New-York tribune., 1868-03-05
XIrH CONGRESS-IID SESSION.


the accounts OF Capt George Preble of the Navy WAS
SN'''N EXTENSION OF THE CAPITAL GROUNDS; .,.
On motion Of Mr. FEssENDEN ReP Me9 tne TToands
EDITING The MADISON PAPERS, hu, to nav
MI MORGAN (Rep n " called up the ss eI Me6sSS 20 p
P'F''" "'''' PrBfiC LANDS IN NEVADA. - .,r,her
provide for eIHS Eject to the regard pubic
lands in Nevada, and for other purposes "H''"
eussed. amended and passed ..,-
CIRCUIT COURT AT ERIE, PESN hun Drov,d,pc
Mr. CAMERON rep, PENN called UP ,a D,n p, ,sSi.h
FOR holding Circuit Court at Erie, Pennsylvania winch
~As paSSe1i SSI1r,1. PROCEEDINGS IN IMPEACHMENT
.,,.os o'clock the House Managers Of Impeachment ap
ed followed by tho members Of the House. the latter
ranging themselves outside the bar OF the Senate Inc
Managers took the seats which had been provided 1or
them Mr. Bingham sat on the right and Messrs boutwell,
Stevens Logan Wilson, Williams, and Butler at his left
Ihe Speaker Of the House invited TO seat beside
the President pro ten and escorted TO his seat by
Mr. Grimes Qep Iowa. Silence having been restored
she Chairman OF the Committee Nfr. Bingham) said
Mr. PRESIDENT: The Managers on the part OF the
House Of Representatives by order OF the House. are
ready at the bar Of the present Articles Of I'm
parchment maintenance Of the Impeachment pre-
Eerred against Andrew Johnson President OF the uned
Btates.
The PRESIDENT pro tem.-The sergeantatArms will
The ARNS-Hear ye hear ye: All per
ordered to keep silence ON pain OF Imprisonment
while the House Of Representatives exhibit 10 the senate
Of Impeachment against Andrew JOhhSOh fIeS
% the United States.
Mf' BINGHAM then rose and read the articles Of I'm
peacment, the Managers also standing with the eAcep
At "A o'clock the reading of the articles having been
finished the Managers and other members OF he houSe
Mr. ANTHONY Rep., r. ~ offered an order, that dur
ing the pending trial no person shall be admitted 20 e
ut Arms exceeding the number that can be accom-
modated with seats leaving the passage entirely uee %
That tickets shall issued to the foreign legations thdJ
each Senator shall be entitled to four tickets each nS
OF house to two the ChefJushee and each Juag
each Judge OF the court OF
the reporters OF the press TO have 90 te
at Arms who Is authorized 10 carry out these regula
fiOns aud 20 employ, under direction OF tle Comuteo
Contingent Expenses sufficient means Ior ue Iese
At The suggestion of MrysHERMAN Rep, ONO the
order was laid on the table.
was again taken up, and Mr. HENDERSON (Rep, MOI
addressed the Senate He said after noting the amount
OF the National debt that the amount authorized 10 be
of gold eefuhcates will fund; and if the creditors
choose to carry 900 Of the debt in legal tehdeIs
fhe funded debt will be S2l 65iO6 90 on which the an
nual interest will be Sll25423l 90 The small ndeDted
issued pnor to Feb rs 1867 could prSDaDy DC pau P
payment OF nvetwentes, which, with the other hoat-
Ing Indebtedness, would amount TO N7OOOO0OO: Inc
saving 10 the public the debtor class, If tho funded
debt should be paid in currency, with gold at i4o
fCSe Gei0 Question Of great practical
plain that currency TO pay the 1eDt on %
BenaOr from Ohio Mr sherman had claimed that II the
creditors should reduce their rate OF interest from sN 10
i've per cent 1t would be fair TO both debtors ana Ieu
itors He cOntended that yielding S20OOOOOo per aDnh
Tor AT nNe per cent lulcIost pay
~ the Government gave them in this manner 7 2S52
receiving in return $l555s9lG2; TO make the exchange
cent leaving the bonds 10 bear only 2 per cent payable
semi annually. The PUBLIC securities being ,y LARGELY
arising nom them and by reason OF the n9italion IN @
3h DSRkDg ona m the West eScept at ruinous rates
was therefore absolutely precluded ana the recent con
S,fter eonlplaits mis- had caused Western business
men TO seek remedy. Mr.. Henderson then instituted
comparison of the debt of the United states with that OF
other countries the interest paid &c The rate OF the
latter he claimed necessitated high tariffs ana bur
densOme taxes resulting III throwing t Dalahce on aIe
against and consequent sending of ponds abroad
which, however, only aggravated the ev, ana 10 seId
gold would drain the country IN hve years
time and render resumption q myth. y.
