Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1863-01-23
CONGRESSsONAL
WASHINGTON. January %.

HoUsE-Mr. Stevens reported bill providing
for the appointment of Deeuty Register OF the
Treasury. with salary OF 50 500 per annum.
Among amendments which are subsequently,
TO be voted upon is one authorizing the Secretary
to dispose of bonds on such terms he may
deem most advisable for the lawful money of
the United States for any of the certificates of
Indebtedness that may ut any time be unpaid, or
for any Of the Treasury notes heretofore Issued
under the provisions OF this act
Mr.. Cox moved to amend by making the revc-
nue. payable in legal teuder notes, as, he said pro
torma, To express his fear OF the effect OF incre
ing paper money upon Western interests. He
had always opposed its issue He now oppo, ed
it because every dollar of issue burdened
the West by increasing the protection to New
England manufactures
The customs being paid in coin, the price of
coin goes up A paper money increases, the
price of coin enters into the price OF the article
upon which there is a money tax. The consumer
pays forit. For in stance: The importer purchases
one dollars worth of prints in England. When
he enters them for consumption, he pays the 80
per cent duties. He adds TO the original pur-
chase ma king 81 30 He also adds the differ
ence in exchange. 60 per cent, making. with the
first cost and duty, 81 80. On this -um, ne
charges his prof; OF 10 per cent or Is cents.
which makes 81 09 On this sum the retailer
adds his profit OF 20 per cent, or 40 cents. max
ing the cost 20 the consumer 50 81. Thus. un
der the present tariff and paper money system,
the manufacturer gets actual protection Of
$50 per cent. Do you wonder that the manuiac
turers Of Massachusetts, divide their regular 10
per cent. ana from 21 TO Go per cent extra on
the first OF Janu1ry.
The Naumkeag Mills. Salem divided &C per
cent extra, and the fepperili Mills. Belleford,
Me. divided 50 per cent. extra Many other
NJ 10 = Ia
YOU wonder that certain prisons in Massachusetts
want the TO continue for selfish purposes!
These and other facts show now the agricultural
Interests are impu, eri-hed and how the life blood
is surke! 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 prohibitive Or protective tariffs. or
from an inflated currency; hence agricultural
products do not rise. Let this process 90 ON a
few years and the wealth OF the West will be
transferred TO the pockets OF New England
monOpOls,s and capitalists.
This is a poor way to sustain The credit of the
Government which depends upon taxes, conf
dence aud union. j; il poor return for the
patriotic devotion of the West TO the Republic
Ii such policy prevail it will increase and not
mitigate the feeling ia tue West against New
ton TO the whole Union
Mr.. Morrill, of Vermont, remarked. the
gentleman from Ohio was distinguished leader
OF tile other size ot the house it perhaps ne
cessary tO saw that ii the almost niiV ersal
conclusion that the interest on the permanent
debt should be paid in coin II this feature of
the bill were stricken out whence wonId the
Treasury procure coin for this purpo>et
Nj Cox amendment rejected.
he second -e,.rlou vas amended "a Ia an
thOrize the Secretary Ia issue $500 900 600 in
Treasury notes. the interest not exceeding per
cent. payable semi-snnualy in con, and The
principal payable ANY time after three years from
date; such notes receivable for internal duties
and ali debts and demands due to tie United
States except imports Nothing in this section
TO be construed 10 authorize any additional issue
of legal tender notes.
The bill was amended by making the salary Of
the Deputy 81 900 Der annum. and limiting the
term OF the Assistant Secretary 10 one year from
date The bill then passed.
The House went into committee of the whole
10 provide ways and means FOR the support of the
Government
Mr.. Pendeton moved TO strike out the third
section of the bill providing for the issue Of
$500. 900 900 legal tender notes, saying that on
tits subject the Administration was divided against
itself
ment was rejected
new section Was adopted. that after the lst
Of March. lee3. the coupons of ali bonds of The
United States heretofore issued. or which may be
issued under tho act. may. at any time thirty
days before thew become due. be received for Gus
toms coin. under such regulations as 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 a ship canal TO the MIssissippi. he
said il the duty of statesmen not only TO crush
the rebellion, but To cement the Union. be
spoke az the dsyotisn ~ the West To the Union