Baltimore daily commercial. [volume] (Baltimore, Md.) 1865-1867, 1866-03-17
HOUSE OF REPRESENTATIVES,.

Orleans. Laid on the ableand ordered to be printed
The Senate then went into executive session and
alter snort time spent therein, adjourned until
| HOUSE OF REPRESENTATIVES,
RESOLUTIONS,
! Mr. Price, Of Iowa, asked. but failed to obtain
! leave to introduce the following:
Whereas, difference Of opinion and a conflict Of
views exist between the Secretary OF the Treasury
and the Comptroller Of the Currency, which has as
Suued shape calculated to injure the financial in
! tereSt Of the country. Therefore
/ Re31facd That Committee Of throa members Of
this House be appointed investigate the cause Of
said difference, and to report the same 70 this House
/ Mr.. Hubbard, Of Iowa. offered resolution which
was agreed to, lnstTucting the Committee on Indian
Affairs to inquire into the cxpediency of conccntrat
lng the Gicre2t bands OF Sioux OF DacOtah upon
! reservation.
! Mr. kaSsOn, Of Iowa, introduced bill to authorize
the coinage Of five cent pieces. Referred to the Com
! mitteo on Coins and Coinage.
LOAN BILL.
After tho consideration of private bills the House
resumed as the unfinished business of yesterday the
| hill to provide ways and means and support the
Government and pay the interest on the public debt
1 known as the loan bill.
Mr.. Pike made an elaborate sneech on national
finances, and the relation of tariffs and taxes there
Messrs. Price Of Iowa, and Allison. of Iowa op-
| posed the bill.
| Mr.. Boutwell, of Mass. said he was in favor of
allowing the Secretary of the Treasury to sell new
bonds, and from the proceeds redeem the outstand-
| ing obligations of the Government.
| Mr. wilson, OF Iowa, asked the gentleman if he
| doubted if the Secretary of the Treasury had not
| the power to do that now?
|
the Secretary Of the Treasury had that power. He
had been informed however, that the Secretary had
| funded fifty millions and then felt doubt as to
whetner ne han power to go on Ii doubt exists in
| ought he removed.
He Nir. BOutweiI was willing to try the exDeri-
ment OF converting all interest bearing Indebtedness
into long bonds. While there had been no diminu-
ton in the amount of currency since hustties ceased
| there has been dimnut0n in the price of gold He
believed that S4OuUOUUU OF currency were necessary
| for the operations the Internal Revenue.
4 Mr. StpVanS a rSJfv ol,ir SaiI ,ir E-c
mendous bill! II proposes to confer power up
on single man than was ever before conferred upon
have Constitution. While ha had as much cont
deHce as any one in the Secretary OF the Treasury
be would not grant him any such power as was pro
posed by tins bill. II this vast power ytirely
| hmltcd-WaS granted, no one knew how il would be
exercised or executed The business of this country
| would never he safe under any such power. No
in such an event would embark this capital in buSi
ness.
| The mere pendency Of this bill had dampened the
business of the country than anything he knew
OF. he knew Of two cotton factories that had been
| forced to suspend, and they would never resume if
would suffer. There was no power greater than the
| power to contract or expand the currency. lie well
recQllected in the time OF Andrew Jackson. when the
old United States Bank, with capital Of SO 600 900
expanded its circulation when it wan ed to carry
State lie had seen IN those DAYS crash after crash
| caused by the mere power OF this bank. tiut the
power conferred on that bank not one-fitieth Of
the power contained in the pending bill, and which
i was proposed to confer on the Secretary of the
Mr.. Stevens here read from the bill that the "act
OF March g. 1860 shal! be so construed or extended
to authorize the Secretary of the Treasury AT his
discretion, to receive, fund. etc. lie would ask this
House If they ever even during the war. conferred
such power, or II they ever knew any ua ion the
face OF the earth that would give such discretion
! public officer No wise body would ever give such
| power to the pureSt Of men. BY the acts of 1864
| and 1863, no one C0uld doubt but that the Secre-
tary OF tho Treasury has the power to convert all
interest bearing Indebtedness into bonds. Rycount-
ing up he found that the Secretary Of the Treasury
had the power to retire. under the preseat laws hf
teen hundred millions Of dollars. Aven that power
| was greater than had ever been conferred on any
| other man. At the present price of gold this would
| give eight per cent on the cOnreTtion.
