New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-01-20
III, ACfO.

n
TO buy his paper having years to rum and actually PAID
a premium Some Of these bonds purchased at pre-
MUM issued under the act OF Congress, which de-
clared on its face that they should be payable IN legal
notes but at pre- MUM Of per cent lie gave
gratuity of $4,000 million thus reduced How
No mode Of reasoning could Justify the payment Of an
obligation in coin when gold was at premium when me
obi itself declared its face that was payable
In paper. No reasoning was necessary 10 snow Tue u-
pardonabe ignorance or something worse when tne
TO the Treasury and 20 all other Goyerment ercdors
ickeduess ana folly Of the proceeding was that
the original holders Of these bonds had paid for them IN
ereenlacks at about GO cents on dollar having bought
them Of the Government when dollar In gold was
worth than two Ia paper This was what the sec
rotary did last Summer and had continued untlt Time
Mr. Wood went to crticise the course OF the sec.
Rotary Of the Treasury In selling gold ana buying bonds
and attributed 10 the frequent changes OF his policy
many mercantile failures that had occurred and the gen
eral prosraOn OF trade throughout the country Inc
disregard Of law by the Secretary and his yascllang
and suspicious had not only caused very general
dstrust his purity of purpose but also ia ms capacity
effect upon the public credit lad been obvious IL
was shown in the greatly reduced values OF securi
ties United bonds that had been selling nj lz5 10
1875 August last, now worth only from ~ 10 10
and this too notwithstanding the alleged reduction OF
the public debt, and large surplus , oyer , eM
penditures in the current receipts Like the
spendthrift who. coming into the possession OF "a
large estate does not know how TO manage it, and soon
loses his credit. Mr.. Boutwell,, though rlch III re-
sources much disrustcd AS to reflect upon tne
sovency and the credit o; the Government ltSe H.
Another objection TO the Secretary was the manner IN
which made up his monthly statement OF the publc
debt It was not frank aud manly There was dl5,n,
genuousness about 1t more IN keeping with the cunning
OF small village practitioner than the elevated ahd
comprehensive sphere of the Finance Minister o. dh
great nation. III II were true tnat IEo uooi
had been decreased other Influences had calseu
IT, aud not his nanagement OF sle ,Lnrn Us
So far as his skill or energy was Sohcerncu, I'LL
the slightest proof that 1t had been successfully eA
ercised 10 accomplish any Denencla results
one Of the difficulties under which Mr.. BOutWeH
labOred his peculiar tenacy Ot purpose, oucH "
temperament all very well when balanced by JUG
men and cool intellect when man thought flgh,y 'io
more he adhered 20 ms opinion Tue Deter gut VIII %
thought enormously the less he adhered to u the Det
Unfortunately the Secretary was not Always Tign ou
whether wrong right he never changed Tue recent
report OF the Secretary was me OB eAposi'on tn1
country had had Of his financial policy aud careful
examination Of that document would Lead an unprJu-
diced mind to acqut the Secretary Of one OF ihe cnres
sometimes made against him. that OF actual dishonesty
for made his incapacy 50 evident that an us eruIa
position of willfu intention to use his Office lor IMPURE
and dishonest purposes As ridiculous as was tie a
tary was even As to the proposition To change
the per bond, INTO u per cent bonds inc simple
meaning OF 10 compel the holders 10 reHlnl'h
the former and receive the latter The Secret2tyS u
gua2e could have no other construction, anu ne l'l'
Wood held that that reputation IN us worst lol
Congress asked To dshOuOr the existing deDt oy eN
changing security cf an inferior value or to place
upou the markets proposals for anew loan which prob
negotiated at all either mere
on the terms and conditions proposed. THIS presented
me tcrnatiye Of dshonor of dscrrdt But he did not
propose follow the Secretary further ASIDE from inc
ssIrdlty of many OF his Recommendations, their ncon-
sistency with each other quite apparent Recon-
mendng foreign loan IN one part OF MS report TIC ue
,rcceJ be existepce of foreign debt In another part;
and i'm other reflections and suggestions lie was equally
AZ fault with himself In conclusion Mr.. Wood dis
claimed any feeling OF personal Hostility toward Mr.
BoutweU with whom his relations as a member of lut
Uouse for five year, had been pleasant and agreeDc Dt
he was led to express these views IN tho discharge Oh his
f''''' TIE PENSION BILL RESUMED
SIR SLOCUM tDem y. G.,J moved 10 strike on OF tue
bill the proyisO Tor the transfer OF tho Navy Peuslou
Fund INTO the Treasury and for the payment OF navy
pensions in the same manner rs army peha'ohS' anu
argued In support OF the motion.
Mr. KELLEY Rep, PENN advocated the proprety OF
retaining the prOylso and argued that maintenance Oh
separate pension fund for the navy was an anomaly
borrowed from the old English SYSTEM. - 49,,
Niessrs LAWRENCE Rep., OhIol and BUTLER lliep,
MassJ maintained the same view Of the subject
Messrs MAYNARD rep, TennD aud STEVENS 'Elp'
n II took the opposite view Of the question
Alter considerable discussion, Mr. socums motion was
TIE WEST Porxr APPROPRIATIONS
The bill was then lad aside to be Tsporied 10 Inc
House and the Committee TOOK up ihe "gsl InIht pm
tiry Academy Appropriation BILL Inc OIL apptOEII"cs
Mr. BECK Dem. KY, from the Committee on Appro-
prialous explained The various items the bill winch
amounted to $iO7Us over Bill Of last year. The eN
cess was the fact that there were 200 cadets est
mated for instead OF 26O and that an Item OF $2jOO WAS
appropriated IN tins bill for hreprOuf building Tor pun
lie offices aud archives, and 5000 Tor rebuilding inc
Mr. LOGAN Rep I'D. while he had no opposition to
this bill thought that action on might be deferred unt
Congress had passed upon bill which he had Introduced
aboIshpg the system Of longevity mtious and forage
&c by which the pay army officers complicated
could tell what 1t was, and establishing reSu
Mr BECK said that any law OF that kind which might
be passed would Of course apply to tho officers oil the
Without dispo,ing Of the hill the Committee rose, and
the Pension bill reported to the House and passed.
PETITIONS.
Numerous petitions FOR the repeal OF the ranking
privilege were presented by Ncssrs. GARFIELD rep,
ohio, STRONG Rep. PENN, and hLLLOuu l'ep"
Comm
Mr. STARKWEATHER Usep. Comm presented a pc
tton Of the citizens OF Mystic Bridge, Conn., for the re-
peal Of the tax on shIpbuildng interests 49,
Mr. CALKIN dem, n ~ presented petition or the
shipowners NewYOrk against free trade IN ships
and Of the removal Of all taxation III shpDud
ing and sailing interests
Mr. GARFIELD (Hsep., Ohio presented memorial OF
the manufacturers of Youngstown Ohio against
reduction Of tariff on iron.
Bills were introduced aud referred as follows:
Mr. sLOCUM dem, n. hJ-DOnating captured
cannon for u monument at West Point. y. Y.
Mr. WHiTTEMORE rep, ;. c. offered a resolution
authorizing the Committee ON Freedmens Affairs To send
for persons and papers in the employment
by fine Bureau OF some person who committed perjury by
taking the test oath. which was adopted.
NATIONAL AGRICULTURAL SCHOOL.
Mr. DOX Dem, Ala offered "A resolution instructng
the Committee Agriculture To report as 10 the estaO
shmeut national school OF agriculture aud mechan
zeal appertanng 10 agriculture which was adopted
Adjourned.