New-York daily tribune., 1864-04-16
XXXvIIITH CONGRESS-. First Session
SENATE. WAsrusGToS, April Is, lstf.
SPECULATION IN GOLD.


Mr. SHERMAN Un.. Ohio called up the bill prohibit
ing speculative transactions IN gold, &c. as published
in Yesterdays proceedings He said the object of the
bill was TO prevent gambling In gold. The Committee
thought that at this time II had Injurious effect and
that the sale Of gold by party who had no gold to sell
was oGense, and was beug ~ committed by par,
ties when they had not cent - ~ lie presented the
following letter from the Secretary OF tie Treasury on
the subject Ia letter "a Mr.. fessenden. Chairman OF
the Finance Committee, under date OF tho Treasury
Department April IL lsoi, the Secretary OF the Treas
sn: Notwithstanding the diminished amount Of United
States notes In circnlston, and our gradual whdfswa H0n
tender ior their place, the pcs Of gold continue, to
-d,sncs This edrc, can only be attributed TO Que OF "o
and /. probably dne IN 10 each t- the urr-a.e
Of t- notes II local banks and secondly the efforts spec
ulatorG hlye already submitted through you TO tne ooa
deration n the Committee fnance bill Intended =,
colsld ration bn intended reAvy or The second The
aa,rv The eseeis Of the second ~ prob
ably be immediate, though perhaps not Of such
approved, the fsSolsbl. ston of Congress Il us no' be
thought hOweve that rosad either or both Of he.o meas.
Of hall of tie oGrrent expenditure and re-
ducton OF those expenditure. " the lowest point comAoe
with efficiency viii insne financial snccess 20 The Govern
m.ni, and without military success all measures wiz Id
n, snms s,,e'Ty TSy Ohio said tha. although the
Committee on Finance not certain that the evils
sought 20 be remedied by this bill would be- 80 he
however that the bi might do good and could
do no harm. The true remedy for our evils. as oil
know was the success Of our armies.
Mr. FRssrsDEs (Un.. Me- advocated the bill ard
said II might tend tO evil which existed because
of The desire of some persons make money at any
pense the country and again as he was soi TO sy
because there were many among US Who oulnNated "A
hostility TO our currency because they sympathDed with
our enemy. In great commercial city IKE New York,
IL was impossible TO repress this entirely but he thought
the bill would accomplish good.
Mr.. CowAs Un.. PENN, opposed the bin az useless
and doubtful legislation He did not believe that
currency had 80 deprecated require such means
toser 1t up. lie denied that these speculations had
the lest effect on the price OF gold The price OF gold
depended upon Its intrinsic material value, and II there
was an article In the world which had regal right to
be called King II was gold. lie quoted at length from
Thorss history of the French Revolution. giving his
tory Of the assignats issued at that time and drew
parallel between that one ard this.
Mr. CowAs moved TO strike out the clause requiring
the manual delivery of United states notos or National
currency in all gold transactions He said this bill VIII
have no better effect than the gold bill passed recently
whca gold went up five per cent the dy after lis pas
sage lie opposed the bl as useless and mpraotoable
His amendment was rejected. 40 follows:
YrAsM Mess Buckslew CiarI, Collamrr, iI,rdins Hen,
dhek,, Howe, johnson, Ne'miih Powell, sane'bury and
Etr.-Me,u, An,bony, Brown Chandler Comes. DIXON,
Dooate, fe..enden, Foster Hall Hslfi-, Lane Ind Lane
Spragur Sumner, Ten Eyeie Trumbul Van winile Wade
Wiley and Wil.ou-23.
Mr. CHAsDLRn OUn.. Mlch) supported ne bill. It was
well known that there verc In many Of oar large cities
persons OF disloyal opinions who used all kinds OF
methods 10 break down the confidence IN the Goyern
ment and its currency. In Ncv.York City today Jen
gold gamblers nearly all sympathizers with tho
Rebellion. He believed that the people had confidence
IN our securities for every dollar the Government
issued there mortgage the solid wealth OF the
country. one reason for the great demand for gold
The extrayagance of the people. There was what
was called the "Gold Ring IN kew.york. who were
sympaihilers with the Rebellion and this bill would
have an effect them and upon smilnr combinations.
When armies should march 10 victory the specula-
tors wonld be the 20 suffer.
Mr. JOHNSON (Cond. Un., Nd made loyal argument
~ sho hat / xas nat forC
dertake n regulate this matter AZ II VIA matter solely
belonging 10 the States. IT, alleged. II was crime
TO gamble In gold 1t was 10 BE- punished by the laws
the States He denied authority to regulate state
banks under the Constitution. Gold had become an ar
cle trade and contract and such the laws OF the
States should regulate IT, This bill further proposed 10
regulate foreign exchange. II we had power in Con
gress 10 do this why not extend II % bonds, stocks
promssary notes &c. and thus guate the entire bus
Of the States The bill would not be success per
msnenty. because these specuator instead Of having
their places In the streets would continue under one
roof, and exeit the same influence they now did we
wanted additional taxation. and gorous and success
ul prosecution oftLe With this the people would
allow the debt TO be trebled.
A message received from the House announcing
their nonconcurrence la the report Of the Committee
OF Conference on the dissgreeng vote the blu Great
ing territorial government for Montana and stating
that they had appointed new Committee with in.
instructions. asking the appointment Of similar one
Mr. FEssEyDES (Un., Me- )and'others while expressing
Willingness 10 rceedc, condemned the manner in which
the Huose made the request He was tired Of seeing
the Senate continually getting it, knees 10 the
House.
On the motion of Mr.. colLAMER CUn, W.. the SEN
ate refused 10 accept the proposition of the House com
ing in the form il had.
Mr. SHERMAN said the depreciation OF our currency
was no greater than that OF France and En-
gland. when great fnanoiers Ike VIM. Fit presided
over the financial bureau Of England Similar methods
proposed In these days 20 prevent the depreciation
Of the cHrency. He cited instances during the period
when England waged war against Napoleon. lie said
the gold bin passed the other day had accomplished all
desired and but for il, b. had no doubt gold would
now be over 300 Our bonds were now worth ia. and
If gold higher II because Of the enormous
bOuDtics We had paid veterans. lie took dsoourI
ging view of our condition This was uuwisc, and he
would almost say unpltrioc.
Mr. SUMNER (Un, liass) saId this whole question
bad been discussed eSRBlingB two Jears ago, and lie