Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1864-02-25

4
there is now in il And yet gentlemen tell it unsafe,
nludlcious, and unwse to keep in the Treasury the
SlSO00,OOO which are there, aud which
Obliged TO pay out within four months TO redeem
plghted faith.
Bat there Is another phase of this question to which
desire to call attention aud il this 1t proposed to no
into the market with the gold which have compelled
the people to pay tor customs and buy the notes OF
Government at depreciation OF fifty sixty cents Ii
Is proposed to into the market with this gold and pur
chase ut reduced price the currency which the Govern
ment put upon the market and compelled it's cxAns to
take gold When these lega tender notes issued
we were told that they money The Government of
the uuted States impressed upon them far as i could
that quality Citizens compelled to take them in
the discharge Of obligations to pay in gold They wero
required to take them in discharge of private contracts
OF debts and in payment of Judgments where the
Judgment or the contract that gold should be paid
instead OF paper And gentlemen propose that the
Government acknowledging that its credit il below par
acknowledging that It's PROMISES to pay worth the
money promised acknowledging its discredlt rhsll
sell this gold for its egaender notes at Deprecated
rate Surely SIR that is transaction in which we ought
not to engage. No honorable would do 80 in his own
private affairs We shut our eyes TO the acts that
the paper money of the United States is not equal TO gold
but that is no reason why should traffic our own dis
ciedt why Wo should make profit out Of the dshonoro Of
our credit hink that nothing could 30 endaDQer the
credit OF the Government nothing arnsh it's good faith
nothing could 80 dshonor it. to go into the market
with gold IN its hand to buy at discount the notes which
forced the citizens of the country take as Of equal
value with gold.
i But go further While believe that the immediate
effect OF this resolution will be TO bring down the price of
gods while believe that the throwing of few milons
OF gold upon the market will Immediately cause the price
to decline just as the withdrawal of few millions would
cause IT to rise yet believe that will be step fatal to
the credit of the country. What will the bondboders Of
TINS country at home and abroad think Of financial
skin aud ability when they that we SO readily part
with that which is the only basis of credit, which
alone enables us to fulfil our obligations without which
cannot the interest debts we have agreed
TO pay 1t Why fi there nothing which will give the
Government of the United States mora cradt than th
its A.
use NOT subject to contingencies coin pay the interest
on ths public debt and much it is possible to
get there TO redeem the debt when it falls due 1t will
give the Government credit 1t will bring up Government
notes 10 closer prOx nifty t. gold It. in my Judgment
w give more credit the Government than any thing
which is to result from the petty expedent of bringing
down gold in the market of New York three ve or even
ten cena IN the next few days.
In any viaw therefore, in which look at this ques
uon, whether las financial operation matter of good
faith as means OF repenishing the Treasury as an
attempt by the Government to regulate the money mar
kets OF the country rather than leave them to the eg
mate operations OF trade in any respect it seems TO me
that the passage of this resolution must be disastrous
MI BROOKS also spoke against the bill He argued
that we are arriving at crisis monetary and com
nercia aiars that, from the expansion Of our paper
currency our imports largely exceed our exports that
we have money cheap and plentiful that consump-
tlon hes become enormous and extravaganza universal
glance at the custom house statistics will bring home
this consideration forcby to the mind of every person
Our increase imports for the last months has been
23l, while our decrease in exports has been
payable III gold equivalent to 900 in currency
while our exports only about eight millions worth
10 gold equivalent to l2 $50 600 in currency; making
difference between imports and exports 10 moth of
about eighteen millions in currency The tide of trade 10
turned against Us We becoming tributary as we we're
IN 1886 to all the European nations for the Injuries which
we buy from them if not for of the necessares of
life, aud they all have to be paid for in gold
Mr. BROOKS, in the Of his speech, called atten-
ton 10 the ACT Of Congress passed the 25th of Feb
uary 1862 to authorize the issue of United States notes
aud Tor the collection and funding thereof and for funding
the floating debt OF the United States Section five Of
this act reads MS follows:'
THAI all duties upon imported goods shall be paid in coin
or IN notes payable on demand heretofore authorized be
ssued and by law receivable in payment public dues and
the coin 80 pad be apart as snec1I fund an6
SHALL be applied toLouss
First 10 the payment in coin Of the on the bonds
payment Of per of entire debts of the United
to be made within each fiscal after the 18th day
and the interest of which shall in like be applied to
Of the Treasury shall from time TO time direct
BY this act, Mr b. said, the public faith is pledged
soemny that the shall be reserved exclusively to pay
the interest on the public debt the sinking
fund There 1t is written and cannot be got over with
out utter violation OF the public faith There il no
stab grea! there is damage great to the Govern
men OF the United States the slightest manner what
soever to hilect the public credit.
Mr.. CARR IEI.D spoke in favor of the bill By the
present law Che aaid gold into the Treasury Of
The United States Through the customs and the various
other avenues by which it reaches the Treasury But
there only by which goes out namely the
payment OF the interest the public debt. There was
10 the Treasury Saturday last 900 600 in gold
That gold coming at the rate of and I've hundred
Thousand dollars day Take it at the lowest estimate
this rate continues until the lat Of July next we will
have S74, 10Y 2l3 in gold
Mr.. BOUTWELL, asked whether the Secretary Of the
Treasury IN his estimate of the receipts and expenditures
Tor the fiscal year does show that our interest
account which to be met by the payment Of specie will
exceed S55O00 600, while receipts through the
custom house will amount TO but $40 900 000 showing
deficiency Tor the fiscal year lS6465 Of $I5 900 900!
Mo- GARFIELD. The Secretary Of the Treasury re.
ports that there will become due various periods end
ing with the let of July next 1923 943 to be paid In
obliged to pay up to that period and there will remain
surplus The Treasury on the basis of the present re
cepts the ls Of july Of 5U sos 27O 10 gold and
there IS no law Of the Uued States according to the
present practice Of the Government for the payment or
deposition Of that $4,000 900 of gold
Mr.. FERNANDO WOOD asked upon what data tbess
eshmates up to the lat OF July next are founded7
Mr. GARFIELD, Ths estimates are hased upon what
We have been receiving for several months past aud tho
tct that he months to come are Away better
than the winter months.
Mr. FERNANDO WOOD. Has the gentleman aver
aged tho daily receipts of gold from that source for the
last three montbs7
Mr. GARFIELD have not
Mr.. FERNANDO WOOD. have before me an est
mate Of the enre amount Of gold receipts into the Trea
sury from customs in the last four months. The whole
amount from October st to February 18th lees than
S2b,UO0,000; while the whole amount that will become
due payable ia g0ldincudng SO 900 0C0 that will be-
come due the Of March for interest oneyear GER
tifcates-up to the lst Of July next is S25 $50 600
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