New-York daily tribune., 1866-02-22
Mr. ELDRIDGE (wisconsip) objected to the introduc.
ton Of the resolution.

Monday in regard to giving the of manofwar 10
the Russian and American Telegraph Company. bot
Mr. STEVENS Penn.) sportively said they had better
not act upon the question now, IL States were ab
sent snd they had better rais until they are repre-
sented.
PRINTING AND PAPER
Mr. LAFLIN On. ~ offered resolution that the head
OF each Department be directed to inform Congress
TO the cost OF printing and EACH for the year 1865
Mr. wAsHBUgNE Ql.) said that the gentleman might
obtain the information readily BY calling upon the
Superintendent of Public Printing
Mr.. LAFLTN said that the cali for Information In
cluded all printing outside OF what was executed BY
the Superintendent
Mr.. STEVENS said the gentleman should add And
what are the expenses Of printing pardonsr Id
merely made the suggestion.
The resolution was adopted.
TIE INDIANA CONTESTED ELECTION.
The House then proceeded ~ the consideration OF tbe
Indiana contested election case Of Henry ID. Washpufn
aga nst Daniel voorhees,.
Mr.. VOORHEES, said he never saw the report OF thd
Committee until last night. he wanted 70 know what
was the programme ofthe gentleman from Massachusetts
Dawes); but was, nevertheless, ready at any time fc
enter upon the case. IT,
Mr. DAWES said IL the gentleman was ready, why did
ne catechise him He would endeayor 10 treat him aDd
all the House with the utmost liberality
Mr. vooRHEEs explained that what he meant was thai
be would not shrink from the subject.
Mr. DAWES said be would be ready TO close the case
to-day. lie made remarks in support OF the re-
port Of the Committee, which concludes with resou
ton that Mr. Voorhees, Is not entitled 10 seat IN this
House Representative from the Seventh Congress-
iona District Of Indiana in the XXXIXth Congress;
also resolution that Henry d. WashpGrne is entitled
10 the seat.
Mr. MARSHALL Of the minority Of the Committee.
said that members had not had time to read the reports
and consider the important principles involved.
| Mr.. VOORHEES, said that any argument which the
gentleman might make =
Mr.. DAWES here suggested, and the House postponed
the further consideration Of the question until fdnJ
next.
THE LOAN BILL.
The House then proceeded 10 the consideration OF the
special order being the loan bill heretofore repoF'ea
! from the Committee on Ways and means.
Mr. MORRILL, Vt) said that 1t was not in order 10
aude 10 what he'd recently taken place in the Senate
but. happen what may the Unlon men wiz not ioree'
they have a country to save. The measure under con
sideration may be called the apple OF the eye -tDe
public credit 1t proposed to pledge not only our
past accumula;ions and resources, T1e but pros
who earn more annually than any other nation
Of 30 600 Of the globe in order to carry loan 0n
favorable terms. The present bil was only paten on
an old garment extending the act OF March 1865
az authorize the Secretary OF tho Treasury at his
discretion 10 receive any treasury notes or other ob
cations issued under any Congress whether bear
ing interest or not in exchange for any description oi
bonds authorized by the to which this is sup
plement The bill it is true. conferred large
MOVERS but il merely substituted debt for an Old
one Our entire debt cannot thus be increased single
dollar 1t was known that the Secretary of the Treas
ury contemplated return to specie payments az tue
Secretaries Of the Treasury during the past five years
one OF whom called to occupy the highest Judicial
station IN the III was u 10 lLt lOyut
people when his successor (Mr. Fessepden) was APP
pointed, commanding as he did much Of the public
confidence These men asked and received all they
wanted from Congress, and did not Detray their trus
and now we have a SECRETARY of the Treasury in Mr..
McCuloch who occupies no paradise OF ambition 10 any
and whose conduct has golden opinions at home
and abroad and vote OF nnexampled unaninty on the
part OF this House. His highest ambition seemed TO ba
that of q fnancier. This bill gave TO him the same
power bestowed on his predecessors. Oar pres
ent debt is 81 27l6O00OCO leaving 81, ,o57, ,WOWO OK
\ IL TO be fuIded. Let derlde the fact
that all financial dangers are noe
set passed The per Of high rates Of interest and even
commercial Teyulsions may overake unless our AZ
fairs managed with consummate skill 1--we give the
Secretary OF the Treasury the power conded by th0
bill it may be of worth than 10 him. 1fCon-
gress shall pursue course OF due economy in their
appropriations he (MOrrilD. they would and will
reduce the military establishment. Within reasonable
time we may hope that the public debt had reached its
maximum. The Secretary hopes get along without
loans for the present year. II 1t should be considered
necessary hereafter to resort to war; Congress woua
have time enough 10 act upon the subject the close on
the present session gradual extinction OF the public
debt should and will be carried on. Owing
10 the treachery Of those who engaged in
treason and rebellion the entire receipts tor the
year ending June 80 ls6l. only SAL 4I62s9. Bns
the adopted by Union men. amid all the EN-
barrassments surrounding them, changed these figures
ia 1863 10 Sll200O COO than twice this amount
IN 1854 or S264 900 600 and in e65 TO $685. 600 Co.,
while the actual and estimated receipts of the present
year are Si53 0OOO 900 aud over 800 OO0,UO0 II the
receipts Of gold estimated IN paper currency.
There would be modification OF the revenue laws 10
reduce the receipts OF tue treasury 10 large extent
until debt is permanently funded, and never below
the point ordinary expenses and 10 pay
the interest on the public debt. Perhaps the reyenga
from whisky will be aside aud applied TO the redue.
ton OF tho principal OF the public debt. THIS
would be- understood by all. and about
which there could be no embarrassment. Our seeur-
ties the safest and best in the world His opinion
was that our own people should hold them. lie hoped
the time would come when foreigners would prize
our bonds higher than we ourselves. The bill contained
authority TO make foreign loan but this was optional
and might be exercised He further expressed his
views on the financial question
Mr. STEVENS (Pa) SAID that this bill placed 81, ,64,
coo 600 at the absolute control of the Secretary Of the
Treasury and he proposed 10 amend the bill by striking
out various portions of IT, that II might simply pro-
vide that the. act OF March 8 1853. shall be
extended and continued TO authorize the issue
of any description Of bonds authorized by tho
said act, TO such amount IN such manner
and at such rates. not less than par, as the
Secretary may think advisable for lawful money OF tue
United States or for any treasury notes certificates OF
Indebtedness certificates Of deposit or other repre-
senatves Of value which have been, which may be
issued under any act of Congress; and the proceeds
thereof shall be only for retiring treasury notes
other obligations bearing interest issued under the
authority of Congress; bat nothing herein contained
shall be construed TO authorize increase OF the pub
lie debt.
striking out the discretionary power Of the Secretary
of the Treasury and also the foreign loan clause. He
intended he sad TO offer bill in this form substi-
tute for the original bill.
| Mr. HOOPER Mass then addressed the House. say
ing in conclusions 1t has been said tns the United
States notes and the fractional currency took the place
of the coin which had been previously circulated.
place the bank notes for they have in.
creased in amount instead OF being diminished
since the issue Of the United States notes While tho
supply of money regulated by the State Banks
there was in my opinion, suitable amount OF
money for the proper conduct of the business of the
country. 1t seems TO me that the Treasury should