Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-12-08

Mr.. Pane replied To the argument
Mr.. Butler, made last week against the
payment Of the principal of 5-20s in gold.
He undertook 10 centrovert that, position,
and prove BY the law itself that the bonds
are payable in coin, because BY the act Of
the 18th of February, 1862, it was only
the one hundred and fifty millions Of
greenbacks, authorized by that act which
were made legal tenders. If Che General
from the wars is such magician as to be
able 10 pay Eve hundred millions Of bonds
with one hundred snd fifty millions of
greenbacks that gentleman should be
transferred TO the head of the Treasury
Department, where he could by such
magical powers pay offthe national debt.
Mr.. Ross eontended that If these bond
holders were paid in the currency which
was then provided, there conld be no COM
plant. a tl aaaFl seq .ssEsa.
Mr.. Washburne, of Illinois, desired to
know whether Mr.. Ross was in favor of
issuing more greenbaeks to carry out that
idea. ls. ..iI .1gl issaassla}i q
Mr.. Ross said he did not want 10 issue too
much paper money, but thought it would
do no harm IL the currency were watered
a little, and he did not think il would be
very judicious to return to specie pay
ments, but would, however, have the eur
rency of the national banks substituted BY
greenbacks. In reply to another
question from Mr.. Washburne, he
said the bonds should be paid in
currency, If that could be done under
the laws and without violating the honest
good faith of the country. Laughter. I
Eighteen millions in gold must be saved
annually by canceling thirty millions of
national currency, by issuing that amount
in greenbacks and buying up six per cent.
bonds. He would then take the balance
of the national debt and issue gradually,
from year to year, greenbacks to redeem
it. More currency was needed for the
trade of the country. W. .'sl q
Mr.. Washburne, of Illinois, asked Mr.
Ross what the effect of diluting the cur
rency was, and remarked that while
everything consumed by the laboring
man had increased in price ninety-three
percent, the laboring mans wages had
increased only sixty~three per cent He
was glad that his colleague had declared
himself in favor of watering the currency,
and he promised that that would be the
policy of his (Ross') party in.IlIinois next
year. -
Mr.. Ross retorted, that since the policy
of contracting the currency had been es-
tablished, the wages of the lahoring man
had decreased, and his colleagueha favored
that policy. His colleague has policy to
exempt from taxation the property of the
rich bendholders, thereby imposing more
burdens on the property of poor men. He
would tell his colleague that if he planted
himself on the bondholders platform, he
would soon find himself solitary and alone
on that platform in the State of Illinois.
His colleague was willing to turn off the
decrepid soldier and the widow and or
phans of soldiers with the payment in
paper currency, and to reserve the
gold to pay off the rich bond>holders. He
mad been originally opposed to making
greenbacks legal tenders, but now he was
rejoiced thatit had been done, as it opened
q way to the people to get rid of the enor-
nous debt. .r - ,4z.. . 81
Mr.. Spaulding asked him what amount
of greenbacks he would issue sa.5
Mr. Ross said he had made q calcula-
ton, but he had it not with him. He
thought, with the help of taxation, one
sixth or one-eighth of the bonded debt
might be paid every year. aaa
The committee rose and the House ADJ
journed. .e