Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1866-02-22
intended to offer bill ia this form as
substitute for The nri-inaI LII

intended to offer bill in this form as
substitute for the original biif
Mr.. HOOPER, Of Massachusetts. then sd-
dressed the House saying in conclusion /:
1t has been said that the United States
notes and the fractional currency took the
place of coin which had been previously
circulated. Il is very certain they did not
displaee the Bank notes, for they have in
creased in amount instead Of being dimin-
Ished since the issue of the United
States notes, while the supply of
m ney was regulated by the State Banks.
There never was in my opinion a
suitable amount Of money for the proper
conduct of the business Of the country It
seems to me that the Treasury should re-
sumo specie payments without regard TO
banks, and Z. S notes could be cOn-
tinued in circulation as the equivalent OF
eein. After specie payments were resumed
| and until there was a sufficient amount Of
coin in the country to supply their place,
| q. s. notes would be more convenient for
use within the U. g. and so long as the for
eign exchanges we're in favor Of this eoun-
| try there would be no legitimate demand
upon the Treasury 20 redeem notes in coin.
| During the past four years the great co-
iect in all financial bills before Congress
has been to carry on The war, and that ne
eessity having passed no more loan bills
are required. 1t is our duty to be cautious
in determining upon charges to be made in
/ the revolution Of the money Of the country,
| involving as it does thevalue Of all property
and effecting the affairs Of every one in ths
community. Ny chief objection TO the
Withdrawing Of the U. S. notes from circu-
lati0n by converting them into bonds is the
expense that would be incurred for the in
terest on the bonds. Il IS my belief that a
1,-
now required for the business of a the
country, and my fear that some
| other paper not so good, may be allowed to
take place by which the country would Be
further than ever from currency eonverti-
bic into coin. The Loan bill, passed BY
the last Congress, approved March Sd, 1855,
empowered the Secretary of the Treasury 70
issue bonds Of any description, authorized
by that act for the purpose Of converting
into such bonds any Treasury notes or other
Obligations, bearing interest, Issued under
any act of Congress. This is the power
which the Secretary of the Treasury has
now. He is authorized TO issue bonds for
any period not less than five or more than
ten years from this date, rate of interest
not to exceed per cent, but only for the
purpose Of converting or funding other in
terest bear ng obligations. The bill under
consideration proposed to amend that act 50
as to enlarge the powers 20 far as to permit
the Secretary Of the Treasury when he
deems it expedient to convert obligations
not bearing interest, and also to dispose Of
any or both in this country or Europe for
the purpose only Of relieving other obliga-
tions, but not for any increase Of the public
debt. The amendment authorizes any Of
the bonds to be disposed of in any foreign
country, the principle and interest paid in the
currency Of that country, but limits the
rate OF interest of them not to exceed i've
per cent. understand the Secretary Of the
Treasury does not expect 10 use this power,
but deems it Important that it should be
given TO him 10 be exercised only In cases
where circumstances may arise that IN his
opinion would render it advantageous and
expedient. Power to borrow money undsr
the act of last year Is exhausted, and the
amendment TO that act proposed BY this
hil does not authorize any new 10 ms its
only object is to facilitate the funding Of
existing obligations.
Mr.. KELLY, of Pa, took exception 30 the
remarks of the members Of the COMMITTEES
on Ways and Means who had Just preceded
him. They had offered no argument ex-
cepting such as had been Wrung from the
past. The return of specie payment and
the extinguishment Of the national debt
were most desirable, but caution is speed
when dangers are in the way. He argued
that to redeem now the interest bearing notes
would lead to bankruptcy, for if $50, 100000 Of
greenbacks were called in every National
bank would be compelled to sell seeuris
ties, in their possession, 10 meet the con-
traction. They should act with caution, al
though he had confidence in the Secretary
Of the Treasury. Tie latter was only q
tinsncier, and the present crisis demanded
the wisest craftsmanship. He warned the
gentleman not to give any one the power to
contract or threaten 10 control the
currency while there should be an
increase Of currency, and no increase
0f-s@- rahlie debt We should foster our
home industry anu lE4--r---;-----i usaalth
Labor should be relieved Of many Of The
burdens which now Oppress 1t, and with our
largely increasing field Of agriculture ard
mechanical arts, FIVE or ten years would
quietly and safely bring US back to,sPecie
payments.
Further consideration Of the Loan bill
was postponed till Wednesday.
On motion Of Mr.. THOMAS a resolution
was adopted requesting the Secretary ofthe
Navy TO furnish information TO the House
at what cost TO the government a suitable
location for a coal and naval store can be OBJ
tanned at or near Cantonfh the city Of. BAlsi-.
more. '-n
The House adjourned until Friday. .. ;
SENATE. -----
Mr.. SUMNER, from the Committee on
Foreign Relations, reported the House ioi
resolution 10 encourage and facilitate the
Geographic communication between the
Eastern and Westesn continents, which was
passed with some slight verbal amend
ments.
Mr.. FESsENDEN moved that the regu-
lar order, which Was the constitutional
amendment, in relation TO representation,
be postponed, and that the Senate proceed
to the consideration Of the concurrent reso-
luton of the House, providing tina. until
Congress shall decide no Senators
or Representatives from the lately rebel I
lous States shall be admitted to
the Halls Of Congress. This gave rise to
some discussion, which ended ID the con-.
current resolution being read the frat
time, and on second reading it was objected
to by Mr.. Dixon
The Constitutional Amendment was taken
up, Mr.. Buekalew took the floor in oPposi-
ton to the measure. ri
After the present sion Of Henderson's
petition for suffrage to be extended 10 the
women, Yates asked if the Senator from
Missouri would accept an amendment to the
Constitution that there should be no distinc-
ton on account Of sex. The latter replied
that he tlIUtight Il was not in order TO dis
cuss the measures Of representation Of the
petition.
Alter Fessenden's motion had been dis
cussed and the resolution was read the first
time Dixon objected to the second reading.
The Chair sustained the objection and the
resolution was laid over.
Mr.. WILSON, OF Mass, introduced the
following joint resolution, which was re-
ferred to the Military Committee:
Resolred, That it is the duty and priv
ilege of Congress to express the gratitude Of
the nation to the officers, soldiers and sea-
men of the United States, by whose vslor
and endurance on the land and on the
sea the rebellion has been crushed
and its pride and power humbled; by whoss
fidelity 10 the cause Of freedom the govern
ment of the people has been preserved and
maintained, and by whose orderly return
from the field of blood and civil war % the
peaceful pursuits of private life, the exalt-
ing and ennbbling Influences Of free iEsti-
tutions upon a nation have been signally
manifested to the world.
Mr.. Ian E, Of Indiana, gave notice that
he would introduce a bill to continue in
force the existing FTeedmen's Bureau.
Mr.. BUCKALEW spoke on the grand sub
jeet of representation in Congress under tho
following heads l. The Senatorial repre-
sentetion Of the eastern States. 2. The
admission OF Senators and representatives.
fronn the Southern States. 3. The proposed
ainspdment to the Constitution, limiting the
-,is,7-sau tafian in the House for the future