, 1866-03-21
THE LOAN BILL.
Its Defeat in the House on Fri
GAy,


Sp.rr1ng Scene between mr.. Stevens
and mr., WentHyortb-TheF Final Vote,
and It's StEni1canca4
tFrom thc House Proceedings os Tridsy.J
PASSAGE or ARMS BETWEEN Mr.. sTsvESs AND
AR. WENTWORTH.
Mr.. Stevens read IRON the SecrctarY's re-
port, In which be says 1t will not be necessary
lu retire more than one hundred, or ut most
more than two hui dred millions of notes in
addition TO the compound Interest notes, aud
repeated the assertion that the Secretary
asked the right to- convert the greenbacks and
legal tenders bearing no Interest into FIVE
ecnt. Assuming liz sec1etsry to - retire re two o
hundred millions Of grecnbacks in this way,
yearly, for two years, he would be adding
twenty'four millions annually to the taxes Of
the country to pay interest On what vas not
now payfng dollar. Of interest.
Mr.. .WENTwoRTH-Will the gentleman from
Pennsylvania state whether be co1nbats the
policy Of the Secretary Of the Treasury on the
ground that bis own policy will lead to specie
payment sooner. than the ,Secretary's, OF
whether he and those who 20 with him are
not 1nsnt tying to put of tho return to specie PAY
Mr.. S1ErESsL am for specie payment
whenever 1t can be arrived at without crush
Ing the business Of the country to death.
am for arriving at speele payment, and still
ior allowing the business Of the country to
&Q OIL 1uG QIle4Ut53 u LUG CCuutfS H0W u43
not more circulation than Is required Whence
this precipitation? Ne have hardly got out
of one Nnr When We find another noW nude
upon the bueiness Of the country. Pass this
bill, and Instead Of five hundred millions Of
Internal revenue received last year, you will
year. The people viii not be able TO pay
their taxes. The business Of the country will
not endure It.
Mr. WsSTwoRTA-It think have followed
my friend from Penpsylvantn oil through this
scss..on closer than any other nun but when
this great Republican party was formed, We,
who were original Democrats, took up our
cross-A great .crossl (Langhter.l want
him to state distinctly whether, II he could
tomorrow, he would hare specie payment
| restored.
Mr. sTEvEHs-1 do not know anybody more
able TO carry the cross than my 1ilend from,
/ 1llInoIs. [Lauglter.1
Mr. WENTwoRrn (prcsslng him to the pd mt
regardless Of the little parry}-.Would you
have specie payment tomorrow
Mr. STEvESs-E I could have specie pay-
| ment tomorrow without derange1ucnt.
Mr. WENTWORTH ldertsively} }-zThatis what
they said In the time of the United States
D?Sr' @f s4n3esW sese[ia il a.concfiatory tone11ft
were to derapge the business Of the country,
| would most pone It, III could have It with
| out arrangement, Wonld have It tomorrow.
/ Sir. WENTwoRTu-{With gesture Of I'm
| patiencee Elbow long will IT b before yon
will bare specie payment? llanghtsr.1 WIN
| you compromise On one yearg lshouts Of
4 lapghter.1
Mr. SrEvESs-No, Sir, nor two years. Eng
land, after her great wars with Napoleon,
ending In 1915, did not return to specie pay
ment I'LL the latter part Of 1922.
Biz. GARFIELD stated that he thought the
Law there was 10 have gone into operation on
the 1st of JanuAry, 1873. They had praeti-
cally returned to specie payment In the spring
Of 1921.
III. s1Kgzss-Yes, for small sums. Do gen
! all the commerce OF the world, was unab1h 10
resume specie payment for eight years after
| the conclusion OF that war, and then did itby
such gradual legislation that there should be
DO ehock, We are to putiuto the power Of one
man to resume specie payment En- n single
I dayy But pass this law and the day oI specie
payment Is far distant indeed.
Mr. WrSTwoRTu, (feturnlng to the charge)
The gentleman and are acting together
Mr. srEvE:ss-Not q BIZ orit. [Langhter.1
Mr.. WESTwoRTH-I think ha Is honest.
1.aughter.1 Imean TO be.
Mr.. STKvEss-1 will lndorso you rs well IS
myeelE [Merrfment.l
Mr. WaNrwoRTu-The question Is how far
We can travel together with one another while
we are together; When Te can no longer act
my friend from Pennsylvania to state Is this
| -fhcre Mr. Stevens looks Mt hts watch with
the air OF q patient martJrl-be WANTS to
close ne Oh. lLanghfer.1
The sPEAKEn-Ihe gentlemen Hom fenn-
sy!yanta nos oniy nSe m,nut5s OF " time ,elI;
". WESTwoha4 M SaaosnSssne an ~ - f %. ntexens) tn
-fon kno" more taan ~ 2! rs PuS toge-
fairly and squafe!5, "nethet, we IolloW
you, you can lead us to specie payment;
Ishouts Of laughter and whether you Would
SSe s9Ra NY 81 :Sd Rsyd i need no. appea,
1ue as Republican. know no party on this
question: x--~,
Mi. WEsTwoRTn. 7 fo1low gou because !
supposed you we're Republican. lContnned
'Dsd4 H.. STEVENS. sezton.ly, all can ssy is,
! that If ] believed We could resume specie pay.
| tnent within month, without breaking down
, manufacturers and depressing the people,
would, u had the power, order that every
bank IN tne country ana INC 1osefnfaent "
Mr.. NKSrwohru. But suppose Mr. Mccnl
loch can do Il?
Mr:: srEEEa. Hhc can l WILL give MN e1ea
} credlt
i Ar. WENTWORTH; I believe he can, there
Mr. SrEyESsEMy Trend rom lluaols I
honest, ind has faith Ike two grains OF mus
tard seed. [Langhter.l $500.
: Mr.. WKs1WoKFH-til n bare toi!9*ed yon OF
tue nlssel 4ueslion. louoIss " nsus
j MT- sTEFESs.-And Ena!, " very sAao u
t follow m5 friend trcfn iltlnoaS.
= fojlnw me. want dollar for dollar. WI
o | ~, otrr M snecie na1n1ent,
| 5on knc oe stse4e s.,a u,,la IL
Mr; elEskss.-A nase ea'u "on'o
> could. ,s-r,.a,roarn-v.n y. nccn,,,c,
Is Iii jo T. :.
y Wr- SrrvRys-I win not 70 for giving t,
J. INV man the nnver contained In this biII:
l 4rp fr4a1
n "ouia na1ol{ eutlont A. ~ Aos uAeuo "sn4
0 worth himself. VIII .z.., - =,
i. Mr.. .NEsTwoK1H-Well. trusted you o.
d rnc m finance: play fair Iaughter.1
&c The scene betWccn Measrs. Stevens IN,
"a | Wentworth was rreat1v enfored by til,
uoaae. fcM menests ~. ms'e - .ugls sSass ssfss
FS but were 51apQln5 III lHc AIcA auu III Tue &1sit