Evening star. [volume] (Washington, D.C.) 1854-1972, 1867-11-27
CONGRESSIONAL.

h.-
ing IN Committee OF the Whole
Mr.. Blaine Maine, spoke at length IN view
OF Messrs. Butler and Pendletons theory OF
paying of the Five-twenty bones with green
backs. He took the ground thai this mode Of
payment was IN contravention OF the honor
and good faith OF the nation; that IL was hostile
TO the spirit and letter OF tue law; that II con-
temptuousiy ignored the common understand
ing between borrower aud lender a. the tune
the loan was negotiated: and that, finally, even
il il was an honorable snd practicable mode of
payment its effect would be utterly disastrous
10 the finance and business interests OF the
country. Mr.. Il. then proceeded 10 give care
full history OF the various loan bills under
which The Five-twenty bonds had been sold
showing, by the language OF the la ". by the
circumstances surrounding the various enact
ments, and by the cotemporaneous understand
Ing IN Con ngTess, as especially nown in ths ex-
phcit declarations Of Mr. Stevens, as chairman
of the Committee OF Ways aud Means that gold
pas ment OF principal was Just as absolutely
guaranteed as gold payment of interest
In further proof Of his position, Mr.. Blame
cited the advertisement OF the five-twenty loan
as authorized by Secretary Chase. pied ging the
pay ment OF the principal and interest in coin.
Thls pledge was given with the knowledge,
and rendered binding by the assent, OF Con-
gress, and for Congress at this late day 10 at
tempt 10 ignore the full force OF that pledge
would be simply placing the United States in
the attitude OF man playing confidence"
game OF the meanest description, in which the
Tr' asury Department and Congress are the
confederate knaves and the whole mass of
bondholders the unfortunate victims. In re.
ply 10 the point made by Messrs- Pendleton
and Butler, in regard to the principal OF the ten
forties being guaranteed in gold, and the con.
ssquent implication that the five-twenties, by
silence on that point, are payable in paper,
Mr.. Blaine stated as fact OF conclusive i'm. +.
port that when the ten-forty bill was passed
only twenty five millions OF the five.twenties
had heen sold; and had the constr ction of
Gen Butler Obtained, then not one dollsf more
could have been disposed OF, for the people
would not have bought paper loan when a
gold loan was about to be placed on the
market and urged upon their acceptance
he tnen proceeded to argue at some length the
impossibility of paying the five -twenties with
out a reckless and boundless issue Of paper
money, which would, in the end, engulf us all
In financial disaster. with wide spread and
general distress to all classes of the commu-
nifty. In conclusion, Mr.. Blaine urged tn
the true financial policy OF Congress was 10
move steadily but not rashiy toward the re-
sumption OF specie payments, and at the sane
tlme 10 reduce our expenditures within the
narrowest practicable limits. Our whole an
nual outlay, including interest ON public debt,
ought not to exceed two hundred and twenty.
five millions. But to attain this we must rug
idly and severely economic.
Mr. Butler replied TO the speech OF Mr..
Blame. he declared the proposition which ne
held to be that, by the law OF the land and by
the terms OF the contract, the Five-twenty
bonds were payable not in coin, but in the
lawful money of the United States Every
dollar of ne Indictment OF the United States,
making IL, TO be payable in coin, shold be paid
in coin though 1t take the last dollar and the
last cow in the barn TO do It; but every debt
contracted not payable in coin shsuld be paid
In lawful money Of the United States, such as
the Government furnished to its citizens and
such as was now their only currency. Refer
ring 10 remark that Mr. Stevens had said he
mad not inserted in the loan bill, that the debt
was payable In coin because nobody would
suppose 1t was payable in paper currency, he
Mr Butter quoted Mr.. Stevens as now say
ing that the reason he had not done so was that
ne thought nobody could be such q fool as To
suppose the bonds were PAYABLE in coin
Laughter As TO the declarations Of jay
CooKe's advertisement, that the bonds were
10 be raid In gold, he declared that he did not
aSSnoWIedge the right of any broker, either in
or out OF the Treasury, to bind the United
states IL the country was TO be bouud nv
that, why should az r0s also be houaa hy tna
dtctum on that same advertisement that =. q na
tional debt il national blessing .' The rem
tIeman Mr.. Blanel had referred 10 Mr. Fps-
sendens decision on the question: He Mr..
Butlerl was glad Of ii, for he had a bone to
pick with Ex. Secretary OF the Treasury Fes.
s. nden. He had, in face of the fact that the
Seven-thirty notes were issued when all debts
be paid In paper.
Mr.. Blaine reminded MIR. Butler and the
committee that that decision had been made
by Secretary Chase six weeks before Sscre,ary
tessenden went into the Treasury, and that
the latter found himself foreclosed by that de.
clsion. The gentleman Mr.. Butier) would
therefore find, that, IN that matter, he was
wrong.
Mr. Butler retorted tnat the House could
Judge whether he was wrong without the
dictum OF his friend from Maine He (Mr
Butler) had not said that Salmon r. Chase was
not guilty Of the same thing. He had only
said that William Pitt Fessenden was.
Laughter II Chase was one of those scouu-
drels and knavee and repudiators that thew
heard about, why should Fesseuden have been
restrained by res odjudicafd, when it was res
badly ddJudicatd' Laughter They had had
many things from Maine-Maine law, and
now Maine finances. He himself had repu-
disted the one, and he was afraid his State
had repudiated the other. TLaughterl
When Mr.. Buffers hour was nearly ex.
pired he yielded TO a motion that the commit.
tee rise, II being understood that ne would
have full hour TODAY
The committee arose, and at 4 O'Clock, ad.
loLrned.