The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-10-24
Hayes Record Against specie Pay
meuts.

Under tie advice and administration Of
NUGH MCCULIoCH, Congress took IA bold
step forward in lsGi, looking 10 the certain
resumption Of specie payments. IL the Re
publican party had not broken the pledge
then solcmnly made. recanted the policy
of that day. and. in the language of the
times, gone back" on its professions,
the country would now be prosperous,
there would have been no imitation OF
values, no balooning of stocks, and the
financial crisis through which we are pass
ing would have been avoided.
The Republican party IS alone and abso-
mtely responsible for all the existing evils
aud distress. The whole power Of legisa-
tion was III its hands, and also every other
department OF the Government. IL adj
vnnced one step. then receded, and never
stopped rctreating until confusion, ruin,
and bankruptcy became inevitable. And
when the crisis came I'm It's fun fury, there
was not ability, courage, or sagacity TO
confront the storm aud arrest its Invages.
Mr. MORRILL, OF Vermont then Chair
man Of the Ways and Means Committee.
on the p OF March, 1866, reported bill
with amendments, entitled an act to
amend an act entitled An Act to provide
ways aud means to support the Govern
mrnf, approved March g. 1868" That bill
which subsequently became the act of April
II, 1856, authorized the Secretary OF the
Treasury to fund Treasury notes or other
Obligations, whether bearing interest OF not
But the great feature OF the measure was
u provision empowering the Secretary TO
retire ten millions of notes of the United
States ia the first SIX months after the
passage of the act, and not more than four
millions per month thereafter. Under
this policy all the legal tenders then III CIR
culatIon would have been retired inside of
nine years. There was some division in
the Committee of Ways and Means as to
the details Of this project, ana Mr.. HOOP
Err especially desired TO fix a limit for the
price of bonds authorized under the act,
the rate Of interest, and other amend
ments.
There was much discussion by leading
men rs to the effect Of this financial
scheme. but the general sentiment favored
return TO 4 specie basis. without precipi-
tatlng disturbance in business. In let
ter TO Mr.. MORRILL,, dated March %, 1863,
the day the blll was reported, Mr.. MCCUL-
Loon said:
I'm regard to the important feature u the
bill-the authority to withdraw United states
note have merely to remark that CONCEIVE
ITO he Of vlst Importance 10 the business q
the country, tie welfare OF the people, M the
credit Of the nation, ihut such a financial po'ic
III ~ oe adopted rs tins Congress as lrNl prep0rc
ne UoDJoI ittWH u specie payments,
This idea dominated throughout, and
while val ious modes of reaching the same
end were proposed none except the inna-
,ionist- pure and simple wanted anything
Else Mr.. ALLEY, with prophetic vision,
fOresaw the consequences Of the opposite
course, which his patty afterward adopt
ed, aud under the effects of which the
country is now staggering. lie said, with
force:
"If no check IL given now, expansion is sure
10 follow, until the business meu Of the country
will mad them-elves holding large cka, with
MI extended credit system, which Will make II
impo. sitle To contr1ct the currency ana reduce
prices without overwhelming a large portion VI
tue most cnterprlsng business zen OF the coun-
calamity ina; now plead for action Ia the right
direction oy TINS Government"
The whole subject was thoroughly de-
batcd IN its various phases, without word
being uttered by Mr.. HAYES. He sat dumb
IN his seat, ana gave no sign until the vOt-
Ing came on. Then the question was
brought up on the two amendments re-
ported by MI. MORRILL, in these words:
"Py id'd. That Of the Utted states note not NOR,
than lul Hons iuaY tt reuftu Hud cancelled
six months from the pssag' ~ U' act nud thereafter
not more than four millions IN any QUE month.
" Ahdut NItO uier fHHlft luW the Secretary ~ IA,
Tire shan report 10 Congress. az the comm moe
men oi the next session, The amount oiexcanes aad
or money bOlroWe under this act, nhd of whom IN,
when aud What terms, aud ALSO the aDount aui
Character Of Indebtedness retired under tns act an
The act 10 which ms II al amendment, Win drsae
statement % Tie expenses OF making such leans au
exchanges"
Here was ii direct and distinct test |
Mr.. HAYES was in favor of specie pay
ments, this was his chance 70 show il. Thu
yeas and nays tell the tale, ana here the,
Rre, given in fun from the Congressional
Globe, vol. 81, March q, 1866
YRAs- Mes.rs. Aney, Ancona. Anderson, James
Ashley fldNln. BanKe, batscr ita1ter. Burger BlI
well, 81 inc, bol er BROOKS, CunKllp, CulOm Duriup
Dawes, DAWSON Donntili fldrcdgc, hliot, i srnr
MoTtn, i rquiar f.ok, fancy, GOasl RENEE
Grnge Male, A. Harding, Hogan, Holmes. John II
Hubbard, jus H. Humphrey, lng,rsoh; jones' Kassof
Kerr, KetChum, KWkendH !, l. min latham, Gcurg
Lawrence IT, Bond Marshall, Marsi0r, N ,ryln. Nc