Mr. BUNDY. I am very much obliged to gentlemen for interjecting such good doctrines into my speech. They will be highly valuable as illustrations. Now, Mr. Speaker, I have stated who are the interested parties; and they are the only parties interested. On the one side are the non-producers, with the bondholders, domestic and foreign, added; while on the other are the producers of this country, the men who work, I care not where they work; on them the whole weight of this thing must eventually fall. They constitute the bed rock in these strata. Whatever we may say here, the capitalist, the man who has the money, is not to be the sufferer by. a crisis. The weight of the calamity falls at last, and most severely, upon the man who works the producer. But, sir, it is urged that the reputation of the Government is involved in this matter. I have seen intimations coming from across the waters that we should see to it that very early, perhaps even before all the revolted States are restored to practical relations with the government, the resumption of specie payments shall be accomplished. In order to enforce this doctrine, the example of GreatBritain after the Peninsular war is quoted to us as an illustration. What is the '. in regard to this matter? How did GreatBritain resume specie payments? What are her consols worth today in the market? Do they command specie dollar for dollar with their denominational characters? No, sir. They are quoted in London at 92 cents on the dollar; while our 5 twenties in the same market are quoted at 72. Do you call that a resumption of specie payments? If it were proposed that our Government should resume specie payments upon that principle, there would not perhaps. so much objection to it. Take all our vast debt; consolidate it; declare that you will pay but 3%. interest on it, and then let its quotable value in the market be but 92 cents on the dollar, and you will have resumed specie payments in the same way that England. done it, so far as the indebtedness of the Government is concerned. But, Mr. Speaker, the evil of this thing does not stop here. In the 1st place, we are not conditioned like GreatBritain. We never have been; and we shall not be within the next 100. Her natural resources are nearly all, developed; and the Government, the capitalist, the agriculturalist, and the manufacturer are all a unit. They are on one side of the line; on the other are the paupers of GreatBritain, the artisan, the mechanic, and the laborer. Hence, under the system prevailing there, the manufacturers and capitalists can, in almost every case, avoid a financial crisis when they see it approaching. All that they need to do is to get the Bank of England to lower the rate of discount and issue their paper, thus anticipating and avoiding a financial crisis. It is not so with us, and it never will be. Here the Government is one thing; our agriculturists another thing; our manufacturers another, so far as their respective interests are concerned. Hence I maintain that England cannot furnish us any example in the solution of our financial difficulties. There cannot exist in that country a condition of things analogous to that prevailing here. There is just as much propriety in quoting the practice of Great Brit ain under her financial system as a rule for our Government as there is in quoting international law established by despotic and monarchical Powers as a rule to i.us in the restoration of our Government. Why, Mr. Speaker, we never did do anything here like GreatBritain, and I hope we never will. Here it is that the people are sovereign, and they manage their own affairs pretty much as they please. Not so there. Therefore I say the rule does not apply. Gentlemen are perfectly willingh apparently, to leave all matters pertaining to our interests in this country to the people who are involved, except this question of finance. We maintain until we get into Congress that that is their right, under the spirit and form of our Government. know how I have felt once. When I was at home as an humble individual, I thought I was able to conduct my own finances without any interference from others; but somehow or other when I got in here I thought it was a part of my duty to regulate the financial affairs of all my neighbors. I know that, is natural; but, sir, the effect of all such action is detrimental to the business interests of the country. So much, then, for that view of the question. Now, Mr. Speaker, I concede that the bond holders have a large interest in this question of “contraction and resumption, ” for those are the catch phrases; and perhaps, without intending to say anything against our national banking system at all or any of the persons who are engaged in Iit, must be allowed to say there is no class of men in the country who are any more interested than they are, because their bonds constitute the basis of their circulation. There is another aspect of this case. By the legislation of Congress you tax out of existence every State bank in the country. In other words, the national banking system is the only one we have or can have. They have the matter in their own hands. It is curious to see how the capital has been distributed, and how it has been