Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1867-12-19

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President 20 givo peace and harmony
to tho country Tho tmo bad como
when the voice Of the pcoplo had been
heard on these great questions, and
he called upon the Representatives to
heed that warning voice. The House
had, By its vote today, condemned
the action Of tho Committe on Recon-
struction, aud given its endorsement
70 the judicious measures ofthe Pres.
ident. [Langhter ] Hc felt like Ia
king by the hand the members from
the other side Of tho House. Hc saw
repentance in their faces. They werc
evidently sorry for their past conduct,
and he was willing to take them on
probation into the great Union party
of the, country. He moved TO strike
out that par; of the resolutions.
Mr.. Stevens, of Pennsylvania, said
bic had been very much pleased with
the eloquent rcmarks of the gentle
man from Illinois That gentleman
was right in many Of his points--espe-
cially when he referred to that frag-
ment of party which voted with
him Mr.. Rossl this morning. He
asked for vote and Mr.. Ross motion
was rejected.
Mr.. Butler offered an additional res
olution TO refer to the Committe on
Appropriations that part of the Pres
ident's message relation to the pur-
chase of the Russian Possessions in
America.
Mr.. Stevens said that without spo-
cial reference the subject was with
the Committee on Foreign Affairs, and
he saw no reason to change that.
Mr. Buffers amendment was rejec-
ted, and the other resolutions were
laid aside to be reported to the House.
Mr. Paine addressed the Committee
on the Subject of the finances. lie re-
piled to the argument Of Mr.. Butler
last week against the payment Of the
principal OF the fve-twenties in gold.
I He undertook TO controvert that posi-
tion, and TO prove by the law itself
the bonds are payable in coin, because
.Fby .he act of February 25, 1862, it
it was only the hundred and fifty mil
lions of greenbacks authorized by that
act which were made legal tenders.
If the gentleman from Massachusetts,
were such magician as TO be able TO
pay five hundred millions of bonds
with one hundred and fifty millions
Of greenbacks, then that gentleman
should be transferred to the head of
the Treasury Department, where he
f could soon, by such magical power,
pay off the national debt.
Mr. Ross contended that if these
bondholders were paid in the curren-
T cy which was then provided, there
could be no complaints.
Mr.. WashbHrne of Illinois, desired
to know whether he vas in favor of
issuing more greenbacks to carry out
that idea.
Mr.. Ross did not want to issue too
much paper money, but he thought
il would do no harm if the currency
were watercd little. He did not
think it would be very judicious TO
return too soon to specie payment.
He would, however, have the currency
of the national banks substituted by
greenbacks.
In reply to another question from
Mr.. Washburn he said that the bonds
should be paid in currency, it that
could be done under the law, and
without violating the honest good faith
of the country. Laughter. Eigh-
teen millions in gold must be saved
annually by canceling $500, 100000 of
national bank currency and issuing
that amount of grcenbacks and bnyN
ing that amount of six per can't bonds.
He would then take the balance of
the national debt, and issue gradually
, from year to year greenbacks to re-
Z deem it, rs more currency was need
cd for the trade of the country.
Mr.. Washburne asked Mr. Ross
what the effect of deluting the cur
rency was, and remarked that it was
|, that while everything, consumed by
laboring man increased ninety-threo
per cent, the laboring mans wages
increased only sixty-three per cent.
lie was glad his colleague had dcclar-
ed himself in favor of watering the
I, currency, and he presumed that that
would be the policy of his [ Mr. Ross
party in illinois next year.
Mr. Ross retorted that since the pol
, icy of contracting the currency had
been established, the wages of the la
! boring man decreased, and his col
e league had favored that policy. His
colleagues policy had been to exempt
!, from taxation the property of rich
bondholders, thereby imposing moro
I burdens ON the property Of the poor
E man. He would tell his colleague that
s if he planted himself on the bondhold-
er's platform he would soon find him
+ self solitary and alone on that plat
+ form in the State of Illinois. His col
: league was willing TO turn off the do
4 crepid soldiers and the widows and
t orphans Of soldiers with payment in
. paper currency, and 10 reserve the
/, gold to pay Of the rich bondholders.
, He had been originally opposed TO
making greenbacks legal tenders, but
Q now he was rejoiced that that had
!. been done, as Il opened a way TO the
] people to gotrid of the enormous debt.
Mr.. Spalding asked him what amount
Q of greenbacks he would issue.
Q Mr.. Ross said be had made a calcu-
lation, but he had it not with him.
He thought that with the helpof tax
Q aticn one-sixth or one-eighth OF the
bonded debt might be paid every year.
The committee rose, and the House,
, nj $40. nhionrno1