The New York herald., 1866-03-17

IN doing hc would differ with the Chairman o
the Committee OF Ways and Means, In whose Judgmen
he hnd much confidence, and whose ndsy TO the bcs
Interests OF the country no man doubted He snpposcc
he should also differ from the Secretary Of the Treasury
TO whose judgment In financial matters be was accus
toned TO defer But this bill presented 10 his mind such
objections that It's passage could not be for the best Ia
teress OF the country. lie proceeded 10 explain at length
his objections 10 the bill speedy return 70 specie
] payments what every true friend OF his country
would go for; but the idea OF an immediate, abrupt
return to It was insane In tho exrofnes degree The
gentleman from Illinois (Mr Wcntvorthl had compared,
yesterday, the United States Treasury notes TO Me
French assguats What right had that genucmap 10
make such compari-ony Did he know that the French
assgnats had no nd OF foundation for their redemption
as compared with the United states Treasury notesS
when man stands IN the halls ot Congress aud max On
comparison between Tr asury notes aud the rotten
system OF the French assignats lac ust be lack ng In
| AMEBKR-what are theyS
Mr PincE-A want of proper Information on tho sub
Jc OF want oil disposition 10 do justice 10 the cucoy
| OF the country I -
Mr. GARFIELD, trop) OF Ohio (Mr Wentworth not
pehg present at the momen asked whether hs trcpch
vnlued at ESQ 900 900 sterling -
MT PRICK repeated that the French assgna,s part
OF rotten system Tho gentleman from Ohio was TOO
well versed In history not To know that the eighty mil
Mons OF pounds OF property was the eonhscated property
OF the CHURCH. and such security that
pared with the security OF the labor tho integrity and
the mineral and agricultural wealth Of this country
The reason Why the sgnais not redeemed
because their foundation insecure Could any man
say on this door that the foundation which ras
ury notes rest insccurei Could any man with an
American heart in his bosom dare such Language
without being ranked among those who had opposed the
government la the late war either with mnset or penn
Mr. HOOPER lrep) Of Mass, explained that tho object
OF the bill simply was 20 give the government exten-
sion OF time To meet its debts about TO fall due.
MI. PucE rctored that the gentleman himself lMr
Hooper, told him yesterday that the receipts OF gov
ernment every day moro than ,ts expenditures
No man IN such financial condition needed an sxtsh-
Mr. HoorEx endeavorcd respond to the remask, but
hr Price declined to yield He wanted tho great living
TACT TO 90 10 the country that in sound aud
healthy financial condition. able TO pay every dollar
owe.
Mr. ALLrsoS, (rep) Of Iowa, spoke in favor Of
bill II seemed TO him that the arguments against had
been mainly arguments In favor Of against chs par
ticular policy which should pursued by Secretary
Of the Treasury his Administrations Of IT. unfortu.
natey We could not all be Secretaries Of the Treasury
The only question proper for discussion here what
amount Of discretion should be conferred the Trca-
sury Was this bill proposition 70 come back 70 specie
payments payments at parcsa, period or 70 postpone 70.
authorized In the bill One 70 enable The Secretary
directly TO sell the bonds Of the United sa,ss and The
Mr. wmsos, trepl ot lows, inquired whether ne sc-
Isay had no, already sngaged In the rsfundng o seven
Mr. ALiroS admitted that the Secretary had dous 70
10 the extent oi twelve mlions
Mr. WILSON inquired further whether the PvsssAsat had
not st present he power 70 ssl nvetwenty boads for
compound nicrc-. notes and 70 reissue such nStaa
hr. Aipro' answered thsi hs hsd, bss sns-
bla Il mahr be dssiuabs that the sserslsry
should have PI~cr sell long bonds directly for
rsncy and TO bring up the compound interest sss ana
seventhrtes He went on 70 argue In sappess e Ne
bill
Mr. Bourvnu s.id thai there were two fscss ssssssA
In this discosson and which seemed 70 contain - ohas
necss-ary for the solution OF our diGhcusl1a hs
last eiaass Of Tho ses Of k.sca X -, iscs, @ .
the Secretary 70 soil bonds with The pg0dG 10
redesm the Outstanding intsrestbsarDg oblsa4ms q
the country.
