby? The fact of a reduced currency or resumption of specie payment would not have much influence in the premises. And, sir, if we reduce our currency below the absolute requirements of the country, in order to the successful prosecution of all classes of enterprises, how are you to command the means to pay the accruing interest on your public debt? From what source will you derive internalrevenue? Whence will be derived your surplus that looks to the creation of a “sinking fund, ” or the direct reduction or extinguishment of your public debt? Do you expect that the ComrIntRev will be able to report the receipt annually of more than $300,000,000 from this source alone? And how is the labor of the country to be employed with reference to the interest, if not to the very 7 confess I do not see how these questions can receive satisfactory answers if the line of policy inaugurated by the Secretary is to be pursued indefinitely. Now, Mr. Speaker, I have said all that I intended to say, and much more., Having no notes, and keeping no account of what I did say, owing to the repeated interruptions to which I have been subjected, it will not be strange if these remarks are somewhat incoherent and disconnected. It is said that the books furnish the theories that guide the exchequer of the country, and in the main they furnish the arguments, too, of the ComWays&Means of this House. But what are books with us? What are theories with us? In our practices we scout them all. Diverging a little from the main topic and in order to illustrate the individuality and independence of our people as to the modes of thought and action, beg to refer to the following little incident of the war: In the State of Tennessee, the home of my friend on the right, [Mr. MA. NARD, a young man, a soldier of Army, the Union made application for a furlough to go home. Being denied by all his immediate superior officers, nothing daunted he resolved to seek the headquarters of the general commanding the dept, General Thomas. He readily obtained access to the good na: tured, sedate, and brave man, who inquired the object of his visit. He said, “General, I want to go home.” “What do you want to go home for?” said the General. “To see my wife, ” replied the soldier. “How long has it been since you have seen her?” inquired the General. “Three months, ” responded the soldier. “That's nothing, ” said the General, “I have not seen my wife for 3 years.” “Ah, General, ” said the soldier, “my wife and me are not that kind of folks, I want you to understand.” The General surrendered; the soldier received his furlough. [Great laughter] Think of such a dialogue and repartee with the results between a great general and the common soldier of any other country but ours. Why do you attempt to draw instructions from the theories or even the prac tices of the old countries, or any country whose conditions are not like ours? What did Adam Smith know about greenbacks 7 Why should we attempt to adopt theories or follow example s furnished us by monarchies and despot: isms, even in regard to the great subject of i. reconstruction of the States lately in rebellion? They are all in the same category. They can furnish us no rule, because, Mr. Speaker, when ever 2 kings go to war, they fight until a sufficient number of their subjects have been killed to sate their ambition, and then all that is necessary to bring about peace is that the 2 kings or the 2 dynasties should make up their quar rel. But here it so happens that every one of our people is a sovereign; and I claim, sir, that the humble soldier boy has as much right to dictate the terms upon which he will reaffiliate with the rebel who tried to kill him as the man in the White House at the other end of the avenue. My only boy, who is dying by inches from the effects of a wound received by a rebel shell, has as much right to say upon what terms those men shall come in here by my side and vote me down as the POTUS He stood for me, sir, in the time of my own and my country's peril, and by the blessing of God I will now stand in “my lot” here or elsewhere for him and his brave compatriots until I die. Why, sir, look at the recent war in Europe between Austria and Prussia. It was a very short war; and when the war was over every: thing apparently was very speedily “fixed up.” Why? Because there was nobody to fix it up but the dynasties interested. A great many of us wondered why it was that the Prussians ained so . many advantages over the Austrians. never understood it until we learned the fact that Benedek had George B. McClellan on his staff. Then the whole mystery was explained. Now, Mr. Speaker, I want to say in conclusion that I hope we shall right here “call a halt.” There is no necessity for a financial crisis in this country. Let our people alone; let them go on with their respective branches of industry under the auspices of a Government which they regard as their friend financially, and soon, very soon, the wastes of the late war will be repaired; soon, very soon, you will have productions upon which you can form a basis for the resumption of opayments; soon, very soon, our people, if left to themselves, will so manage their affairs that we shall have uni versal prosperity all over the land. Let us have no s j.Let us right here say to the SecyTreasury: “Thus far and no farther, shalt thou go in this matter.” Let us declare that the volume of the currency shall not be diminished, except so fast as the interest of the country may require. Let us say that no one man on earth, however great or able, shall be intrusted with the power that the SecyTreasury exercises today with regard to the financial destinies of the country. I know of but one man on earth who is the embodiment of sufficient wisdom and patriotism to govern and conduct the affairs of this great people, and he is so only in his own estimation. n my judgment it is the duty of this Congress it is my i and the duty of every Union man in this body to see to it that no harm shall come to our people because of the management or mismanagement of our finances by the SecyTreasury, and that while we can send to the nations of. earth greeting that “our people are free, ” may we be able in all truth ulness to say with equal pride and significance that “they are prosperous and happy.”