The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1864-03-23
which the Government was founded. w
have cut loose from all our moorings.
| There are S1S ()10. 600 of oold IN tb

1uCIc are ~ 1OJOOOfOOO, vi SOlu III Tile
Treasury at New, York. There is the
residue of 100000, 600 there to perform
the ordinary and legitimate duties of gold
I in that market, Can it be that the reten.
ton of that amount in the treasury for a
few days, and it will be only for few
days, will So derange the gold market Of
New York that, in order to restore its
normal condition, this great power must
be given to the Secretary of the Treas
ury2 .9.l bs,..,ss s.-.,.,s
+ L am prepared to say, sir, that even ii
the result of this bill would be to relieve
the money market in New York; if the
very object which the gentleman from
Iowa and the gentleman from. Massachu
setts announce as the one only beneficial
object to be accomplished by it could be
attained by its passage, l should, never
theless, be unwilling that the Govern
ment of the United States should under
take to accomplish it, and above all |
would be unwilling to intrust the opera
tions of the Government in this delicate
matter to the head of any Department
1 have nothing to say unkind or deroga-
tory of the distinguished gentleman, now
Secretary of the Treasury. l would not
say an unkind word of him, as I have
certainly no unkind thought Of him.
recognize his ability and his integrity
What | say does not apply personally TO
him, but to. all men alike. 1 would not
intrust to any officer of this Government
the lover of buying and sellingsold, and
thus enable him at his pleasure to raise
or 'depress the market. = 1''e - sa
f Iwould not put it in. the power of any
man to control specufations, to exhibit
favoritism, to reward personal service, or
to wreak personal hatred, as might be
done under the operation of this bill, if
the Secretary of the Treasury were SO
disposed. Ii is only necessary for him to
throw a few million dollars upon the gold
market, and Immediately the price goes
down 1t is only necessary to buy up q
few million dollars for the payment of in
terest upon our obligations, and immedi-
ately the price rises. Tits only nccessa
ry to, know when these movements will be
made to realize fortunes. 1t is only ne
cessary to have them made arbitrarily to
insure the coinplete bankruptcy of thou
sands of citizens. 1a'o syah "s7d 5o1
Mr.. HOOPER / wish to inquire Of the
gentleman whether the Secretary of the
Treasury has not the same power in dis
posing Of bonds, and to much greater
extent? -s e''
Mr.. PENDLEroN. He has great power
in that respect-quite as much as any See
re.ary. ought to have-bute the disposal
of lords will not affectthe market nearly
s, much, or SO suddenly, as the disposal
or purchase of gold WILL The gentleman
knows this far better than l. He could
illustrate and account for it more accu-
rately and more easily than l could. 5..i.
But, Mr.. Speaker, another objection /
have to this resolution is, that if this
money is now sold by the Secretary of the
Treasury, before ninety days he will be
buying it back, and at a much higher
rate. Last Saturday there was in the
Treasury in New York S18,907, ,2IS in
gold. l think upon that day, perhaps,
some five hundred thousand dollars were
added to the amount, and by next Satur-
day the Secretary of the Treasury sup
poses he. will have more than twenty one
million dollars of gold. This resolution
proposes to allow him to sell of that
amount SO much as he thinks is not need
ed by the Government. Why shall he
sell it? The gentleman tells us, to relieve
the market in New York Now, on the
18th of February-to-morro Sec-
retary is obliged to pay, and pay chiefly
in New York, 81, 100000 in gold, for in
terest upon the sevcn-thirty sotes, on the
4th of March, scarcely more than week
he is obliged to pay 1851, $40 IN gold; ON
the 1st of April, six weeks frsm this time
he is obliged to pay for the, same object
50, 165,s73 ,50;c on the 1st of May he
must pay for the same purpose Sl4,2f5,-
l4l 33; and on the 1st oil July, for the
same purpose, he must pay So, 1872, ,282 81;
in all S23,6l01 ,943 30. -.-ls.
Thus it appears that within the next
four months legitimately, and without
this power to sell, there must be paid out
of the Treasury an amount of gold great
er by $4,000, 600 than there is now in it.
Besides interest on the public debt, itis
well known that the Governmentpay in
gold the salaries of all its officers resident
abroad, and all the expenses Of our ships
in foreign ports, and all the expense OF
our foreign purchases. And yet gentle
men tell us it is unsafe, injudicious, and
unwise to keep in the Treasury the SlS,-
O9O, 900 which are now there and which
We are obliged to pay out within four
months to redeem our plighted faith.
Yet gentlemen are actually grieving over
the amount of gold which We have. and
are contriyiug, plans to get rid of it. 1t
is burden to them; it oppresses them
by day and haunts their dreams by night.
They attribute to the possession Of that
gold all our misfortunes and disasters
They think 1t not only affects exchanges
and the market, barthat it affects militia
ry movements and | expect before we
close this debate to hear that we must sell
our gold-these eighteen million-in or
der to inaugurate "a more vigorous pros
ecution of the war; and ITO crush this
wicked rebellion a. ssJ s5oaIffr
ieGentlemen will doubtless reply that the
receipts from customs, which. must be
paid in gold, will furnish an abundant
supply. will speedily fill the vacuum crea
ted by the sale The duties are not paid
entirely in gold. They may be paid in
demand notes. Some. of those notes are
~, II outstanding. do not now renembe,