Mr wrLsos Of Iowa remarked that no undsvus<sd tAc
Secretary had been engaged for time oentssing
the outssndng interest bearing debt Of vsrtou1 kpds
galA nfaR ~ ~ -
know whether the gentleman from Massaehuss&s e.
sired TO be understood saying THAI the ss(Esasry
doubted hrs power 70 do that thug
Mr. boutwell, said he had hoard that The Secretary
had converted nty millions and thai altar Aat eonvsr
70. For himself he fes soch dsubt H. ~ ssshe
the course pursusd eu,t<-iy jurtined by ana
ther In the sams way Butsif there was any doab, IN
the secretsrys mind that DOUBT should be removed by
Legislation The two Circumstance 10 which he had
reduction In the amount of currency circulating
medium since the close Of sotIye bo-itIes there bs.
bccn constant and considerable dim mutton in The
market price of gold and second that tho merchandise
Of the country meaning portable property which Is the
result OF labor, was to-day worth more in gold than
the same articies worth Ia the ycars 1855 and
90 After the Eapoleonic wars, although Great Britain
perssenty attempted 10 effect tho restoration 81 specie
payments she able accomplish that result for
many years This from a want of disposition to
legsate bat from the material eondt on of the country
which vas analogous To present condition He at
ributed our Inability % resume specie payments tho
fact that the war converted large amount of tao cI
force from The productive labor ~ peaceful life We
had to-day less convertible properly Than had when
the war commenced ana we haA nov until by
the application of power 10 productive Industry the
suit would compare with the results OF industry m other
countries Then our paper woud come Ia be valuable
Tor the rosumpuon of spsc.s paymsnu IL would
come without legislation. We should until
another harvest was gathered In and the results o that
harvest made part o the property ~ the country b~0re
We attempted any legislaon 10 the way of enfofcoy
specie payment. he thought that Congress should
allow the CONVERSION of the bonds become due 10
thrs~ years. into bonds having lonssr " run
He should vote for the snendmsut offered by hr
stevens
Mr. stoIs, C-p Of ws moved 70 amend Mr. noriIIs
Amendmcni BY inserting IN lieu " the provso proposed
TO ,. Ssss 90, hs foilo.ins ,al al bond:
money q us tss.d sss,ss ssd ali .ea Or psrts Of ss
msnsuty from eircusiion United not bear
ing ipisrsst, are hereby repealed
Mr. hossfLL rsissd pont Of order 90 The smssdmsut
but vaz overruled by the Speaker
Mr. srrvSss spoke As1ins the bill ne characterized
u - remsud ,us sn hpropo-ed 70 confer more on
single nsn than ever beforr conferred any one
man In governmen, claiming ~ have . constitution
while be ~oald rsposs much oonndencs the pre-
grant such power 10 any mas with saeh po~sr COO
fsrred an ons man business community eOsla feel
sAie and capital ~ouh be vi'hdrs-n from sgslss~
enterprises The very pebdency a this bill bsd thfOrn
dsmpsr upon the busibs. u the country which be
had never before seen equasd from the iaOise
ton OF bill Ne knes Of t-o rOtfon fsftorss that
In the oogrse of completion. bot wbieh sors
had been Suspended O-isg 70 the psDssuey of this bin
es.y bsS az ssrsr q % sl,.Ss % or - sss. sas.,.s
turrebry, vhIch the engine The instrument q ts
business n the country. This he Illustrated ~ refs
- the n the United states nsnk |
during ~ contest With President Jscssgn s1d
yet he veuilred 10 ssy that that nsstiou had
nfieenth part of the power rhk by this blll pro
posed 20 b. gwen 10 the Secretary 0 the rsas ~ Ne
eeded ~ comment apon ta pfDvsiDns 10 dntail sod
stated that BY the scts ~ isSt and las the crrsfy
had ngw the poser convert al inter sf beannE
obi gasions of tbs United States - every and ts
ven Kind u bobds vhich the hecrAsy prOsD-sd
selt
Mr. cosxIsa frsp u ~ Y sggsesied that Ne se,fs
iary haf been cyByerhg - the ani91nt - lny lons
bat that be al a. believe that te sas tng
p9~ef thsi gossibiy doabtfgi aui that therefore
from sbaudani osaiyn. be sAntsi ~ hsss tbs pg-sr
Tyen unmistskahly
sr srrvrss had bs. in saying that the c0bt.
which tn secfetsrv " atsr cyuvsftng rfir mil