The New York herald., 1866-03-17
THE CAPT. AL.


paper OF the government would go to protest,
which cannot be called for, and must be
paid at days notice, was last February
sIlo 600 900 BY tie 18th of June next we must pay
and above the regular expenditures of the
nent sl3s 000, 900; six months later December 81
1866, ooo six months LATER IS, 500 OoO during
the six months following, ending December 81, 1867,
$3.50 600; during the six months following 1860
100000 and during the rex six months ending Decem-
Der 81 lS6S, $S 900 000 So that between this and the
meeting Of the next Congress there must be absolutely
paid the counter of the Treasury above all
the ordinary expenses the government 81 2ol 800 COG
How was that sum to be padr That the problem TO
be solved by this Congress- and 1t must meet the respon
sibliy.
Mr. SrALprSG inquired whether that amount did not
Issue Gve-twentles.
Mr. GARrrsLD admitted that it did but stated that this
debt of twelve hundred millions would be presented for
adjustment II would be calamtous, he sand, for the
Secretary to be compelled to issue compound interest
this debt because that was the most
costly paper that the government now issued to any OF
its creditors; or, If he compelled TO issue 730
bonds Ia short bond which Hoods the market more
than any other and which will be maturing after about
twelve monhs to these two things the power OF the
Secretary Of the Treasury was limited One OF them
was what he ought have and could not
have without injury to the Treasury and the other he
could only do for the purpose OF exchange with the
essity for the Secretary having larger authority
his hands than at present and for two years TO come
Power 10 the necessity Of the had be put
the Secretary of the treasury and he
should be held responsible for the Of that power If
the power be not gwen him. and if gentlemen would
aot take the bill reported by the Committee of Ways and
Means would they tell the House how this thing to
he dones IL was incumbent those who opposed this
bill to show the way II would not do for them 10 make
negative statements, finding fault with what other
people did, while they proposed nothing themselves
difficulty and overcome it, was the greenback currency
In the first place, 1t helped to add TO the
voiumeof the currency and in the second plac. it un
deriay the naonal bank system. When would be with
drawn II would influence the banks and cause item to
contract and as that took place would be approach
ing the specie basis.
tr PRicE inquired whether the currency had nd been
increasing for the last six months, while gold was going
Mr. GARFIELD reminded him that six hundred millions
Of Confederate currency had collapsed In day. and that
the vacuum thus made had to be filled; SO that While
currency may increased, II had actually dnin
ished relatively in proportion to the business OF the
country
while The currency has been increasing gold has been e
Creasing in value!
Mr. GARFIEID-I think have answered that question
Mr.. PRIcE-I sorry / cannot see the answet
Mr. GArr1E1p-There has been very trining increase
of currency, not at all commensurate with the great
vacnuEa to be filled at the South.
Mr. Garfield referring the financial history of Eng
land after the fall of Napoleon quoted the bullion report
made to the British Parliament in which the principle
vas laid down that the only test Of the redundancy Of
Tns English s.o sUS %ss
us In lsn When they threatened 10 back to spe
:te payms. ,rices went down In expectation Of when
up and continued to 20 up, until they again came 70
specie ! pa payment w,.n the prices came down 70
that return to the specie basis would dersnre the bus,
nces Of the country, he admSaed that would have
some such inhaenee' 9al we had not patriotism
s Sssaey dsspsoa spssa
and gambling in the business Of the country
enc question q cutrhdy, taxation and tsra 'd. sssDe oe
yround In favor Of providing for the payment Of the
compound interest notes in favor Of keeping legal
In favor Of exemptng incomes below 81 600 from taxa
ton, and in favor Of protection to manufactures and
- 10
saxes from the necessarios Of life These ideas he
elaborated with much force and ability.
ne Ss hope
sbod be given 70 the Secretary for the funding OF all
sf the floating nterestbearng indebednssses Of the
power the Secretary Of the Treasury
che volume of the national grecnback legal tender
rency the of such power no necessary
60 facilitate the funding Of the debt II would rather
ratlrd, not defeat that most desirable object. He
contended the currency in excess Of the
req iremens OF the country and therefore contrac-
sion needed Gold had declined from two hundred
and eighty to one hundred aud thirty cent under
absolute Increase OF the currency Would some one
give him sound reason why the decline should stop
that particular ponts Would not the which
had forced gold from its great altitude to its present
point operate 10 crive IL still lowerf
Mr. BAKER rep) OF ILL.,, briefly addressed the House.
by increasing the taxpayng debt Of the country while
taking from the people better money to mako for
worse one. He would, therefore, vote very deter.
Mr. LAWRENCE (repj Of Ohio, stated his reasons for
voting against the bill II proposed 10 q
interest paying debt paying debt adding
twenty four millions to the annual expenditures Of the
country. return TO specie payments only desir-
able when public and private interests would be pro-
moted by L.
Mr. SPALpSa said he was not skilled In the science Of
nnance hence he had letimuch embarrassment in max
nary circumstances he would hive followed the lead of
che distinguished gentleman from Pennsylvania Mr
ens) who had made elaborate argument to-day against
the bill; but he recollected how that gcntiamcn
had led him last Congress an tgs dtuus chase after
che gold speculstor and that they had 70 rc,ace their
that gentlemans financial ability and had b, guided
oy his own common sense views Of the question It
must be 70 the interest OF the country to return TO specie
payment as speedily as possible, and therefore no
Mr. MoRFILL closed the debate There had been and
would be no moro important measure before the Con.
gres than the vote before H. He conradicted the
statement made by Mr. Stevens today in regard the
secretary OF the Treasury asking authority 70 retire
tvo hundred millions Of legal tender notes annually
All that the Secretary proposed and all that this bill pro-
House should the national policy euuncated by
The cretary o the Treasury and endorsed y the House
die. would :. and gold would sssn ss in the
market The finances OF the country were not yet out o
peril The worst and most dangerous time was yet 70
come, - Was always the after period great na
sion- Gcntlemeu had said thai had not redundant
currency He wished he had time TO show Tho
could and 70 .ramp,e !, in o' tne dust
The circulation now aaosi amounted 70 ssSsooo oOo
asd S.aS a r.: S0s ss. per- sdd Of Il. would no
admit the statement made to-day by Mr. Boutwell,, thas
che amount Of poais property In the country had d.
min.ssa rne government might be poorer, but tho
people Of the Northern states at least richer
Ihe Secretary Of the Treasury was master Of tho SUD-
yect, and certainly would doubt his integrity
There was, therefore, risk in entrustng this power
into his hands, and was absolutely necessary that
fhe power should be gwen " him the
policy Of the Secretary ~crc pursued We would
have less frequent changes in the money mar
ket, and that would be for the benefit OF tho
manufacturers and mercantile classes. The bill even
nftcr the amendment which ho (Mr MORRILL, pro-
posed would still allow the Secretary Of the Tsasury
% negotiate the sale Of bonds abroad He hod there
was good enough In tho House TO pass ps DILL
- did he did not believe the senate would rect IT,
The previous question seconded, I'd the House
brought 70 vote on the bill and smsidments the
nret question was on the amendment hcred today "
Mr. Sloan. The amendnent resctcd by u 70 u
votes