Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1864-03-31
RUTLAND HERALD.
THURSDAY. MARCH 81, 1854.
ar. woodbridge Remarks On the
GOId Kill,


bill received the votes of the entire Vel
mont delegation. On the 18th Inst, tn
bill was up for consideration In th
House OF Representatives and In tn
course OF the debate thereon the Rep
resentativc of this District, Hon. +. Il
Woodbridge, spoke as follows. As th,.
has been regarded one Of the most I'm
portant measures before the session, tn,
views of our Representative will b,
read with much interest.
Mr.. WOODBRIDGE. am quite aware
Mr.. Speaker, that the House Is already
fatigued with the discussion of this bill
But inasmuch as 1t Is bill of grea,
consequence to the country, and one up.
on which every member who thinks has
an opinion of his own, IL may not be
entirely out of place for me to urge the
views which l entertain, though making
but little claim to financial eXpcrienee,
| shall only present those views which
commend themselves to my common
sense, unbiased by any pet financial
theories, and uninhuenced by any SYM
pathies with the spectators who fatten
upon our country's distresses.
The Committee of Ways and Means
70 whose especial charge Is committed
the financial interests of the country
ate. mature and careful elaboration,
originally reported to the House the
proposition as 1t Is now sent back to
Us from the Senate, and 1t has, as il
now stands, the approval of the Score
tary OF the Treasury, And, sir when |
lind that the proposition submitted by
that Committee comedies with my own
Judgment, however unskilled it may be,
shall Of course give it my hearty sup
port. -.
The arguments against this bill were
hirly and perhaps fully embodied In the
remarks submitted by the distinguished
gentleman from Massachusetts (Mr.
BoutwelD on yesterday / always listen
70 that gentleman with pleasure His
earnestness, his manly integrity, his
clearness Of perception, his force OF IL
lustration, always give additional power
to the views he presents. But, sir, it
did seem tome yesterday that the argu-
ment he used was rather specious than
sound
The first proposition that the gentle
man laid down was that this bill should
not pass because 1t would be dangerous
20 the Government to withdraw and
dispose OF any portion of the surplus
gold from the Treasury. Sir, we have
at the head of the Treasury a man who
has had imposed upon him by the ma
sion herculian task, and who has borne
che burden with great credit to himself
and with beneficial results to the
country. He is In favor of this
scheme. and believes it to be perfectly
safe to withdraw certain portions Of
the surplus gold from the Treasury and
dispose Of it in the market. / accept
the judgment of the Secretary upon this
point.
1t is further insisted that the Govern
ment is under moral obligation not to
part with this gold, because the law of
1852 says that the interest upon the
public debt shall be paid in gold, and
that one per cent. of the public debt
shall be paid or provided for yearly In
gold. Such is not the law 1t is not
Che amendment of the act of 1862 that
the gold shall be reserved to buy one
per ceii.... Of the entire debt of the United
States at par; bat that sufficient a.
mount of the money received for duties
shall be retained to liquidate that debt
to the amount Of one per cent year
In other words, 1t is establishing sink
ing fund whereby certain portion OF
the debt shall be paid or retired. All
laws must have practical construction
When law Is passed prescribing duty
It carries with it the power to discharge
that duty, and that power is to be exer-
cised in q rational way. In what con-
iition would we be Il we retained the
surplus gold in the Treasury, as the gen
tlernen contend we ought Z What sort
Of sinking fund would we create I, We
would be the laughing stock Of flnan-
ciers; for we should be constantly ac-
.oumulating gold in the Treasury which
the Government does not need and the
business of the country demands and
thus by withdrawing the supply which
the demand calls for we are inducing
speculation, adding to the price of gold
In the market, and greatly increasing
the cost of every article which we pur-
chase for our Army and Navy. Now,
01r, now CAu tllc law pTONiulHS III ehO
retiring of one per cent, Of the public
debt annually be practically carried outl
70 give practical operation to the law
the Secretary Of the Treasury must go
Into Tie market and purchase greenbacks
with gold. That is called Republication
II is not reputation nor in anywise akin
To II. 1t is what honorable men have
done In their business. 1t is what Gov
ernments have done and what Govern
ments have always right to do. BY
purchasing greenbacks with golst
and with them buying and cancel
ling the bonds of the Government
We would carry out this law in Its ful
spirit. n,,
NV friend from Massachusetts lMl
Boutwell) INTRODUCED an amendmen
which at first met with my appreciation
but when I came to reflect upon 1t,
struck me that it was not practicable
The substance Of the gentleman
amendment ia that the Secretary of Il
Treasury shall be authorized to antic
pate the interest and pay the under-dt
coupons with or without rebate OF Il