Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1866-03-24
photographic,
FROM WASHINGTON.

|
to the right OF revolutionary pensioners re-
stored to the rolls of the Southern pension
agencies, on proof OF continued loyalty
throughout the rebellion. All pensioners
thus restored will now receive their pen.
siOns from the date of their last payment
on the former certificates, without inter-
ruT tion. BY direction of the Secretary Of
the interior payment for the period from
the 10th Of August, 1861, TO the date Of
completing the proof of loyalty, was sus-
pended while awaiting the opinion of the
Attorney General, which is adopted by the
Department.. After referring to the terms
and import of the act of February 4th,
1862, directing the names of all disloyal
persons and those who have at any time
manifested sympathy with the rebellion, to
be stricken from the rolls, the Attorney
| General says: VA
"By this act Congress has sought to be
just to all those pensioners of the Govern
ment who shall remain faithful and true,
and without any fault of theirs they must
be regarded as public enemies-as enemies,
all intercourse with whom under the laws
OF war, by the act Of Congress and the
proclamation made in pursuance thereof
was suspended, but, by the act of 4th Febru-
ary, 1862, their rights are saved, and when
intercourse became lawful their right to
demand payment was revived, and it be-
came the duty of the Government to pay"
Letter from 1le Secretary of the
Treasury.
| WASHINGTON, March 23.-The following
letter was addressed to-day by the Secreta-
ry Of the Treasury to the Chairman OF
the committee of Ways and Means:
TREASURY DEPARTMENT, March 23, 1856.
DEAR SR:-Your favor of the 22d inst.
is received, transmitting to me the follow
Ing resolution, namely: .-,r.-..
| "ReSOLUed That communication be ad-
dressed by this committee to the Secretary
of the Treasury, stating that the commit
tee has received, through one of its mem
bers, information that the Secretary is of
| opinion that he is, without further legsla-
tiOn, sufficiently armed with power to car
| ry out the policy announced in his late an
nual report, and to request the Secretary to
inform the committee whether such is his
opinion" r. ..r.r..
In reply have to say that / must have
failed to make myself clearly understood
by the honorable member of the commit
tee to whom reference is made. did not
intend to say that 'the Secretary is,
without further legislation, sufficient
ly armed with power to carry out
| Ill
annual report" But | did intend to say
to him, that if it should be found nee
essary to modify, in any important partic-
ular, the provisions OF the bill reported by
the committee, l should prefer that it
would not become law. 1t will be, in my
opinion, a national calamity il Congress
shall fail to grant additional powers to the
Secretary, for it will be very difficult, if not
| impossible, to fund interest bearing notes
under existing laws. But do not desire
that the committee or myselfshould become
in any way responsible for law that is
likely to fail in accomplishing its object.
l regard it matter of the greatest i'm
pOrtance that the powers of the Secretary
should not be strictly defined. If, for eX-
ample, the Secretary should be prohibited
from selling bonds below par, it would be
easy, as the market, in process of funding,
must be literally supplied, fOrthe enemies
of the Government to form successful COM
binations for keeping the bonds at such price
as would prevent the negotiation of them
On the other hand, if the authority of the
Secretary in this respect is not limited, nc
such combinations would be likely to be
formed. In my opinion the best way OF
keeping the bonds at a premium will be to
leave the Secretary unrestricted in the sale
OF them. Against an underlined power il
wolld be difficult to form successful COM
binations. A limitation of the authority
of the Secretary, in this respect, would be
very likely to prevent funding. do not
therefore, favor such limitation, and
should regret to have the committee respon-
sible for it.
In regard to the other important features
OF the bill, the authority to withdraw
United States notes, have merely to re-
mark that l conceive it to be of vast inn
portance to the business of the country,
the welfare of the people and the credit OF
the nation, that such a financial policy
should be adopted by this Congress as will
prepare the way for return to specie pay-
ment. When this can be brought about
will depend upon the condition of national
industry and the trade relations between
the United States and foreign nations. II
is not desirable that specie payment should
be restored until that restoration can be
made permanent by increasing industry
and proper adjustment of the trade with
Europe. The tendencies are all in the right
direction, and ifthey shall be adjusted by iu-
diciOus Legislation, shall be hopeful that
the currency of the country may be brought
up to the specie standard without large
reduction of it. The apprehension which
exists that If power is given to the Secre-
tary to retire United States notes, the cir
culation of the country will be ruinously
contracted, is withOutany substantial foun-
| dation. If no reliance can be placed upon
the discretion and carefulness of the Secre-
tary, the very condition of the finances of
the country will prevent such a reduction
of the currency, or will make light money
market, or depress business. Authority to
reducet currency will 90 very far to pre-
vent the necessity for retraction. The
battle will be more than half fought when
the Government shall adopt healthy fnan-
| cial policy. is-eri .,t
| am, very truly, your obedient servant,
[Signed] HUGH MCCULLoCH,
.s Secretary of the Treasury.
To Hon. Justin S. Morrill,, Chairman COM
mittee of Ways and Means, House Of
Representatives. .,,e.,,I
The Loan Bill. ,.
| WASHINGTON, March 23-The following
is the loan bill as it passed the House to-
day: -.'' 1 7"1 '.ii..,. ..e 10 v i'','s
Be it enacted, etc., That the act entitled an
act to provide ways and means to support
the Government, approved March Sd, 1865
shall be extended and construed to author
ize the Secretary of the Treasury, at his
| discretion, to receive any Treasury notes or
other obligations issued under any act of
Congress, whether bearing interest or not,
in exchange for any description of bonds
authorized by the act to which this Is an
amendment, and also to dispose of any de-
scription 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 money of the United States, or for
any Treasury notes, certificate of indebted
ness, or certificates of deposit, or other