Ashtabula weekly telegraph. [volume] (Ashtabula, Ohio) 1853-1873, 1866-04-07

In the House of Representatives, March
10th, ls66.
aof all the conryanses for cheating the aborinR classes
of mankind has been eecua than that which de-
ludes them with [nedeemabie] paper money" Webster.
The House having under consideration the
following bill
A bill to amend an act entitled An act to
provide ways and means to support the Gov
ernment' approved March 3. 1865.
Be IL enated by the Senate and House Of Re.
presentatipcs Of the United States Of America in
Congress assembled, That the act entitled I" An
act to provide ways and means to support the
Government" approved March 8, 1865 shall be
extended aud construed to authorize the Secre
tary of the Treasury, at his discretion, to receive
any Treasury notes or other obligations, issued
under any act of Congress, whether bearing in.
terest 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 des-
cripton Of bonds authorized by said act, either
10 the United States or elsewhere, to such an
amount 10 such manner, aud at such rates as he
may think advisable, for lawful money of the
United States, or for any Treasuary notes, cer
tfcates ofindebtedness, or certificates of depos.
it, or other representatives of value, which have
been or which may be issued under any act O.
retiring Treasury notes or other obligations is.
sued under any act of Congress but moth ng
herein contained shall be construed to authorize
any increase of the public debt Provided,
That the act to which this Is an amendment
shall continue 10 full force 10 all its provisions,
except as modified by this act.
Mr.. GARFIELD said
Mr. SPEAKER After the long and spir.
tied contest on this bill, l shall do little be.
yond making as plain statement as con
of the great financial problem Low before
the country for solution. The bill relates
to two leading points iu that problem,
namely:
l. To our Indebtedness that shall accrue
from time to time in the course of the next
three years.
O. To our currency and it's relation TO the
standard OF value.
l shall notice these n the order have
named them.
Several gentlemen have said. during the
progress of this debate, that what nigh!
have been very proper financial measure
in time Of war might be a very dang rous
and unnecessary one in time of peace; thai
the vast powers propose to be given to the
Secretary of The Treasury 10 this bill, are
powers only jlsifable in time of great pub
lie danger, as during the late war.
Now. beg to remind gentlemen that the
financial problems before this country are
becoming greater since the war than they
were during its continuance. In the mds,
Of the war when the blood of The nation was
up; when patriotism was aroused, and .he
people were determined to put down the
rebellion and preserve the Republic at all
hazards when the last man aud the last
dollar were offered willing sacrifice, it
was comparatively easy 10 pass financial
bills and raise millions of money. But now,
when we are to gather up all the pledges
and promises OF four terrible years, and re-
deem them out of the solid resources Of the
people in time of peace, the problem is far
more difficult. To solve it successfully re-
quires greater exertion, aud perhaps even
greater financial ability than would be re
quiste were the war still raging.
What is the amount of indebt edness TO
be met, and when must it be met To this
question / invite the careful and earnest a.
tention of the House. i shall give the
official statemen, of the amount OF our total
Indebtedness and also Of that portion soon
to become due. The amount of our public
debt on the first day of this month was $2,,
7ll,850,000. Less than half this amount
is funded. Within the next three years
81, 900, 900, 900 of this deb! will fall due.
aud will be presented at the counter of the
Treasury Department for payment. That
payment must be promptly made or our
paper goes to protest aud our credit is bro
ken. l hold in my hand an official table
showing the amount Of our Indebtedness
that natures during each half year for the
next two years, from which, after word
of explanation, will read.
Taere was on the last day of February,
1865, portion OF our debt in the form of
a temporary loan to the amount of $ll9,.
335, l94 so, payable at the option of the
lender after ten days notice. 1t would
hardly be fair to reckon that whole amour.
as payable within the 6rst six months, yet
as II may be called for at any time, and 10
the least valuable form of loan, it must be
added TO the statement of indeb edness soon
to be met. With this explanation, and
supposing the payment of this loan 10 be
demanded within the next six months,
call attention to The facts exhibited 10 the
table.
Between this and the 30th day Of June
next we must pay in addition to the regu-
lar expenditure OF the Government, $l38,.
oI4,e74 81. During the six months end