Evening star. [volume] (Washington, D.C.) 1854-1972, 1866-03-24
CONGRESSIONAL.

length.
The question was then taken on the resolu-
tion reported by the committee. declaring Mr.
Stockton TO be duly elected and entitled to
the seat, and resulted yeas 81, nays2O.
Before the vote was announced Mr.. Nor
riil (who had not voted) asked that his vote be
recorded in the negative.
MIR. Stockton.-Mr. President hold in my
nand a telegram from my colleague, IMr.
Wright. in which he reiterates the statement
that he had paired of with Mr.. morrill,. Be
lore my colleague left the city he assured me
That he would not 60 il he had not made
tnls arrangement with the Senator from
called
The Clerk then called Mr.. Stockton's
name, and he recorded his vote in the affirma-
MI. Morrill, said that he had requested Mr.
stockton on Wednesday last to nstify his
soiieagae Mr. Wright Of mis- intention to
had elapsed he did not feel bound. Changes
he did.
Mr.: Nye said he was new member of the
Senate, and did not profess to be yersed in the
rules' out ne would ask of the chair whether
a person whose right to a seat was contested
had the right to vote upen his case
The Chair said there was no rule on the sub
ject
Mr.. Sherman. 1t is a part of the law Of na-
tions that man shall not vote in MS own
case
The Chair then announced the passage of the
resolution by a vote of 22 to al
Adjourned to Monday.
HoUsE.-Yesterday after our report closed
The bill to reimburse the State OF PennsyIya-
MIA for moneys advanced for war purposes was
passed, Sc to 35.
Mr.. Morrill,, of Vermont from the Committee
OF Ways and Means, reported the bill To amend
an act entitled "An act to provide ways and
means TO support the Government approved
March 3, leG5, DIETER known as the Loan biIll
with amendments.
The amended bill reported by the committee
read as follows the amendments proposed by
committee hpinV
BE at enacted, dc, That the act entitled
+" An act TO provide ways and means sup
port the Government" approved March 3,
1865, shall be- extended and construed to au thor
lie the Secretary OF the Treasury at his discre-
non, 10 receive any Treasury notes or other
oongatlons, issued under any act of Congress,
whether bearing interest or not, in exchange
Tor any description of bonds authorized by the
act TO which this is an amendment: and, also
10 dispose OF any description OF bonds author
lZed by SAID act either in such manner and at
such rates as he may think ad visable, for law
ful money of the United States or for any
Treasury notes, certificates of Indebtedness or
certlhcates OF deposit, or other representatives
OF value, which have been or which may be
issued under any act of Congress, the proceeds
thereof to be used only for retiring Treasury
notes or other obligations issued under any act
OF Congress; but nothing herein contained shall
be construed TO authorize any increase of the
public debt: Prorided, That Of the United States
notes, not more than ten millions naV be retired
and cancelled ictthin six months from the pdssdQe Of
this act and thereafter not hda four hiiliOns
IN any one month and prOrfded further, That the
act TO which this is an amendment shall con-
tinue in full force in all its provisions, except
as modified by tins act
Sec. Q: And De it further enacted, That he Sec
retdTy ~ The Treasury report 10 Congress, at the
commencement cf the neSt session, tie amount Of
exchanges made and the money borrotced under tbts
act. and Of lchOns and acGt terms, and the char
dcter Of the iRdebtedess retired under this act aud
the act TO ichich this is amendment, SciiR q De.
tailed statement Of tie e1penses Of making such loan
Mr.. Morrill, briefly advocated the bill as
amended by the committee, and in that con-
nection sent to the Clerks desk the following
letter from the Secretary of the Treasury, which
was read:
TREASURY DEPARTMENT, March %, 1866.
DEAR SIR: Iour favor of the 22d instant is
received, transmitting TO me the following res
olution. namely:
"ResoIced, That a communication be ad-
dressed by this committee TO the Secretary Of
the Treasury, stating that the committee has
received, through one OF its members, lnforma-
ton that the Secretary is of the opinion that he
is, without further legislation, sufficiently
armed with power 10 carry out the policy an
nounced in his late annual report, and to
request the Secretary to inform the committee
whether such is his opinion"
In reply, i have to say that / must have
failed to make myself clearly understood by
the honorable member of the committee TO
whom reference is made. / did not intend 70
say TO him that the Secretary is, without fur
ther legislation, sufficiently armed with power
TO carry out the policy announced in his late
annual report but did intend TO say TO him
that If II should be found necessary TO modify,
in any important partic ulars, the provisions OF
the bill reported by the committee, should
prefer that il would not become a law. 1t will
be, in my opinion, national calamity if Con-
gress shall fail TO grant additional powers to
the Secretary, for it will be very diff ult if not
impossible, to find the interest-bearing notes
under existing laws, but 1 do not desire that
the committee or myself should become in any
way responsible for a law that is likely to fail
in accomplishing its object.
1regard it a matter Of the greatest import
10 M nF rhn a
not be strictly defined. II, for example, the
Secretary should be prohibited from selling
bonds below par, ii would be easy as the mar
ket, in the process of funding, must be literally
supplied, for the enemies of the Government to
form successful combinations for keeping the
bonds at such price as would prevent the ne
gotiaton of them. On the other hand, if the
authority of the Secretary in this respect is not
limited, no such combinations would be likely
TO be formed. In my opinion, the best way of
Keeping the bonds at a premium will be 10
leave the Secretary unrestricted in the sale of
them. Against an underlined power il would
be dlflcult 10 form successful combinations. A
Limitation Of the authority of the Secretary in
this respect would be very likely to prevent
funding. i do not, therefore, favor such a Inn
itation, and regret TO have the committee re-
In regard to the other important feature of
the bill-the authority to withdraw United
States notes-l have merely to remark that
conceive II TO be Of great importance to the pro-
gress of the country, the welfare of the people,
and the credit of the nation, that such nnan-
clal policy should be adopted by this Congress
as will prepare the way for a return to specie
payment When this can be brought about
will depend upon the condition of national in
dustry and the trade relations between the
United States ana foreign nations. II is not
desirable that specie payment should be re-
stored until that restoration can be made per-
manent by increased ind dustry and alproper ad-
justment of the trade with Europe. The ten
denotes now are all in the right direction, and
| if they shall be adjusted by judicious legisla-
ton shall be hopeful that the currency of the
country may be brought up 10 the specie stand
ard without large reduction of il. The an
prehension which exists that il powers are
given to the Secretary 10 retire United States
notes the circulation of the country will be
ruinously contracted is without any substan-
hal foundation. If no reliance can be placed
upon the discretion and carefulness of the Sec
retary, the very condition OF the finances of
the country will prevent such a reduction of
the currency as will make either a tight money
market or depress business. Authority to re-
Guce the currency will go very far to prevent
the necessity for reduction. The battle will
be more than half fought when the Govern
ment shall adopt healthy financial policy.
am, very truly, your obedient servant,
II. MCCgLLoCH,