The New York herald., 1865-01-21

u
l THE HUNDRED DAYS MEN
Mr. sc,,-vcK offered q resolution which vas .rrsaA q,
calling upon tn secretary Of War TO state what terms
and with what understanding were accepted from
OHIO and other States In 1894 and received into the army
for one hundred days, and whether thero exists any
reason why credits should be given States and dts
trcts IN proportion to the time Of service.
| RsfUsDiNG coMMUrAn0N MIEaAtiy DRAFTED.
ss e Sh o War 30 .ss
why Communication has not been refunded to men who
were illegally drafted, and requesting the Secretary to
On motion Of Mr.. srRyEs,yhe House resolved itself
into Committee OF the Whole the. State Of the Union
| on tho amendaory Loan bill
Mr. Baooka lopp, ofN r., remarked that the bill to
MIN was somewhat blind and he, with rothcrs, had
studied to understand it. He should therefore like TO
have an explanation
gress authorized lean Of four hundred million dollars
which the Secretary OF the Treasury had the right 70
sixty or seventy millions Of that amount They
going very fast and II seemed 70 b. favorable loan
Ine OF the Treasury was OF the opinion that the
conversion Of the entire amount would be accepa
BILE loan than the present form Of bons he had
accordingly made that request desiring to dispose Of the
loan on the same principle as the thres
Issued. He gave notice OF amendment that this act
shall not be construed to issue legal tender any
form beyond what is now authorized by law
provided for additional loan, merely changed the
form Of the one already authorized from vowenties TO
Mr. srxvEss replied that that was exactly what was in
Mr. ALLEY asked whether any part was to be issued in
legal tendcr2
Mr.. STEVENS replied that it not intended should
Mr. BaooMALr, rep) OF Pa, inquired whether the
seyen-thrties previously issued not circulating
Mr. STEVENS replied they might be like pronissory
this bill II proposed that the Secretary the Tea
snry shall issue seventy millions Of legal tender
notesY
Mr. STEVENS replied that the bill did not interfere with
the first two hundred millions, he had already
planned
Mr. MORRILL,, rep.) OF vt said the Committee Of Ways
and Means did not propose repeal any authority which
the Secretary Of the Treasury now had They did not
propose to interfere with the law the statute book
cepng to authorize the issue of scvenhirtes There
had been no legal tender notes issued under the act and
now they simply proposed to give him authority to issue
seven thirtes to the extent Of hundred millions
That was all
Mr. PRICE, (rep) of Iowa. asked the gentleman from
Pennsylvania to accept Of amendment providing for
tho issue OF three year notes with coupons which may
be convertible into the bonds Of tho United States
Mr.. STEVENS said he could accept It. But we take
away the to make them legal tender and that is
enoagh. The Secretary of the Treasury thought he
ought to bo left TO the discretion exercised by his
predecessor.
Mr.. HOLMAN, (opp) Of Ind, moved to strike ont the
clause cxempting the notes from taxation by State
municipal authority, and argued that while the exenp
ton was for the benefit OF capital the labor of the
try had TO bear the increased burden Nothing could be
so unwise.
Mr. BRooMALL exhibited note issued under tho act
which they now proposed to amend, and which was
made on its face legal tender It was in the form Of
currency without coupons II the currency further
Increased, proposed
lection the form Of the note II the House would
put the paper in form that II could not initiate
the currency, he would vote for the bill The mistake
heretofore had been that the currency inflated
much. We ought to borrow money at double the pre-
sent rate OF interest rather than add to the volume Of
circulation.
Mr. STEVENS replied that the note which his colleague
had exhibited ws issued under the clause which author
lied one description Of notes TO be substituted
The notes issued under the law had bcen exchanged for
legal tenders.
To be- isSue
was TO be exempted from taxation. II should be
Mr. GslssKL trep1 Of Iowa, expressed his views IN
favor Of equal taxation the right we'll as the duty
TO provide for the present and future
Mr. ScoruID offered amendment that no legal ten-
der shall be issued under the authority Of this act
under the act to which that is a Supplement-
This amendment and that Of Mr. Holman severally
Nj FRANK, (rep) Of N r., offered one which was 70.
ected that the Treasury notes hereby authorized may
be used as the pass Of circulating notes in the same
Treasury notes shall not bear interest The great blum
legal tender, the other bearing interest; which latter
were locked in the vaults OF banks while the former
were IN the hands Of the people Hence afurther depra
Mr. srEvESs presumed the gentleman desired to make
one would take tho loan without interest OF course that
would be advantageous to the government. The only
doubt was whether the people would take the loan with
Mr. Browns amendment rejected.
Mr. PRICE offered amendment providing that the
notes shall be issued for one two and three ycars with
coupons and convertible into bonds OF the United States
He did not want these notes volume Of
the currency, thereby increasing the relative value of
gold
Mr. Kssow Fep) Of lows said the power conferred BY
Congress under the act, TO which the pending bill
suppl men had been in force for months and by 10
the power the imitation Of the currency had been
duced than City per cent They had been told by the
Secretary of the Treasury he the power
when whch was eonierrsd upon MS preaeaessor ana
fhe tim nj h0 N
a further imitation OF the currency unless in an
emergency forcsoen and for the benefit OF the
Secretary he r Kassop) did not feel disposed TO tampcr
with the Treasury Department and the general nnanc
by Withholding from the Secretary the power exercised
BY his predecessor Any restriction on the policy which
made the loan successful endangered the Of the
remainder Of the loan.
the volume OF the currency
Mr. KAssoS replied that thoss banks had AZ hrst in
creased the currency; but now larger portion OF the
static issues wore merely being converted into govern
ment notes.
Mr. Prices smcndnen, was rejected.
Mr.. ALRs sa the OF the civil war Is the mcreare
in the volume of currency and next in the want Of coma
denca In tho government n all capitalists believed be-
yond doubt that the rebellion would be suppressed and
tho government established In all It's parts they would
not lind legal tender notes more than twenty per cent
discount He hoped Congress would the state banks
out Of oxiscnce lie believe the Secretary Of the
Treasury would never further initiate the currency ex
v o@ sp as %Ss' o S SSse, 70 obtain
gene concerning the eject Of this BILL being absolutely
Mr. KrsAs, trep) Of Y, said the effect Of passing
this bill would be 70 authorize the Secretary OF the
Treasury 10 Issue seventy millions cf legal tenders In
other words there Is that amount unissued under
the second section Of the act In addition 70 that by tho
law he Is authorized 10 issue hundred and thirty
millions In dollar notes, which mot legal tender
In other worda tho Sccretary had power 70 issue
hundred and thirty millions In notes which tg law he
may Issue In honda
Mr. DAVIS, Of Md, said he was not In favor Of putting
out any more circulating medium, eitAer here or in
Europe, without increasing the volume currency and
making incomes only one-half
Mr. soorrIp asked what was the uss Of any moro
legal tcnderf Why not stop somewhere
Mr.. KAsoy knew OF other reason than would bc
given In armies, owing ~ disaster In the
money mvrkct, could not otherwise be supplied
Mr. SCOYiErD asked where, In such case, was tho
capitalist who would not supply the money!
Mr.. Ksaos could not inform the gentleman wbcro 10
nnd such capitalist; but he presumed such capitalists
would not lend money 70 tho governments without com
pcnsation.