The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1866-03-24
From Washington.

i
| WASHINGTON, March 20.
In the debate on the loan to-day letter from
| Secretary McCuloch was read, in which he
saws that in his opinion it will be national
calamity if Congress fails to grant additional
powers to the Secretary, as it would be impos-
| sibIe to fund interest bearing Notes under ex-
isting laws. Relative to the authority to with
draw q. S. notes, he conceives it to be of vast
| importances to the business of the country,
the welfare of the people, and the credit of the
nation, That such financial policy should be
adopted by this Congress as will prepare the
way Tor return to specie payment. When
tnls can be brought about will depend upon
the condition of the national industry, and
the trade relations between the United States
and foreign nations. 1t is not desirable that spe-
Gle payment should be restored until that re-
storation can be maze permanent by increased
industry and proper adjustment OF the trade
with Europe. The tendencies are now all in
the right direction, and if tbs shall be adjust
ed by juGiciOus legislation, he will be hopeful
that the currency OF the country may be
brought up to the specie payment without
large reduction of it. .1-t ata
The apprehension which exists that if pow
er is given to the Secretary to retire U. S.
notes, the circulation OF the country will be
ruinously contracted is without any sub STAN
tial foundation. Ii no reliance can be placed
upon the discretion and carefulness of the Sec
rotary, the very condition of the finances of
the country will prevent Snch a reduction OF
the currency or wilmake either tight money
market or depress business. Authority to re-
duce the currency will go very tar TO prevent
the necessity for reduction. The battle will
be more than halt fought when the Govern
ment shall adopt healthy financial policyi
The following is the loan bill as passed in
the House to-day: 400 "a .FhH 81 a
" Be it enacted, DC, That the act entitled
an act to provide ways and means to support
tine Government, approved March 3, 1865,
shall be extended and construed to authorize
the Secretary of the Treasury, at his discre-
ton, to receive any Treasury notes or obliga-
lions issued under any act or Congress, wheth-
er bearing interest or not, in exchange for any
description of bonds authorized by said act,
either in the United States or elsewhere, to
Such an amount, in such manner and at such
rate as he may think advisable for lawful mon
ey OF the United States, or for any Treasury
notes, certificates OF Indebtedness, or certifi-
Gates OF deposit, or other representatives of
value, which have been or which may be is
Sued under any act of Congress. The pro-
ceeds thereof to be used only for retiring
treasury notes or other Obligations issued un-
der any act of Congress; but nothing herein
contained shall be construed to authorize anv
increase of the public debt < If41'
Provided, That not more than $10,OOO,O00 |
may be retired and cancelled within six
months from the passage oil this act; and
thereafter not more than S4.000,000 in any one
month; and provided, the bonds which NAV |
be disposed of elsewhere than in the United |
States, may be made payable, both principal |
and interest, in the coin or currency of the |
country in which they are payable. They shall |
not bear rate OF interest exceeding five per |
cent. per annum; and provided further, THAT |
the act to which this is is an amendment !
snail continue in full force in all its provisions
except as modified by this act. et@r |
Sec. 2. That the Secretary of the Treasury |
shall report to Congress. at the commence |
ment OF the next session, the amount of ex-
changes made, or money borrowed, under this
act, and OF whom, and on what terms, and |
also the amount and character OF the indebt- |
edness retired under this act, and the act to
which this is an amendment, with detailed
statement OF the amount of making such loans |
and exchanges |
Our Consul at Sheffield, England, writes to |
the Dept OF State, under date of March 9Th, !
thal the steady increase of mortality among !
cattle is creating much alarm. 1t had extern |
ded to sheep, which is a proof of its conta-
gious character. s-3 90
There are already at least five thousand ap- |
pllcants TOR appointments as United States |
commissioners to the Paris exposition, and |
not one in twenty of them able to understand !
OF SPEAK the french language. .sl.is
Our Consul at Liverpool informs the State |
Dept, under date of March 9th, that all
steamers and emisrant ships leaving that port
for the United States, are flied with irnmi- |
grants. Ship owners and others say the i'm
migration to the United States is enormous. |
and the indications are that it will b, greater |
this year than at any other time since we |
have been a nation.
Another member of the Chippewa Indian
id l,at l.
measles. II
The President nominated to the Senate, sew
eral days ago, David w. Ballard to be Cover
nor OF Idalo, in place Of Caleb Lyon.
- forty-tour dollars have been sent to the
Treasury Dept ty Union loving woman, to
help pay the National debt.
The report of the Committee on Reconstruc-
ton, giving the testimony OF Lee and ot4ers
about the condition OF Virginia, is still delayed |
by she absence Of Senator Howe, who is es. |
peclally connected with that branch of the in
vestieation. q 51 BE