The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1866-02-22

WASHINGTON, Feb. q.

WASHINGTON, Feb. q.
| Mr. Garfield, Of Ohio, caused to be read q
telegram from Columbus, Ohio, giving . res
olation Of caucus of the Union members oil
the legislature OF that State. The resolution q
recognizes IN the action of the Union Repre-
sentatiyes Of Congress an exposition of their
principles, &c. a.
The House By ; vote Of 1os against 81 laid
1t on the table.
A motion was then made to reconsider
the vote BY which the HOUSE yesterday passed
Representative shall b admifsed into either
branch q Congress from any OF de late re-
beliious Staaes until Congress shall have frst
declared such State entitled to such represen-
tation.
Mr.. Dawes called up the contested election
case from Indiana, concluding with resolu
ton that Daniel w. Voorhies is not entitled
10 the seat now held by him, but that Henry
l.. Washburne is entitled the seat.
House then considered the Finance bill.
Mr.. Morrill, of Vermont. said that i, was
not in order to sllude TO what had recently
taken place in the Senate, but happen what
may, the Union men will not forget they have
country 10 save. The measure under con.
siderstion may he called the apple of the eve
the public credit. Ii was proposed TO pledge
not only Our past accumulations and re-
sources, but rroportionally the wealth Of
thirty six million Of people, who earn more
annually than any other nation of fifty mil
hons on the globe. in order to carry a|Ioan on
favorable terms.
The present bill was only patch on an
old garment, extending the act of March Sd.
1868, SO as to authorize the Secretary of the
treasury at his discretion to receive auy
Treasury notes or other obligations issued
nhder any act of Congress- whether bearing
interest or not. IN exchange for any descrip-
ton OF bonds, authorized by the act tb which
this is supplement. The bill, ii is true. con-
terred large powers, but il merely substitutes
a new debt FOR an old one. Our entire debt
cannot thus be increased single dollar. Ii
was known that the Secretary of the Treas
ury contemplated a return to specie payment
at the earliest day. We have been fortunate
in our Secretaries of the Treasury during the
the last i've years, one of whom was called TO
occapy the highest judicial station in the
country. II was relief to the loyal people
Whtn ms successor Mr.. Fessenden, was ap-
pointed, commanding as he did, so much OF
the public confidence. These men asked and
received all they wanted from Cougtess and
did not betray their trust.
Now. we have Secretary Of the Treasury
IN Mr.. Mccullough, who occupies no par
adise OF ambition TO any man, and whose
conduct has won golden opinions al home
and abroad and a vote Of unexampled uns-
nimity the thanks of this House. His
highest ambition seemed TO be that of a fnan.
cier. This bill gave him the same power us
was bestowed on his predecessor. Our
present debt is S2,7l5, ,000, 900, leaving ST.
uJl 100000 of il TO be funded. Let no one
dtrde the fact that all our financial dangers
are not yet passed. The perils of high rates
OF interest, and even commercial ravulsions
will oseriake US unless our affairs are manag
ed with consummaie skill. Ii we gave the
Secretary Of the Treasury the power confer
red by this bill, it may be Of more worth 10
Us than to him. If Congress shall pursue
course of due economy in their appropria
tons, and will reduce the military establish
ment within a reasonable time. we may hope
/ that the public debt has reached its maxi
mum. The Secretary hopes 10 get along
without loans for the present year. 1t IL
should be considered necessary hereafter TO
resort 10 one, Congress would have time
enough 10 act upon the subject before the
close OF the present session. A gradual ex-
unction of the public debt should and will be
carried on.
Owing to the treachery of those who en-
gagged IN treason and rebellion, the entire re.
ceipts for the year ending June 3oth. 1861,
we're only S4l, ,476, ,29J, but the measures
adopted by Union, men, amid all the embar
easements surrounding them, changed these
figures in 1868 Sll2,U0O, ,cuQ, TO more than
twice this amount in 1864, S254, ,0o0. 900, and
in 1865 to S533. Coz, 100 while the actual est-
mated receipts of the present year are S453
Co., and over S5oU, ,O00, 900 ii the receipts
OF gold are estimated paper currency. There
would be no modification OF the revenue laws
TO reduce the receipts of the Treasury 10 anv
large extent until our debt Is permanently
funded. and never below the point 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. Our securities are the safest and the
best in the world His opinion was that our
own people should hold them. He hoped the
time would never come when fore iguers would
prize our bonds more highly than we our
The bill contained authority to make aforeign
loan, but this was optional and might not be
exercised. He further expressed his views
on the financial question.
SENATE.
Sumner from the committee on foreign
relations reported the House joint resolution
to encourage and facilitate communication
between the Eastern and Western continents,
which was passed with some slight verbal
amendments.
Fessenden moved that the regular order,
which was the Constitutional amendment in
relation to representation be postponed. and
the Senate proceed to the consideration of
the concurrent resolution Of the House pro
/ v,dinu that mill conurass shall an dpcida M
Senators or Representatives from lately re-
belions States shall be admitted to the halls
of Congress.
THIS gave rise to some discussion, which
ended on the concurrent resolution being read
the first time. the second reading was object
ed to by Mr.. Dixon.
The constitutional amendment was taken
Mr.. Buckelow took the floor in opposition
to the measure.
Mr.. Wilson, of Mass, introduced the fol-
lowing joint resolution, which was referred to
the Military Committee
Resolped, That it is the duty aud privilege
Of Congress to express the gratitude of the
! nation to the officers, soldiers and seamen OF
the United States ts whose valor and endur-
ance on the land and on the sea the rebellion
has been crushed, and its pride and power
humbled, By whose fidelity to the cause of
freedom the government of people has been
preserved and maintained and by whose order
| iy return from the field and blood OF civil war
to the peaceful pursuits of private life, the
exalting and ennobling influence of free insti
!. tntions upon . nation have been siGnally
manifested to the world.
Paris is beginning TO get tired of the Rus