New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1866-03-24

did not know how much bad been paid: but he fna-,
that that balance still due Ho was told th, a.
City Of Ncw-York had also a claim dus . 'ns
Missouri was in the same Stus''- - heri ana
Mr. MoS'~ LOAN BILL.
Ms.- all from the Committee Of Ways and
rs reported back the Loan bill with amendments
and the following proyisO.
Proridet Tlai nited States ro more than l0o
90 may be retired and Cancelled within 80 months rom ~
passage Of this act and thereafter not more than saoJo u
any one month.
The following section wos reported. to be added
Tha, the Secretary Of me Treasury ha r,por; conrc'
a. the commencement Of the next session the amount OF -
changes made or money borrowed under th aci ana o.
o. whom and on what terms the amount end chaactt u
edne.s retired under this set snd the ac TO h.a ~
an snt, with detailed statement Of the eAPs1'e u
making s1cb lo,,. and exchanges. ,.. -, -,
The Hons. co. 1cso,y,d itself into Committee OF the
Whole on the State Of the U1io MI ho ~ "a I i
Chair, and proceeded to the eoIs'A'''' ''''
The House having ordered all general debate to close
Mr. NoRs1rI addressed the Committee. He said
that az The bi had undergone long and patient dis
cnssiop il was NOT necessary TO travel over the
same ground again. The bill had Deeh iec0nmllleI
without instructions 10 the CoulMltlee on W avs aA1
Means bf tho Committee had regarded TIE fact OF re-
commitment a. Instructions 20 certain extent ard had
acted ia harmony with that view. II the law az pro
posed 10 be amended, were passed peIiou % hlAv
YEAR would ensre before the retirement OF the sa
lenders rog, in circulation. That Limitation be De-
heved won't far as large majority OF the house "4s
In favor OF 1.-THE views Of tue Secretary Of tIe treas
urv were OF anT importance he would ask 10 DC leau
iettor Which ne had this morning received. The letter
Mr. MORRILL, continued. n there was any apprehen.
sion that it was the purpose OF the oeeretify u rc
Treasury to contract too rapidly, by Ieui4nB ~
amounts legal endeTs the letter just read sh9na re-
move that apprehension. The amendment Aau geeu
rrOuosel in q spiTit Of compromise. UWOuu MOI aION
unlimited discretion 20 the Secretary o! tie treasury
and on the other hand, il would utterly rainmc auu
fetteT him. lie hoped the amendment W0u1 prove ~
ceptabe TO all his friends on this side OF the House aho
that they would not be opposed by tire geatemeh on
the other side lie would deem il q compliment 10 Tue
American Congress if It could consider financial qles'
tons irrespective Of party. ~
the Secreary to retire and whether in is refinement
he was limited to greenbaoks and legal tenders
Mr MORRILL, replied, that the Senator was Ilmlted 10
legal tenders commonly called green0acEs
Mr. ELDg,pGE inquired whether II would not nave
the effect to limit him in the retirement Of interest
bearing notes 8s now authorized.
M. MORRIGL-Not at all
Mr.. LAWRENCE Ohio opposed the BIZ as still giving
the Secretary too much authority lie might retIe
the SEQ 900 Of compound interast notes and sJi
600 600 Of legal tenders within me next year thtS CON-
tracing the currency S2lfOO0 900 in wear.
Mr. LYNCH moved TO amend the amendment by adding
And no ned States notes shall be retired and Cancelled
until all the n.eestbearg Treasury notes now Outstanding
are funded"
He understood that the Secretary Of the Treasury did
not propose TO and could not retire more than w.
600 Of compound interest notes for the next Two years
House
timer The Secretary did not deem It prudent 70 iund
more than $780, 900 year and the first ndebied'
ness TO be FUNDED was the compound interest notes.
which were no. legal tender except for their face.
Mr. ALLEY was opposed TO the amendment of the
gentleman from Maine because he was IN favor OF con.
traction and that amendment would prevent any con
traction Of the currency No man was more anxious OF
sOlictOus on the subject than be.
