Holmes County Republican. [volume] (Millersburg, Holmes County, Ohio) 1856-1865, 1857-12-24

Mr.. Banks replied there was here q rep
fesentative from Utah, with the same
standing that Cobb had, and therefore Il
could not be said that we are az war Win
Utah. But there was prospect OF "as
IN .notber direction, from which the Ad-
r,;n;strat;on could not be relieved by the
issue of treasury notes =.
M. Wilson argued that Congress ought
20 prefer to supply the public necessities
nv treasury notes, rather than by loans Tor
long period. There may be no necessity
for resorting to loan but at the same
time, when threatened by q deficiency In
the revenue, it is important that the public
credit should be maintained.
Mr.: Bishop supported the bill on the
ground that The notes would go into circu-
iation, and be used as medium of ex-
change. It would meet the necessities of
the government, and benefit the business
of the country, which is not in as prosper
Gus q condition as the banks describe. 1t
may be true that there is more money than
ever in the treasury, but it is not available.
He would be glad if the gentleman from
Massachusetts, would point out where it
might be found.
Mr.. Davis, of Maryland, opposed the bill.
There was no period fixed when the notes
can be presented for redemption, and they
would therefore continue in circulation as
irredeemable currency based on the faith of
the government. The striking down of the
banks in the country being recommended
by the President, it may be that the $780,
100000 of treasury notes is designed to
fll void. The dominant party means to
make and substitute the paper of the treas
ury for the paper of the banks.
The committee then arose, and the
House adjourned.
SEsArE.-Mr. Wilson said that the clo-
sing hours of the S4th Congress were devo-
ted to efforts to deplete the treasury, and
at the commencement of the 25th Congress
they were trying to fill the treasury which
was now empty. He called attention to
some facts connected with the expenditures
of the government, and he thought Con-
gress should revise the tariff so as 10 restore
the duties on iron, cotton, and woolen
goods, to where they were placed by the
tariff of'46. Tha. would increase the rev.
enues of the country something like $780,
100000, and thus afford some relief. He
would vote for the issue Of $40 100000 of
notes under the circumstances, but not for
$20,O00,0o0.
Mr.. Hunter insisted that 100000
dollars would not be enough, and it would
be necessary to pass another bill next year
providing for more. It had better be done
now, all at once.
Mr.. Wilson replied. He should not be
surprised if over s2O,0oo,oOo should be
asked for before the close of the session,
owing to over estimates Of reccipte, and a
large amount recommended for expenditure
in the war and navy departments.
Mr.. Benjamin said Congress authorized
the debts to be incurred, and therefore
ought to provide means for ther payment
instead Of charging the Administration
with extravagance.
Mr.. Seward attributed the revulsion to
over inporta:ious, and the diversion of cap
not believe the banks 10 blame.
Mr.. Davis advocated the bill as simple
proposition to borrow money to meet the
wants of the Government, and thought the
Executive was responsible for the proper ap-
plication of the money. Instead of reve-
nue. tariff, he preferred free trade as far as
practicable.
Mr.. Dixon spoke in favor of the protec-
ton of American industry, as the best
means of restoring confidence, reviving
trade, and replenislling the treasury.
Mr.. Collamer opposed the bill, and took
occasion to remark, that with all the boast
ing, the sub-treasury system and hard mo-
ney currency, when the pressure came on
the bottom was knocked out, and ap-
plication was then made for the issue of ire
deesnable paper. Why not honestly Dor
row hard money and pay interest for it
with which to pay the debts of the Govern
ment!
Mr.. Hunter defended the sub-treasury
system. 1t was established in order that
the Government should not be embarrass-
ed by bank suspensions in the management
of its finances. Treasury notes were the
cheapest mode in which money can be
borrowed, and would not, as was charged,
be forced upon The people to the exclusion
ofgold and silver in the pay of debts.
At 4 o'clock an unsuccessful motion was
made to adjourn. The majority seemed
determined to pass the bill before adjourn
ment.
Mr.. Trumbull proceeded to show the ex-
travagance of this, as well as the preceding
Administration, saying it now wants to
spend 7O,O00,00o dollars on notes within
the next three months. No necessity for
raising 100000 has been shown.
Mr.. Pugh opposed the bill, regarding it
as a strange propositisn to come from the
Democratic side of the house, to issue 20,-
100000 dollars of shinplaster. He was,
however, willing to vote for it, if it could
be reduced SO as to provide only for raising
so much money as was Immediately want
ed. He wished TO prevent the circulation
of these notes as bank notes.
The bill was amended, limiting the op-
Grafton of the act until the first of January,
1859, and prohibiting notes of a less de-
nomination than 500, and then passed
BY a vote of 81 against Is, as follows:
YEAs-Messrs. Allen, Bayard, Benjamin,
Biggs. Bigler, Brown, Clay, Crittenden,
Douglas, Evans, Fitch, Fitzpatrick, Foote,
Green, Hale, Hunter, Iverson, johnson Of
Arkansas, Jones, Kennedy, Mallory, Mason,
Pearce, Polk, Reid, Sebastian, Seward,