New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1866-03-17
FROM WASHINGTON.
Continued from First Page.

nj The Church; and was such security as that to be
compared with the security OF the labor the integrity
and the mineral and agricultural wealth Of this
try, The reason why the asSgnats not redeemed
a as because their foundation insecure Could any
man saw on this floor that Tie foundation on which our
Treasury notes rest was insecurei Could any man,
With an American heart in his BOSOM dare 10 use such
ianguace without being ranked among those who had
opposed the Government in the late war, either with
MIR. HOOPER explained that the object Of the bill
simply wns to give to Government an extension OF
fine 10 meet its debts about 70 fail due
Mr. PRICE retorted that the gentleman himself (Alr
Hooper told him that tie receipts OF the Government
every day were more than its expenditures NO man
in slch a condition needed an extension of time.
Mr. HOOPER endeavored TO respond 10 the remark
bus Mr. PRICE declined TO yield he wanted the great
fact 10 go the country that we were in sound and
healthy financial condition and abe TO pay every dollar
ALLISON spoke in favor Of the bill 1t seemed to
rim that the arguments against it had been mainly argu
rents in favor of against the particular policy w0ich
bonM be pursued by the Secretary Of the Treasury in
his administration of it. Unfortunately we could not
al be Secretaries of The Treasury: The only question
ronor for discussion here what amount OF discre
IN shoud be conferred on the Secretary. Was tins
S proposition TO come back 10 specie payments al
particular period, or 10 postpone II - a particular
n1sriod Neither. There were two things authorized
IN the bill One 20 enable the Secretary directly
20 e the bonds of the United States and the other
mat he might DO so at less than par.
MT WILSON Qowa) inquired whether the Secretary
had not already engaged III the refandng Of Seven
Tbirties in gold bearing bondst
NJ ALLISON admitted that the Secretary had done
soso ne extent Of $40 100000.
A. WILSON inquired further whether the President
had moi at present the power TO sell Fve'Twenty bonds
f conOund interest notes and 10 reissue such notes
Mr ALLISON answered that he had but suggested
frat the conversion might not be desirable IL might be
desirable that the Secretary should have power 10 sen
IoYg bonds directly for currency and 20 bring up the
compouud interest notes and Seven Tbrties. lie went
on TO argue IN support C the Dill
Mr. ToI-rWElL said that there were two facts con
reeted With our fnancid experience which had not
been noticed in this discussion and which seemed 10
contfn all that necessary for the solution oil our
tificues He was in favor OF constituting by law the
Ianruoce OF the last clause Of the act OF March 6
so as So allow the Secretary 20 sell new bonds ana WIN
the proceeds TO redeem the outstanding
obligations Of the country. -
M WILSON 1owa) remarked that he understood the
Seoreta, had been engaged for some time In convert.
inc the outstanding interest bearing debt OF various
Kinds into long bonds, bearing gold interest, ara ne
wanted to know whether the gentleman from Massi'
chuscs desired 20 be understood as saying that the
Secretary doubted his power TO do that thing.
Mr. boutwell, said be had learned that the Secretary
had converted $4,000 600 aud that after that CON
version doubts had arisen in his mind Us 20 his power
10 do so. For himself he felt no such doubt. lie
thought the course pursued was entirely 1usihed uy
law and that the Secretary would be Justified in pro
eeedng further in the same way. But II there was
Gny doubt in the Secretary mind that doubt should be
removed by legislation. The two circumstances 10
which be bad referred were these; frs, that willie
there had been reduction in the amount OF currency
or circulating medium since the close Of active hosii
ties there has been constant aud considerable dimnu
ton in the market price OF gold; and, second tha u @
merchandise Of the country meaning portable property
which is the resut Of labor, was to-day worth more III
gold than the same articles were worth IL tie years
1sJs-9-GO After tie Napoie0Dic wars, although ieat
Britain persisenty attempted 10 elect the restoration
of specie psvnents she not able 10 push that
result for many wears, This not from want OF
disposition legisaie but from She material condition
Of toe country which was analogous TO our present con
dition He attributed oui liability 10 resume specie
payment TO the fact that the war converted large
amount Of practical force from the productive abors OF
resceul life we had TO day less convertible property
haH xxhe he ar
we had TO wait until by the application oil
power TO productive industry the result would compare
with the results Of industry in other countries. Then
paper would come TO be as valuable as specie and
then there would be legislation needed for the re-
sumption Of specie payments. 1t would come without
LEGISLATION. We should wait until another harvest was
gathered in and the results of that harves. made part
~ tie property of the country before We attempted any
Iegislaioa in the way Of enforcing specie payment.
the conversion Of the bonds 10 become due
An two or three years into bonds having longer time
10 run lie should vote for the amendment offered by
Mr.. Stevens. 49,
M sLosy moved to amend Mr.. Morrlps amendment
by inserting in lieu o. the provise proposed to be stricken
or,dsS That all bonds OF other obligations OF the United
States hereafter Issued shall 4s made P:yses nsPa ans
Interest 10 lawful money o. i.e ~ - y 10
r.tre Permanently from circulation United states notes mol
- bearing interest ore hereby repealed
Mr.. MORIL raised point OF order on TIE amend
1uenf but it was oyerrued by the Speaker.
Mr. STEVENS spoke ageinst tue bill lie characterized
tremendous II proposed 10 confer more on
"a single man than was ever before conferred on an!
orc nun in a COMMUNICATING TO have a coGstl-
Tution While he would repOse much confidence IN The
present Secretary OF the Treasury no egatufe thouu
Grant such power to any man. Will snch power con
ierrel on one man, business community could fee
cafe and capital would be withdrawn from business
enterprises The very tendency OF this bill had thrown
a dauper upon tho business OF the county which he
had before equaled from the mere inrodue
4ion Of bill He knew Of two cotton.iactorles tha
were in the course OF completion but on when Wofs
had heen sugpendcd owing the peDdeDcy OF tins bill
There was no power terrible, If exercised per
nicousy than the power 10 expand or 70 contract ne
currency, which the engine, the instrument OF the
business OF tie country. This he illustrated by refer
tnee 10 the course Of the United States Bank, during
is contest with President jackson, and yet be ven
tured say that that institution had not oneiiteenti
part OF the powers hic by this b, proposed 70
Be given 10 the Secretary Of the Treasury lie pro
ceeded comment uTon its provisions IL detail and
stated that by the acts Of le6i and s6 the Secretary
had nOw the power 70 convert all tie inierettDearng
Obligations Of the UpeG States OF every Lind into Tie
very kind OF bonds which tie Secretary now proposed
10 sell.
conyertiug tic amount Of $50 800 OO0 Du that be had
come TO believe that he acting power that wa:
possibly doubtful and that therefore IRON abundant
caution, he wanted 70 have the power gwen unIotaK
Mr. STEVENS had no hesitation In saying that the
doubts which the Secretary 10, after converting
eJ0CO00DO solid doubts. and that he had power
20 spend the money, but had power 10 exchange with
anybody who chose to exchange. 1t was for the pur
pose OF removing that doubt thathis (steyenso subs
tnte offered. 1t gave him the power which he had
been exercising all along. 1t confined his power tC
that single operation. 1t solved the Secretary
doubts provided for the and left the matter there
interest IN currency into six per cept bonds
payable in gold. IL was tantamount 10 In
creasing the interest from six 10 eight per cen,
without any advantage whatever 10 the Government
The Secretary bad the power to withdraw now from
circulation $50 OOO 600 in the shape Of Compound In
ferest Notes And, beside that he asked the powe,
Ia wifi az uif of