New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1866-03-17
to be paid, That was the prob to be solved by til


for adjustment 1t would be calamitous he said. for
the Secretary TO be compelled TO issue compound inter
notes to meet this debt because that the most
costly paper that the Government now issued TO OF
its creditors; or, If bs compelled 10 issue 1910
4 bonds a short bond which now foods the market
more than any other and which will be maturing after
about twelve months TO these two things the power
Of the Secretyry of the Treasury was limited One Of
them was what he ought not TO have to- and
could not have without injury to tie Treasury; and the
other he could only do for the purpose OF exchange with
the consent Of the holder. There never so great
necessity for the Secretary having larger authority
In his hands than at present and for two TO come
Power TO meet the necessity Of the case had to DO put
into the hands OF the Secretary and he should be held
responsible for the OF that power. If the power be
reported BY the Committee Of Ways and Means would
they tell the House how this thing was to DO
donef 1t was incumbent on those who opposed
do for them to make mere negative statements,
finding fault with what other people did while they pro
posed nothing themselves. The only law that was
powerful enough 10 reach the difficulty and it
was the green-back currency In the first place II
helped TO add TO the volume Of the currency and In the
second place. 1t underlay the National Bank systemi
when 1t would be withdrawn 1t would influence the
banks and them to contract; and as that took
place we would be approaching the specie basis,
Mr.. PRICE inquired whether tie urreney had not
been increasing for the last six months, while gold was
gong down gradually and surely ..
| Mr.. GARFIELD reminded him that s6OOOCO,WO OF
Confederate currency had collapsed in day. and that
the thus made had to be filed. SO that while
our currency may have increased. it bad actually d
/
Mr.. fnrcE-Do you deny in the face of history that
while the currency has been Increasing gold has been
decreasing in value
Mr. GARfIELD-I think have answered that cues
! ton.
Mr.. PRrcE-I am sorry cannot see the answer.
Mr.. GARi1ELD-There bas been very tri1ing in
crease OF currency. not at oil commensurate with the
great yacu I'm TO be filled at the South.
Mr. GARFIELD. referring to the financial history OF
England after the fall OF Napoleon. quoted The bullion
report made in the British Parliament in which the
principle laid down that tho only test OF the re-
dundancy OF the currency is its convetbiy into gold
at the viii OF the bond holder. This English bisiory
was instructive 10 Ia 1911, when they threatened
TO cone back specie payment, prices went down IN
expectation Of IT, When they refused TO abide by ihe
bullion report prices started up aud continued TO go up
until they again came 10 specie payment when the
prices came down to meet them. =,
Referring TO the statement Of Mr.. Stevens, that
return to specie basis would derango the business OF
the country. he admitted that 1t would have some suc1
influence But if We had not patriotism enough 10 SUB
nit TO little pressure steadily applied We vonld lave
10 90 endless round OF dissipation and ganlDIhg
| In the business Of the county. 81,
| Mr. DARLING q. " addressed the House on the
question OF currency taxation and tariff taking ground
IN favor Of providing for the payment OF the COMPOUND
interest notes. in favor OF keeping Legal teh9es lnon
INTEREST," GHoa the circulating ncdiumi IN favor OF
exomn,ng incomes below 5000 from TAXATION ana IN
favor of protection 90 manufactures ana OF dis'
elimination in favor OF the poor by removing taxes
from the adult necessaries OF ne lheso lueus "c
elaborated with much force ano ablt!'
Mr. LYNCH next addressed the House. He expressed
the hope that full Discretionary authority should DC
given the Secretary for the finding Of all OF the ost
ing sbearng Indebtedness OF Tue uoVefhnlen.,
lie was opposed however TO comforting any power on
the Secretary OF the Treasury 10 contract Tue fOuhe o
Inc National gfccnback lecalender currency as The
exercise OF such a power was no' I =, wona
rather reisrd II not defeat that most desrame OBJECT
He conended that the currency was not IN excess OF
the requirements Of the country and therefore no cor
traction needed. Gold had declined rom 2S0to ~
per cent under absolute increase OF the eurirhy!
Would one give him sound rcnson hy We uc
cline should stop at that pnriicuAr POM, "ouu 10,
the same reason which had forced gold from Its great
altitude 10 its present point operate 10 Gf'e 81"
Mr. B1xyR briefly addressed the House lie declared
that be wonld not add TO the burden of labor b, m
creasing the taI.payiins debt OF The COUNTY WHO
I for a worse one lie would therefore vote very de-
tcrminadly against tbs blu. .,
i Mr. LAwREScE Ohio stated his reasons for voting
against the bill IL proposed to convert nohiherest
having debt into Interest paying debt hiulhg
twenty four millions 10 tie annual expenditures OF the
county. a return 20 specie payment was Only de'
slrable when public nnd private Interests "Vu'n DC pro-
MIR. spALryG said ne was not skilled In the science
Of haance and hence he had felt much EN- ~
making UP his mind how 10 vote on this biL tnaer
ordinary circumstances he would have followed tie
lead OF the distinguished gentleman from Pennsylvania
AR S,eyeps) who had made an elaborate argument
,oday against the bill but he iecOlected now that gen
tleman had led him Congress an ign. tas chase
aer tho gold spec ulsos and that ley had to rernce
their after lev lhNh; lu'It4pi'
Trusted that rentemans financial ability, and hence to
be guided by his own common sense views 81 tHe
question II must be 10 the interest OF The connify 20
return to specie payments as - poS''D' ""D
) Mr. MonEILL closed the debate There had been
and would be 10 more important measure before the
CONGRESS than the vote how before H. lie contra
dicted the statement made by Mr.. stevens DAY ID
regard TO the Secretary Of the Treasury asking anL9f
It's 10 retire goo 300 Of egalichder notes annually;
An that the Secretary proposed and all that tho bhl
prouosed was 10 establish the policy oi con
Traction IL the House should reverse the
National policy enunciated BY the Secretary
Of tie Treasury ana lnuorsed py VI.
House Ia the early part Of the session. tie prices OF
merchandise would be- increased and gold would again
rise IN the market. The finances OF the country were
not yet out Of peril. Tho worst and most dangerous
, lime was vet TO come always the case after
period OF great imitation Gelue4;p hsa sa@ that we
had not a redundant curreL6y. He wished he bad
time TO show the fslacy of the statement ls he be-
leved no could and TO uample u IN the dust
equal 10 $50 per capita OF population; no one could
deny that that too much le would not admit inc
T statement made to-day by Mr.. Boutwell, that Tue
amount of portable property in the country had dimn
ished' The Government might be poorer BAY Tue
people OF the Northern States, at least were richer
The Secretary Of the Treasury was master OF the SUP
icct and certainly one would doubt bis IN
iegrity There was, therefore. no risk In intrust
ing this power into iis hands. and II was alb
sofutely necessary that the power should be given
10 him III the policy Of the Secretary were pursued
we woud have less frequent changes In the money
market aud that would be for the benefit OF the manu-
acurers and mercantile classes. The bill even ater
The amendment which he (Mr. Morrill, proposed would
s allow the Secretary Of the Treasury TO negotiate
The sale OF bonds abroad. He hoped there was good
sense enough the House 10 pass this bill III II dd
he did not believe the House would reject II.
The preyious question was seconded and the House
was brought to vote the bill and amendments. Ihe
first question the amendment offered to-day py
| Mr. Sloan The amendment was rejected, by 81 10 ~
votes The question was next taken Mr. Morrils
amendment 10 strike out the foreign clause and II was