Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1864-02-19
HOUSE.

A bill was passed providing for the govern
ment obtaining from the owners OF Rock Island
ILLINOIS, place 10 erect an arsenal
The House proceeded on the consideration of
the resolution To- sell the surplus gold in the
Treasury
Mr. Hooper stated that the amount of gold on
hand o. Saturday last was nearly nineteen mil
lions Estimates show that on The LIST of July
there will be about thirty millions. The require
meutS for gold from now I'LL july lst to make
the pay nents on the public debt will be less than
four millions. showing an excess of twelve mil
lions which may be sold.
Mr. Pendieton. a member of the Committee
on Ways aud Means differed in opinion with the
committee The amount to lie realized would
be small. and offered but little relief The Sec
Rotary of the Treasury now has power TO buy
gold, and he (Pendleon) would not trust any
officer with the Dower 10 sell gold thus giving
him the opportunity TO raise or depresS the mar.
ket at his own pleasure
Mr. Mallory OF Kentucky announced the fact
that the Secretary OF The Treasury has asked for
this power
Mr.. Pendleion said that in The course of four
months We viii have to pay an interest more than
the amount OF gold on hand
Mr Brooks said that by the public record gold
is solemny pledged 70 pay the interest on the
public deb, II cannot be dive-teI without a
violation OF faith Ii ! remedy il sought for re.
lieving the Treasury OF is surplus gold, let the
July interest on the public debt he anticipated
/ The President has the sword and the Secretary
/ the purse, ami he stands the ,mpersonation of
de>po;i-m if he chooses 10 exercise the power
/ At The conclusion Of his remarks. Mr. Brooks
earnestly appe lied to the gentlemen TO stand bv
/ the specie basis
| Mr. Garfield advocated the resolution, saving
that according to his estimate there will be in the
l n fitp l-fp of Al
gold over and above What i required 10 pay the
interest ON the public debt
Mr Boutwell,, of Mass suggested and sup
/ ported Al amendment he desired TO offer author
izing the Secretary of the Treasury To anticipate
the pay in gold of the interest on the public
dcb, at the rate OF 6 per cent
Fernando Wood said the resolution was only
/ tor a temporary purpose and he opposed 10 il
/ for the reason that gold was required as the ba-
sis for sustaining the Government. He argued
that no nation could live by borrowing and when
the expenditures exceed the income the result
would he bankruptcy. ruin and reputation
Mr. ktsson explained that the resolution only
/ proposed to appropriate the surplus gold bevond
the suns required 10y law to preserve the public
faith while u was true the resolution gave direc-
ton TO the Secretary 10 sell the gold it was alb
sOluteiy necessary il should be 30 No one could
say that the Secretary of the Treasury had not
/ observed Nil his obligations
Mr. DamOnt opposed the resolution because he
believed it involved " violation of the public
/ faith
Mr Cox advocated the amendment that the
sale OF the gold shall be bill bonds, with at least
/ five DAYS notice.
On motion of Mr. Stevens, the resolution and
pending amendments were recommitted 20 the
Committee on Ways and Means to be reported
back 10 morrow.
! Nc CLAW oi Kentucky introduced hill which
was referred TO the Committee on WAYS and
Means. providing that where a special or express
contract has been m de since January LIST. 1862.
or shall hereafter be made upon the deposit or
! loan of gold for the payment OF such loan or de-
post in gold. shall be a leg Il tender for the dis
charge vi such contract or Judgment rendered
/ thereon. but gold to the contrary. notvithstand
ing
Mr. Garfield introduced bill which was re.
ferred to the Committee on Military Affairs.
u organize a regiment OF veteran volunteer en-.
| gineers.
! A Joint resolution explanatory Of certain acts
of Congress relative to the SIS bounty was re
PORTED TO the Military Commute aud passed
The bill establishing Freedmens Bureau was
taken up
House adjourned.