New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1866-03-24
by the head of the bureau ofnavy

did not know whether it was too much or not
The matter was left to the discrcssion of the Sec
rotary of the Navy, and he had no doubt whateve
was done would be for the best
MIR. Grimes, from the Naval Committee, move
number OF amendments, among them one for tn
purchase Of the governors residence at Annap
OILS Sz5 900; for the erection of buildings for tn
third and fourth classes Of the naval academy
sl00000 which were adopted Also, an amend
ment repeating all acts authorizing the appoint
ment OF navy agents, which was adopted ior eh'
erection of foundry and machine shop az inc IA
) Wy academy, an appropriation q sse,ouo; Iol
+ continuing the work on the boiler shop III the New
York navy yard, 100000.
The bill was read three times, ana lurther con
sideration was postponed Tor the present.
INDIAN AFFAIRS.
j. On motion of Mr. Doolittle, q bill providing fol
g annual inspection of Indian affairs was taken VI
: Pending its consideration the Senate went into
: executive session, and soon after adjourned unit
Monday.
HOUSE OF OBSERVATION-DISCLOSURES FINANCES.
;, Mr.. Price, of Iowa, asked leave to offer the fol
y lowing resolution:
WHEREAS, A difference of opinion and con.
fict of views exists between the Secretary of the
Treasury and the Controller OF the Currency which
has assumed shape calculated to injure the nte.
rests of the country; therefore be it
4 Rosoloed, That committee of three members
of this House be appointed to investigate the
cause Of the difficulty, and report to the House.
Mr.. Boutwell,, of Massachusetts,, objected, unless
!
| Ways and Means. He subsequently withdrew his
objection, and the resolution was again read,
MIR. Ross, of Illinois, objected, saying he thought
It better that the inquiry should be made by the
| Finance Committee.
Mr.: Price said that the gentleman's colleague
(Mr. Wentworth had challenged him yesterday
| to introduce such resolution
| Mr.. Ross-I would rather he (Mr. Wentworth)
should be chairman of such committee than you
| I object
THE ARMY.
MI. Hayes, of Ohio, introduced Joint resou
| ton to construe the fourth section Of the army
appropriation bill for the year ending June so
1866, as to entte to three months paw provided
for therein. all officers of volunteers below the
rank Of Brigadier General who were in the service
at least three years, and whose designations were
presented and accepted after the surrender of Lee
in April, 1866, which was read twice and referred
to the Committee on Military Affairs.
At the expiration of the morning hour, there
beng no business on the private calendar ian un.
precedented circumstance,) the House resumed
the consideration of the loan bill.
Mr.. Pike said he would offer an amendment to
the bill providing that any bonds issued hereafter
except those issued in accordance with the exist
in t Obligations, should be subject to the same
state and municipal taxation as other property OF
like value. He said he had no feud with the
gentleman from Illinois (hIr. Wentworth) on the
score OF deprecated currency. Congress entered
upon the sea of irredeemable paper, knowing the
dangers OF the voyage it was about to make. II
4
the other side of the House. The John Law
| french asslgnats, and mendates, and Russian
foubles and every other currency that ever went
below par were fully described, and the prediction
was freely made that it would become as worth
less as the old Continental currency, of which q
| hundred dollars had been offered for breakfast :
ana sui Congress persisted, and its action was
undoubtedly unWlse. Great evils had arisen from
the HOOD OF paper, but greater had been averted
The problem to be solved by the bill was the
propermode of returning most expeditiously to
specie payments. The House, by its resolutions
OF the lsth OF December, approved that policy.
ers given the secretary by that bill were enor-
nous. They could be used to affect the value of
any mans property in the country. Still if
necessary, let them be given: He had full faith
under the passage of this bill. If he was sure the
secretary in these changing times, would continue
to hold the place and not give way to somebody
when J1stItieations were less apparent. The bill
lutely necessary to contract the currency by CO.
ercon. But the ordinary course of business
transactions tended rapidly in that way that il
might be doubtful whether legislation would not
gone from 2S7 to $50 for gold, without the aid Of
any such legislation. More than three quarters Of
the journey had been performed. showing that it
is possible to go through the whole of it without
not legally been contracted a single dollar, Ia
this we followed the English example, where it ID
We'll known that specie payments were resumed
AFTER the long Napoleonic wars, without any ma
terlal contraction of the CURRENCY
To-day, our authorized currency is greater than
ever before, and still gold declines. The present
amount of currency actually in use is less than
five hundred millions. The controller fixes the
amount IN his annual report at four hundred and
sixty millions. The statement shows forcibly that
trade knows it own needs. Business took for its |
use but eghths of the amount offered to it Nv
government; II Knew better than Congress what
the amount of the currency. Bank charters could
De mad Tor the asking, and men put out as much |
currency as they could make it profitable to keen
a1oat. The laws of trade regulate such matters |
oeuef than legslahon.li Whether the present cur
rency is actually in excess it is difficulty to say |
France has circulation of about Sl07 900 900, or
about thirty dollars per head. Ours is about half
IS much as theirs proportionately. We have much
more tnan before the war;. but we have an
enlarged volume of trade, greater agricultural pro
iuctons, more manufactures, daily DEVELOPMENTS
u natural wealth, increased population, and larger
capacity for transportation. We need more paper
OF all 1s, as well as IN consequence of the DIFF
l.eecessary to contract we should begin.
The resolution of December 18th, provides for CON
ractlon as fast as the business wants of the
country would permit. But which should be con.
racted 2
we have three currencies: United States cur
eney, including postal, $3.50 959 107; National
'rnk circulation 1857 $40, and State Bank cir
2 nlatlon about s6o,oOO,O00. Total, s76S, 032 OI7
ne State Bank circulation goes first. Which
ext! why not tax the National Bank circulation
nd drive that out as far may be found necessary
9 contract! Why cut down gIeenbacks when
hey cost s., nothing except the charge of making
a me people are satisfied with this cur
ency. IL is exceedingly convenient Wbv not
Jake it the permanent circulation of the country?
WY give the profits on circulation to bankers? 1t
~ cost 81 900 600 year to drive out the govern
le sn notes. The taxpayers are already burdened
lmclenty without trying this foolish experiment !
le argued that the specie payments can be re- :
omed IN due time by lessening the value of hank !
arrency and retaining gold in the government !
auts. Meantime the revenues and expenditures l
lust be so well established that confidence will be
1T everywhere that government has reached the
ard-pan, and no fears need be entertained of the :
Of its arrangements, and we must |
alt patiently for the industry and agriculture of
le country to develop itself. '
MIR. stevens read from the secretary's renort in Il
hlch he says it will not be necessary to retire $
ore IMAM one hundred, or at most two hundred I
lllons OF notes in addition to the compound in s
rest notes, and repeated the assertion that the =
efetary asked the right to contract the green p
acks and legal tenders bearing no interest into
fe-twenties, bearing gold interest of six per 7
mt. Assuming the secretary to retire two mil q
ms OF greenbacks in this way, yearly for two Q
ars. he would be adding twenty four millions d
nually to the taxes of the country to paw inte- o
81 on what was not now paying dollar of in. Il
rest l-t :, d
Mr.. Wentworth-Will the gentleman from Penn "
wanna state whether he combats the policy of Il
Secretary of the Treasury. on the ground that II
own policy will lead to specie payment sooner 9
III the seeretary's, or whether he and those who y