out that these bonds in foreign markets sold at n
20 and in at 6 TO s He quoted the rates OF
IN value over Government securities showed want OF
10 he to enhance the value Of bonds by contraction
IN disregard of the OF fnneteenwentehs OF the
iSe Teume of ne currency would in aiding the material
Of the country, appreciate the security OF e
bondholders Replying to the Ig9ne' Una S' hs te Seld
contracted in gold should he TaG Tad IN max aRe ne
Mas gold Of which Government could not increase
were correct The specific agreement having been made
no held both parties made the contracts subject to
future legislation. Mr. Henderson then detailed the CIR
OF the failure OF Secretary Chase to procure
cGs 10 of he aet of February 1862 and claimed
that IL impossible from the act itself stpuatng that
should be paid III COIN that the payment OF
the principal contemplated in paper He quoted the
other acts show that such must have been the lnen
tiOn He then replied TO and comoated Mr' eheTmah
claim that the Government is IN honor bound 10 Keep INC
legal tender circulation below four hundred IN mrons
moro gIeenbacks cond De Issued Dy ~ anu lIesuy
notes could be issued I'd 6tH tie promise was worthless
argued that greater volume OF currency was heedeu
since the seeding again shared with the use OF
our currency. Abundance Of money makes interest low
ten or fifteen years, and is usually caused BY
paying too much interest, not Dy ONeI.tra1ng'
though the bonds purchased st from 90 10 40 cents
the dollar 1t being quite easy he SAID 10 so regulate
do Justice TO both debtor ana
He would even waive the terms OF the contract ana
admit payment in gold to be obligatory provided tae
creditors reduce their interest to compensate
for apprecatne their bonds even from H. the plesent
value TO the par OF gold. The proposition 40 70
Is worth q IOO IL not worth so much nor ala the
creditors pay much for H. IL the creditors refused 10
fund on far terms he would not fund at ALL but adopt
policy that will enable to take uD the securities as
sy bes osa " T three and half and four per cent to
take their place He denied that deprecated paper
snIk 10 one-eighth Of the nations wealth,
was worse. England has two noted Tnsttutions-a ma
fiODal debt and a pOOrhOuse system. Let us beware
chat we are cursed with the latter He conended
thatev thousand millions OF circulation would De
deprecated That was the amount IN MaieD' 1900
when gold fell TO l25. He claimed that the rise
gold owing 70 The IRON policy o contraction when
yond the pale of hope. He said the amount OF gold IN
fhe country not s2250OOOOO, which WIN the
bank circulation limited 10 sJOOVVgVVV Md t @
Bclent a circulating medium. He thought the Govern
ties with lower rate OF interest, placing the equivalent
discount IL the body OF the bond which would arise
~ pad CAPITALISTS think in from ten TO twenty years
Mr.. Henderson thought no such thing. Even n
ect of HE plan would be to lessen the amount OF the
annual interest budget He thought It too much that
Of interest which the country could not pay nation
an show ratio OF increase in national wealth equal 10
Gve psr cent The rates OF increase in England Is Sc
er cent ia the United States from 1910 10 1865, II was
- pSr eS coSy9sons Of the last 20 years in England
aud America had their origin in the payment Of interest
aud he contended that the Government should
-,rike Low al high rates Of interest He denied being