The sun. [volume] (New York [N.Y.]) 1833-1916, 1862-01-29
House Of Representatives.

Tho H.use, 100 committee, resumed ia. CON dorm.
u'h Z tlo Executive, Judicial aud Legislative ap-
pfpprutiru lil.
lhIs was ts'queutly lail aside AMI the special
pld't lr"'eyi"i "th, namely the lill g. authorize
!e issue OF nit,d states notes aud for the relemi-
ton or funding thereof and for the funding nf III.
Heating dcht Of tie United states a copy II which
was published lust week
MI. Morrill, tMel gave notice Of ls intention L,
introduce 70 substitute for TIE ll emitting ,usb
part ~ makes the note legal tender.
Mr. Spauiding IN. " PROCEEDED t. explain the
ui, -nying That the Secretary ul the Treasury has
acted Ia strict conformity with the law and borrow.
ei money Il the rote authorized hy act of Congress
He las borrowed one hundred millions ~ dollars Al
seven and thret-tenth- per cent, and tsuel six nor
cent? bonds Tor MY millions, Tor which lac has re-
seiy No quite forty five millions The Secre,ary
oftle Treasury has acted In good faith. aud should
he sustained We were never In greater peril than
now and uur brst energies are eIircd h. meet the
crisis. TINS WIS war iuou,urp,-oue Of necessity
not OF chpic. The public debt on the 1871 Of Janu.
afy, was tirco hundred and sixty millions seven
hundred and siSty-ipur thousand dollars. Up to
July, IL VIII he STA huLdred and fifty millions, and
iithe war continues until july 1-69, the estimated
debt viii Ice twelve hundred millions Of dollars in
GLIDING the floating debt
IL argued that under the Constitution the plyor
81 taxation On real and personal property, Is IN
UNITED, tnd II Is this property which will form the
ua@ls Z" the notes now Proposed h be issued. With
ample taxation these Will he the very best med irn
hecause the whole property " the country will Le
held for their redemption. lie argued in favor of
Tue constitutional power g. issue demand notes and
th'iu lekA tender m Tue payment OF debts,
WY should We go into the streetsts borrow money,
When the amount which could lie thus obtained
would not support the Government for inety DAYS
lie resserted the power Of the Government h. issue
its own notes, pledsng the faith, honor and pro-
perty ~ TIE people for their redemption. In CON
cluHon, he said that he had abiding faith In the
dttttihinrtun OF the people g. maintain the Govern
nent. An early aud successful advance Of the
army was Of the utmost mportance-it was neesled
T. sustain tie financial credit of the country; 10
Nhllthte he inyin'Ihility OF cur forces, who are
ann ious IN hc led on e. victory.
Mr. stevens tPhg IN reply n an inquiry, said
That ami time would boz given Gr the discu ssinn
81 the bill, and he gava notice that he would offer
an An endmcnt a. make tue semi annual interest
payable IN coin.
The Committee here rose, when further consider.
'Hinn Of the hhl was postponed until tomorrow.
Mr., Roscoe Coukilng N. Y introduced bill o.
establish uniform ~ stem of bankruptcy through
out the United States. Referred T. the Special
Committee "a that subject.
Mr.. Potter tWis.l made % report on the subject Of
isluyal employees Of the Government the onnsid-
Grafton oi which was postponed for two weeks
The House again took mp tho Judicial, Legisla-
I'VE anil Executive appropriation bin.
Sundry amendments were made. No conclusion
Was arrived 1t, and the House alJsurued.