Indiana State sentinel. (Indianapolis, Ind.) 1861-1865, 1863-01-26
CONGRESSIONAL.
WAsHIxGrox. January %.


Among amendments which are subsequently
to be voted upon is one authorizing the Secretary
TO dispose of bonds on such terms as he may
deem most advisable for the lawful money Of
the United States. for any of the certificates OF
Indebtedness that may at any time be unpaid, or
for any Of the Treasuary notes heretofore Issued
under the provisions of this act.
Mr. Cox moved TO amend by making the reve
payable in legal tender notes. "a, he said, pro
torma, to express his fear of the effect of ncrens
ing paper money upon Western interests. He
had always opposed its issue. He now opposed
il because every dollar of new issue burdeueJ
the West by increasing the protection to New
England manufactures.
The custoPs being paid in coin, the price of
coin goes up. As paper money increases. the
price of coin enters into the price OF the article
upon which there is money tax. he consumer
pays fUrit. For In stance: The importer purchases
one dollars worth of prints in England. When
he enters them for consumption, he paws the 80
per cent duties He adds to the original pur-
chase. making 81 20 He also adds the differ
ence in exchange, 6O per cent, making. with the
first cost and duty, 81 80. On this sum, he
charges his profit of 10 per cent or l9 cents,
which makes 81 o. On this sum the retailer
adds his profit Of 20 per cent, or AZ cents, max
ing the cost to the consumer 81 81. Thus,
der the present tariff and paper money system,
tue MANUFACTURER BetS an dctldi pFOtectlOn Oi
$50 per cent. Do you wonder that the manufac-
turerS of Massachusetts, divide their regular 10
per cent. and from % to Go per cent extra on
the first of January.
The Naumkeag Mills, Salem divided &C per
cent. extra, and the Pepperill Mills Belleford
Me-, divided so per cent. extra. Many other
mills divided large extras at the same time. Do
you wonder that certain persons in Massachusetts
want the war TO continue for selfish purposes :?
interests are impoverished and how the life blood
is sucked by these manufacturing vampires from
the veins of labor, through high tariff and in
convertible paper money. Agriculture gets no
protection. Its surplus above domestic cJnsump-
ton seeks foreign market, and receives no
benefit from prohibtive or protective tariffs, or
from inflated currency; hence agricultural
products do not rise. Let this process go on
few years and the wealth of the West will be
transferred to the pockets OF New England
monopolists and capitalists.
This is poor way to sustain the credit of the
Government, which depends upon taxes, conf
dence and union. 1t Is poor return for the
patriotic devotion of the West TO the Republic
L such a policy prevail il will increase and not
mitigate the feeling in the West against New
England. speak thus in warning and IN devo-
ton to the whole Union
Mr. Morrill,, of Vermont, remarked, as the
Of the other side of the house it was perhaps ne
cessary To say that it WAS the almost universal
conclusion that the interest on the permanent
debt should be paid in coin. Ii this feature of
the bill were stricken out whence wunId the
Treasury procure coin for this purpose?
Mr. COXs amendment rejected.
The second section amended so as to au-
thoriZe the Secretary To issue S400 900 600 IN
Treasury notes. the interest not exceeding per
cent. payable Semi-annually in coin, and the
principal payable any time after three years from
date; such notes receivable for internal duties
and all debts and demands due to the United
States except imports Nothing in this section
to be construed To authorize any additional issue
of legal tender notes.
The till was amended by making the salary of
the Deputy 1000 per annum, and limiting the
term of the Assistant Secretary To one year from
date. The bill then passed.
The House went into committee of the whole
to provide ways and means for the support of the
Government
Mr. Pendleton moved to strike out the third
section OF the bill providing for the issue OF
S300, 900 900 legal tender notes, saying that on
this subject the Administration was divided against
itself
Alter some discussion Mr. Pendeton's amend.
ment rejected.
new section was adopted. that after the lsi
United States heretofore issued. or which may be
Issued under this act may, at ally time thirty
days before thew become due. be received for Gus
toms as coin, under such regulations the Sec
rotary Of the Treasury may prescribe.
The Committee. before completing action on
the clause taxing banks, laid the bill aside.
Mr. Arnold addressed the Committee on the
subject of ship canal to the Mississippi. He
said the duty of Statesmen not only TO crush
tho ahallf. Inn the HMM Ha
spoke OF the devotion ot the Wcst TO the Union
and >ad that ectunal app eal could ever shak he
the loyalt, ol the glorious hOnd of Stites. The
West would regard a. irtiIors alike those who
suggested a peace with any PORTION of the Mis-
si<<ppi la rebel hands and those whn suggested a
Union with patrot c. bra vo New England left out.
The Northern iIonTier must i,e defended.
TINS canal i the cheapest and best means of
defending il While the Atlantic coast is pro-
IerteJ b, forts from Maine u Florida. and by II
navy. the Northern lrontier. not less important.
is entirety deiensele>s. and within easy cannon
range f"r hun reds at miles of foreign territory
The NerIh-we>t cheeriully pays her proportion
Tor the defense OF the Atlantic. aIid will pay
further the large appropriations required. but We
ask IN Justice that the Northern frontier shall be
secured.
He showed that The lakes, by the Canadian
canals. we're accessible Ia the british gunbOatS,
and that the lake cities aud commerce were ex-
posed 10 destruction II read Il letter from Ad-
mir7 POrtOr, showing that We had row ahoai
more Imam fifty eunhoa,s which could pass from
the lakes t. the ocean 10y this raual.
II, then presented the fiscal. commercial and
agricultural interests seeking protection. Fifty
eight million bushels oi breadsiufs shipped
from Chicago during the past year; the com
merce uf the lakes was at least S4nO 600 QUO pei
annum corn now king, and keeps peace be
tween Europe and America. This enlarged canal
is the cheapest mode OF defending the lakes
This will turn the Mississippi into the lakes and
unite forever the East and the West Every
dollar thus expended in defense cheapens trans
portatiOn The capacity of the canal will be
twelve times that of the Erie Canal. The largest
steamers which navigate the Mississippi will
steam .liretly into Like Michigan. These grand
results cost only Sl3 100000 It viii rapidly pay
for itself, and will he grand national highway
1t will add To the taxable property of the Unior
as much the Erie Canal has done. Ii will in
crease both our ability to borrow money and tC
pay il.
The committee rose and the House adjourned
SENATE MIR. Lane. of Indiana. presented tn,
credentials Of Hon David Turpie, elected Sena
tor from Indiana.
Mr. Anthonv offered resolution instructins
the Military Committee to inquire into the expe
diency of publishing monthly the names of al
officers of the army who are on leave, with dat
OF lelve of absence. aud by whom such leave o
absence was granted.
Mr. Hale called up the bill to amend the &C
tn establish the grade of line officers in tn
Navy.
Mr. Trumbull said the bill was to revise th
action of the Advisory Board of the Navy
Congress had passed one bill last year, and nov
having by act relieved certain officers, we wer
here about to shift them back again. and the bill
provided for an increase of rank so to max