Weekly national intelligencer., 1864-03-17
anlrIszaAa 4a.EL.lg

persons should b. selected for the purpose of receiving
this gold The Senator knsw wei tat ii impossible
set aSde this gold IN way he sroposed under te
rules Of the Treasury Deparuleht Mr. s. de enied the
Secret J IN his action w placing Ave twenty lan in
the hands o Jay tpQke o. lie stated th4t tho Secre-
ary had made the seniel VIII hm after repeated
failures to negotiate loans in New York except ut ruuou
rates They procured tho ten million Joan averahle
erms, and the Secretary continued their agency in the
sale Of the fvetwenty bonds They taken by the
people in all parts Of the country and the money
pouring into the Treasury rvules and streams The
banks Of the country knew that Jay Cooke a. CO. were
employed TO negotiate and that they received only
eighth OF per cent while their agents received
quarter OF per cent Out Of this meagre per oentage
OF the banking company came all the expenses OF adVer
Using, ieiegraphlDg, and expressing No loan had
been negotiated in this or other countries favor
able terms than the fvewenty loan. The fortunes Of
these bankers before the war commenced and
the Secretary induced toemploy them for their skill
and sagacy and the result was admir- Fable If
Mr. Chase had gone to New York and asked for the loan
could not have been taken she had only
of the money of the country Louis Napoleon appealed
from the Paris Bourse to the people themselves to sustain
The national credit So with Secretary Chase. Instead
Of going into the market of New York he gave ths eap
tass there only the advantage he gavs all other
ctizeos ofthe Union He believed that three mill on peo
pie were interested IN the five twenty oau OF every
| and interest in the country.
Mr. SHERMAN, in the of his remarks stated that
all expedens failed to maintain the Government credit
par until the arrangement made with jay Cooke a.
Co The Secretary was unable to effect an
with the banks OF New York He obliged to sell "a
limited number Of long bonds for 93 which new
4
aud brokers at disc unit He advertised fr loans and
received oers except under par. Jay Cooke
" Co employed all the banks and brokers in the
couuy aud advertised in all the newspapers without dis
ncon Of party Before this the Secretary tried to nego
tae loans through the depstaries of public money but
he could not undr the laws receive drsfs where banks
in New York elsewhere had only gold silver There
fore he bgsd to to private parties negot
ate the $500 900 wanted. The transaction no
secret 1t known by all bakersand brokers in the
United States Twenty fve hund employed
All 10 the most rrmote parts country
wege effected promptly, and without cost TO the buyer
the way Of eychange, loss of interest &C. Mr. SHERMAN
doubted whether Jay Cooke Co had uade much by the
BUSINESS after deducDg Of adyersng telegraph
ing, postage, clerk hire &c. &c. He willing in
vesgaton should be made in this He could not have
bel eyed two years ago. that 6nances would occupy
their present proud position England aud France had
never negotiated lnaus successfully. 1t admir-
able and wonderful If the loans had been sold in
gross in New York they would gone to Europe and
been realized In the shape of immense importaons Mr.
SHERMAN was opposed to Mr HeSDRcKs' proposition Of
giving notice before going the market because comb
n 4tions would be formed to send gold abroad ga f
Mr.. HENDRICKS denied that his amendment provided
for any favored class He proposed that the Secretary
shall hold the gold at it's value in New York and pay it
from the Treasury to creditors Would that be fayorng
the contractor He wonld go further tan the Senator
from Ohio in paying the colder the equivalent of thirteen
Mr. WILSON said the passage of this bill would have
The effect to check speculation in gold. He would vote
for the bill. He believed aocther and better way to
check speculation in gold for Congress to address
itself diligently to the perfection of bills increasing the
revenue.
Mr SHERMAN said Mr. WILSON seemed to FORGET
that all revenue bills must originate in the House. ,5
Mr.. FESSENDEN knew that the House committee
using all their abilities and wisdom in perfecting
proper revenue 8g tC sRo fErs r. 81 81
NJ. WILSON had great confidence in the Senate FL
nance Cemmtee and glad to hear what h had just
heard from its chafman 1t could net be deped that
advance in gold was owing great measure to the fact
of our inability to pay our expenses go along He
benvsd it to be the duty Of Congress, at the earliest
practical moment to double the internal revenue of the
country The people better able pay increased
revenue than at any future time Instead of the
trfing tax Of s1ty cents whskey, should have
tax Of one dollar and fifty cents, and double the tax
manufactured tobacco and other articles He said this
boldly, though representing State engaged largely
than others in manufactures He said the speculative
value of gold in New York city three per cent
foreign exchange Ii highly important that measures
should he adopted to uniform national currency
Mr.. POWELL said, while he deprecat. d legislation
giving eicss ncrea ed powers or placing them in the
hands Of any the power to enrich his friends and "a
vOrtes out OF the Government funds He urged that, in
stead of throwing the gold into the market it should
sute sinking fuhd for extnauishlng the public debt
and not to deprecae ths price of gold but TO the
depreciation Of paper currency. l,4s 8i at'e
/ Mr. JOHNSON reaid that while he would not oppose
the measure proposed by Mr. SHERMAN he was in favor
Of increased taxation and economical of
the finances the urest Of relieving th country
He said that the OF Jay Cooke & Co but of
thousand OF Misunderstanding where reports were poised
abroad, which upon investigation proved to be
He had understood that Jay Cooke & Co bad received
|
banks acting agents and The Government paving the
expense of expressing advertising &C. Jay Cooke & Co.
getting fourth OF per cent for nothing; but he
glad to find that this report WAS untrue
The amendment of Mr. HENDRICKs rejected by the
| following vote
YEAS Messrs. Buckalew, Davis, Hendricks Powell, and
Wright-5. ~
| NAYS-Mess,s Anthony Brown Chandler Clark Cola
mer Conness Cowan, Dixon Doolitte, Fessenden Foot
Foster, Grimes Harding, Harlan Harris Howard, Howe
johnson, Lane Of Indians morrill, Pcmeroy Ramsey Saus
bury Sherman, Sumner Ten e. Ok Van winkle, Wade,
Wilkinson, Wiley, and Wilson--32 4# a4.H
Mr. DOOLIPfLE offered an amendment limiting the
operation Of the bill to period exceeding year.
which not agreed to.
The bill was then passed by the following vo'e:'
YEAS4Mesrs Anthony, Brown Cb~ndler Clark Cola
Conness Dixon H ssenden Foot Fofter Harding Hsr
Ian, Harris, Howard Howe, Johnson Lane of Indiana
zine Of Kans Morvan Morrill, Pomerov, Ramsey, Sher
man, Sumner Ten Eyck, Van Wnkle, Wade Wilkinson,
Wiley, and Wilson 80. aet ~. &. iva +5#f .F
NAYS Messrs. Buckalew, Davis, Grimes, Hendricks
Powell, Riddle, SALISBURY, ami Wdght-S .,E
THE MILITARY AcApEMYs
The bull making appropriations for the support of the
Military Academy at West Point next taken up in it's
order
The pending question was amendment offered by
Mr. ANTHONY providing for competent examining board
under the direction Of the Secretary Of War; This amend
ment rejectedby vote of Is to 20
Mr. HALE offered amendment providing that no
cadet shall receive any part Of the appropriation unless
appointed in accordance with the laws Of Congress- which
was agreed to
Mr. DO0LIFTLE offered an amendment providing that
until the suppression of the rebellion the President shall
be authorized to appoint from districts such
of States