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

The House then went into Committee Of the Whole on
the of the Union Mr. Myers In the chair on the
Pension bill, which apprOpriates as follows: -
FS EsrSuaasrI ISsoS5
For navy invalid pe9'lGG H.,
Total .................. ............... sooOoOoo
Mr. KELSEY Rep n ", from the Committee on Ap
prations explained the cause OF the increase IN this
bl over the Pension b OF last year lie showed that
praton for 1869 sO5OoOO leaving appc6e TO that
ssaf leaving bsnGe e" OF sad The appro
prations for he year ending June 1870 were ss25Oo
leaving applicable TO that year Ssi02 Ihe estimated
payments 10 June 1870, s3si22ss4 leaving balance
OF s. O6O,sls which added to tho <OOOO appropriated
the pensions for the year ending June 80 1871
Mr.. BUTLER Gsep Mass made statement In
through through the Money one order ofiHcs 100
FERNANDO WOOD ON THE FINANCES.
Mr. WOOD dem, N. W addressed the Committee in
10 the manner Of administration OF the Treas
ury Department The power conferred on the Secretary
Of the Treasury he SAID was greater than had ever been
placed in the hands Of any officer OF the Government
Even the President never had as much He could use
pleasure the public credit and the public securities aud
could make the fortune or accomplish the ruin ndyd
the stock market, putting u ana putting down that KIND
OF property he pleased All that he required was the
OUT The country easily 10 obtained with his resources
and he might on dd minimum 10 the end OF the chap
ter Most men would have instinctyely hetated before
assuming so much responsibility Nol 80 ny BYutWsi
He had had 40 apprehension ON that ground The idea
Of the effect Of his actions appeared TO have given him
concern. lie had been willing 10 exercise not only all
his legal authority, bot good deal more The power
had been assumed. Mr. Boutwell, assumed to have been
governed by policy, but he or Wood saw no policy in
his course. IL had been so changeabls that
1t seemed not 10 DO governed by any
nxod rule. At times the sale OF bonds had
been arranged ms 10 enhance the price, again, no
depress the price. On the other hand. gold had
been sold at lower figure than the market and again.
gold had been put upon the market for sale and then
suddenly Withdrawn when "a little above the market
price could have been obtained lie had paid respect
10 the or trade affected by the condition Of the
money market At certain periods OF the there
a plethora OF currency at New York, while again, when
money required IN the South aud WeS 10 remove the
crops 10 market that redundancy reversed, and "A
strlDgoncy ensued. That had become much the
that the banks anticipated IL, aud prepared for ".
Not with the Secretary OF the Treasury. lie
thought lie had nothing 10 do with snoh small
matters; he was IA law unto himself Last Summer aud
Fall he used bis large alter tho usual order
Of things In that regard In the Summer when there
was usual, large surplus Of capital he added 10 IL
by buying $40 six per cent bonds which did not mature
year, and dsbnrhug currency for that purpose Why
was that Certainly there must have been motive
other than the public good sound hnancieTing. In
buying these bends he not only suddenly Increased tho
volume Of outstanding currency but lac increased the
public debt o pad 81 OJ on demand FOR 81 900 pay abo
ia - years, What would 10 sald VI tho