The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1864-03-29

Mn WaabnnlssF ~ zm qaiis
smafe. ~ Speaker. lhAt CO. llaesa
Is asragy fas raed eh co disept-
sa ~ ih5sh Bsi nstmaeh 81 II
8a eftai eaaseqsfuce = iAs
erf. He oran slicb every mem.
hra ass has an l.8as,a q hssonn.
mag ~ s. ing 81 oi ia.s iaf
as 3 afss 80 tie~. xh,ch enter.
IAN, ihoagb masking bot lHils eisin 20
6al experience sAail oniy
ffsai Nese sient wflch commend
slnmftiFes e. ny oounaa sense. ua
sssgd hy aay so 6Bsnciai lheorie',
na3 pn.a8gsbcc by aay syuspathics
enh tbe spectators ~ ia'iea bpon
oaf fonnilgs distrcstes.
Tie Committee II WaSs aad
MsAus. % whoss especial charge u
nammsiir5 lhe 6oancial Interests d the
country. after mature and careful de-
lileraiips. efigiaalIy - il i DOS sent
back 10 ~ tion ihr Senate, ena i
has. a. ngw stands. The approval 81
ihc Secretary oflhe Treasury. And,
80. wieo end that the proposition
sabmitied ~ that COMMITTEES comedies
wsih my own Judgement, however IN
skilled il may be, she'll q course
gsse d my hearty support.
The arguments against this hill
were iairly and perhaps folly einbod-
led 10 the remarks submitted by the
distinguished gentleman from Massa.
rhssctIs Mr. boutwell, On yes
icrday. aiways listen 10 that gen.
sleman With pleasure. His earnest
ness, bis manly integrity. his clear
ness VI perception. BIS force q Has
ifaiien, always give additional power
10 tie sicss be presents. But, sir,
IL jij not seem 20 me yesterday that
Tie argument ho used VAS rather spe-
oious than sound.
The frsi proposition that the gem
ilaman laid down was that the bill
sh0gsd not pass because ], would be
dangerous TO the Government % with
draw aud dispose Of any portion Of
the snrplus gold from the Treasury
Sir, We have al the head Of tie Treas.
ury a man who has had imposed upon
him BY the nation herculean task,
and who has borne tie burden with
great credit 10 himself and with bene-
acIal results TO the country. lie is in
favor Of this scheme. and believes II to
be perfectly safe 10 withdraw certain
portions Of the surplus gold from the
Treasury and dispose Of il in the mar
ket. accept the Judgment Of the
Secretary upon this point.
Ii il further insisted that the Gov
eremenl is under n moral obligation
not 10 part with this gold, because the
law Of 1862 says thai the interest up.
on the public debt shall be paid or
provided for yearly in gold. Such is
not the law. II is not the inlendment
OF The aci Of 1867 that the gold shall
be reserved 10 buy one per cent. Of
the entire debt.of the United States
~ par but tba, sufficient amount
ii money received for duties shall be-
retained 10 liqnidale that debt 10 the
amount OF one per cent a year. ln
other words. il is establishing a sink
ing iund whereby certain portion u
the debt shall be paid or retired.
All laws must have practical con-
sirucion. When law is passed pre-.
scribing a duty il carries with il the
power TO discharge that duty. and that
power is TO be exercised IN a rational
way. la what condition would we be
it we retained the surplus gold in Tic
Treasury. as lie gentleman contended
We oughtS What sort Of a sinking
fund would we creates We would
be The laughing. stock of fnaneiers
for we should be constantly accumu.
laiing gold in the Treasury which the
Government does not need and The
business Of the country demands, and
thus by Withdrawing the supply which
the demand calls for we are inducing
speculation, adding 10 the price Of
gold in The market, and greatly in.
creasing the cost of every article
which we purchase for our Army and
Navy. Now, SIR, how can thu law
providing FOR the retiring Of one cent,
of The public debt annually be pracii.
caily carried outy To give the prac-
iical operation 10 the law the Secre-
tary Of the Treasury must 90 into the
market and purchase greenbaeks Will
gold. That is called reputation. i
is rot reputation nor IN anywise akir
10 Il. II il wha, honorable men have
done in their business. II Is whai
Governments have done and wha
governments have always right tc
ID. rs purchasing greenbacks Will
gold and wiih them buying and can
reling the bonds Of the Government
we would carry out this law in It's fol
spirit.
Ny friend from Massachusetts Mr.
BOUTWELL, introduced an amend
meut which at FIRST met with my ap
probation, bat when | came TO refec
upon Il, il struck me that it was no
practicable. The substance of lh'
genilcmau's amendment is that til,
Secretary Of the Treasury shall b,
authorized TO anticipate the inieres
and pay the under.due coupons will
or without rcbale 81 interest.
Now. sir, would the men holdin,