The New York herald., 1866-03-20

tho Housr representing majority OF the loyal people Of
the country should dehne and limit the financial policy
OF the administration. We had four hundred and
Hfty millions OF dollars In n.interest bearing cur
rency two hundred aud sixty millions OF dollars In
national bank currency which might roach lis maximum
OF three hundred millions and one hundred and eighty
million dollars, legal tender notes, bearing interest,
amounting " some nine hundred millions In that cond-
ton of things. Gold to-day I2sA while last Friday
morning II 1903 Those ON h,s side OF the House.
who objected to the OF the Committee OF Ways
and Means proposed that the currency should be reduced
% the amount OF one hundred aud eighty mfons, by
returning the interest bearing legal tender notor which
would be reduction Of twenty per cent II the price
OF gold followed tho volume Of tho circulating medium
a proposition which he did not admit gold should stand
at l05 when Congress rcassembles next December
with the reduction OF the currency be thought that was
AZ much az the business OF the country could
bear II, In addition IN that the Secretary or the
Treasury should reduce the non bearing Interest crcua
ton 10 tho amount OF hundred millions three fonrhs
Of the mining and manufacturing establishments In the
Northern portions OF the country would be suspended
and would not be- question whether laborers should
be able to earn dollar and half two dollars day
out " would be question OF work aud subsistence Of
eight thousand Of people whom he represented in OF
the ctcs of Massachusetts, He, therefore should be
false TO his trust he hesated that limit should be
nxed beyond which tho Secretary ~ the Treasury should
not go. He thought that that limit should be Fixed at
four hundred and nifty millions Of non interest bearing
legal tenders and three hundred millions Of national
bank currency II that reduction made he supposed
that specie would come Va par Such a vast power as
was here proposed 10 be given the Secretary of the
Treasury had never been demanded by conferred
on any man in IA civilized country within histori.
cal times He would consent 20 no such proposl-
ton, and yet he felt bound say that thero was no
man whose general financial policy he more heartily
supported than the Secretary OF the Treasury and lac
should regard II calamity 10 have that oer's place
occupied by any other man whom was his fortune To
know But nevertheless he felt that the concedEg 10
him Of such power though he might not use IT,
would give the people the right 10 apprehend that ai
some moment either by him or hrs successor this power
might he exercised II would be constant menace
the business interests OF the country He therefore APP
pealed to the chairman OF the Committee OF Ways and
Means rccommiital OF the subject with.
Instructions and let the Judgment committee
b. taken after the debate which had taken place II the
committee Insisted that there should be- no rec ccommtial
OF the BILL he left but TO vote against the
bill
Mr. GARFIELD said II very apparent that the gen
ueman from Massachusetts (Mr. Boutwe had i-ed
issue, between the right parties The issue he had
raised between the Secretary OF the Treasury and
bill would put into the hands Of the Secretary power
which might be used against the honest labor OF the
country His t,r Garnclds answer that the power
70 BE- put into his hands was to be used against the
gamblers Of the country, who would not only break
down the currency but all the interests Of the country
He would be the last 10 give vote that would
opprcss manufacturers any Of those who produce
wealth help the liquidation OF the debt He believed
the Secretary OF the Treasury was the last man 10 ask
for power to oppress the legitimate interests Of the
country. He asked the House To consider where the
Secretary would be left In he did not get this power
What did the Secretary ask fort What had the Prc-i-
dent of the United States declared and repeated NJ
the financial policy Of the country The gentle.
man from Massachusetts, had stated tho amount
of currency which might be Withdrawn, but he had
forgotten that there three hundred millions gold
coin In the country which would flow IN TO help nj the
left by the retirement OF the grccnback currency
He had forgotten we were producing two hun
drcd millions in gold and silver every year from
mines.
Mr. srKv,ss, frep) OF Pa, inquired wha, data the
gentleman had for asserting that there three hun
dred millions OF gold coin IN tho country ready 70 enter
Mr. GAKvnnD replied that he made The statement from
data gathered om the Department during the last six
months and also from the condition OF foreign exchange
which In favor. Thai couh not bc an.
lees we had considerable volume of gold In the
country.
