Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1864-04-05
Statt Of tbt lation.
h of 13l. f. &. Woolbcidge.

5p,eh of A}l f. &, Woodbridge.
Delivered N III. House Of Representative,
March 18th, 1864, on Tie Bill authorizn
he Secretary of The Treasury 10 sell Surptu
GOId
am quite awate Mr.. Speaker, that tn
House is already fatlgued with the discussion
this bill. But nasmuch as It is bill OF grea
consequence ~ the country, and one upon whc
every member who thinks has an opinion 0
his own, It may not be entirely out of place 70
me to urge the views which entertain thougl
making but little claim to financial experience
lshtI only present those views which commend
Themselves ID my common sens3, unbiased by
any pet financial theories and uninfluenc9d by
any sympathies with the spectators who latter
upon our countrys disresses
The Committee of Ways and Means TO who's,
especial charge is com ntted the financial inter
ests Of the country, after mature and careful de
liberation, originally reported 70 the House the
proposition as 1t Is nov sent back to us from the
Senate, and 1t has, as it now stands, the appro
val Of the Secretary OF the Treasury Aud sir
Shen find that the proposition submitted by
that committee comedies with my own judgment
however unskilled it may be, | shall Of course
give It my hearty support.
The argum.nts against this bill were fairly
and perhaps fully embodied in the remarks sub
mItted by the distinguished gentleman from
Massachusetts, Mr. Boutwell, On yesterday.
always listen to that gentleman with pleasure
His earnestaess, his manly integrity, bis clear
ness ol perception, bis force 1t illustration al
ways give additional power to the views be pre-
senta. But, sir, lt did ,eem u me yesterday
that the afgnmen. be used was rather specous
than sound.
The first proposition that the gen ntleman laid
doSn was that this bill should not pass because
10 would be dangerous " the Government to
withdraw and dispose Of any portion Of the sur.
US gold from the Treasury. SIR We nave at
the head Of the Treasury man who has had
imposed upon him By the nation herclIean
task and who has borne the burden with great
credit to himself aud with beneficial results to
the country. He ls 10 favor OF this scheme, and
believes Il to be perfectly safe 10 withdraw Ger
tam portions OF tbs surplus gold from the
Treasury and dispose OF 1t 10 the market.
accept the judgment Of the Secretary upon this
point
II Is further insisted that the Government IS
under moral obligation not to part with this
gold because the law OF lo6- says that the IN
;efest upon the public debt shall be paid in gold
and that one per cent. OF the pubic debt shall
be paid or provided Tor yearly in gold. Such is
not the law Ii is not Tie inttnument of the
act Of 1862 that the gold shall be reserved to
buy one per CEN. oil the entire dett Of the
United States at par but that Il sufficient
amount OF the money received Tor duties shall
be retained to hquliAl, that debt to HE amount
Of one per cent. . year. ln other words, it Is
establishing SINKING lund whereby u certain
portion OF the debt shall be paid or retired.
All laws must have p.acucal construction.
When law Is passed prescribing duty It car
ries with IL the power 10 discharge that duty,
and that power is TO be exercised 10 rational
way 10 what cOndit n would We be il we
retained the surplus god in the Treasury, as
the gentlemen contend we ought W That sort
of a sinking tund would We create2 We would
DC the laughing stock OF hnaucier.; for We
should Dc constantly accumulating god IN tue
Treasury which The Government docs not need
and the business Of the country demands, ana
thus by Withdrawing the supply winch the de
maud 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 purchase for our Army and Navy
Now, sir, how can the law providing for the
retiring OF one per cent. OF the public debt on
nualy be practically carried out2 To give
practical o. leraIlOn to the law the Secretary oi
the Treasury must Z into the market and pur-
chase greenbacks with gold. That Is called re- I
pudiatlon. 1t is no, puLiatlon nor u any
wise akin to it. 1t is what honorable men have I
done 10 their business. Ii Is wha, Governments
have done and what Governments have always
right to do. BY purchasing greenbacks with /
gold and with them buying and cane liog the I
bonds OF the Government we would carry out
this law in its full spirit.
My friend from Massachusetts, Mr. Boutwell, /
introduced an amendment when at first met
with my appreciation, hut when came to re-
Ilect upon 1t it struck me 1t was not practicable
The substance OF the gentleman 5 amendment is
that the Secret'ry OF The Treasury shall be au
Ihorzed to anticipate the interest and pay the
under.due coupons with or without rebate OF
interest.
Now, sir, would the men holding coupons
present them at the Treasury and have them
paid IN gold pr9enily? Men are governed by
their interests. Would il be ior their interest
to DO sol Would it be slgaeious buslnes,
Sir, think not. and why ? Sim
ply because they would see that there is daily
accumulation of gold in the Treasury which the
Government cannot use, and they would kuow
that where the accumulation Is boarded, and
the supply consequently just so much diminish
ID, gold would 20 up, and hence when the in
erest became due, say tho LIST OF May, they
would get an increased price for the gold, which
would more than compensate for the delay In
the payment. Such, II strikes me, would be
he practical operation of the amendment pro-
posed 10y the gentleman from Massachusetts,.
Again, | am informed that the interest on
money in the market is only i've per cent. Such
Deing the case, It is an additional reason why
men will hold Oh to these coupons and take
heir chances ra her than receive the gold on
hen now
Another argument, Il | understand gentle.
non aright is that We would, by selling this
gold, increase the price Of gold and stimulate
population in the market. The gentleman says
hat uncertainty is the great element of speeu.
alton When YOU come to that kind of speeu.
alton that has the characteristic Of gambling
iou may legitlmately say that il is The uncor-
ainty which stimulates the speculation. Win
his bill increase the element OF uncertainty
contend sir, that it would diminish it; and
hat by the aggregation Of gold boarded up
ion stimulate speculation in the article, aud
make the price OF our currency dependent upon
he gold monopolsts in New York. will IL