He would ask why the House could not be contsnt
| under the present laws for another yGar-with the
| power to withdraw one hundred and eighty millions
Of currency by exchanging it. NJ business il this
| You say, Perhaps he vi i not exercise this power
| Perhaps he will. Pass the bill and you place your
| bone anu sGew oil the rack the Secretary mad pro-
posed that Congress declare that the $40 bonds prin
| cIpal should h0 paid in coin. That was this for
Would it not benefit the European holders Of these
! bonds at east thrty per cent? These men paid 60
cents the dollar for these bonds and now it was
proposed cur benevolent Secretary o the Treasury
| B-r MorriIl, Of Vermont said the gentleman was
mistaken IN Stating that The pending bill gave the
Secretary Of The Treasury unlimited power 10 ,s-le
bonds. The bill expressly provided that tie pubiic
! debt should not he increased. Only exchange
| Mr Wentworth, Of ILL.,, asked 1fr. Stevens II he
was ii favor oi return 10 Payments
MI stevens replied that Ii hg could have specie
l
| country he would do 50 tomorrow.
5. 9ntTeri4'U WI tat va what gs heard in the
uSi,idH com ''',,st o. d Et.aif -LaGghter.i
! MT. stew sns-ND. SIR. Not two years. Pass this
b!. and VIC may never resume. hir s. then cited the
case 9i rnE-aed who oaiy bad one hundred millions
Fd6ars Of notes out ia 1915 and yet did not resun,t.
! specie payment until the year l,2 We're 3fa wiser
| ne would ASK than the great men Of England
Mr. Wentworth said let US pass this bill SUPPOSE
/ Mcg sllccl aaU gurle ii III, lEs5y b.!eve he can
mir Steyens-AIr Speaker my friend i hanest oy
| 1f I'd al
Mr. Darling, iRep) of New York. took tho door
and Advocated briefly the pending bill and the Sec
| TetGry'S policy.
= The House then took recess at 40 J, NJ. ttl 7a0
| P. NJ.
! :, EVENING SESSION.
! M he!Sey introduced a bill providing for the
taoilIhment Of ocean mail communication between
! Charleston, S. C.. and Liverpool via Queenstown
! Referred to the Postal Committee
Mr. flce, Of Iowa, introduced bill for the relief
| 81 Union soldiers who have been in prison.
| sumed.
Mr. Garfield, of Ohio took the floor in defence of
the bill. He said that before the meeting of the 40h
congress there would be one million Of dollars pre-
! sented to the Treasurer for payment, and we must
Pay or 90 TO protest. urged the adoption Of the
/ bill as i came from the Ways and Means Committee
| Mr. Baker, Of H., opposed the bill.
NJ; Lawrence, 4 0ho, followed in speech in op-
/ position 50 The bill
| Mr. Morrill, closed the debate. and said that all
that was IN this bill was to establish policy Of con-
traction lie did not suppose that the resolution in
l
and he warned the House tnat they reversed their
det2rlin@tiou ot december in favor of contraction
| tnat gold would so out. We had not he declared
| got 0Gt 0f financial peril.
Ii ne mad time he could trample in tho ,ipst the
! redundant "'7 NV
Iir Stevens moved to lay the whole subject on th G
| tas;a. i4Ost-yeas 81, nays 9S.
| ht NteVens substitute was then reeotod-yeas 81 A.,
nays rs.
| The, bill was thea reJected--yeas g. nays 70-as
| agreed on by the Ways and Means Committee, as
| follows:
BE ii enacted, That the act of March 3D. 1865, shall
be extended and construed authorize the Secretary
OF the Treasury at his discretion to receive treasury
notes or other obligations issued under any act Of
Congress, whether bearing interest not, in aX-
change Tor any description of bonds GGthorized by
the act TO winch TINS Is amendment, and also to
dispose OF any description OF bonds authorized by
sald act either in the United States elsewhere to
such an amount in such money and at such rates As
| he may think advisable, for lawful money of the
United States, for any treasury notes. certificates
OF Indebtedness certificates Of deposit or other
| representation of value, which snail have been or
| may be issued under any act of Congress- the PRO
ceeds thereof to be used only for retiring treasury
notes or other obligations, but nothing herein CON
tanned shall be authorized TO increase the public debt
and provided that the act which this an amend
ment shall continue in force in all it's provisions ex
| cept as modified by this act.
I h. Hons ,.li. rya1