Ashtabula weekly telegraph. [volume] (Ashtabula, Ohio) 1853-1873, 1866-04-07

SIC. 2. That oil laws or parts OF law
which authorize the Secretary Of the Treasury
to fund or, withdraw from circulation any
United States legal-tender notes not besriDS
interest be, and the same are hereby, repealed
If his substitute shall become law,
desire IL TO be remembered that the House
must take the responsibility Of the dis
astrous results which may follow.
l have undertaken 10 state the first
great duty which rests upon the Secretary
of the Treasury, namely, to meet the ma
turing indebtness of the Government. ]
will now state the second.
Mr.. TRowBRIDGE. Before the gentleman
from Ohio Mr. GARFIELD proceeds to the
next branch Of the subject, would like to
ask him single question.
Mr.. GARFIELD. Certainly.
Mr.. TRowBRIDGE. would like to have
the gentlemen state what is the necessity
of retiring the greenback currency OF the
country and meeting these obligation Of
the Government, OF which be has been
speaking. Admitting his entire theory 10
regard to the bonds, and the seven.thirty
and legal tender notes, what is the ne.
cessity of diminishing the greenback cir.
cnlation of the country at this timer
Mr.. GARFIELD. That is q part of my
second point, and will cheerfully discuss
it. Before leaving the 6rst point, however,
let me say that the committee have not
been willing to leave the Secretary
merely The barren power of exchang ng
one form Of paper for smother, bond for
bond, dollar for dollar, and that only at
the option Of the holder. 1t proposed in
this bill that he be permitted to put loan
on the market, to sell bonds for money,
aud with that money redeem the old bonds
as they mature. Even if we had no desire
to limit the volume Of paper currency il,
would be necessary to give him this power
for the purpose Of funding the debt.
But hasten to the consideration OF the
currency. call attention to the fact ths.
Congress has established policy, which 10
now nearly four years old, in reference TO
the circulating medium Of the country
Five years ago there were in the United
States over sixteen hundred banks, based
on any and every kind of security, aud
issuing currency in whasever amounts we're
authorized by the laws Of the various
States
The notes Of one bank were based on
rea. estate; Of another. on State stock; of
another, on United States stock. Each
had its peculiar basis, its peculiar kind OF
currency, and regulated the amount of it's
circulation according to its own rules and
opinions. Sixteen hundred independent
Corporations we're tnkerng. .st the currency.
in
Ohio, though worth one hundred cents in
gold at home, would pass for only ninety or
niuetyfve cents in Massachusetts or
CAliforni,. A Massachusetts, dollar woufd
fare equally hard in California. A paper
dollar was worth its face in gold in only
the immediate locality Of its issue.
During the progress Of the war against
the rebellion, there was adopted system
of national banks based on uniform
security--the bonds Of the United States
so that paper dollar issued iu Ohio is
worth no less when it reaches Massa.
chusetts. 1t was not, however, thought
prudent by the Thirty Seventh and Thirty
Eighth Congress to make the United tates
Government banker for the people, with
| arbitrary power to regulate the currency
as it pleased. 1t was thonght to be
dangerous to repeat the history of the
United States Bank of thirty years ago;
aud therefore it was resolved that the
national bank system based on the bonds
of the United States and regulated by the
necessities of trade should DO the establish
ed policy Of the Government. The green
back currency was issued only as a war
measure, to last during the necessities of
the war, then 10 be Withdrawn, and give
place to the national bank system.
The war is now ended ;and unless We mean
TO abolish the ma tional bank system and
make the Government itself permanent
banker, we must retire from the banking
business and gave place to the system
already adopted. Unless gentlemen are
now ready to abandon entirely the la,ional
hank sytem, they must consent that ul,f
matey the greeuback circulation shall be
withrawn, and that the notes of the
national banks shall furnish paper cur.
rency which, together with gold, shall con-
sti!ule the circulating medium of the
country. The committee have proceeded
on the belief that the natl nal bank system
is to be the permanent system OF this
country, aud that the greenback circula.
tion was only Incidental to the nece stiles
of war, aud that with the removal OF these
necessities it was 10 be Withdrawn.
Shall we return to specie payments, and
il so, when aud howl The President, iu
bis fate annual message, has expressed
clearly and dete:mnedly the purpose of
the executive department of the Govern.
ment to return at the earliest Practicable
moment to the solid basis of gold and
silver The Secretary of the Treasury in
bis report sets forth, with very great clear.
ness and ability, the Importance of an early
return 10 specie payments. Aud this
House, on the 18th of December last, with
bat six dissenting votes, not only declared
itself in favor of returning as speedily az
practicable to specie basis, but also de,
clsred that the currency must be con
tracted as means of resumption.
Now, how shall this be accomplsbedl-
BY what lever can the financial machinery
be so moved as to effect the object so much
desired by every department Of the Govern.
ment2 answer that the only lever in our
hands strong enough to ift the burden and
overcome every obstacle is our mower over