Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1866-02-22
XXXIXth CONGREsS--1s Session.
WASHINGTON. Feb. 81.
SENATE.


between the eastern and western continents. which
was passed with some slight verbal amendments,
MIR, i tSSENDEN moved that the regular order,
which was the Constitutional amendment In relation
to representation, be postponed, and that the Senate
proceed 10 the consideration of the concurrent re'o-
luton of the House providing that until Congress
shall so decree Senators 'entatives from
thelately rebeous States shall be admitted TO the
balls Of Congress.
the concurrent resolution heing read the first time.
The SECOND reading was objected to by MT. Dixon.
The CGn.tituIin1al amendment was taken up.
Mr.. BUCKALEW took the hOOr in opposition To
Mr. WILSON, of Mass offered the following joint
resolution, which wRs referred to the Mitarp com
RsSotoed, That it is the duty and .prvieseof Com
fress to express the gratitude of the alton to tho
officers soldiers and seamen Of the United States to
whose valor and endurance on the land and on the
sea the rebellion has been crushed and its pride
humbled; by WHOSE heroic dt eds for the cause OF
freedom tho government of the people mas been pre-
served and maintained and by whose orderly return
from the field of blood Of civil war to the peaceful
pursuits Of private life the exsltng and ennobing
influences Of free in titutons upOnIa nation have
been sgnally manifested TO tho wofld.
HOUSE.
Mr.. GARFIGLD, of o., caused 70 be read q telo-.
gram from Columbus, o., glyinE the resolutions OF
a caucus Of the Union members OF the Legislature
Of that state The n !Ss % sn
position Of the principles etc. .,,.-,,y., =, .
The House, by vote of lD5 against 3Tilaid on tho
table the motion 70 reconsider me vote g 9y waca i
that no senator or Representative shall be admitted
into either branch Of Congress from any Of the late
rebelous States until Congress shall have hrst de-
clared such State entitled to such representation.
Mr.. DAW GS called up the contested election case
from Indiana, concluding with a resolution that
Daniel W Voorhees, is not entitled to the seat now
held By him, but that Henry 5. Washbnrne is en-
titled to the seat. ~
The election case was postponed till FRIDAY.
The House proceeded to the consideration OF the
Mr. MORRIL, of Vermont, said that it was not in
order to aude to what had recently taken place In
the Senate, but happen what MAJ, the Union men
will not forget there is country TO save: The
measure under consideration may be called the ap-
pie of the eye, the public credit twas proposed to
pledge not only our past accumulatlOns and resour-
ces but prospectyely the wealth OF thirty-slX mil
lions of people who earn more annually than any
other nation Of & millions on the Sb IN GrSeT @
was only a patch on an old warrant extending
the act Of March Sd, 1885, so as to au'
thorize the Secretary OF the treasury, az MS
other obligations issued under any act Of Congress-
whether their interest or not, in exchange for
any description Of bonds authorzed by the act to
which this is a supplements. The bill, it is true
conferred largo powers but il merely substituted
new debt for an old one. Our entire debt cannot
thus be increased single dollar. IL was known
that the Secretary of the Treasury contemplated a
return to specie payment at the earliest practicable
day. We have been fortunate in our Secretaries oi
the Treasury during the last FIVE years, one o. whom
was called to occupy the highest judicial station In
the country. 1t was relief to tho loyal people when
his SUCCESSOR. MIR. F,s'enden, was appoint
the public confidence. These men asked and re-
ceyed all they wanted from Congress, and did pot
betray their trust and now we have Secretary OF
paradise of ambition TO any man, and whose con-
duet has won golden opinions at home
and abroad. and vote t 81 ra1 nnexamped una 1nS
| est ambition seemed to be that of tinanclcr.
This bill gave to him the same powers a. was be-
slowed o9 his s oo oar present debt =
Let no one deny the fact that all nanca dangers
arc not yet passed The perils of high rates OF in
terest, and even commercial reVulsl9ns, may over
take us unless affairs managed with cOnsun'
mate skill If give the SecretaTy Of the iroIsu-
ry the power confded by this bill it may be of more
worth to us than to him. If Congress shall pursue
course of due economy in their appropriations, rs
| he MIR MORRILL, hoped he would, and will reduce the
military establishment wit hin reasonable time, we
may hope the public debt has reached its maximum.
