Daily Democrat and news. [volume] (Davenport, Iowa) 1859-1864, 1863-01-23

By TELEGRAPH.
Friday, = O'Clock A. VI,

MAsHlNoroN Ian 90

HotsR.-Mr. Stevens reported bill
providing for the appointment of Dep
uty Register Of the Treasury, with sal
ary OF $4,000 per annum, and extending
tor two years from date.
The bill was amended by making the
salary Of the Deputy $4,000 per annum,
aud limiting the term OF the Assist
ant Secretary TO one year from date. The
bill then passed.
The House then went into committee
of the whole to provide ways and means
for the support Of the government.
Among the amendments which are
subsequently to be voted upon in the
House is one authoring the Secretary to
dispose Of the bonds on such terms as he
may deem most advisable for the lawful
money of the United States, or for any
of the certificates of indebtedness that
may at any time be unpaid, or for any Of
the Treasury Notes heretofore issued un-
der the provisions of this act
Mr.. Cox moved to amend by making
revenue payable in legal tender A. he said,
pro. tcrma,to express his fear Of the effect
Of increasing paper money upon western
interests. He had always opposed its
issue, and he now opposed it, because
every dollar of new issue burdened the
West by increasing the protection Of
New England manufactures; the customs
being paid in coin, the price Of coin goes
up As paper money increases, and the
price of coin enters into the price Of the
Article upon which there is money Tax,
and the consular pays il. For instance
the importer purchasd one dollars
worth of prints in England when he
enters them for consumption he pays 80
er.cent. duiy,whch he adds to the:org
inal purchase, making sl.3o. llo also
adds the difference in exchange of 60
per cent, making with the first cost and
duty Sl.9o. On this sum he charges his
profit Of 10 per cent, or nineteen cents,
which makes 5000. On this sum the
retailer adds his profit Of 20 per cent, or
420c, making the cost to the customer
$2.5l thus under the present tariff it is
paper money system. The manufacturer
gets an equal protection of $50 per cent.
DO you wonder that the manufacturers
of Massachusetts divide their regular ] 0
per cent, and from 90 to GO per cent.
extra on the lst of January The
Naumkcy of Salem divided G6 per cent
extra, and the paper mills at
Bedford, Me, divide 30 per cent. extra
money. 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 p
These ard other facts show how the ag
ricultural interests are impoverished, and
how tho 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 domes
tic consumption seeks foreign market
and receives no benefit from prohibitive
or protective tariffs, or from an inflated
currency. Hence, agricultural products
do not rise. Let this process 20 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 on tax
es, confidence and union. 1t is poor
return for the patriotic devotion Of the
West to the Republic. If such policy
prevail, it will increase and not mitigate
the feeling IN the West against New En-
gland. ] speak this in warning and de-
votion 10 the Union.
Mr.. Morrill,, Of Vermont, remarked as
tho gentlemen from Ohio is distin-
guished leader of the other side Of the
House, it was perhaps necessary to say
that it was the almost unanimous conclu-
sion that the interest on the permanent
debt should be paid in coin, if this feature
of the bill was stricken out, whence
would the treasury procure coin for that
purpose.
Mr.. Cox's amendment was rejected.
The second section was amended SO as
to authorize the Secretary of Treasury 10
issue $400,O0o0O0 in treasury notes, the
interest not exceeing six per cent, pay
able semi-annually in coin, and the prin-
cipal payable anytime after three years
from date, such notes are receivable for
internal duties, and all debts due the U.
s., except imports. Nothing in this Sec
ton is to be construed to authorize the
issue of legal tender notes.
Mr.. Pcndleton moved to strike out
the Sd section Of the bill providing for
the issue Of s3O0,O0o,OoO legal tender
notes. Rejected.
A new section was adopted-that on
the lst of March, 1868, the coupons Of
all bonds OF the United States heretofore
issued, or which may be issued under
this act, may at any time, thirty days be.
fore they become due, be received for
customs as coin under such regulations