The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-01-19


and manly statesmanshp, by dsposng Of the subject,
not in spirit Of moan subserviency to those who
NATTER but the free of the great powers
which the constitution had expressly dsvoved on Con-
gress.
THE INDUSTRIAL INTERESTS OF THE COUNTRY
Mr. KELLEY, (rep) OF Pa, addressed the committee on
the subject OF she industrial interests OF the country
He said that not unmltigatod evii for,
although 1t might be called the science OF destruction
yet IL developed the germs OF future prosperity 1t
evoked wealth from unrecognized Sources and fro.
quenty left countries which seemed TO have been deci
mated and desoated richer than they had been IN the
peaceful which had preceded the war; and he
OF the rebellion had developed productive power IN
the country more than equal to the indebtedness,
national State and municipal incurred In support OF it,
and by the payment Of bountes and pensions. AZ the
beginning Of the war the iron OF Lake superior had not
been article Of commerce. but at its close the Mar
quette region was furnishing an eighth OF the entire
production OF the country In 1851 the country had
been depending on foreign factories for steel,
but under the impulses OF the ordinary and
Bessemer steel being manufactured In the country
IN such Quantities and Of such superior quality a. 70
justify the hope that few years would enable the United
States TO compete In tho markets Of Central and south
America with the nations which had hitherto furnished
that article Al the beginning OF the war the West had
made zinc, or brass or clocks, Watches and had
depended foreign nations for sugar and molasses;
but the zinc Of Illinois and the copper Michigan,
smeted by fuel, furnishing the West with
native brass preferred by engineers to foreign brass SO
II was with other Industries He attributed TO the con-
OF the currency and to the nordnate exaclons
Of taxation the present paralysis in trade He said tnat
to use homely figure Of speech, We had lighted our
taxes while contracting the currency. Now the loom
and SPINDLE longer able to yield profit to the propre
the forge and the furnace, and the rolling mill longer
sent forth its hum Of cheerful and profitable industry
In every section Of the country they heard Of shrnkage
IN the value of manufactured goods OF reductions OF
wages and of factories running on part time, or
closed or to be c.osed. These social evils were
due to two causes-exCessve international taxa
ton and the curtailment Of the currency
at the time when the numbers and activities Of the
pie wore rapidly increasing The secretary OF the
a
general prostration Of credit and business For himself
he were asked whether he did not wish TO return TO
specie payment he would answer that ne did, but not IN
the way Of bankruptcy and population The country,
however. was not returning TO specie payment The
widening with every month The country was not
the road to resumption. and would be until conf
dence restored and industry quickoned by the repeal
Of needless taxes that were giving foreign manufacturers
an advantage In the American Market until the
Secretary OF the treasury deprived Of his power to
contract the currency and to tamper with tho market
values OF every species Of properly by operations
in gold. and that oo the credit the country Con.
fractions Of the currency and taxation had
temporarily diminished tho productive power OF the
country, and might produce period Of the most I'M
reference the contraction OF tho currency
offspring OF natural desire OF the possessors Of riches
to expedite and increase their profits. Congress was
not here TO egisate for them beyond the protection Of
their just rights The charge OF Congress far nober
than that 1t tho welfare Of great, intelligent
and enierprising people. X il the power Of
Congress ana within the scope Of It's functions organ
ize system Of cooperation, by any other to
believed IL would confer the highest blessing upon the
country and give stability 10 every IN the land
IL there could be discovered solution to that difficult
qgestion-and IL to be hoped that with the vast
wealth OF the country, its immense bodies OF pubic
lands the intelligence and enterprise Of its people
O problem might DO solved, and the rulers Of the Old
World might bs compelled, by the happy condition of
this country TO follow s example to guarantee
every citizen all the privileges and prcrogatves Of
run FINANCES AND TIE NATIONAL DEBT
Mr. WOODWARD, ldem) Of Pa, addressed the commit
IN fba M fh0 fin nndn He
scoied At the idea that q national debt national
blessing. Debt was no more blessing TO nation than
debt was standing now like hidsous spectre she
path Of Congress- IL might be we'll enough for a
archy like England, but he trustd that the simple
publican Institutions OF the United States would fall
under the control OF moneysd oligarchy. Everything
that tended 70 the consolidation Of power OF Of political
power inimcal " the system OF American liberty.
