Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1864-06-24
n lawful money; and NAV receive at par

lawful money; and may receive at par
therefor the lawful money Of the u. s..
treasury notes, certificates of indebtedness,
or certificates of deposit, issued under any
act OF Congress; and the Secretary of the
treasury, in addition TO the total amount of
bonds authorized by the first and second
sections OF this act, shall issue ut par, in
redemption or any outstanding notes, GER
tlilcates or deposit or rtertiticates of indebt-
edness OF the U. s.. bonds similar to those
therein before in this second section author
lied, in denominations of not less than 500.
or of like denominations similar to those au-
thorzed by the first section, and payable
nVe years from date, with interest ut six per
cent; ana the Secretary of the Treasury is
lurther authorized to issue, in lieu of any
Donds heretofore authorized by law. and
not now issued In pursuance thereof. bonds
similar to the denomination hereby author
lied. All treasury notes other than United
States notes shall cease TO be legal tender
In the payment of public or private indebt-
edness on and after thu first day of Octo-
Der, 1854 and no treasury notes made legal
tender, other than United Ststes, shall here
after be Issued or reissued; nor shall the
total amount OF United States notes issued
or to be issued, exceed four hundred mil
lions OF dollars, and such additional sum,
saNS ~SNNSNNA'S htbf ihllllOuo vi uOIluTS, hS
may be temporarily required for the re-
demptiod of temporary loan.
MIR. Pomeroy said that. the present ad-
vance In gold is not the result of specula-
ton, and Is not to be obviated by tempora-
ry eXpedients, but by return in practice
MS well as in theory to the policy of gold
values rs established in 1862. With the
amount of paper money in circulation the
Issuing of interest-bearing notes would add
nothing to the aggregate value of paper
money, and could only work mischief. The
policy of 1862, Of adhering to gold values
must be returned toor the theory advocated
by the Chairman OF the committee on Ways
and Means, Mr. Stevens, of Pennsylvania,
adopted, namely: Repudiate the payment
OF interest In gold and rely entirely upon
the issue of Government paper.
The effect of the initiation must soon be-
come ruinous to the masses of tile people.
The fatal mistake of the Secretary of the
Treasury was in abandoning the popular
six per cent. 5.20's loan, and attempting to
hoat per cent. bond, and upon its failure
resorting to Interest bearing legal tender,
and on the part of Congress In not speedily
supplying an efficient system of taxation.
1t was, however, still possible, by adhering
to correct natural laws, to restore the credit
of the country to a healthy condition.
Mr.. Stevens said he did not agree with
the majority of the committee of Ways and
Means, and hence he had offered substi-
tute for the first section of the bill.
The question having been taken, the sub
stitnte of Mr.. Pomeroy for the second sec
tion of the bill, as given above, was adopt
ed by yeas 65, nays a.
Mr.. Stevens said, while advocating his
amendment, that those who attributed the
rise IN gold are statesmen. Instead of pass
ing the gold bill to restrain speculations, it
would be better to take away the demand
for gold, for no bill could reduce it a cent.
The Secretary of the Treasury had said, in
his wisdom, that the principal Of the 5-2O's
is payable in coin, but the courts of three
States had not so decided.
Mr.. Spaulding briefly replied to Mr..
Pomeroy. showing that the committee of
Ways and Means had faithfully performed
their duty in providing the bills necessary
for revenue, and then expressed the opinion
that all the trouble rose from the extraor-
binary demand for gold; for gold is not
now currency.