The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1868-01-20
XLsh OoNGREss-5eooud Session.


WASHINGTON, Jan. 18.-Mr. Mallory intro
duced bill-to aid the construction of a rail-
road and telegraph line FROM Portland, Ore
gon, to connect with the Pacific Railroad at
the Northern bend of Humboldt, in Nevada.
Referred TO the Committee on tbs Pacific Rail-
road.
Mr.. Ross took back what he had said yester-
day relative to Mr.. Farnsworth having beena
member of Congress and Brigadier at the
same time drawing pay as both. He also de-
MED ever having been member Of the Knights
of the Golden Circle. als =ssa&
The House went into Committee OF the
Whole.
Mr.. Baker opposed the acquisition Of Rus
| sian America
Mr.. Kelley addressed the House on the sub
ject of industrial interests of the country.
Mr.. Woodward made speech finance,
and National debt, concluding by saying his
constituents wanted no restoration OF slavery
and have no thought of assuming the rebel
debt, but they wanted in common with the
whole people of the South, to cbliterate the
bitter memories of fraternal strife, and to be
co-workers with them in redeening the credit
OF Government by paying all its debts III gold
and silver coin, and in developing the great
resources OF the country. All legal. tender
laws and all reconstruction laws, so called,
they would dismiss to the winds. With each
State fully restored, and with no miserable
test oaths, they would leave negro suffrage and
all other domestic questions to the uncon-
strained will of their respective States.
Mr.. Blaine, said that while the gentleman
from pennsylvania (Mr. Woodward) seemed to
be firm advocate of the policy of reconstruct
ton, of specie payment, he had implied that
the Government possessed the right to pay off
$40 bonds in legal tender notes with no lim I
tation on amount Of these legal tender notes
except at the discretion OF Congress. He beg
ged to remind that gentleman that in 1864,
after the negotiation of first go loan, and
when military situation was at the darkest,
and financial situation as proportonatey dis
hoIf Ia
try for a fresh loan, and was met in all iGan-
cial markets of the country with the declara-
ton that your loans are worth nothing If you
continue TO flood the country with irredeena-
BILE paper currency. How. did Congress meet
that cry? By putting in the loan bill of June
30, 1864, OBJ which more than three-fourths OF
the funded debt rested, this important pro-
vision providing that the total amount of bonds
and treasury notes authorized by the first and
second sections of this act shall not exceed
$400, 100000 in addition to the amount hereto7
fore issued, nor shall the total amount of U IS.
notes issued, or to be issued, ever exceed $780,
900 900 in amount. His point therefore, is
that Congress had thus entered into soemn
contract, and that therefore by all the laws of
the contract, and all laws of honor, the Gov
eminent should stop from issuing single dol
lar beyond that $500 100000. .5F
Mr.. Lawrence Of Ohio, inquired whether
Congress have not in fact authorized the issue
of more than $400,000,000.
Mr.. Blaine said it had not. a
Mr.. Lawrence suggested compound interest
notes, which were legal tender
Mr.. Blaine admitted that the issue of COM
pound interest notes is authorized, but that
they were only another form of interest bear
ing debt, whereas the phrase U. S. notes had
technical meaning. .....r t..s-5sg
Mr.. Hubbard Of West Virginia, addressed
the committee on the subject of the national
debt. He accepted the proposition that the
public bonded debt should be paid and redeem
ed according to law, and not otherwise, fully
believing that if law be kept invoate the pub
lie contracts will not be impaired nor the pub
lie faith broken.
Mr. Axtell addressed the committee in oppo-
sition to the reconstruction bill, and at half
past four the committee rose and the House
adjourned