Mr. srrE-s unmarked that he INV 20 ruoord Of over
Mr. Gamma repned that there ~as . ssar assy-avs
millions OF gold In the rrrasnry sud he asked how much
Mr.. KKLlxY inquired whethcr ths innowina volum. Of
gold Was not rather for bonds Of the govsnent than
for produce either In materials or manufactares
Mr. GARlIgLD replied that that did not alter the fact
The fact that we had much gold which would
grcenbscks The Secretary of the Treasury did
tend the Committee Of Ways and Means did Intel nd
desire that there should be rapid contraction Of tho
currency. There Was no purpese Of that kind Gold
wa aready falling more rapidly than the Secretary De.
sired TO see 4 fall and " he ihe Secretary could
ward 80 rapidly az u wac. Would the House
give the Secretary the power initiate the
policy OF tbs contraction OF The currency A. the
House Indicated the 18th OF December Last What
had been suggested remedy Tho gentleman from
Pcnnsyiyanla Mr Kelley had introduced bill to-day
authorizing the Secretary Ia take up the bonds they
maurcd and 70 issue greenbaokH for them. II that
policy we're established there would bo thousand mil.
months. He had on his desk a pamphlet written by
some one Ia PcBn-yiyanta signing himself Patriot
which recommended the immediate issue of thousand
millions In greenhacs, which wOnld plare the country
In glorious condition remarkable sentsboo la that
pamphlet declared A. the sum Of the winters lnano,ai
wisdom that, next 10 the immortal gods paper money
wa the greatest and most bensooent power earth.
u.aughter)
Mr. KnISY desired 10 make a remark
Mr. GAHrmIsfconed TO ycld the noor and said thai
NJ Kelley sbl would food he county with ffeshets
and deiuges Of paper money which would simply drive
The country deeper and deeper into the abyss ~ Dis
honesty In All Us business transaoons There wac NJ
hnanccr no statesman living ~ dead, who had lived
" thin the ast scventynye who had declared
The Fccrcafy declared that the only honest basis of
busness fsaa money basis of gold and silver The
House should now az on ~ o~n responsibility on The
measure On the ons side Wa proposition % return
70 honest and sDiid values the other side
tle bounde's and soresss sea q paper money ],
should sdopt let the House pas this bill nov aud
with little depression In business little sinnEsncy In
he money market, the worst would sDon b. and
the ouslness OF the country would reach @yiid
earth If The country went on va no~
going financial crtis vofss than that of is3T would
bring ~ 10 The bottom lie uuwlllins 10 let he
20 committed 10 the paper monsy policy
which would result by AMI BY IN general ruin ne dd
not want 10 have on bis bead the cures o people broken
aud ruined In buslns.s II vas inscubed toe nob8.
ment % the great Queen Elizabeth when her gl0rss
were reclted and her honor summed 20. 4mnnz tie
very lat and highest and the climax - a. that shs
bad had The courage to bring hsfk monsy ffi and
real value. When 'bs Hoass shall have dsaa ~ofs
" shsn have brought values bark n their pfopsr
memory
Mr. cosruso trepJ Of ~ r asted ne motion W
recon sder prevailed the gsntlsfnAn from Oho voad
allow a mD,on 10 be- made 90 fcooBrt The bail 10 the
Committee Of Wsrs and hesns
Mr.. GAHrfKLp declined % eater ibto Hosh
mrnt lie desired that the bil sb0ah meet ss f.is
nr cossirso inquired ~ the rps.ssr vhs,hsr, v Tho
vote vas feconsdered motion 70 feoommh ~oad se
In order
The sfEsKsa replied thai u voaid n tLs previoas
question on the passage Of 10 bl -s so' moved and
seconded
NJ spvSxs sssef Whistler NJ rrniisuasa frota Ohio
would allow mOti0n n omnt. uth iEstfgctiyns ~
repovt Mr. Hoopsrs ball the q8ssfoa u ths
Hogse that ball
Mr.. Casuub replied that the oonmniss had COO.
sderef that blll anf believed that thstr fatal
CLAUSE n a. vbirb tied - tie hsndf - the recretAry
and MADE u almost vslnsiee. Ne hsrcforv ooah nN
aoceds Ia thai
Mr KrrAKv desired 10 make f~unsrx si4firr thsi he
did desire b. nisrepr~s~n'~i ~ ths genfienan
from ONO ~ho had ssd thsi NJ b vroyo~ redeem
The bonds % The gDrernmert sf'h Efsftbafrf
kr OsSynD decirsd 70 sith1f4s the demand fos The