Evening star. [volume] (Washington, D.C.) 1854-1972, 1866-04-09
XXXIXTH CONGREss-FIRsTS SESSION.

the same is necessary to protect home lndnstyy.
Referred 10 the Committee on Finance
Mr.. Morgan presented the concurrent resa-
lutions of the New York Legislature prs--
scribIng the condition npon which the LATELY
rebellious States ought TO be admitted TO re-1
resentation. Referred to the Committee on
Reco~ struction.
Mr.. Anthony presented the memorial of ed u.
cational men IN different parts of the country
asking for the establishment of National
Bureau of Education. Referred to the Judi
ciary Committee.
MI. Wilson. from the Military Committee,
reported the House bill to reimburse the State.
OF Pennsylvania for war expenses.
Mr.. Wilson, from the Military Committee
reported the House joint resolution declaring q.
the true intent and meaning of the words an the.
line OF duty, as used IN the pension bill, shall
be construed to embrace wounds received IL
the service, except when on furlough in the
commission OF some unlawful act. The reso-
luton was passed.
Mr.. Poland called up a bill for the coditica-
ton and revision of the statutes OF the United
States. Ii provides for the appointment OF three
Commissioners at the rate of five thousand dol
lars per year to do the proposed work The.
bill was passed.
Mr.. Fessenden called up the bill known as
the loan bill reported from the Finance Com
mittee as it passed the House. The bill was
read.
Mr.. Fessenden said the Committee of Finance
had come to the conclusion, after a careful ex-
animation, that the bill was well enough as il
stood, and therefore they had suggested no
amendment.
Mr.. Sherman regretted very much that he
was not able to concur in the opinion Of the
Finance Committee. He did not see the neces-
sIty OF comforting such power upon the Secre-
tary OF the Treasury rs this bill proposed. 1t
conferred greater powers than were ever con-
ferred upon Secretary of the Treasury. There
was an impression upon the public mind that
the financial condition of the country was less
favorable than ii really was The statement
of the public debt recently published, did not.
show an unfavorable condition. There was
no portion of the public debt due until August,
1867. The Secretary of the Treasury would
not be required TO fund any OF the public debt
until August 20, 1861. The first obligations to
mature were the first of 80 notes. Three hun
dred millions of these would mature In Au-
gust, 1o67. The tendency of the bill, Mr.. Sher-
man said, was to put il into the power OF the
Secretary of the Treasury to contract the cur
rency, and thus put an unnecessary strain upon
the commercial world. No man ought To have
this power. 1t ought to be left for the law
alone 10 do so. Every citizen had a right TO
know how much currency was in circu lation
at any time: but under this bill il would be
possible for any one but the Secretary OF the
Treasury 10 knew this.
Mr.. FessendeH said the only objection he had
10 the bill was Its weakness and not its strength
that ii gave too little instead OF too much pow
er to the Secretary. The only consequence hs
attached 10 the bill was that il recognized the
principle that as soon as the good of the conn
try would admit we should get back to spscis
payments. The effect of rejecting the bin
would be to say to the coantry that the inten-
ton was to expand instead of contract. He
did not believe the Secretary of the Treasury
would use the power given him under this bill
10 the detriment OF the business interests OF the
country, because TO do so would be to reduce
the increase OF the Government.
Mr.. Chandler said that when we had = mil
lion of men an the field. and were spending
seven or eight hundred millions a year. il was
necessary 10 confer extraordinary powers on
the Secretary OF the Treasury. But now thar
the war was over there was no necessitv for
comforting that power any longer. He woald
like a little further time 20 examine the ball.
but II struck him as evil and only evil. 1t con-
ferred powers which no man ought to accept.
There was no limit to the amount of specEIa-
ton that could originate under the bill.
Mr.. tpssenden.-Only to exchange one kind
of bond for another-that's all the power
Mr.. Chandler said there We're powers con-
ferred TO issue forty bonds in lieu of FIVE
year bonds. man who was not honest, pos
sessing power under the bill. could make
more money under it than any man in this
Mr.. Anthony said that an argument drawn
from present returns of Internal revenge was
not safe TO rely upon for the future. In seve-
raj articles OF manufactureths receipts would
fall on materially during the coming wear.
Mr.. Sherman replied TO the argument Of Mr..
Fessenden. There was no necessity for pass
ing the bill TO enable the Secretary ot the Treas
nry TO meet present or accruing indebtedness.
| The seven thirties would undou btedly be paid
in flve-twentiesi which would POSTPONE the
payment Of the principal for Fl We years more
or for twenty, at the option OF the Government
de could SEE no object in passing the bill ex-
cept 10 declare a policy, as Mr.. Fessenden had
sdiu MT essenuen nd0 SAID that the Secre-
i tary would not curtail the currency, but that
| was his avowed policy, declared in his reports.
He did not think IL wise 10 give the Secretary
| so much power. He (Sherman) had a hopeful
view OF the failure, and belieyed that the future
debs would take care of itself He expected 10
go back 10 specie basis, but he expected TO do
so without any material reduction OF the cur
rehcy. The entire amount Of currency now
in circulation was sever hundred and four
millions. He did not believe this was super
| abundant. No power GA earth could keep gold
from erAfr d., ~ -
Treasury would Just keep out of the stock
market and meet Indebtedness when due, the
people OF the United States would take care
Il of the public debt
/ HoUsE.-The Speaker announced that the
| first business in order would be the considers
ton Of the resolution offered by Mr.. Davis. of
N. Y, on the 10Th OF January last, expressing
the confidence OF the House in the Preside2,
and his reconstruction policy.
On motion. of MIR. Raymond, of N. Y, the
consideration of the resolution was postponed
for two weeks.
Mr.. Boutwell,, OF Mass, offered resolutions
instructing the Committee on the Judiciary TO
Inquire whether there is any probable foUsda-
ton for the alleged completely of Jefferson
Lincoln, and in the attempted assassination 81
VIM. H. Seward, and if So whether any legis-
lation is necessary on the part of Congress 20
bring such persons TO speedy and impartial
trial. The resolutions We're adopted.
Mr.. Ancona, of Pa, introduced resolutions ia
favor Of certain notifications Of the income
tax. Laid on the table.
Mr.. Raymond, of n. ", offered resolution
requesting the President 10 taxe speedy steps
for the trial of jefferson Davis fer treason.
Referred to the Committee on the Judiciary
The morning hour having expired
message was received from the Senate
transmitting the Civil Rights bill, with the
message OF the President returning the same
and the aetioH Of the Senate thereon The
House took up the consideration of the same,
and the message having bsen resd, In fall-
Mr.. Wilson, of Iowa, moved the previous
question on the passage Of the bill, the Presi-
dents objections TO the contrary notwith.
standing.
| Mr.. Eldridge, of Wis, moved a call of the
i House, and during the call of the yeas ana
/ nays thereon, at 2.30 p. m our report closed.