The national Republican. [volume] (Washington City [D.C.]) 1866-1870, 1866-05-23

viii be In the power Of the Secretary 10 reduce the
debt s975. oooO oo The holders Of these notes
can convert them into 5-20s, but they can also do.
maud payment; 1904, sos, 900 natures next year.
and the Pacific railroad debt natures In the next
thirty years.
All modern nations have reduced their public
debt TO some tangible form, with hxsd rate Of In.
terest known TO the people. In England prior TO
the wars Of Napoleon, different rates had prevailed
but II bad been the policy Of all English statesmen,
from William Pitt DOM, to reduce the rate to
some fred standard. Three per cent IL the average
rate Of interest paid on the Immense debt Of Eng.
land. In France the same thing Is the case. In
Russia the rates are 3, ~, and per cent The
policy Of all these nations has boen TO reduce their
debt to a. simple form as possible. II 10 evident
that 1.-THE debt Of the United States was converted
into Ave per cent. bonds much Of our dficulty
would be removed. During the war u was neces-
sary 70 make these short loans at high rates Of in
tsrest but II always kept mind that II should
not DO continued. II is evident that " the whole
Of the public debt was funded the financial Difficult.
ties Of the country would disappear. The only
question is Is this the time 10 fund the public debit
l believe u Is. We have already wasted four or
i've months. The country cannot 90 back 70 specie
payments without reduction Of the currency The
abundance Of the currency will allow the funding
Of the debt. The very abundance OF paper money
produces lower rate Of interest. In the time Of
the John Law excitement IN France the rate Of In.
terest was reduced to II per cent. Az this debt
created In time Of paper circulation, the ad.
vantage should be availed Of while the same state
Of affairs existed. IL was Disgrace that this
country should DO the only nation Of the Christian
world paying sush high rate Of interest. In time
Of war Il was different Our credit was not good
then. Some Of our own citizens even feared that
we would not get through with the struggle. Was
It TO be said that We should pay more than such
countries as Austria and Sardinia On debt Of
81 900, 900 900, Great Britain pays interest Of
SI32, 900 900, while the United States, on a debt
little than half this amount, pays an interest
Of Sl39, 000, 900. '.. b
Although We pay more interest than Great
Britain does her vast debt English oonsols pay
ing 81 per cent. interest," are selling at $50, while
United States 62os paying per cent, are selling
at $64. Our hrst duty Is to reduce this debt, not
by arbitrary means, but by all other available
means. It would be disgracsful II tho Secretary Of
the Treasury would be compelled TO put another Q
per cent. gold loan on the market.
Mr.. g. maintained that our resources were
greater than any nation Of Europe; that the debt
could be paid without impairing the prosperity Of
the country. Mr.. s. continued his remarks ut
some length in favor Of the bill.
non motion Of Mr.. Clark, the further consideration
Of the bill was thon postponed until tomorrow.
On motion Of Mr.. Conness, the bill for the relief
Of Mrs. W. L. Herndon was taken up and passed.
1T gives to Mrs. Herndon, who Is the widow Of
Capt W. L. Herndon, who persisted in command
Of the steamer San Francisco, the exclusive right
to publish for IA years the report Of the expora-
On motion Of Mr.. Wilson, the bill making further
provision for the establishment Of an Armory and
arsenal at Rock Island, Illinois, was taken up and
passed.
the postal laws was taken up and read. A number
Of amendments were agreed to.
Mr.. Ramsay offered an amendment, which was
agreed to- providing that special agents OF the Post
Office Department shall, before entering on their
duties give bond in such sum as the Postmaster
General may prescribe.
The bill was then passed.
On motion Of Mr. Doolittle, the Senate went
into executive session, and, after its conclusion,
adjourned.
HOUSE OF REPRESENTATIVES
The bankrupt BILL asreportsd by Mr.. Jeuckes, of
Rhode Island was passed BY vote So to so.
The bill authorizing the appointment Of Second
Assistant Secretary Of tho Navy was passed by
vote Of 90 to IL.
A bill introduced by Mr.. CuIlom, Of Illinois, su-
thorIing the appointment Of disbursing agents for
the construction Of public works at points where
there Is no collector Of customs, was considered
and passed. -.. ..
Mr.. briggs of Michigan. introduced a bill to
punish attorneys and others for Withholding moneys
collected for officers, soldiers, and sailors; which
was read twice and referred to the Committee on
Military Affairs.
was adopted, calling for information in reference to
pensions suspended on account Of participation in
the rebellion.
M. Rice, Of Maine, asked leave to offer con.
current resolution to constitute the two Committees
on Public Buildings and Grounds Joint committee
TO exAmite sites proposed for o new Executive Man
sion, and to inquire into the expediency Of provid
ing for the same; but Mr.. Parnsworth, of Illinois,
objected. ....
A resolution offered by Mr.. Wright, Of N. J., was
adopted, directing the Committee on Public Build
ings to inquire into the propriety Of erecting Or
ohestrA plntforms in the pfesidentB and Capitol