Weekly national intelligencer., 1864-03-10


ceut because he eould foreeee tho saat at which
The subscription to the $500 90 600 ia all tn nut tu
dnous agencies would he iui it resed thH rW mlli"ns
subscri6cd than called for. under the
90 into the Treasury and when IT into tho Treasury
only be taken out by appropriation made by law,
aud not by the Secretary of the Treasury cannot
that the is the slightest fault 10 the world to be imputed
to him. He has done nothing illegal 1t does not appear
that no has used the The money s there M aught
that appears The Senator says we lose 80 much money
That does not appear We have got to put other stock in
the market We yet to put the 100000 600 to be
| authorized by this bill in the market. What effect VIII
that have the fvetwentes 1t may strike them down
There loss to tho Government 1t becomes there
fora question of proprley with references 70 nis
comparatively small whether shall fulfill the ob-
CATION, the imperfect obligation, OF course that we are
under with reference to it, objection to it.
| Some further debate followed by Messrs JOHNSON,
| FESSENDEN, and CONNESS.
| Mr.. POWELL said: II il very evident to my mind
that we ought 10 agree The second section OF the
bill 1t is admitted all hands that these hye-tweny
bonds at about per cent premium Taking
the Senator's admission should three or four
hundred thousand dollars That to be sure, in these
times Of extravagance, is very contemptibe sum but
still we might as well it to the Government and not
M FEssENDEN. Win the Senator allow me to ask
4 him how it I? n aat8ltagE8i1 aas tg 4sl
| Mr. POWELL We can save it in this way by pay
ing the money back to the instead Of issuing
these bonds In tina, way we shall this amount Of
money because the bonds are worth that amount
| Mr. FESSENDEN.8 Then ask the Senator have we
the thing to sell & stss .Isil ,H.s tH III
Mr. POWELL You authorize in the first section of
this bill 100000 600 of bonds to BE- sold. .s n
| Mr.. FESSENDEN. That is a different stock
Mr.. POWELL You can authorize that amount to be
sold in the market if you choose You can authorize
900 to be sold if you choose and raise the money
in that way You authorize $500 600 600 to be sold I'D
this BILL and at the option Of the Secretary OF the Treasury
they be made five twenes precisely the others are
! Mr.. FESSENDEN. | will ask the Senator how 40
knows much these stocks will sell for when put into
ths market7 f1,l sH l.y sti %
i 7 Ia ~ but kuO wv muc
the stock selling for that you propose give these par
ties We know that it is selling for per cent pre-
II we pass this bill we give these parties Tor their
money article that worth $500 OO0 more than we
get. know that much. We authorize II we choose
an additional sale Of those bonds, and sell them for
premium, and you command it in the Market 10 my
Judgment. 8saAW t.agt Ha sl.
/ The question was then taken the proposed amend
to strike out the second section Of the BILL and re-
suited as follows:
| YEAs-Messrs Buekaiey Davis Henderson, Hendricks
Howe Lane of Kansas Morgan, Powell, Salisbury Sum
NAYs-Mesars. Anthony, Carile Chandler Clark, Con-
uess Cowan Dixon, Fessenden Foster Chimes, Harding,
Harlan, Harris, Howard Johnson Lane of Indiana MOI
Winkle, Wade, wilkinson, Wiley, and Wrght-27.
So the amendment was not agreed TO-
| Mr. HENDRICKS moved to amend the first section of
the bill tc limit the interest to sum not exceed
! ing five per cent. year"
This propnston was discussed at length by Messrs.
HENDRICKS and FESSENDEN; and was disagreed to
| on vote ofthe Senate III
L III.
state specifically that the principal is payable ~ CON-
make correspond with the act to which this blu Is
supplement- This amendment was agreed to. II
Mr. MORGAN moved to strike out the second section OF
the BILL after the enactng clause and to insert the follow
ing in lieu thereof 5str sa. Ga#E
to issue bonds redeemable aftsr five years aud payable
twenty from date for ,he bonds 50 T. be
sued to be disposed Of to the highest bidder or
by the Secretary Of the Treasury and the bonds SO
be shall have same force and effect as 4 ssnsd
tha pf
United States notes. and for other purposes approved
Mr.. MORGAN said The object of the amendment is to
issue sufficient number Of bonds to the amount OF
money stated by the Senator from Ohio to have been paid
in have moved to strike out the second secnon
the bill because not willing that any larger amount
of bonds than authorized by law should De ssued at the
present time unless at the present market price That 10
the object OF the amendment that now offer may
not be in all its forms correct have Wrlten IL In some
haste. a.gE b l## In II. ..a..yer
Mr. SHERMAN. submit to the Senator from New
York this practical difficulty: ne desires TO provide fund
from the sale Of these bonds to pay back to the surplus
subscribers to the vetweny loan the amount they have
paid in Now it is impossible for auy one to determine who
entitled to the last of the fvetweny loan Ihs sub
scriptons were made at twenty-five hundred different
agencies at different dates The very day the Secretary
Of the Treasury knew that the loan taken he stopped
by telegraph this whole machoery but the loan became
80 valuable desirable the last two or three days hat
was open that subscribed for to the excess OF
SlI 100000 1t is impossible to designate who are the
subscribers Of the last $ 100000 1t seems TO me II s
was given of the expiration of this loan came forward and
paid their money the bonds in accordance with law rather
than TO attempt to little money and retain from
them what they fairly entitled TO- and thus make trou
BILE and confusion confounded" 1t will be impos
b Senator must perceive to separate those who
are entitled t. this loan and who within the $500
/ 600 OOO and those who subscribed sfterward.
4 Mr. CLARK! l desire to make suggestion to the
Senate and particularly to the Senator from New York
in regard 10 the faith Of the Government about this loan
At the time this money subscribed for these honda
when the Government took the money this lean was not
at par it bore no premium The Government had asked
loan at par 1t was n January when the money sub
scbed and when the loan not at par that the Gov
ernmen took the money and undertook to deliver these
bonds. Now, here is the point The bond is now at
premium But suppose the bond had depreclaed1 sup
pose ii had gone down to ninety cents would the Gov
ernnen then refunded and said To the subscribers
ut is at your option to take the bond or n0t7 Ger
tainy not They would have insisted they had the mans
money rghauly had his moneys he had subscribed for
his bond and agreed to take it, and here was his bond
We did agree that should be maintained at par bnt
he must the risk of the depreciation and he must
take the bond But the other hand the bonds have
appreciated Now is it not rather small matter for the
Government TO say alt very true when you paid your
money bonds at par and the risk Of de-
precation but it has appreciated little and
not going 10 give you the bond propose place those
eleven millions the market and sell them1 You shall
not have the premium. We going to give you your
money and the interest back again, and going TO
keep the balance" Would sat be fair transaction
| among merchauts1
| Mr. MORGAN. desire 10 say to the honorable Ssua-
tor from New Hampshire that every subscriber b. this
loan in whatever part Of the country was that Last