Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1866-02-22
XXXIXth Congress
HOUSE.
wAsHINGroy, February 21.

WASHINGTON, February q.
Mr.. GARFIELD caused to be read tele-
gram from Columbus, Ohio, giving the reso-
lutions of a caucus of the Union members of
the Legislature Of that State. The resolu-
! ton recognizes IN the action of the Union
| Representatives in Congress an exposition
! Of their principles, etc.
The House, by a vote OF los against 81,
laid on the table the motion 10 reconsider
the vote by which the House Yesterday
passed a resolution to the efTest that no SEN
ator or Representative shall be admitted to
either branch of Congress from any Of the
late rebellious States until Congress shall
have hrst declared such State entitled 10
such representation.
Mr.. DAWES called up the contested cleo
tion case from Indiana, concluding with O
resolution that Daniel W. voorhees, is not
entitled to the seat now held By him, but
that Henry /. Washburne is entitled to the
seat.
Mr.. MORRILL,, Of VT, said that It was
not in order to allude TO what had recently
taken place in the Senate, but happen what
| may, the Union men will not forget that
they have a country to save. The. measure
under consideration NAV be called l" the
apple of the eye the public credit. It
was proposed to pledge not only our past ac-
| | ccRmulations and resources, but prospectively
I
who earn more annually JnaIl lI.ar Z a,
ton Of fifty millions on the globe. The pres
ent bill was only patch on
an old garment, extending the act
of March Sd, 1866, so as to authorize
tho Secretary of the Treasury at his discre-
tiOn to receive any of the treasury notes or
other obligations issued under any act of
Congress, whether bearing interest or not,
in exchange for any description of bonds
Low hxyf bno rf 10 = ab . bso1
plement. The bill, it is true, conferred
large powers, but It merely substituted a
new debt for an old one. Our entire debt
cannot thus be increased sin gle dollar
II was knewn that the Secretary of ne
Treasury contemplated a reiuFn 10 specie
payments at The earliest practicable day.
We have been fortunate IN our Secretaries
of Treasury during the last five years, one
Of whom was called to occupy tho highest
judicial station in the country. 1t was
relief TO the loyal people when his successor,
Mr.. Fessenden, was appointed, commanding
as he did 50 much Of the public confidence.
These men asked and received all they
wanted from Congress and did not betray
their trust and now We have Secretary
of Treasury in MeCullOch who occupies no
paradise of ambition 10 any man
and whose conduct has won golden opin-
ions at home and abroad, ard q vote
of unexampled unanimity on the part of
this House. His highest ambition seemed
TO be that Of a financier. This bill gave 10
him the same power as that bestowed on
his predecessors. Our present debt is 81
ZIG, 200, 600, leaving 81 057 900 00O of it to be
founded. Let no one deride the factthat all
our financial dangers are not vet passed.
The perils Of high rates Of interest and even
commercial rsfblutions may overtake US
unless our affairs are managed with consum-
mate skill. If we give the Secretary sftha
Treasury the power confded TO him by this
bill, it may be of more worth to US
than to him. If Congress shall
pursue a course of due economy in
appropriation, within reasonable
time we may hope that the pub
lie debt had reached its maximum. The
Secretary hopes TO get along without loans
for the present year. If it should be con-
sidered necessary hereafter to resort to war,
Congress would have time enough to act
upon the subject toward the close of the
present session. A gradual extinction of
the public debt should and will be carried on,
showing the treachery Of those engaged in
treason and rebellion. The entire receipts
for the year ending June 80, 1861, were only
Sal ,476,299.
But the measures adopted by the Union |
men amid all endorsements surround.
ing them changed those figures in 1863 to
SIP, ,OOO, 900, more than twice this amount
in 1864 or 1924, 100000, and in 1865 to 1885,
900 900, while actual estimated receipts of
the present year are S453, 900, 900, and over
$500, zoo, 600, if the receipts of gold are esti-
mated in paper currency. There would be
no mobilization Of revenue laws TO reduce
the receipts Of the Treasury to large ex-
tent, until our debt is permanently funded,
and never below the amount to cover our
ordinary expenses and to pay the interest
on the public debt. Perhaps the |
revenue from whisky will be set |
aside and applied to the reduction
of the principal Of the public debt. |
This could be understood by all and about !
which there could be no embarrassment. |
Our securities are the safest and best in the |
world. His opinion was that our own peo-
pie should hold them. He hoped the time |
would never come when foreigners would |
prize our bonds higher than we. The bill |
contained authority to make q foreign loan,
but this was optional and might not be ex- |
ercised. He further expressed his views on /
the financial question.
Mr.. STEVENS said this bill placedSl ,6l4,- |
000 Geo al the absolute control Of the Secreta- !
~ OF the Treasury, and he proposed to amend |
bill by striking out various portions of it so |
that il might simply provide that the act Of |
March 3, 1865. shall be extended and con-
tinued to authorize the issue of any deserip- |
tion OF bonds as authorized by said act, to |
such an amount, in such manner, aad at |
such rates not less than par as the Secretary
may think advisable, for lawful money Of |
the United States, or for any Treasury notes, |
certificates Of Indebtedness, OF certificates of
deposit, or other representatives Of value |
which have been or which may be issued
under any act OF Congress; and the pro
ceeds thereof shall DO used only fir retiring
treasury notes or other obligations bearing !
interest, issued under authority of Congress,
but nothing herein contained shall be con-
strued to authorize any increase of public