Referring TO the question 10 how the principal Of
vetwentos TO be paid no said that the gentleman
from Massachusetts, INT ButleD was not faithful 70 tho
no had espoussd when he admitted that the in
debedness Of the government TO the Of
1862 must be paid in coin, because il contracted
lions Of private debts which had been paid IN greeu
backs Did not that gsnteman know tina. the
courts had decided that the act Of 1S62-the
first legal tender act-appled 70 all antscedent
debts, public and pnsateS II Congress had
holders Of the hve-twenty bonds had moro right
claim that they should be paid In gold than all other
were kept up in the country differing so much in value
he should vote for paying all debts not expressly
cepted in the cheapest Of those tenders II The most
meritorious creditors OF the government were paid In
greenbacks, then, In his judgment, grecnbacks
good enough for tho bondnoldsrs But he did not
believe that Congress had any constitutional power
make greeubacks . legal tender lie know tnat the
of last resort states had decided the
act or 1862 1.-THE lega tender act, to be constitutions
had so decided by q bare majority OF judges. Tho
Supreme Court or the United had not yet passed
on the question: As far however, as the courts had
decided he felt himself bound TO consider the
st.tlonal He would therefore for applying IL TO
all debts, public and private. But believing It to 90
Evil example, destructive Of that good faith which
should belong to all contracts vioatve Of consttu-
tonal rights OF citizens and not within the delegated
power OF Congress- hs would vote 10 wipe oil such stains
out OF tho statute book The effect OF repeating that
bad legislation would be happy. IL would take away
the raht question started BY Mr. Pendleton; because
instead OF eveng the bondhoders down to the other
creditors, it would level the other creditors up to
the bondhodera It would bring the country
back TO gold and slver-tbe constitutional currency
II the law repeaed by cay stages il wsuld occa-
sion the country shock, while VI law happened to
be knocked on the bead By the Supreme Court the
effects might be disastrous He favor OF taxing
Immediate steps for gradual repeal OF law that had
done the country more dshonor and injury than any
the financial and industrial interests OF the whole
country by tho exclusion OF southern States and by
the legislation IN reference TO them he called upon the
bondhoders and other officers OF the thousand
hundred and nfty national hanks TO be
the facts he had referred to- Those highly respectable
and powerful classes OF mooeyed had hitherto, for
the most part thrown their votes aud influence favor
Q! The devoiees Of negro suffrage Would they
10 do 20 Woud the tineo Of the epaules the lighter
natal OF loyal speeches still attract Thorn in the same
dnectionf II so they might write oIchabod', upon
their bonds and upon the OF their banks In
cuson hs said that mis- Constituents who were loyal to
all TIE true interests and gories Of the country
opposed TO all schemes Of reputation for repudaton
would be a stain which they would feel more than a
wound. They demanded restoration the ten excluded
States ~ white states, and not parti -colored
They demanded repeal of the cotton
tar, ef AL laws depriving them OF the i'm
mense profits formerly derived from cotton
They wspied restoration of slavery, and had no
tnought Of assuming the rebel osb bat they wanted
live un on with the white people 81 the SOUTH ob-
the hitter memories OF fraterna strife and to he
coworkors with them in rsdeeming tho credit Of the
governments by paying al its debts In gold and silver
COIN, and IN developing the grsat resources OF tho
country All legal tender laws and all reconstruotion
laws called, they would dismiss 20 the winds with
each State fully restored, and with miserable
oaths they would leave negro suffrage and all other
dom site quesisass 70 the unconstraned will OF their
respective States Thus he represented his constituents
as he believed they would have him represent them
Mr. BLAME rep.I OF Ne, sad that while the gentle
man from Pennsylvania orr. Wood ssrJ) seemed 10 be
firm advocate OF the policy OF The resumption OF specie
payment, he had implied that the government pos