The New York herald., 1866-02-22

pgesent bill only Path old garment, extend
Ing the act Of March 3, 1885, TO authorize the Sec
rotary OF the Treasury AT has discretion TO receive any
Treasury notes other obj atoms h9ed nguer any net
OF rCongrus whether bsGrng interest not in exchange
Tor any decrtl"n nf bonds authorized by the act 10
which This Is n supplement- The bill II True confer
rod lsrg, powers but Il merely substitutes nov debt
for an old Our entire debt 4Inui thus bs cd
single dollar IL VAS ksswn that ho AIRY OF the
Treasury contemplated a return TO spec payments
The earliest practicable day We have BEEN Fortunate In
our Sccrclar ~ the Treasury during the past i've
years; one OF whom called 10 occupy the highest
judicial station Ia the counry. II was relief a. the
loyal people when IBIS successor (.ir fsssendcnl
appointed commanding ~ he dii 10 much OF the public
confidence rhcso ed aud received an they wanted
from Congress and did not betray their trust ana
No have a Sccctary OF the Treasury 10 Mr.. hccuoch
VINO occupt paradise OF ambition i0 any man aud
wnoso conduct has Won golden 0pioioas AL home aud
aoioad, and a Vote or uneXanplci uuaninty on the
raft OF this House Hs highest ambition seemed 70 be
liri OF nnanccr. This bill gave blin the samo
pomes @ a. was bestowed on bis predecessors Our pro
sent debt Is two thousand hundred and Al xiren
nions OF dollars, leaving one Thousand aud nfty.seYen
inlols ol IL TO be FUNDED Let dcIfde tho fact
tha all our fnuncia dangers not yet pasSed lhe
peris OF hgh ratei nf interest and commercial
"vuRlons may ovrrtakn Us uUl alGirs are man
ascd with consunmAe skill II we give the secre,arv OF
,hs Treasury the power cOnhded by tins bill n may
DC o more worth ~ us unh TO hun II tonress shalt
pufsee course OF due economy their approirn n!ena
as Ie (Mr. MORRILL, recommends, they would
and WI reduce the military establishment With
IN reasonable time We may hope that the pub
lic debt lrua reached its maximum. Ths SECRETARY
hopes 20 get apng without loans for the present year II
II should be ronsldrroi necessary hereafter To Ten Ia
war Congress woald have tme enough to art upon tho
subject at he closc OF the present ssssion gradual
incuon Of ic public debt should aud Will be carried
owing 10 the rcachery OF those who engaged IN
and rebellion, Tie entire rccepls for tho year ending
June 80 1901 were only s4i s702 300 But the mca,urcs
adopted by Union men, amid all the embarras-.
ments surrounding them. changed these figures in
1868 70 tllsc00v0 To than this amount in
1904, or .2o 600 600 and in 1865 o $a whilo
The actual and estimated receipts of tho pr~sont year ar,
600 and over 5000 600 900 II the receipts of
"a saa, are ssa'ea 70 paper Currency There shoald be
ccipts Of he Treasury To large e,tsut up our de, IN
permanently funded and below point 10 cover
our Ordinary expenses aud to the interest on tho
public debt Perhaps the revenue from whnhey wu be
set asidc and applied TO the reduction OF prncai u
the public debt This would be Understood by All and
abon which thcr. cvId he no embarrassment M an,
securities are the safest and best The world Ms
opinion that our own people should hold them lie
hoped the would never como when foreaners would
pr1c our bonds higher than oursclves Tho BIN con
'a,ncd authority 70 make forcign lean bat TINS
optional and might not be ri,ed. He further c1
pressed his vis~s on the financial Qnestion
Mr. srsgEss said that this bill placed 81 GA 900 90
nj tho absolute control OF the the Trca.uy
and he proposed 20 amend the bill by striking outfa
r.ous portions OF H. 10 that II might simply pro-ido
that the act % March 3 1868 shall he eyf.nded and
tnued to authorize the Issue OF any description Of bonds
authorized by the saic art To such amount IL snch
aaner and At such rays MOI iess than par Score
States or for any Trasury notes. Of d.led
nos Or ecrtncaig of deposit or other representatives,
Of value which tse been which may be- iss.ed updrr
ans act or Conrss and the proceeds thereof shall be
us only for yring Treasury notes o,herobllgaiios
bezring intrrs issued nndor thc authority ~ Consros.
but nothing herein contained shaiI he construed 70 .,
tborize snyIncresse Of the public debt
Tn, essttd changes proposed by w. Stevens are
The Ts~srsy snd also the tuslsn Ioap eis..s IN. in
tended e sad 70 onrrs bail IN uis form subsi,nts
Mr. foorks, repJ Of nAss u.en aaire..ad The Hons,
ayii-rn concuhion Ill has bccn zAd thai the Upnad
ststsnNes and the fractional currency took the riA
" ~ coin which had h-rn previously circulated IA.
