Dayton daily empire. [volume] (Dayton [Ohio]) 1850-1865, 1865-01-21

ofcqual taxation aud tho right as well as the
duty; It was the duly OF Congress to provide
/ for the present and future necessities Of the
| Government
Nc Scho6eld offered an amendment that
no legal tender notes shall be issued under the
authority OF this act
1 Mr. Stevens reported that il was not inten.
! ded that It SHOULD be-.
| Mr.. Broomall inquired whether The seven
thiriies previously issued we're not circulating
as currency
Mr.. Stevens reported they might be like
prommissory notes not delivered.
Mr.. Scho6eld inquired whether under this
/ bill it was proposed the Secretary Of the
Treasury shall Issue $40, ,OOO, 600 more legal
I tender noies2
/ Mr.. Stevens reported ibe bill did not inter
fere with the frst 5000, 900, 600, as he had al
ready explained.
Mr.. morrill, said the Committee Of Ways
aud Means did not propose to repeal any au-
thority which the Secretary OF the Treasury
now had. They did not propose to interfere
with The law on the statute-book, except to
authorize the issue Of 30's. There had
been no legal tender notes issued under the
act, and nov they simply propose to give him
authority to issue 1906 tot the extent OF $780,
900. 900 that was all
Mr. Rice asked the gentleman from Penn.
sylvania to accept an amendment providing
for the issue OF three year notes with coupons,
which may be convertible into the bonds Of
the United States.
Mr.. Stevens said be could not accept it.
bot we take away the power to make them le
gal tender, aud that is enough The Secreta.
ry OF the Treasury, he thought, ought TO be
left 10 discretion exercised by his predecess-
or
Mr.. Holman moved 10 strike out the clause
exemptiug notes from taxation by State, or
municipal authority, and argued while the
exemption was for the benefit Of capitalists.
the labor Of the country had to bear the in
creased burden
Mr. Frank offered an amendment, which
was rejected, that the treasury notes hereby
authorized may be used as the basis of circu-
lstins notes, in the same manner as other
United States securities
! Mr. Brown, of Wiseonsn, offered 6 previso |
that such treasury notes shall not bear inter
est. The great blunder, he said, was in issu-
ing two class ofnotes, one legal tender the
other bearing interest, which the latter where |
locked mp in the vaults OF banks, while the |
former were in the hands Of the people, hence !
aiurther depreciation in the currency.
Mr.. Stevens presumed the gentleman de-
sired TO make the notes legal tenders. IL the |
gentleman supposed a0y one would take the |
loan without interest, Of course that would be |
advantageous to the Government The only |
doubt was whether the people would take the |
loan without interest. Browns amendment |
was rejected.
Mr. Rice offered an amendment providing |
the notes shall be issued for one, two aud |
three years, with coupons, and convertible in
to bonds of the United States.
Mr.. Morrill, said the Csmmitte on Ways and
Means did not think it wise to give the Secre-
tary Of the Treasury authority to issue legal
tenders in any form.
Mr.. Davis of Maryland, offered an amend
ment as follows.
Provided, that no notes issued under this
law should be legal tender, and no notes
should be issued of less denomination than
800.
This was agreed to by a vote of 81 yeas
against 2S nays.
The Committee rose when the question was
stated on concurging in Mr.. Davis am end |
ment, and it was disagreed to by 80 yeas
against 38 nays.
Mr.. Kasson said the power conferred by
Congress under the act, which the pending |
one was supplement, had been in force for |
six months, and by 1t the power over the in
ilation of the currency had been reduced 10 ore |
than ifly per cent They had been told by |
the Secretary Of the Treasury, that he wanted |
the same power which had been conferred |
upon his predecessor and which was n recess q
ry for the administration of the department. |
The Secretary was opposed to a further inda
tion OF the currency unless, in an emergency
not now forseen, and for the benefit Of the
Secretary, he (Kasson) did not feel disposed
to tamper with the Treasury Department and
the general finances, by Withholding from the
Secretary the power exercised by his prsde
cessOr
The bill was then passed in the following
form:
Be IL enacted, That in lieu Of the bonds |
authorized to be issued by the first section of
the act entitled IAN act TO provide ways and |
means for the support Of the Government" |
approved June 30, 1864. that may remain un- |
sold at the date OF this act the Secretary of |
the Treasury may issue, under the authority |
of said act, treasury notes of the description |
and character authorized by the second sec
ton of said act, provided that the whole |
amount ofthe bonds authorized as aforesaid
and treasury notes Issued, and to be issued in
lien thereof shall not exceed the sum OF $400,-
600 600; such treasury notes may be disposed,
Of for lawful money, or for any other treasury
notes or certificates OF Indebtedness, or certif.
icAtes Of deposits issued under any previous
act of Congress- and such notes shall be ex-
empt from taxation, by or under the State or
municipal authority.
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