The Secretary h. pes to get along without loans the
present year. IL it should be considered necessary
hereafter to resort TO- war Congress wOul dhaye tune
enough to act upon the subject before the close OF
the present session. AgradUal ext notion of the pub
lie debt should and will be carried Owing the
treason Of those who engsged in treason and rebellion
the entire receipts for the year ending June 3d. 1851
were only $4l i76,29g but the measures adopted b.
| Union men amid all the embarraSsments surround
ing them changed these figures in 1868. $ll2 2OOO,
600 OCO and in 1865, to 1888 900 OO0 while the actual
estimated receipts Of the present year are S453 OOO
OOO and over 600 if the receipts f gold are
estimated in paper currency. There would be mod
catlOn of the revenue laws to reduce the receipts
Of the Treasury to large extent until eur debt Is
permanently funded and snever below the point to
cover our ordinary expenses and to pay the interest
| Oh the public debt. Perhaps tho revenue from
/ whisky will be set aside and applied to the reduc.
ion of the principal Of the public debt; This could
| be no embarrassment. Our securities are the sur
est and best in the world. His opinion that ouI
own people should hod them. He hoped the time
| Xyh zf
our bonds higher than we ourselves. The bill con-
taned authority to makea foreign loan, but this
was optional and might not be exercised. lie fur
I Mr., STEVENS, of Pa, said that this bill placed
one thousand six hundred and fOrty-fve millions al
the absolute control of che Secretary Of the Treas
| uty and he proposed to amend the bill by striking
out various portions of it so that it might simply
provide that the act Of March 3D. 1855, sba be ex
tended and continued to aut 1OriZe the issue Of any
description of any bonds authorized by said act, and
the amount, in such manner and at Huch rates, moi
less than par, as the Secretary may think advisable
for lawful money Of the United States, or for any
Treasury notes. nerti6 6catos of Indebtedness or GER
tifcates of deposit, other representatives of val
| ue which have been or which may be issued under
any act of Congress, and the proceeds thereof shall
be used only for retiring Treasury notes other oh
legations bearing interest issued under the authOri
| ty of Congress; but nothing herein contained shall
be construed to authorize any increase of the public
debt. -. 3. .t..s.
The essential characters presented by Mr.. Ste
yehs are striking out the discretionary power Of the
"
tended he said, to offer bill in this form as a sub
| stitute for the original bill. y
4 Mr. HOOPER, Of Massachusetts,, then addressed
the House. saying. in conclusion, it has been SAID
that the Unit ed states notes and the fractional cur
rency took the place of the coin which had previous
ly circulated. 1t is very Ger ain that they did moi
dspace the bank notes. for they increased in amount
instead Of being diminished since the issue If Uni
ted States notes, viii the supply of money reg
| ulated by State banks. There never was, in my
opinion, a suitable amount of money for the pro-
per conduct of the business. Of the country
Ii seems TO me that the Treasury should resume spe
Gle payment without regard to banks and that U :
notes could be continued in circulation as equiva
lent of coin after specie payments were commenced
and until there was sufficient amount of coin il
the country TO supply their place in the United
States, would be convenientfur use in the United
States and so long as the foreign exchanges il
favor OF this country there would be no egitimati
demand upon the Treasury to redeem the notes il
coin. During the past four years the great
all the financial bills before Congress has been I,
carry en- tho war. That necessity having passed nj
more loan bills are required. 1t is our duty TO bC
made in the regulation Of the money Of the country
| involving, as it does the value of all propert,
and affecting the interests of every one il
the community. My chief objections to with.
drawing the United States notes from circulation by
converting them into bonds, arc the expenses that
would be incurred for interest on bonds my beliei
that larger amount of money than formerlys nrw
used for the business of the country, anG
my fear Of some other country not so good
| may be allowed to take their place, by which the
currency would be further than ever from curren.
cy convertible into coin. The loan bill passed by
the last Congress as approved March g. 1865, empow
any description authorized by tte act for the pur.
pose of converting into such bonds any Treasury
notes or ether obligations bearing interest issued
under any act of Congress. This is the pOWel
which the Secretary of the Trea 'ury has now, liz
is authorized to issue bonds for any period not es
than five or not more than folt ty years from thel