The national Republican. [volume] (Washington City [D.C.]) 1866-1870, 1866-04-10
CONGRESSIONAL REPORTS.
xxx,xTn coseREss-FIRsT SESSION
MosDAr, April ., 1866.
SENATE

Mr.. Sumner presented the petiu Of citizens Of
praying for a change In the tax on
imports so as to protect home labor. Referred to
the Committee on Finance.
Sg. Trumbull presented the memorial Of the
judges Of the Supreme Court Of the District Of
Columbia, stating that no provision now exists by
which counsel appointed to defend those who are
unable to provide one for themselves may be com.
pensated, aud asking Congress to take such actitn
az will provide for the payment Of the same. Re-
ferred to the Committee on the District Of Colum'
bia.
Mr.. Morgan presented the concurrent resolutions
Of the Legislature of New York relative to the re.
admission Of the lately rebellious States. Read
and laid on the table.
Mr.. Anthony presented the petition Of professors
in Hartford and other colleges asking for the estab-
lshment Of q National Bureau Of Education. Re-
ferred to the Committee on the Judiciary.
Mr. johnson presented the petition Of the Nu'
Disuatic Society Of Philadelphia, asking change
in the present. mode Of coinage. Referred to the
Committee on Finance.
Mr. Sherman introduced bill to regulate the oc.
cupation Of mineral lands and to extend the right
Of free exemption therefor which was referred to the
Committee on Mining It provides for the free sx-
emption Of occupied claims concerning which there
no controversy at Ave dollars per acre. and also
allows, when public interest requires, departure
from rectangular mode OF surveying and fractional
surveys.
Mr., Sherman introduced bill. to cquaize the
distribution Of the national currency which was
referred to to the Committee on Finance.
1t requires the apportiOning of one half the
amount Of the national banking currency accord
ing to the population Of the several States and
Territories In 1850, by reducing the amount wher-
ever II exceeds the proper proportion, and organ
hing banks In sections Of the country that do not
have their proportion; ut the total circulation is
not allowed to exceed three hundred millions.
The mode Of withdrawal proposed is this
When n section has more than $40 to each inhab-
tant, the sxcsss shall be Withdrawn and II the
proposition is still too large, the residue shall be
ratably withdrawn In States In which the circula'
ton is now higher to each inhabitant The
Comptroller must, within six months, notify banks
to withdraw the required amount of circulati"ni
AID If the order is not complied with within six
months the currency surrendered and bonds de-
posted for security withdrawn, the treasurer must
return either notes or interest to the amount
Mr. Wilson, from the Committee on Military az.
fairs reported the House joint resolution giving
construction to the act providing for the payment
Of bounties to soldiers discharged for wounds
which was passed.
Mr. Wilson, from the Committee on Military AZ
fairs. reported favorably the bill TO reimburse
the State Of Pennsylvania for moneys expended in
raising troops, &c.
Mr. Morgan introduced bill to protide for the
erection Of warehouses in the port OF New York for
the reception Of goods arriving in vessels subject
to the quarantine laws Of the State Of New York.
Referred to Committee on Commerce.
the revision and consolidation Of the statutes Of the
United States was aiken up aud passed
On motion Of Mr.. Fessenden, the bill to amend
an act entitled can act to provide ways and means
| to support the Government, and commonly known
as the Loan bill, was taken up.
Mr.. Sherman was Of the opinion that this bill
conferred too much power the Secretary Of the
Treasury Under 1t he had the absolute power to
! fund the whole debt Of the United States Mr.. s.
said that our finances were in u much more lavora-
Bile condition than was generally supposed, and no
necessity existed for comforting on the Secretary
such absolute power. The compound.interest notes
and seven. thrtiss would not mature before August
| 1857. Our income now from tho internal revenue
taxes and other sources exceeded largely our ex-
penditures. Under the circumstances the right to
reduce the currency should not be vested in the
Secretary. There was nothing in the bill to re-
| strain the Secretary from accommodating in the
Treasury two hundred millions of legal tender
and my opinion Is that the Secretary of the Treas
ury, in carrying out his own policy, will doso'
! There Is In the Treasury now more money than
has ever been before. Why is the Teasoa OF this!
1t shows that he is carrying bis policy of con-
| traction and this he has the power Of doing not
withstanding the construction put on the bill by
| the House, and the fact that 1t was not designed
| to confer that power on him. With every resp ct
for and confidence In the integrity and ability of
the present incumbent Of the Treasury, he was OPP
posed TO giving the power to any one man to affect
the currency Of the country at his will to contract
or expand 1t at his pleasure. The business men OF
| the country are alarmed rs / know from letters
which an daily receiving, and it is my serious
belief that the apprshensons Of the elect Of thi'
bill are materially affecting tho business interests
and prosperity Of this country. There are two pro
visionsof this BILL one giving the Secretary the
power to retire at bis pleasure the notes and bond
Of the United States even those which are not due
for Year.. The other power is to reduce at his viii
the currency Of the country, power which wa
never given to any Secretary before. He had pre-
pared bill with care, meeting ~. views on the SUB
ject, but dig not know that this was the proper
time to present 1t. He saY confident that the
House Of Representatives aid not ubderEtand tbs
bill to confer such powers or they would not have
passed 1t.
M. Fessenden said the reason probably that the
House OF Representatives did not understand thu
bill as the Senator, was because their Imagination
had not taken so wide q range. When peace cam,
the idea of the Secretary was that return should
be had to specie payments as soon rs possible, ant
his policy had been to bring that about as soon n
possible. His (Mr. F.'S objection to the bill wa
its weakness, not its strength. We should get bacl
% speedily as possible to the old system, t.
specie paynsnts, es loon as 1t can be done will
safety to the business interests of the country
This is about the effect and substance Of the bill
except that the Senator imagines what ths sscre
tary can do 1t is to be supposed that the secrs
tary Of the Treasury Is an honest man and
sensible man. In my opinion he is a very homes
and very sensible man. Knowing, us he does
what q paralyIiag eject on the business Of tn
country would be produced by such action as th
Senator suggests he can take, Is it likely ILGt %
sensible man he will do it, just because he ha
the pos0r' 1t would strike a blow at our credit
1t was understood that the present state of th
currency was to continue. The evils alluded to b.
tho Senator are, in my opinion, passly imaginary
hope the bill will pass.
Mr.. Chandler said Under this bill the Secretar
could do what he pleased with 50, 700 600, 900 c
the public debt. The bill WIS evil and only evil
Under II there would be no limit to speculation
lie did not think the Secretary of the Treasur
would accept such vast powers If he Mr. O. wa
Secretary he certainly you'd not consent to accep
such. We do not know thai tho present Secretar
Of the Treasury will always continue in his position
have no doubt that he is honest, but do know
that man Who vas not honest could, with th
power which this bill gives. make more money tina
any mau In the United States ever did before.
Mr. Anthony said, In his opinion, 1t was not SAT
to count an increase in the receipts from inter
nal revenue this year. For various reasons give
by him, Mr.. A. thought that the receipts would b.
| less than last year.
Mr.. Sherman again alluded to tn enormous bal
ance in the Treasury and the fact Of the Secretar
retiring bonds and notes before they arc due Will
the great and growing prosperity of the country
our enormous resources, the cotton crop Of thu
South, &c no one doubted orr ability to pay tn,
national debt at its maturity. lie was willing Il
give tho Secretary the power to provide for accru