New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1864-06-24
Mr.. SPAUIDRo said he had conversation with the
Secretary Of the Navy who believes the payment Of the

principal is to be in gold
Mr. STEVENS replied that such was not the law which
about the principal The latter payable in currency.
He briefly replied to Mr.. Pomeroy. showing that the
Committee Of Ways and Means had faithfully performed
and then expressed the opinion that all the trouble rose
from the extraordinary demand for god for gold is not
now currency. In 1902 the banks falling to loan the
Government money were driven to the necessity Of
issuing legal tenders No system ever worked better n
this or any other country. He supposed that specie
payments would not be resumed for ten years TO come
During the great Napoeonic war, the Bank Of
England suspended specie payments from 1870 TO
1922. Whoever looks for q more speedy resanp-
tion in this country was, in his Judgment not not
wise and had studied history to but little profit. He
deprecated the present policy Of paying the interest OF
the debt in g0d and asserted that If this should con,
tnue with increase Of debt the Government would
fail IL fatal policy which rests like incubus
upon U.S. and gold would continue TO go up as he long
predicted until the Government cannot procure the
coin. II was to the country from reputation that
he then explained the character Of his amendment
which was to authorize the borrowing OF s4O0OO40O0
and to issue these for coupon registered bonds OF the
United States redeemabe at the pleasure Of the Gov
ory sD an deemed ss spede
bic at any period not more than twenty years from date
payable In coin Such bonds to be Of such denomi-
nations as the Secretary OF the Treasury shall direct
not less than $50 and bear annual interest not ex.
ceeding eight per centum payable semi'annually In
currency.
Mr. MORRILL, Gun, VT expressed his surprise at the
said in the Of his remarks, II the interest was
10 be paid In currency the interest would double or
treble az the currency decreased in value He did not
believe could continue the at this extraordinary
ratio OF expenditure. But this remark not appli-
cable 10 the present year the year thereafter With
the passage Of the Revenue bill now pending. we shall
have ample security for getting money enough and
paying as We go on interest on bonds and other Sc
cUrities.
Mr. FESToS said he had not intended to speak this
question. lie now felt desire to do 80, and hoped the
In ha NH
have that opportunity He believed, and thought, he
could demonstrates that the position Of the gentleman
from Pennsylvania was unsonnd and franght with mis-
chief toward the credit and finances Of the country.
Mr.. DAVIS On y, In the course Of his remarks said,
first proposition, he would sustain the amendment
Of the gentleman from Pennsylvania but We have to
deal with facts they are. The country has been
committed TO policy different to that suggested
lie he'd confidence In the strength and resources Of the
country 10 ultimately meet every obligation. lie would
in accordance with the wishes OF the Secretary OF
the Treasury.
Ar. ARNOLD briefly opposed the amendment of the
gentleman from Pennsylvania.
Mr.. PRUls referring TO the debate said The views Of
the Democrats heretofore expressed had made I'M
preston the Republican side of the House.
The Committee Of the Whole acted on and agreed 10
Mr. Stevcnss substitute for the first section, Yeas ~
Nays 81.
The House, however at q subsequent stage OF the
proceedings refused 10 concur IN the action Of the Com
mittee by a vote OF 80 against 70.
The House also refused 10 concur In Mr. P0meroy's
substitute for the second section, by vote Of A
against Fl.
The bin was then passed without a division, the Yeas
and NAYS having been demanded and refused.
The bill authorizes the Secretary Of the Treasury 10
borrow from time 10 time, on the credit OF the United
States 500 c0O 70 issue therefor coupon registered
hands of ia, United States redeemable at the pleasure
OF the Government after any period not less than five
nor than thirty years, or II deemed expcdient.
made payable at any period not more than forty years
from date the bonds b. of such denomination the
Secretary OF tho Treasury shall direct not less than
go and 20 bear an annual interest not exceeding six
per cent payable emannually in coin; the Secretary
o the Treasury may dispose OF such bonds any part
thereof and of any bonds commonly known as five
twentics," remaining uusod IN the United states,
or he shall find ii eXpedent IN Europe at any time,
on such terms and conditions he shall deem most adj
ysabe for lawful money Of the United States at bis
discretion for Treasury notes certificates OF indebted
ness certificates Of deposit issued under any act OF
Congress: bOlds Treasury notes and other obi cations
~ the United States 20 be exempt from taxation by ~
under state municipal authority. Tie Secretary of
the Treasury may issue, on the credit oi the United
by the preceSe sscan and as part Of said oar not
exceeding 500 in Treasury notes Of any demon
nation not less than $40 payable az any time not ex
ceeding three years from date. thought eIpe
dent Tedcemabc NJ any time after three years nom
date and bearing Interest not exceeding the rate OF
$40 per ccnum, payable IN lawful money ut maturity!
or in the discretion OF the Secretary. scni.annuay.
Treasury notes may be disposed Of by the Secretary
Of the Treasury The best that BE- obtained
for lawful money, and saeh Of them shall he made
payable principal and interest shall he legal tender
10 the same extent United States notes. for ihcir face
value excluding tho interest and may b. paid o. any
creditor OF the United States at their lace value
Guiding interest to any creditor willing 10 receive
them par including interest," and any Treasury notes
issued under the authority OF this act may be made con-
at the discretion OF the Secretary OF the Treas
ury into any bonds issued under the authority OF this
act.
The Secretary Of the Treasury may redeem. ard
be Cancelled and destroyed any Treasury notes
or United States notes heretofore issued under the
authority OF previous acts OF Congress and substitute
a L. %
authorized by this act Of other United States
notes OF such denominations as shall be deemed cxpe
dent not exceeding one dollar provided the tOtal
OF bonds and Treasury notes authorized by the
first and second sections OF this act shall not exceed
siOO0oo0Oo in addition TO the amounts heretofore
issued, shall the total amount Of United States
notes issued 10 be issued ever exceed 500 600 CO.,
and such additional sum, not exceeding s50OC000 as
may be temporarily required for the redemption OF the
temporary loan; nor shall any Treasury note bearing
issued under this act he legal tender in pay
mont redemption Of any notes issued by any bank.
banking association. or BANKER 10 circulate money.
The interest all bonds hereafter Issued PAYABLE |
annually be paid semi annually and in lieu of such
bonds authorized 10 be issued tho Secretary Of the
Treasury may Issue bonds, bearing interest payable
ANNUALLY and also In exchange for Treasury notes
heretofore issued bearing $40 per ccntum interest
beside the per centum heretofore authorized. Like
bonds Of all the denominations In which such Treasury
have been issued the interest such Treasury
notes after maturity shall be paid In lawful money! and
they may be exchanged for such bonds at any time
within three months from the date OF the notice Of re-
dcmption by the Secretary OF the Treasury after which
the interest on such Treasury notes shall cease.
so much Of the law approved March 3 1864, us limits
the loan authorized therein to the current fiscal year.
repealed. aud the authority Of the Secretary Of the
Treasury borrow money and therefor bonds OF
notes conferred by the first section of said act shall
and after the passage OF this act The Secrc-
tary Of the Treasury may authorize the receipt AS
oan Of United States notes the notes Of
National Banking Associations deposit for not less
than 80 days In lcss than $50 by the Assist
ant Treasures OF the United States or dpostares des
,t.lf .rfl
associations who shall issue certificates OF deposit In
such form the Secretary Of the Treasury shall pre-