The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1866-03-31

Washington. March 25.-I'hc Secretary
of the Treasury has sent TO Thad. Stevens,
as Chairman of the House Committee on
Ways and Means, y letter. in which he says,
with reference to a resolution passed hy the
House. at the instance Of Stevens:
| did not say that the Secretary. without
legislation. is sufficiently armed with power.
etc., but l did intend to say, that il it should
be found necessary 10 modify ia any import
ant particulars the provisions of the bill re-
ported by the committee, | should prefer
that it would not become u law. 1t will be,
in my opinion, q national calamity If Con.
|gress shall fail to grant additional powers TO
tho Secretary, for it will be very difficult, if
not impossible, to fund the interest bearing
notes under the present law. But | do not
think that the committee or myself should
become responsible in any way for the law
that is likely to fad in realizing that object.
| regard 1t n matter OF the greatest import.
ance that the powers Of the Secretary should
not be strictly defined. For example, if tho
Secretary should be prohibited from selling
bonds below par, it would be easy. as the
market, in the process Of funding, must be
literally supplied, for the enemies of the
Government to form successful combinations
for keeping the bonds ut such a price as
would prevent negotiation of them. On the
other hand, IL the authority of tho Secretary
in this respect is not limited, such combina-
tons would not likely be formed. In my
opinion the best way of keeping the bonds at
a premium will 81 to leave the Secretary un.
restricted in theiE sale. In regard to the
other important FIXTURES Of the bill regarding
authority to Withdraw notes. l have to reply
to the remark thaAit is of vast Importance to
the business of the country, the welfare of
the people and the credit of the nation, that
such a financial policy should be adopted by
this Congress as will prepare the way for
specie payment. Whether this is brought
about win depend on the condition Of the
national industry. The relations between
the United States and foreign nations make
it desirable that specie payment be restored
il it can be made by increasing industry,
and the proper adjustment of trade with Eu-
rope. The Indications are all now in the
right direction, and if they shall be adjusted
by judicious legislation, | shall be hopeful
that the currency of the country may be
brought up to a specie standard without a
larger reduction of it. The apprehension
that if power be given to tho Secretary to
retire United STATES notes, the cTcGiation of
the country will pc ruinousiy contracted. is
without substantial foundations.
If no reliance can be placed upon the dis
erection and carefnlnsssof tho Secretary, the
very condition of the finances Of tle country
will prevent such reduction as will make
either a light market'or depress business.
Authority to reduce the currency will give
every facility TO prevent necessity for rcduc-
ltion. The battle will be more than half
fought when the Government shall adopt q
healthy financial policy.
4 NF--.4- 0e nj &c.
litical campaign attracts considerable inter-
est. Both the rival candidates for Governor,
Hawley. fRepublican) and English, (Demo-
l~cratl have within a week, had interviews
with President johnson. each coming away
perfectly sure of the Presidshtial support,
while the President declined any public
declaration one way or the othan Mr.. Eng
Iish fDemocrat) in a published Mtter says
g Joyfully and cordially ! approyethe Pres
lident's restoration policy, patriotic sent
iments and statasman-like principles 80 ably
set forth in his veto of the Freedmenis Blu
lreau Bill and confirmed in his speech to his
lfellow.eitizens On the birthday Of Washing
toni General Hawley. Republican, says
in the Hartford Press, which he edits, that
lthe Freedmenis Bureau Bill ought to have
nasssd BY 4 fwo-third vots over the veto, and
that he read with profound regret the fact
that Secretary Welles takes snlkss and it is
significant when it is remembered that the
Hartford Press was established as his organ
twelve years ago and that the most intimate
personal and political relations have always
existed between himself and Gen. Hawley.
The National IntelIigencer oftbe 10th says:
We are gratifed to learn that the prospects
of the election Of Mr.. English are encour.
aging. While here he has bad several
cordial and pleasant interviews with the
president, who ne hare every reason to DO