Orleans independent standard. [volume] (Irasburgh, Vt.) 1856-1871, 1868-01-24

lion OF 1un0lng the national QeDt.-
Under existing laws the Secretary of
the Treasury could not increase the
currency to the extent of fve-dollar
bill, and that officer knew and recoe
nized that TACT. He defended the
Secretary Of the Treasury from the
charge of Mr.. Stewart, that he had
unnecessarily drawn from the people
forty millions OF taxes. He said he
could not be chargeable with the fail.
ure of the estimated tax on whisky
and tobacco. He believed that gen;
tleman had conscientiously discharged
his dntyG sd3 is gnfzoonG +.
The proposition of Mr.. Sprague in
regard to the National Bank was ir.
relevant and in regard to that Sen.
ator's alarm about bankruptcy and
ruin, because Of the, decreased price
or commodities. He said that was
a loss only to manufacturers, bat be-
neficial to, the consumer. The I'd
venue diversified productions of the
country was increasing. They were
increasing in volume-iron, coal, pc
troleum--all Of them, because of a
million Of men turning to industrial
pursuits at the close of the war. Ii
would not be alarming should prices
fall more and more. manufacturers who
had made large profits during the wal
must now suffer to some extent. A
fal h of prices constituted no ma
tional danger, but when then they fell
to specie standard specie payments
might be resumed. He would be a
bold man who would now seek to. es.
tablish National Bank to control the
business of the country add the rate
of interest. Neither he nor thai
Senator would live long enough t.
see it. Whenever the rate. of inter
est was regulated by law then it was
higher, where unobstructed the tend
ency was to reduce it. aa-.@ ID"
Mr.. Sprague said he did not pro
pose to regulate it by law, but by q
better management of the finances
La regard to the over productions OF
manufacturers he. said they might b.
too large, but there was no sale loI
them. .s7, as.5 ri. ...t7 laf
Mr.. Sherman said simple remed,
was to reduce the aggregate price.
on agricultural products, which wer,
high because there was a foreign de
mand. In reply to a remark of Mr.
Sprague in regard to funding five
twenties in order to produce lower
rate of interest, he said it could no.
be done without the consent of hold
ers of bonds. 1t could only be done
by imitation. He knew public senti
ment demanded that bondholder,
should make some sacrifices as wei
as other citizens, but he did not wan
to enter upon that question. 1t wa
idle to attempt the payment of tn,
National debt until those bonds wer,
converted into gold, and would onl,
lead to disasters and ruin to the par
ty attempting it. 1t was unfortunat
that question had not been settles
three years ago, before any portio
became redeemable, but the golde
moment had passed. He had hope
full view of the prospects of the cour
try, industry being well rewarded i
, all It's branches. Every man coul
find employment at fair wages. o
this subject there were variety o
, projects, but it would be Impossible
to carry out their object without haI
monizing them into some suitabl
measure and meeting the questio
J fairly and honorably.
Mr.. Conkling opposed the bill a
unnecessary. He would vote agains
! the bill in any shape. He modife
. his amendment by providing that n,
. thing herein contained shall affect til
power of the Secretary of the Trea
ury to maintain the the reserve a
;, thorized by the 4th section of the al
of June 80, 1854, in order, he sal
to divest of all question as to leg;
construction. The question of e
=. ance, he thought, was to be in futur
:, he was about to say, the question {
, government. He looked for relief
, the country by new era of retrenc
! ment, OF lessened taxation, except
certain articles, from which it shou
! never fail. 1t could never come fro
=, the proposed expansion of paper Gu
= rency.
\ Mr.. Doolittle denied that any
- ference could be drawn from the ia
{ that these amendments had been vot
40 down by the Senate that therefore
e was in favor of expansion. The b
i was simply to repeal law and I
. lowing the Secretary of the Treasu
g to contract at a certain rate.
!, Mr.. Morton took the same vie
4 Their purpose was not to permit t
ct Secretary of the Treasury to exerci
"a his own judgment in regard to fur
= er contraction, but to settle fix
= policy for the future.
~ After further debate Mr., Conklin
g amendment was lost-15 to %.
- The amendment of the Final
10 Committee was agreed to, and the
nv naCSad hu q rroto Of % 70