Mr. LYNCH withdrew his amendment. 1t was re-
viewed by Mr.. Kelley who said referring to the resou'
ton offered by Mr.. Alley early IN the season that ne
T., 10 .lrF of
Massachusetts, under the deiusiOn that contraction
must be the way the resumption Of specie payment
But to-day the country on the high road TO resump
ton. The HOnse had been told that the volume OF
CURRENCY was increasing. and the gentleman nom ono
Mr. fe had talked Of the large amount oil gold IN
the country aud Of the balance OF trade being IN our
favor But yet, with all that, prices were daIy
viz; the prices of labor Of com
mOdities. OF gold, showing that the currency was
not inflated, but that tie country was IN
the high and successful way 10 an early
resumption Of specie payment without crisis; but
now il was proposed to alarm and parayze the 0usl'
ness Of the country by placing the control OF 1t IN the
had great confidence in the present incumbent but he
lid know who might be his successor IN the event
Of his death resignation. lie would not invest any
nan with the power to stop or expand the business OF
country quicken dull II any day be pleased
The bill proposed 10 do the absurd thing Of taking up
the Misunderstanding debt by borrowing money at
six per cent the effect Of which would be 10 close our
factories our fOrgos furnaces and parayze all the
business Of the e9ppTy, ,ree t6TtSf III ttsufh5
of specie payment to close mines and factories. to
turn many OF the labOring people into paupeTs, and
make oil become close economists
Mr. HOOPER inquired of his colleague (Alr. Alley as
10 the effect OF the resolution which Le had offered at
the commencement of the session.
Mr. ALLEY replied that II merely contemplated the
Hedging of Congress to cooperative action with the
Secretary of the Treasury in the views he has eX-
pressed in his annual report.
Mr. HOOPER inquired further whether his colleague
thought that those who opposed 10 the bill az 1t
stood expressing an opinion that II was ine1pedi'
ent 10 resume specie payment.
Mr. ALLEY replied that he understood the effect OF
his colleagues Hooper's) amendment wOud be 10 pre-
vent contraction. and the resumption of specie pay
ment Resumption could not be effected except ny con-
traction. lie therefore opposed to the amendment
OF his colleague.
Mr. WGsoS lIowa) inquired whether the laws of
trade were not now carrying the country toward the
resumption of specie payment as last as was satsac
tory to the Secretary himself
Mr.. ALLEY replied that that might be so,
Mr. Kclley's amendment WAS rejected.
Mr.. SLOAN moved TO amend by adding prOyiSo that
all bonds other obligations should be payable IN law
ul money OF the United States. He wished the Euro
pean demand for bonds 70 cease and the adoption
OF this amendment would produce that result.
MI GRlswOLD c0ncurred with the gentleman from
Wisconsin (AIr Soan in the object of his resolution
but differed with him to the mode OF eecting the
desired object The proper way was for Congress 10
egisate in such way to prevent the country being
flooded with foreign mportatlons which our DOnds
went abroad 70 pay.
Mr.. WESTw6RTH (Gll) remarked that there were
importers in the House lobbying for the passage OF
Mr.. Hoopcl 5 bill
Mr. GRlsWoLD On. " went on to show that the i'm.
poratons in nuary leoo were Jo per cent more tah
IN Inc corresponding month lSst year and that mp TO
the LIST of March the importaOns were SIX times as
large as in the corresponding time last year. The
country was being flooded with foreign goods az the
rate o. 800 OOO 600 year. Our foreign Indebtedness
10 dav was not less than 800 O00O00 ard would he
- Geo COO coo within the next 90 or ~ days He az
gued that the Secretary had now sufficient power to
Contract the currency Besides there great deal
of deusion about the idea of expanded currency.
Every believed 1t proper 10 get back as rapidly as
possible 10 specie payment; but there were worse
l. a la Tvs