Ashtabula weekly telegraph. [volume] (Ashtabula, Ohio) 1853-1873, 1866-04-07

Il retired. |
He has also forgotten that we are now
producing over 500, 600, 600 in gold and
silver every year from our mines. lie has
omitted these very considerable sums,
which change entirely the condition Of the
problem before us.
Mr. STEVENS. From what data does
the gentleman undertake to say that there
Is $300, 900, 900 in gold now in this country
ready for circulatiouY
Mr.. GARr1ELp. | base my estimate
on the opinion OF those who have given the
subject subjec; careful at eution, and also
from the condition Of our foreign exchanges.
The gentleman is aware that exchange
for gold with oil nations is now in our
favor, and that cannot be uuless we have
considerable quantity ofgold in the count J
MIR. STEVENS. l have seen no record
Of over $4,000 600. -.
Mr.. GARFIE1D. There are $5T 900 200
in the Treasury now, besides what is de-
posted in banks aud in private Golfers :
Beside this, it must he remembered that
gold is now the currency of the Pacific
Statos. But the fact that foreign ex
change is ih our favor is on iudubitable
proof that we have large supply of specie.
Mr. KELLEY. Will The gentleman per-
nit single brief question: Is not the in
flowing volume Of gold return for bonds
rather than for produce Of anykind, raw or
manufactured?
Mr.. GARFIELD That does not alter
the fact. By whatever means it comes,
we have the gold, aud the supply is 10
creasng and will increase so long as we
pursue the policy Of resumption.
And now, once for all, desire to say
before leaving this subject, that ueithe-
the Secretary of the Treasury, nor the
Committee Of Ways and Means intend or
desire that there shall be a rapid contrac
tion Of the currency; there is no purpose Of
that kind Already in anticipation Of
| the measure now uRder discussion, gold is
falling even more rapidly than is desirable
l am sorry to see it move downward SO fast
as it does A nd the Secretary Of the
Treasury, if he could, would make its de.
| cline more gradual " ls
Mr. Speaker, the question is, will we
give the Secretary of the Treasury the power
to initiate tie policy Of contraction of the
currency, as the House Indicated so decisive
| ly On the 18th of December lasi? What
other policy has been suggested2 A policy
has been suggested by the entleman from
Pennsylvania Mr. KELLEY 10 bill be
introduced this morning That bill author
izes the Secretary Of the Treasury to take
up short bonds as they mature and issue
greenbscks in payment. Ii it should be
adopted, $1,000, 600, 900 Of gresnbacks
would be issued in the next eighteen
months.
| ! have u.on my de,k pamphlet written
| by citizen of Pennsylvania signing himself
"Patriot," who recommends the Immediate
issue of 81 900 900, 900 of greenbacks, and
believes it would pat the coustry in heal
thy condition for businessi This enthusiastic
pamphleteer rises to the sublime, il not to
| the blasphemous, aud declares as the sam
of bis financial wisdom that next TO the
immortal God, paper money is the greatest
and most beueficient power ca this earth
This "Patriot" will be delighted with the
bill Of his distingni he'd Representative.
Mr.. KELLEY. Mr. Speakei-- ..t
Mr.. GARFIELD. cannot be Inter
rupted at present. This very morning the
| gentleman's proposition was introduced to
show us better way to meet our difficult
les, by flooding The country with new de-
luge Of paper money, aud thus plunge
business and industry deeper and deeper
into uncertainty and dishonesty
Mr.. KELLEY. Mr.. Speaker-- it
| Mr.. GARFIELD. / decline TO yield.
Mr. Speaker, there is DO leading Guaucier.
no leading statesman now living, or one
who has lived within the last hall century,
| 10 whose opinion the gentleman can 6nd any
support. They al declare, as the Sec etary
of the Treasury declares, that the only
honest basis OF value is Gu -rency redeem
able 10 specie at the will Of the holder.
am an advocate Of paper money, but that
paper money must represent wha. 1t pro-
fesses on its face / do not wish 10 hold in
my hand, the printedlies Of The Government /;
want its promise to pay. sigued by the
high Cficers Of the Government, sacredly
kept 10 the exact meaning Of the words Of
the promise. Let US not continue to
practice this conjurer's art by which sixty
J cents shall discharge debt of one hundred
cents. do not want in ustry everywhere
to be thus crippled and wounded and its
wounds plastered over with legally author.
! ized lies. r..-3
/ A bill was iutorduced into the House
expressing the wishes of the Secretary o
, the Treasury The Committee of Ways ant
Means reduced its proportions, struck ou
several provisions that they believed cOulC
; safely be spared. They struck out th'
foreign loan clause and restricted the powe
!, conferred by it ill the secretary declares
that with any less power be will be unabl'
to fund our Indebtedness aud manage ou
finances. t-
i Mr.. WILSON, Of Iowa. Will the gentle
man allow me to ask him question:
Mr.. GARFIELD ] will yield for question
Mr. WILSON, Of Iowa / understand
the gentleman from Ohio Mr.. GARFIELD
to say that the Committee OF Ways ant
Means have taken out Of the bill the foreigI
! loan clause / do not so understand it;
think that clause is still 10 the bill.
Mr. GARFIELD. Mr. Speaker, by an ex
press vote Of the House, on motion Of th
? chairman of the Committee of Ways anI
Means -u.. .. ...- I.r
Mr. WILSON, Of Iowa. That was ouly
proviso in relation TO the time, mode, an,
. place of payment.