The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1864-03-23

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isd' aAsat1& <To OF Z aH; 10 ss7a3o
Hon. George II. Pendleton,
Z aash.12Tf OF OHIO, 80 SIS e' sA''
A ,MHMBEn OF THE COMMITTEES OF WAYS Asr
| .E# Il sagsa MEANS. ga hIli ar-itEI
Dsliuered IN the House of Representative.
of the United States, FEB. Is, 1864, )
lon the Joint Resolution authorizing the
Secretary of the Treasury to sell Gold
on hand in the Treasury at pleasure. s
Hei5anG5 Eab 1ls----33aaite 81 ~ sEE p
Mr. PENDLEToN said: dziss sayel
Mr.. SPEAKER: 1 regret very much to
be obliged to differ from the majority OF
the Committee of Ways and Means which
reported this resolutions; but the consid-
Grafton which have been able to give to
the subject leads me to the conclusion
that the result Of the passage of the reso-
Tuition will be Injurious to the interests Of
the Treasury am looking to the in
terests of that Departments of the Cow
ernment alone in my action upon thisreso
luton. 1t involves only question OF
finance: only question of sound COM
mercial policy The Secretary of the
Treasury has now power to buy god
whenever he shall deem it necessary.
That power was given TO him because the
law authorizing the issue of notes and
bonds provided that the interestson them
should be paid in gold.d In order to sena-
BILE him to redeem that obligationtit it was
Thought proper to give him power, when
ever he should find it necessary to go
into the market and buy gold. He has
that power to an ualimited extent, This
resolution proposes'to give him power to
sell gold to the like extent; SO that, if the
resolution shall pass, the Secret~ry of the
Treasury win have complete powers to buy
and sell gold whenever he shall think
proper. eds 10 .a9bacqegI7oe etliyaesE 4
i call the attention of gentlemen to the
fact that they are clothing the Secretary
with enormous. power; that he Will be
authorised by law to go into the gold
market of the country efora whatever
amount he pleases, whenever, he pleases,
There is no good purpose to be accomplish
ed by this resolution, except that sta:ed
by the gentleman from Iowa Mr.. Kasson1
yesterday. and by the gentleman from
Massachusetts Mr.. Hooper, to-day
They told us plainly that the purpose
was not to relieve the Treasury, but to
relieve the gold market Of New York
.rhc premium which could be realized
from the sale of this gold would afford no
relief to the Treasury They do not pre-.
tend it.. They know that if zen millions
were sold the premium would scarcely
suffice fol. the. expenses of the Govern
lnent for ten hours. No interest would be
saved to the Treasury, for the sale would
not be made. for interest paying bonds,
but would be made for legal-ten notes,
which pay no interest whatever. They
did well, therefore, frankly to avow the
purpose of this resolution, to state clearly
what moments reflection would teach
any man, that the gold market of New
York, not the Treasury of the United
States, is the object Of solieitude here.
To relieve it from stringency is the only
good purpose, if that be a good purpose,
which can be subserved by the passage of
this resolution.
think / understand the source from
which this resolution springs. know
the parties who are urging it forward.
My honorable colleagues on the Commit
tee of Ways and Means will understand
that. mean no reflection upon them, their
motives, or their actions. If statements
which | entirely credit are to be relied
on, private interests are at the bottom OF
this movement Persons using gold in
their transactions laid in 'winter sup
ply" last summer and fall, when the price
was low. They have exhausted their
supply. They are compelled to buy, The
price is higher now than it was then.
They want it to be lower. Not whimper
of Government boarding has been ever
before heard. Suddenly they discover
that the Government has S2e, 100000 of
gold in its vaults; that it has boarded
that amount; that. the Government ought
not to hoard, that if $40 0,000, 100000 or
SIC, zoo, 900 shall be suddenly brought on
the market the price will fall and they
will be able to buy at low rate; and
forthwith, uponevery conceivable pretext,
they urge the sale of that gold, irresFec-
tive. of every other consideration than the
state of the gold market tomorrow and
their own interest. +''.-'-'
We were told yesterday that great strin-
gency exists in the gold market in New
York because of the amount of gold in
the Treasury there How much? Eeigh-
teen million dollars OF gold have accuniu-
lated in the Treasury, and if l am not
mistaken the returns show there are more
than sixty million dollars now on deposit
in New York So less than one thirdaof
the amount subject to draft for the pur-
poses Of business is in the vaults .ofstho
United States. -a1Es-
claim, in the first place, it is not the
duty nor is it within the scope of the
legitimate operations Of this Government
to control (evcn though that control be
exerted for the purpose ofirelieving) the
money market of the countrys That is
not within the sphere of its properefanc.
tions. 1t ought not to become either a
"bull - or bear. 1t ought not to be-
come speculator 1T ought not to seek
to control the money market instead Of
allowing the laws of trade to. control it
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