Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-01-25


Mr.. Raymond addressed the House in
opposition to it, but Mr.. Shellabarger made |
a speech in support of il.
Mr.. Stevens indicated his intention TO
call mp the reconstruction question on to-
morrow, and, in view Of the conflicting
opinions of the Republican side, moved to
lay it on the table.
The House went into Committee Of the
Whole
Mr.. Morrill, made a speech on the inan-
Cal question. The resumption of specie
payment by the government cannot be OBJ
tanned until there is some curtailment in
the circulation of legal tender notes-say
$4,000, 00O-nor perhaps until, by stfien-
ing the tariff, we check the outgoing Of
California gold. But when the resumption
does occur, IT will at once unlock large
amount of specie hitherto Withdrawn from
circulation, and prices being also reduced,
a less amount of currency will be required.
No disastrous effects need follow, if the
people and the Secretary of the Treasury
exercise prudence. All expect the country
to face resum ptiOn at some time, and is after
all the question as to what time will be best
and Of least inconvenience. For my own
part, am persuaded if we start now we
shall reach the goal Of resumption earlier
than the most devoted patrons Of exelu-
| sively paper money system wish. Let Us
rather strive 20 give to labor its largest
consistan. remuneration, and equally to sus-
| tain the government, by the smallest
| amount Of taxation, Never WAS it more
| important that we should fix our tax reve-
| nue. system upon a stable basis, to stand for
| a series of years but if our political con-
dition did not forbid this, the unfGnded
| national debt, and, above all, the immense
! volume of national bank and legal tender
| currency will not permit it. The United
! States must be a grand power among the
nations Of thesearth or nothing. The first
! sign Of exhaustion will be the signal for all
| our foes to try to crush our national exist
ence We must not forget that We may find
cruel enemys at home. We have been
furnished with a superabundance Of evil
dence that those who govern foreign nations
are by no means our friends. Earnestly
seeking peace, and believing honorable
peace possible we may be Airted into war
we may be assailed and thus called on 70
| defend ourselves with all our might. II
our financial condition is only sound, we
can easily bear the strain, but until we have
our debts 0olidly funded-until they are
held where they will not leap into market
and crush all domestic credit at the first
croakings of alarm-an addition OF another
thousand million dollars debt is to be
avoided. A war tobe supported by inflated
currency is to be Stunned. | do not like
the idea of being under perpetual bonds tC
keep peace, therefore il is our highest duty
to insist on rigid economy, and to restore
our finances to a nominal condition and &c
a specie standard al the earliest moment
Let US not endure reproach; we do no
know how to; keep it able to bring into th'
field the mightiest armies. Let us also b'
equally strong in our means of defense ant
independent support. Let any who may
seek war with the United States, know from
the outset that it will be one commensurate
with our physical and geographical proper
tions, and in no way inferior to our pas
history. We must look at the sober facts
The inevitable expense of the government
must be provided for.
The interest on our public debt is esti
mated next year at 81, lO5,557 pr and IN
less the paper propaganda shall prevail
upon the final redemption of legal tende
currency, this will be increased abou
$50, 100000 or $25, 100000, or in aggregate
more than our whole public debt in 1861
when it reached the highest point sly,
1874 1893. Prior 10 the recent rebellion, on
navy had been very largely increased ant
it is not probable it will ever shrink to 1t
former narrow proportions. In this depart
ment our annual expenditure will b
3.128,8I0 or nearly twice as much as be
fore the war. The regular army is nov
$4,000 but we have to provide for nearly
10000 for the coming year, 5000 or l8OO
are forever absolute, it must be KEEP
, capable Of instant and formidable expan
sion. The estimated cost of the War De
. | partment is S58,804, 657; tn, extra bount
f we provided for last year viii be S8O, 600
| 000 all Of which is yet to be paid. In
! ! pension appropriation requires PlS,
446, or as much as the whole expenses {
the government in 1924 and 1923. Th
: new clauses of several States, if that OF Mis-
e souri, are already reported upon a
: 100000 may be regarded, as fore tast'
$ will weigh heavily upon the treasury.
! The Indians require an annual expend
D ture of $500, 900 more. The Freedmen
E Bureau will cost, for the coming yea
: SI0,350,26 IS, but it has an unexpende
/ fund of two-thirds of this amount on hanC
T With the most inAexible economy, withoJ
f any guarantee that the halls of Montezem
shall have restored the gold distracted b
e Cortez, or without the indulgence Of an
b other splendid fallacy, our expenditure
for all purposes, cannot be brought down
e ANYTHING like the old standard Of sixty {
seventy millions per annum, Heavy tax
ton is at present unavoidable, but this wi
every year be diminished by the increase
= wealth and increased population of TIE n
n ton. The Paris exhibition viii attrar
II Americans, ever addicted 10 travel, b
thousands. 1t will be a veEy modest est
z mate that seventy-6ve thousand person
;, will this year cross the Atlantic, and Ii
+ cost will not be less than 81 800 each
gold or a total of Sl12,500000, which
d currency would be over Sl5OOOO,OOt
y Some estimate the number much high'
and the expenditures greater This WI
d swallow the production OF all our gold an
= silver for years toscome, or what is NOR
likely its equivalent in United States bond
to be disposed Of as the exigences of ind
l. viduals may require. / know that exec
d lent men entertain much affection for papt
e money, although 10 one at the time OF i
introduction dreamed Of its overgroW
e proportions, nor using 1t beyond war ex
+ genCies Of the government. Its use, Just
/ fed Only by overwhelming necessity, wa
e to be termir ated with the first dawn
peace. ] confess to feeling a mortifc
e ton in having the conviction that Tia
t question requires sober argument belol
Y the American Congress. How any frien
Of American industry can espOuse Il
f cause Of an endless reign Of paper currenC
# if it takes one dollar and thirty, forty,
, fftv cents to buy a dollar in specie, is
Il me incomprehensible. Our paper currenC
represents dimensions without gravity, an
e its perpetuation must prove destructive
n both employer and employees. / am I
n defender Of the policies Of the Secretary
It the Treasury. They have been and ar
distasteful to me- Should we drive hi
y from his position, is il likely any success
o would have more confidence Of his countr7
; men? His recommendations, 50 far as
?, am concerned, shall not be condemned b
p cause made by him. 90 not think it wi
!; be verv wise for Congress to get wrong Q
IS financial questions because the SecretaI
If happens to be right, though wrong praci
cally For myself, | shall not make q
Y mistake Of opposing him, when my col
: science assures he is sound and true, a
a though think he has named a day for u
n resumption Of specie payments earlier tina
y il will be possible to achieve it, that q
" purpose TO resume at an early day is soun
J. in principle, policy and morals, and
# Congress shall thwart this purpose, 1t vi
have doomed the country to long years
suffering. On the 18th of May, 1859, q