The Portland daily press., 1866-03-27
Mr.. Lynch on the Loan Bill.

our readers this morning, was delivered dur
ing the session at which the loan Dill recon-
mended by Secretary McCulloch was voted
down. Mr.. Morrill,, of Vermont, who intro
duced the bill, had given notice OF his inten-
tjop to press the question to vote, but the de-
bate had extended into the evening, and when
the question was taken many members had
Withdrawn. The bill was lost by vote of 65
yeas to 70 nays, Gen. Garfield having changed
his vote to the negative, so as to move re-
consideration. Or the New England repre-
sentatives present, fifteen voted for the bill,
including Messrs. Perham and Blaine of Me-;
Messrs. Boutwell,, Rice and Eliot of Massachu-
sets, Dixon Of Rhode Island, and Lynch, Rice
and Pike Of Maine, voted against it. al, f.-a
rs On Monday, 10th inst, the bill was recon-
sidered and sent back to the Committee on
Ways and Means. 1t will be seen from the
division already mentioned, that the question
had in no respect assumed party character,
though the record shows that the Democratic
members, with their usual cheerful unanimity,
had abandoned all pretense of individual
Judgment and supported the Administration"
| by voting for the bill every time occasion Of
fered, without winking. On the Republican
side, however, there was grave doubt, not only
as to the policy of entrusting to one man so
extensive powers as the bill proposed to con-
fer upon the Secretary of the Treasury, but
touching the propriety of contracting the cur
rency at all No one has set forth and Illus
trated these doubts more clearly than Mr..
Lynch. in the speech to-day published. His
vote has beeng given after conscientious study
in accordance with the sincerest convictions.
The same variance which prevailed in the
House was found also in the Committee. The
bill fingered in the committee room till FRI
day last, when letter from Secretary McCul-
loch, in answer to resolution of enquiry,
brought the matter to a crisis. We give the
letter as brief exposition of the views which
Mr.. Lynch controverts: 5,,, ~. y IT.,
h b TREASURY DEPARTMENT, March %.
20 Dear Sir:-Your favor of the 22d inst is re-
ceived, transmitting to me the following reso-
luton, namely :--a{i,s-39 IN t.fr s..-f 80 ~ ft
on Resolced, That communication be adj
! dressed by this committee to the Secretary of
the Treasury, stating that the committee has
received through one of its members Informal
ton that the Secretary is of the opinion that
he is, without further legislation, sufficiently
filled with power, and to request the Secretary
tc inform the committee whether such is his
opinion. as spf,slgae4 sign. .saf D-fe
In reply have to say that must have fail
ed TO make myself clearly understood by the
honorable member of the committee to whom
reference is made. I did not intend to say to
him thatthe Secretary is, without further leg
islation, sufficiently filed with power to carry
out the policy announced in his late annual
report; but did intend to say to him that if
it should be found necessary to modify, in any
important particulars, the provisions of the
bill reported by the committee, / should pre-
| fer that it would not become a law. 1t will be
| in my opinion national calamity if Congress
| shall fail to grant additional powers to the
| Secretary; for it will be very difficult, if not
impossible, to fund the interest Treasury notes
under existing laws. But 1 do not desire that
/ the committee, nor myself, should become in
any way responsible for a law that is likely to
fail in accomplishing its object. Iregard it as
matter Of the greatest Importance that the
| powers of the Secretary should not be strictly
defined. il.ab ...i ii. ...gsg|s 1sod vhs.lie srd
If, for example, the Secretary should be pro-
be easy, as the market in the process Of fund.
ing mustbe literally supplied, for the enemies
| OF the government to form successful comb-
l4ations for keeping the bonds at such price
II r. "ya.u ~ Jug hesu.ia.ioH % thell. on
49, ~. ~ na'1u, .le ausuol;.y VI sne oecfe
,5 ,.,a'iJ - uDs iuateu, ~ such
| In my opinion the best way of keeping the
oonds at premium will be to leave the Secre-
cary unrestrained in the sale of them. Against
an underlined power it would be difficult to
~ ~, ",stI a.. .aaa "a !lilntaeloh
Wy ny % ,. SuS ooeie.ary ~ eniS re-
10 ~ tano,ra ,,,,An s,,a :ulioins;
Iii oSat - 49, AZ anu
s,r - " i'"'e 'ns Soi'ii'''ee iespohslpie
~ - .,oo ,d - .,,a o.,or ;4 e,o. 10y
~ IL! iesaiu 10 sue oIher nnpoltant feature OF
Ste e o o1e authority 70 WITHDRAW tne United
eonca,1 no; e aas f nreieiy W rearh that
,.1;,sse ~ ~ pe VI slea1 !liportaace 70 tae
,,o.li u 'ne o9un'iy, .le MelaIe oi the
people. ana tne creait OF tne nation, that such
can@rass pony Snoulo ne auoptsa py tnls
- s15o;a 40 WI 'le way iGl return
about will depend % the condition of national
i I1ut ana the trade relations between the
desirshe that snac;e nayr,ants Should bo n.y.
stored until that restoration can be made per
manent by increased Industry and proper adj
a,oas no W 'n so 'aauS VIII t Inc zen,
if they shall be adjusted by iulicions le1isia-
ton, shall be. hopeful that the currency Of the
country S5 may De Drought up to the specie stan
= The annrehension which EXISTS - tb ,ei ~ :,
er is given to the Secretary to retire United
States notes the circulation Of the coun-
o az WI 0o lan9uSiy cohItaceed, Is With
ance cnn be placed upon the discretion and
carefqlness of the Secretary, the very condi-
ton OF the finances of the country will pre-
make either ,;aht mono snn srLte0S a. WI
business. Authority to reduce the cnrrencv
will go very far to prevent the necessity for a
fSnght o 1ro, ne h oae.,e VIII De more 1han hall
healthy financial poIiev. sD' Ats sOops
d ! am, very truly, your obd't serv't, 22fL l5i
ilalH 7i 49, pa 81. McCULLocH,