Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1864-02-25
CONGRESSIONAL.
SALE OF THE GOVERNMENT GOLD.

day. the 18th instant
Mr.. HOOPER asked the unanimous consent of the
joint resolution authorizing the Secretary of the Trea
sury to sell any surplus gold in the Treasury
Mr.. cox objected.
Mr. HOOPER hoped that the gentleman from Ohio
would withdraw his objection
Mr.. COX. will il the gentleman will not call fol
the previous question, and will two CUES
tions.
Mr.. HOOPER am willing to agree to that
Mr. COX How much gold is there ip the Treasury
Next what s the object of selling it at this timethe
peculiar urgency Aud what, in the Judgment Of the
gentleman will be- tho effect of throwing much gold
upon the market Will it cause CONFUSION in our com
mercial system
Mr. BLOCKS wish it understood that this discus
sion is to proceed by unanimous consent reservDg
right to thu introduction of the resolution
Mr.. ELDRlDGE object ! think that gold will
bring more after little.
Mr.. VASE BURNE, of Illinois, called for the regular
order of business.
Mr. KAssON asked that he might be allowed to state
the why the bill respecting the sale of gold ought
to be reported and acted on this morning
Mr.. WASHBURNE having yielded the floor
Mr. KASSON said: The bill to which the gentleman
from Mass achusetts, Mr.. HooPER) my colleague the
Committee Of Ways and Means asks the attention of the
House this morning rests upon this condition of acs The
large mpor atons into the country have deposited in the
Treasury Of the United States amount of gold beyond
the demands of the Treasury for the payment of interest
aud for all disbursements which by required to be
made in gold The consequen' has been to withdraw
from the market in the leading centers Of
uar merchant in getting the gold necessary to discharge
his liability gold to the Government of the United States
and has necessarily caused rise of gold in the market
thus putting the Government the position OF being really
in the technical term of the brokers' board the principal
bull in the New York market Unless therefore, the
Secretary of the Treasury is authorized to relieve this
condition of things New York. the inevitable tendency
will be eventually enhance the price of gold and increase
the difference between gold and the common currency OF
the country Last Saturday, for instance the payments
into the United States custom. house at New York
ad "a hal mil md nf III
Obliged to be paid gold So from day to day the amount
of gold in the Treasury of the United States at New York
is increasing, and the facilities OF merchants In New York
to obtain gold are diminished,
1t for these that the Committee of Ways and
Means have authorized this report to be made to the
House. that the Secretary Of the Treasury may be author
lied not necessarily to cell the entire amount at once
in any limited time but to dispose of amount of the
gold the Treasury from time to time the surplus
will allow, and put it upon the market to amount suf
cen to meet the legitimate and constant demand created
by the laws of the United States the part of the
chants of the city Of New York and of other commercial
places believe yesterday the price of gold ran up to
sixty premium If the Secretary is authorized to
place in the market, from time to time and thus to
to the commercial channels of the city, the surplus
the Treasury the inevitable effect will be to keep down
the price of gold rate nearly corresponding to
the legitimate demand for the regular TRANSACT of CON-
merce
1t for this reason and because the merchants of that
and other cities need gold daily for making their payments
the Government itself that the Committee of Ways and
Means ask very early action upon the part of the House.
that the merchants may be relieved and the importers
who require this gold daily may have an opportunity to
get it without paying the premium created by
those who deal in it purely matter of speculation and
who enhance the price proportion the stock
lates in the vaults of the Government
Mr.. BROOKS. This is a bill of great Importance and
which should not be hurriedy passed In the first
place. the Secretary of the Treasury has the control Of
all the paper money of the country He Is the great rag
baron.
Mr.. WASHBURNE, Of Illinois. Do understand the
gentleman from New York to object to the introduction
Of the resolution If the resolution is not to be intro
duced by unanimous consent shall object to continuing
this discussion,
Mr. BROOKS do object to discussion upon one side
with no discussion upon the other.
Mr. KASSOE. My OF iect was to make this explana-
ton of facts to the House.
Mr. WAsHBURNE. Iohject, unless the bill is brought
before the House by unanimous consent.
The SPEAKER. Then the joint resolution is not be-
fore the House
On the 18th instant
Mr. FERNANDO WOOD called the attention of the
House to the propriey Of making immediate dspo
sition Of the joint resolution which the Committee Of
Ways and Means proposed to report yesterday authorizing
the Secretary Of the Treasury to sell gold hand In the
Treasury at pleasure The mere proposition emanatng
from that committee Che said had unsettled he market
of New York it has deranged the basis Of mercantile
transactions and has deranged exchanges and the
lue Of commodities. am appealed to by a very large
number Of the aiding bankers and merchants of New
York to ask that disposition shall be made of that
question and have risen merely for the purpose Of ask
ing the House to take up the Joint reso luton
Mr. COX will not object if we allowed to offer
amendments and discuss this matter somewhat have
amendment which propose to offer to the JOINT re-
solution.
No objection having been made To considering the
resolution alluded to-
Mr. HOOPER from the Committee Of Ways and Means,
reported JOINT resolution authorizing the Secretary Of the
Treasury to sell any surplus gold in the Treasury which
was read a first and second time.
This resolution authorizes the Secretary Of the Treasu
~ from time time, at his Discretion 70 sell any gold
in the Treasury aud above the amount which 10
hi opinion may be required by the Government for the
payment of interest the public debt and for other
purposes.
Mr.. COX offered the following amendment, to come in
at the end Of the joint resolution:
Preydcd That all sales Of gold under this joint rssou
shall take place in market overt of st notice gwen
under such regulations be prescribed by the Secretary
of the Treasury.
Mr.. HOOPER said he rose merely to reply 70 the in
4uiries made yesterday by Mr.. Cox.
Fret he SAID TO the amount Of gold now in the Trea-
sury that the cunt Saturd night 500 O0Q.
OF this $18 900 in the Subtreasury at New
increase it sixteen eighteen millions more max
log by the st Of July amount OF about thirty
million dollars, The relurementg e. gold from now to
the lat of July TO meet the payment OF the interest the
public debt less than twen yfour million dollars show
ling pxcess of from ten to twelve millions which might
be disposed of under the authority OF this joint resolution
The gentleman further asked what would be the ef
feet commercial exchanges of giving this authority to
the secretary Of the treasury That is rather general
way shall only refer TO two things 70 Illustrate what
may be the effect Of it. Gentsm may recoect that
reference the other day by the gentleman from
Pennsylvania Mr.. KELLEY tn latter from Mr.. Lamar,