, 1866-02-22
VOL. XIX.

FURY, aud be proposed 10 amend the bill by stik-
ply p:oside that the at ct Masch ID, 1866, shah he
ATTENDED and continued to anihoti.e the i.sue Of
any descriptions or bonds authorized by the said
tlnk ad'ieatle. for lawful money Of the United
s:atef. q fof any Treasury notes, certificates OF
Indebtedness CT Certificates Of deposit, or other
may be Issued under any ac& Of Congress, nnd ths
Moesscs Thereof shail Be used ,only for retiring
interest Issued under lhe authority Of Congress;
but nothing herein consiued ehall be construed 10
hhsno.tze ans fDc1caee Of The public debt The
striking eGt The atssre:ionary power oi ihe secrs
Clause. BE intended. be sad. to oasr iii ia this
ii. nooPEH, Of Mas, then addressed the
House. Fayne In cobtlason: Ii has been .aid that
The United sta,es notes and The fractional currency
ous trq OF had hs gFeE ID
lot sp'ate the bank notes. for they ave increased
10 amount instead Of be:m: diminished etncc the
Of money WI regulated BY tbe state banks. f6rrae
nryer wa. Ia my optpion. suitable amouul fos the
proper conduct Of The business Of the country. it
to n thst inc = fhonM n hanF sams M
taat Uaited states notes c1nnot be continued In
chen'ai,on IS The eqmsalent ef coin amer e1socie
e s,ueuus Il CON n tae de- county @ 5s to srop!y eIr
ptccc; and sl long the foreign exchanges were In
iayor OF this country there would be no Legitimate
con: bnsins she past tour ses1s lie e1esi obSve.
IN all tle financial bill. before Consrts has been
10 crs!!5 On shs Wal. That body having pasaea no
esaoes ii 4 IL 's @ 9poa ths shanse; 10 ee
made IN the regulation Of the money oI the country.
involving a II does the value Of Ill property, and
urn:ty. My chIot objections 10 Withdrawing lie
United StatcE no1ss f:om calculation, by converting
them into bonds, besldcs the expense tat would be
on II as ssnas are ny 1s
II now Ie1uird for tic buslress OF the country,
and my ieas that somc other paper not so rood msy
S6a 'ssss Ss soun Would as ssf C sl ass hsgg y
| eves from a currency convertible 1nlo coin. The
loan t,ii1 passed W the last Congress. approved
Treasury 10 issae bonds Of any description author
1Scd by that act. Tor the purpose Of converting INTO
such 1o!l- any ttessu'y notes OF other obligations
This Il tie power which tbe Sccletary o lie Treas
r:y HIS now He is authorised to tssue bonds for
an5 period not les than i've not more than forty
sscctd * pr srnsun. III, only ior ths purpose oi
ssssTsD' oaops aend''f iss ''st Sin 'nsss aaSl
se g. o sars Se eee, to Tar .sna ID 5t
tire Secretary Of the Treasury when be deems it ex-
pedsens tn convert obi,aat,ons roa bearing interest.
ao + dpss a o. 5 soeas gn. IN
levinr ohcr obligations, but rot 10. anv Increase
OF tie pEs1Ic debt The amendment authorizes any
Of the osnd 70 Be d'spo:ed Of In sny foreign count
| g OF shs1 country, bnt limits tho rate
| O. interest q. them not 70 exceed
deemt It important that It should sc given 10 him
/ to be .e1s1rleed Only IN case circam@tances nay
arise, that In hss opinion would render II advan.
tnceous and cxpedient 10 borrow money. The act
nt ias. ,eaE +. exhausted, and the amendment ol
that act proposed lE this hll does no: authorize
ths fnndjns q e1istIne ol,ieations. = " '''''''
ale fernaret ot The memhsf Of the Committee oi
They had offered no argument excepting such n
hld been dtaNn from the past. The msusn to specie
| payment md the e1,ns,ulslaren, Of ths na,ionsl
redeem non.intrrest bearing moss Won!d Lad ia
bankruptcy; for Z my u,ilIiose Of Green:
sszss ssk Void xess s'a dapsss q ssy ID saGss 81
lie pa,ionas securities in Their 10 :e=eion 10 ee1
the contraction: 1hr{ should act with caaion
A.shonEh b. had eooAaenee IN tue Secretary Of iht
present csit,s demanded the wiees. A,atesmanship
&c Warned thu gentlemen not to give ary one tic
a = Was bess q ,haa 6e T. 10 e9n ns,e O.
1he new currency and no inc,a-e Of The publlt
debt, We should ioetcs ons home industry and keer
on mineral wealth. Labor .hoEld be iellcrcd q
nans Of the burdens which bow oppress it, ant
ncchaI1ca! artt. svc Or len scrs atl quietl,
ald astely bring u 10 specie payments.
The further consideration or The Loan bin ssa
On motion Of JOHN L THOMAS, rssolutio1
IVES sdeFed requesting the Secretary Of the Nav,
10 furnish Information to the House st what cost
naval store can be 'oeated In the CRY Of Baltimore
Mt. noolEH. Of Mac, asked leave to sepe1
fsc,n the Committee OF WaFs 4ad Means. stsoln
the tepfc Of the iIousc that II il lrexps1lca; u