appropriated by different sections of the country. Now, sir, I do not blame men for being actuated to some extent by self interest in this country, and therefore it is not surprising to me that a great effort is being made to so amend our national banking law so that our country national banks shall be compelled to keep an agency in NewYork. It is not a matter of surprise, when we look at the NewEngland States. I will show how that thing has been “fixed up.” Take, if you please, the State of Massachusetts, with a population, I do not remember how many, but something over a million. In this race of dil igence, for that is what it is, they have appropriated of the banking capital of 3odd millions authorized by Congress, 79 millions, over one 4th of the whole. The State of Ohio, with a population twice that of Massachusetts, with an area much larger, with a country for agriculture far supe rior, with a belt of mineral territory 6. wide, running from the northeast to the south west, which, if properly developed, would be worth more than all the lands and manufactories of Massachusetts, has a banking capital of this association of how much do you think? about 20 millions, or about one 4th of Massachusetts. I do not wish to make any invidious comparisons; I only wish to show how fast men go in this race of diligence. Take, if you please, 7 States, NewYork, Massachusetts, Maine, RhdIsland, NewHampshire, Vermont, and Connecticut, and of the 1600 and odd banks they have 798 of them, with an authorized capital of about 262 million dollars. If you include Pennsylvania and we have a right to include it so far as the Northwest is concerned there is this condition of things: that of the 1647 banks, they have 999 of them, or 2/3rd s, leaving for the other 28 States of the Union and all the Territories but 648 banks; that is all that can be made under the law. In order to show how this national banking system has been “fixed up" and appropriated, I append the following tables, extracted from the last report of the SecyTreasury:: Statementshowing the number of national banks, lo cated in authorized the caspeviteanl e, aansdtecrinrcSutalatteiso, nto.getherwith their No. of Capital. States. Banks] paid in. Circulation. Massachusetts NewYork. RhdIsla Maine. NewHampshire. Vermont. Connecticut. Total. If we add the State of Pennsylvania, which, for all business purposes, must be regarded as an eastern State as contradistinguished from the western, northwestern and southern States, we will have: Pennsylvania stoos; $27, 67653 Whole number of banks in operation authorized by tow 6 In operation in the above named 8 States. 999 Leaving for the other 28 States and Territories. Whole amount of circulation authorized for all the national banks. Of which the above named 8 States have appropriated. Leaving for the remaining 28 States and Territories. $75,064,070 Whole amount of banking capital for all the banks. $417, 245, 154 The above named 8 States have appropriated thereof. 310, 439, 856 Leaving for the remaining 28 States and Territories. $106, 785, 293 Statementshowingthenumber of national bankslocated in the following named States, together with the authorized capital and circulation of each. No.of Capital States. Circula Banks] paid in.tion. Ohio 135 Illinois. Michigan Iowa. 204, 395 Wisconsin. Minnesota Missouri 269, Total. All other States a Territories have. Statementshowing the approximatequantity and the character of the circulating medium of the U.S. October31, 1866. U.S. notes, “greenbacks FNraatciotine anlalbacnukrrse.n To which may be added such part of the compound interest notes due in 1867 and 1868 as may be held as reserves by the several national banks, thereby releasing for circulation an equal amount of the said U.S. notes, the whole amount of the said compound interest notes being $159,012, 140. Now, sir, is it surprising we should find upon our tables a bill askin us, in addition to all this, that the national banks in Ohio, Indiana, Illinois, and throughout the West, Northwest, and South, must organize a redeeming agency in the city of NewYork? They will then get all our money there; every bit of it. There is another proposition in that bill I will speak of before I get through. But now about this thing of having a redeeming agency in NewYork. Some of us in the West have had sad experience in regard to that matter, Youpremember, sir, once upon a time there existed an institution called the Ohio Life insurance and Trust Company. The main office of that company was in Ohio, but the principal office for.was located in the city of NewYork, where the bulls and bears do congregate, to say nothing of any other species of animals. It so happened that the men who had the management of this redemption agency in NewYork applied all the funds to purposes outside of the legitimate object of the organization, and when the crash came in 1857 down went the Life and Trust Company. Now, I say that in my judgment it would be infinitely better, if we are to have an institution of that kind, to locate it out West somewhere, in some of our little towns, where men do not congre gate in such masses; and perhaps it would not be amiss to locate that redeeming agenc in my own little town of Jackson.