very crfain that they d. dsplaca the bank no,cs
Tor iey havo increased IA amount, tnStsnd o. boing
dmiished, since tho of tho In0d 49, no,"s
WAL tbs supply OF money ~as regulated by de s.Als
"a osas usIs never was Ia opiaiy suitable amount
o' WnSyIoF the prnrar onnduct VI busnep of The
ofIy n se~ms 70 Inc ths. the Treasury soud rs.uma
~, pay,nnnu without regard 70 thn banks thai
tU nted s'es notes oouki bo nned ia
90 W cqrlgalcnt of coin s'ter Hpecle faynsn. we,,
fe".rd and until there ws Sufficient sn,oal " coin
IN ihs ,untsr 70 supply tbcs place The Uns> gl.s
. "a :. ss ' ss ssssss E s:ss p iaror
ttiifountsy there would 10 Legitimate dsnzbf
sss,n a. Treasury redeem Tie Ia com Darns
tee pstour tho great object D all tie financial
bdkp bsir Cousurrs ha. carry on the war That
pos sstnsvirg rassed iaan bills are required
or iliy " be cautious in dslsrmDins upon ihe
c.s b" mad" in the regnst'on OF the money OF the
aolnr vo,inT ~ ., does the s.lse of All property
md 1ass the tDtercrts o, every ooFninln
y ~ yief ctuciions 10 Withdrawing uIs United :
Si0t noia irDr ,nifcniatinn by conysftng them nto
',nds are ,-id.s he expense tia, would be Incurred
r inire., thu oonds my belio' that iarg'r amount
us ooun'rt sni y fear that other Tsper not d
os sy w 1--we 80 take their ysee hy whsh tr
er,A'is into eo 10 Loan III pa-se Sy tbe la Con- : !.
ross. approved Nscb ., 5sas. .iayowenrd the =
10y OF 10. TSsE sry 70 vruc bends %; any y
osry"1 Autboar q by thA A., Toe ha Z.
ari'oAe 81 cDn,crlHr into 4nch snnds any Trua !,
ay ns.s o. oars obhrStous s..nl. q ia,sre.s i,
d eh tue t.resry oft. TTssary bss non 10 q su =,
.sflzfd - s.e bondl - any perod not es,ihsn hre N
interest," po eSos. 'S - pr on eesan bSi a. s @ i, s.
fs. o. %, .eng Or lg7ding ohef lsiersst ts.ulg n
~, = ~. A.. -. oi' s-e- ,on..-'ta'in f'.'''f I" a
.rrat the -.cffAT tn Esoas1ry Uhsu Le alaas n .
'todies' " 1921 oola.-9aa Hoi bcpHs iatsieat .
'1hiy 80 W h1eye Ffr ~ FufTose only of rssglBg
Der osisa'ioHs bu no. aIy Bofoase Or ts pablo .
,sei 81 ga any irtgn eosaffy sud r.o pfIns pai ase
icfeai fsid ia ur cunency " that cuanify b.n /
q ger caStuni UNDERTAKE flai the esfstary
lhe 1resssy ts.noi eSlrri g az ,his re-gr ~ y
,rcir.f only IN az circumstances Hsy ars ust q -
opinion would rsnsas 10 adsarLass,i and Epsdishl
70 tower % hgruv Money und-s ts ari % set yraf q
eniaaef md NE aa's niIsu' - uai 80 pUpDf-l n
". bal dos ioi atal.srike am nsr iaan Its ouy n
jesl b. ~ ata Va taD1ng u sslals 80 ltions
80 N t1s h Sab-rs = ~ c,,saiiss a i..,., al N
ans .vho iad luat pfrelled hh. lay had oasrea ~
. t-~t rll fciafn % fp.ci@ ~ oY,rsnf 80 d. ~. e,
.gai.hu>ago tl- nntoas deDi ds.sslia ~
4 eat,i-en r,..ai wLss iansara AZ ii ths go ~.
glri thai D rcaaen nsn. insssai telrBe nges saaf
" h issEuY'y ior " iiv niiigns q gfssnts.k h i.
~ ief n ryery mas on hans would be oBmgee1 10 t.
4 The naftrni rH-s thsir r-Y.ssI,n ~ usrt ~
: caoffA aon. Th~T sb9gh - wAh c.sxiou "a
.Lsalh hs bad oontieies 10 fhe Secretary ~ a.. "a
=, sea.-1aes ,ie E,l--, sisssflsa lip d. s.ssss ~
.fisuseu give ~ no ToaFf n cfnirsrf - d.
s.isn % eehgS, " e,risrry Nbts th,fe stoals g..
lic cs1i We rhoaH siar hoa.- inisriry 80
y sur minffsl ssafh iabaf f'oad - e4egsf ~ a.
lafseis ,tefoa.n is. 4 40, ifs All lss hasi gs ~
art. hse efiss yssr Seak uy aus fafey hin. ~,
~ 49, VI rMyN'nis -
rs fsrser esaeserss9- a, ,ss foas bin w. pot, ~. -
,sc tll weine.fa. ncit -"
siri -0a - sDsvoyr
al NHIa - A gfafHI