The New York herald., 1864-02-19


cises the authority now sought 70 be conferred.
Mr.. PrrDlnos, (opp) Of Ohio, differed from his col
ssrs of he resolution would Be- very unfortunate Tne
Secretary Of the Treasury now has power 70 buy goa
when be thinks II necessary and his resolution pro
10 control the money market be thinks proper
Besides the amount Of gold comparatively small
that il would afford but little, any relief 70 Inc gov
Mr MALLORY. (opp) OF Ky. member Of tho COMMITTEES
on Ways and Means, inquired whether anybody knew
what the desire OF the Secretary OF the treasury on
this subject me Secretary bad neither communicated
with the committee Congress, - 70 the proprety f
Mr. PKspI rrON resumiug, said that be would NOT sn.
trust this delicate power single head OF department.
He did not intend 70 say an unkind word derogstory 70
officer with the power 70 buy and sell eold-thos giving
him opportunity % raise or depress the market IN tha!
interest on the public debt greater amount Of gold
than We now have hand. What was now proposed
was transaction IN which % man would engage VINO
largely exceeded 81; sspos Inc former n.sas
come 20 sztlavasans owing 70 the supsrabuDdance Of
paper money, that the agrcuturss have almost ceased
sod sre eessrsDe their farms and over popuiang
cities. We should not, BY such an expedeDt as is
proposed, cut loose from our ancbortne basis o.
the credit Of government-and throw all our gold
upon Tho market 10 order 70 buy paper He repeated
that Of the country the importation Of
uxuries such silks sans cashmere shawls, and
would b. the greatest blessing Of which we could
have any conception, on. He argued that the .as
.ns ps Of gold to the Ss interest on
public debt. Here the law OF 1862. II there .
wii anticipate the payment or the interest on the
tiona debt falling due p July next The President has
th sword and through the secretary Of the Treasury
tue purse and he therefore stands forth the impers0na
ton Of despotsm II he chooses TO exercise it, The Secre
tary Of the Treasury has the manufacture and disposition
Of thousands Of millions paper money. He believed
that the Secretary honest and upright but
never the whole OF his public life had be seen
an officer more surrounded with thieves and robbers.
He could q dozen whose standing was
such that neither republicans nor democrats
would trust them with their private affairs the
power the money market OF the country. Let us
hold fast 70 the specie basis. #.ef
Mr. s.nn (opp Of H. maintained. that r,a ine
mated bill requesting and directing the Secretary the
Treasury TO use the gold accuhuatng tho Treasury
Secretary intimate wish for il. He said that the
government was boarding gold from nscessty because
was 81 70 s q on ID
gold was daily becoming more scarce-so scarce
that the large transactonsA hy th<> customs
street and on the stock Exchange through sterling
change transactions by the gold transactions and
value and consequently the value Of all the necessa.
ries OF life II was simply question 40 70 whether the
should continue % occupy this position or
whether they should be empowered 70 sell at the market
price all the gold that they did not require for the SPECIAL
purposes indicated by the laws He believed that the
DOM that III his efforts ooksd.n that dirscon, and
the House had good reason 70 doubt thas be would
continue 70 manage his department 10 the same way:
regarded the question as purely Of interest 70 al
classes OF the community and the necessities OF the
ton and not In any political, ana he should
Mr.. GAanrLp, (iep) Of Ohio, made an estimate as TO
the receipts into the Treasury They were Al the rate
twenty three millions and half are % be paid out in
con and that was every dollar which the government
was pledged 70 pay on the list Of that month There
receipts greatly exceeding the estimates There would
be fifty and half millions in gold in the Treasury the
tary 70 dispose Of this sum. He fMr Garfeld) said IN
conclusion that great wars were not conducted with
M BcrTwKl, (rep.) Of Mass said that the arst
security OF public credit is faith All public officers
should b. ns he'd 70 lsd s s,Dop:ots gs
the payment or the interest on the public debt and de-
signatsd the medium in which should be paid they
had guaranteed by legislation sancsionod by public
opinion that the interest the public debt should be
paid specie. They told that they were 20 have
surplus 0( gold but dd n the statement Of
the gentleman from ohio (Ar Garhed) II the PROPOSE
ton now pending should be accepted ne would
to anticipate the the July interest,"
tme at the rate OF six IN god and thus re-
deem the coupons Tne rus way 70 ieMeve .ne treasury
Mr. FERNANDO wooD, (opp) Of N. y, deprecated the
character OF species OF legislation and executive
action which resorted 70 these Temporary expediens
While he did propose 70 dissuss the immediate cues
tion before the House IN fsctous partisan spirit.
candor compelled him 70 say that the fundamental error
tion was based on an utterly false principle was
neither norcsafe II had been tried by other coun
ciers and every had led 10 like resutsuamey,
rum, bankruptcy and reputation There was no mys
tery 10 this question; u was SIMPLY wne'ner an ino,-
ing upon borrowing and not upon legitimate sources Of
revenue. He appealed 70 the representatives OF the
government 70 bring forward some propositions which
would enable US 10 pass through the present ter
rible ordeal without bankruptcy and rum The
:ooSs danger Of ,ss - p.n
matical calculations, another three years-and We
may have ten years Of this wawi end not only IN the
national interests OF the people
Mr. KAsox, (rcp) Of Iowa, would 40 far depart from
cs NO y. rends vSd 10 ups
the North In solid phalanx 20 suppress the rebellion by
force Of arms the soldiers for whom these gentlemen pro-
fess TO sympahze would be permitted 70 return 10
their homes Az 10 the pending resolution " did not
propose sell the amount OF gold band but only the
pubic debt only appropriated the surplus beyond The
wants OF the government II did not therefore, touch,
or come n conflict with the public faith No gentleman
public obligations IL true the resolution gives the
Secretary the discretion SELL but this absolutely
Of w ~oou ask wheh. the
Secretary had not already disposed Of gold as proposed IN
this resou,ion He understood that the Secretary had
heretofore thrown gold on the market.
Mr KAssoS asked Mr.. Edridge 70 give his authority.
He did not believe it
Mr.. DAVE, lrep) Of n r., said the Secretary told him
that not dollar had been disposed contrary
Mr.. ALLEY, (rep) OF Mas. was understood TO make
similar statement
Mr.: EIDsDcE thought he learned 30 from the gentle
man from Massachusetts, (Mr. Hooper.)
Mr.. HooPxR replied that II the gentleman got such an
impress lon, he misunderstood him.
Mr.. KAssor concluded his remarks, and regarded the
passage OF the resolution necessary 10 enable the Sec
retary 10 check gold speculations
M Dunoxr (rep) Of Ind said he was In favor Of the
restoration OF the government A. a events way 10
put end 10 the by the bayonet and the naked
sword Another 70 concede al the rebels spk, and
70 say they right the Northern people wrong
Another way was 10 now fall back the specie oasis IN
the payment of our debts aud obligations That would
end the war; But his opposition 70 this resolution was
on different ground he had no deposition 10 quarrel
with the government 10 did not come into power
by the ed Of his vote; but . quarrel with
the government was 10 help 70 paralyze
iss arm. He opposed tho resolution because ~
passage would involve vSolasion Of public faith. II
would turn the freasurers once into great brokers'
shop He offered ameOdment In the form OF . pro-
viso that the secretary of shs treasury shall not sell
any gold under this act without The advice Of
the other Executive departments OF the gcverpmens
The Of thin ahau