The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1864-02-19
CO.VGRES<E0.s.{L.
xxxvnIth CoNoREss--First Session
Washington, Feb. IS.


A bin passed providing for the Gov.
eminent obtaining from tie owners Of
Rock Island, ILL.,, place to erect an ar
senal.
The House proceeded to the considera-
ton Of the resolution to sell the surplus
gold in the treasury.
Hooper stated the amount of gold on
hand Saturday was nearly nineteen mil
liens; that estimates show there will be
on the first of July about thirty-seven
million.
The requirements for god from now
till July fret to make payments of inter
est on the public debt will be less than
twenty millions. showing an excess
Of about twelve millions which may be
sold
Fernando Wood said the resolution
was only for temporary purpose, and he
was opposed to it for the reason that gold
was required as the basis for sustaining
the Government. He argued that no
nation could live by borrowing. and when
The expenditures exceed the income the
result would be bankruptcy, ruin and
Reputation.
Mr. Kasson of Iowa explained that the
resolution only proposed to appropriate
the surplus gold beyond the wants Of the
Government, and did not extend beyond
the sums required By law to preserve the
public faith. While it was true the ieso-
luton gave discretion to the Secretary to
sell the gold it was absolutely necessary
it should be so. No one could say that
the Secretary of the Treasury had not
observed all his obligations.
Pendleson, as a member of the Com
mittee on Ways and Means, differed in
opinion with the Committee. The amount
to be realized would be small, and offered
but little relief. The Secretary of the
Treasury now has power to buy gold, and
he (Pendleton) could not trust any off.
Ger with the power to sell gold, thus Civ
ing him the opportunity to raise or de-
press the market a. his own particular
pleasure.
Mallory of Kentucky announced the
fact that the Secretary has not asked for
this power.
Pendleton said in the course of four
months we will have to pay as interest
more than the amount of gold on hand
Brooks said that by the public record
gold is solemnly pledged to paw interest
on the public debt. 1t cannot b9 divert
ed without violation of faith. II rem
edy is sought for 10 relieving the Treasu-
~ Of its surplus gold, let the July inter-
est on the public deb. be anticipated
The President has the sword, and
through the Secretary Of the Treasury,
the purse. and he stands the impersona-
ton of despo,ism if be chooses to exer.
else the power.
At the conclusion OF his remarks Brooks
earnestly appealed to gentlemen to stand
BY the specie basis.
Garfield advocated the resolution, say
ing that according to his estimates there
will be in the Treasury. on the lat July,
next 500, 900, 900 in gold over and above
what is required to pay the interest on
the public debt.
Boutwell, of Massachusetts, suggested
and supported an amendment, he de.
signs to offer authorizing the Secretary of
the treasury to anticipate the payment in
gold OF the interest on the public debt at
the rate of s per cent.
Dumont opposed the resolution be.
cause ne believed it involved violation
of the public faith.
Cox advocated the amendment that
the sale of gold shall be BY bids with at
least Eve days notice given.
On motion of Stevens the resolution