Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1866-03-23
Congressional.
the LOAN BILL.
REMARKs oF Mn. BOUTWELL, on M

REMARKS OF Nh. BOUTWELL, on MAS.
Mr. Speaket--Nobody can be more reluc-
tant than | am TO oppose measure OF a Com
mittee Of this House or any department Of
the Government, but | am inclined to main
tain the position that under no circumstances
ought this House to confde to an agent Of
the Government authority to diminish the
non-interest bearing legal tender notes. am
altogether opposed to empowering an agent to
do that which we think ought not to be done
II this House will look at the condition ofthe
country with reference to its finances, IL
seems to me 1t can reach but one conclusion,
and that il, that the bill submitted by my
colleague (Mr. Hooper, is one which ought
70 receive the support of this house and Of
the country, and l have an observation To
make to the gentlemen on this side Of the
House: After having passed through four
years Of the greatest peril, both in a military
and financial point Of view, submit that now
is not the time to accept Sits from the Greeks,
and that it i now matter Of honor as well
as Of right that those who sit on this side of
the House and represent majority of the
loyal people Of this country, should define
and limit the financial policy Of the Admins
tration. We have $3.50, 900 900 Of nom bear
ing interest currency. We have $500, 000,-
900 Of National Bank currency, which rnay
reach the maximum Of $500, 600, 600 making
[ $3.50, 100000 in all. We have in addition
to that SlS0,000,0 of legal tender notes
bearing interest, which, added to the currency,
amounts to something more than 5000,
600 600. Under this condition Of things,
gold is to-day quoted at 1913 8. Last FRI
day it was 1870 SIS. IL is proposed on this
side Of the House, by those who object to the
measure Of the committee Of Ways and Means
/ that the currency OF the country shall be re-
duced between now and the first Of Deem
Der next, at the discretion of the Secretary
of the Treasury, $780, 600 or about
twenty per cent. Of the existing currency OF
the country; and if, as gentlemen contend
proposition which do not admit--tho pice
Of gold follows the volume Of the currency Of
the country, then gold should stand with
that reduction, at l05, when Congress reas-
sembles in December next. That, Sir, is as
much as the business Of the country can bear I;
but it, in addition to that, further reduction
| is made Of 800 O00, 600, as is proposed,
thtee-quarters Of the manufactures Of the
central and northern Portions Of the country
will be suspended Sir, it is not question
whether laborers shall be able to earn a dollar
and half or dollar day, out it is ques-
lion Of work and subsistence for eight thous-
and people tina | represent in one Of the cities
OF Massachusetts,. Therefore, | should be
false to my trust If hesitated to say that a
/ limit should be fixed beyond with the Sscre-
| tary OF the Treasury shall not 20 in this con-
dition Of public affairs We offer to FIX it at
$3.50 100000 non-bearing interest legal ten
der, $500, 000, 900 national bank currency,
and if that reduction be made, specie will APP
Proach to par with paper next December
The authority to reduce the currency without
limit is vast authority to confde to any man.
1t gives the Secretary the power to make ev-
cry man in the country between the Rio
Grande and the St. John weep or laugh any
day at pleasure. l for one can consent to no
such proposition, and yet feel bound to say
that there is no man whose general fnancol
policy l would more heartily support than
that Of the Secretary of the Treasury. and
should look upon it as calamity if his place
should De occupied by any other man whom
it is my fortune to know but notwithsiand-
ing this feeling, and although we are aware
that this power is not to be exercised, yet by
conhd.ng it to him you give the people reason
to apprehend that at some time the power
may be exercised by him or by his successor,
whoever he may be, and that apprehension
will be constant weight upon the business
interests Of the country. l appeal to the
Chairman of the Committee of Ways and
Means to allow this bill to be recommitted
to his Committee without instructions. Ifhe
will agree to allow the motion to recommit
to be made, think l may say that we will
rot object to the reconsideration but if the
v. IL. ~. Il
commitment Of the bill, then there is no
course for us but to vote against the motion
to reconsider the vote Of Friday last
The bill was recommitted without instruc-
tons.