The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1863-01-16

House OF Representatives.
WASHINGTON, Jan. Is, 1868.
| PRESERVATION or CREDENTIALS FOR a HoRrH
|
Mr. CLEMENTS, (union) Of Tenn, presented the creden
tias OF Mr. Jennings Pggot, claiming a seat as repre-.
sentative under the certificate OF Governor stanly
Mr. Dawes trep.) Of Mass, presented the protest Of
| Charles Henry Foster against his admission
Both papers referred 70 the Committee on Flee
MAYS AND MEANS FOR TIE SUPPORT OF THE GOVERNMENT.
Inc House went into Committee Of the Whole on the
bill TO prov ids ways and support the govern
1 mcnt.
hr EnJAH WARD opp ofN. Y remarked that while he
oah AIDED the government with needu supplies of mopev
and men, he had been unable prevent careless expen
dnre o. the money and the needless sacrifice Of tbe
men frs vote had been insufficient avert the system
Of hnance known as legal tender But he trusted that
'ne results o. experience would prevent the Increased is
sue % tns hcoas money ne deeply regretted that The
one cark enigma which had cost so much Of our
''oni, substance and So many valuable lives should
many astray frnm the principles OF 6larc'
have - an adopted n tho spg years Of cain 20
them and would not yield the ardor OF our WISHES OF
The force of enactments They were az imp'ias
n their operation as the laws Of arithmetic OF gray
,alicn. He combatted IN detail many OF .ne
positions taken by the Secretary Oh lnc ,d1%
s SHOWING ana he elects q legal tender on
ccty its pressure upon creditors ana metcnans'
especially upon deposors n savings agss ana rsons
bor,nE classes Taxation and proper me- noas Of raising
money had been avoided by 'b". party in power
| because they would have bro.1ght the people early
| TO calm reflection aud mrde them aversc to those
who unwilling TO e.,trust the great and difficult
fuenccs Of time by which Providence works His bcuef
cent changes without injury TO MANKIND The Presdet
the a yc
not Sight always; and when, after msch loss on both
teal questions as TO terms q are agsn upon
you" In conclusion, afler suggesting various methods
o. reies MT WARD ekpaessed aeerS 20 see comm' 8,
Treasury TO nquse INTO thc best methodf arranging
financial affairs, calling before them without ds,inc-
lion Of party the aud est distinguished b. nkers
and commercial men OF experience, thus avoiding the
odium and partas,ies atcu TO separate from private
1 Mr. wxiKvR, {rep) OF Mess, examined the bill under
consideration. The authority given TO the Secretary Of
mate nodesof raising money, but he objected that the
to be soldst less than par. The govern
| should come into she market like any other Tor
rover ANA raise money the best IL could. HI
regarded the payment OF interest In coin great mistake
He unwilling to go any further in that dirccton a
the govarpment shork not recognize swo STANDARDS o
OF lie critically examined the subject OF finance
would amend the section SO that the should b
| per centum. The would place the currency IN III
hands OF the government which could then regulate both
| It's quantity and quality.
Mr.. NJ RRrp rep.) of W, wished 70 know how th'
Mr. WAKrl replied that they had, under the
constitutions the light 70 issue such currency or bills
,egr,y Of the Secretary Of lie treasury IN whom IN,
country had the greatest confidence Let US sustain him
Mr. Bnn,E Opp q Pa briefly con,sOvsr'ed the view
Press the circulation Of bank notes. He cited Judicial
| decisions in support Of his position, maintaining that
taxation for should not carry With the extnc
mr. GuRLrY, rep.) Of Ohio, said, other things being
equal the government engaged warfare that raise
the largest Of money must in the end triumph
But what is money! Strictly speaking gold and silver
nothing else Paper stamped and issued money, IL
large or small quantities, is valued last by the coin il
commands il the MARKET II may be based upon publ,
credit: but even that credit s independent
gold silver What, then, shall attempt to carry
N by the use Of these alone There Is DO
| ali the pockets OF the loyal pco?lc-to meet th'
expenses Of the government for four months
years duration large by using silver go,
alone. II is idle TO presume that our government
prove exception TO all others under Ike
aud i only remains FOR US select kind ef papc
best adapted meet the exigences OF the public
The secretary Of The Treasury dscouragcs the furhc
legal tender notes. aud coptempates the with
dra~A OF those already out. His financial plan cur
rency issued by banking associations based upon govern
stocks AS he admits thit II will not assist lh
government from one 10 two years we ought to REJECT IL
to we have no time TO lose IN doubtful financial exrer
merits His plan will do US no go d-he himself being lh
dge-unt long after the patton either saved oet Hi
theory embraces in It's objects complete revolution
the banking institutions OF the country which will brin
IN financial chaos at the moment when may lur
more than ever seadiness and the utmost stability
|
far the sale OF bonds is concerned, what then
Oar legal tender currency. which every where popu
lar would be retired by the sale OF the bonds and M
II government would thereby fose It's note circulation AM
i teen millions per year IN interest. This Is pret
dear Lesson for the Grst one in the scheme Wha
neXU The Cover nien goes Into the market aud borrow
the very bills issued by these associations bonds
and pays for them teen millions In way OF int
rest, making thirty millions of dollars which II pays II
lieu Of it's paper, which every day passes pcerenc
TO that OF any banking association The Secretary insist
that this IL better than using paper nothing
Alter making other objections the scheme stated tina
true theory 10 issue In all Ave hundred miiion
legal tender notes and circunscrbe the OF
dred millions II cannot be done. We gave the
4 lary authority to sell our bonds at any time AM
Z | at The market price Had he discharged ihi
4 | duty not n soldier would have been unpaid
1 | day longer than the paymaster could reach him
These stand between and natoual IA. truction
aud are suffering bleeding aud dying that aud tn
| government may live. lake them away, aud Their
wpdd be place here for the President the sccrcar
Or cong ess and yet the families Of OF them we
living charity and had not money to buy bread be
cause The government OF country that is rich and
flowing with abundance fails TO ask for money (which cal
be had at ans time by asking, and 10 pay soldiers hei
honest dues The responsibility Of this did witt
the President, FOR no is deeply anxi ths
they should promptly receive every cent due them !
does not res, with Congress generally charged
~ already shown by aqnotaiion from the law itself Bu
u rested with tho Secretary. who had failed he thought
from error 81 judgment, aud not he sure from an
nieutona wrong. To sell bouds the extent Of Iv,
| hundred millions 10 pay the brave men who slccpul
UPON the damp ground aud drenched with the rains an
SHOWS u winter are lighting The battles Of tho country