Year: 1866




70 receive any Treasury notes or other obligations
issued under act of Congress- whether bearing inter
AUTHORISED hv fb a iof any description Of bonds
scrlIlon OF bonds authorized by said act either in
tne United States or elsewhere, to such an amount
IN sucn manner and at such rates he may think
advisable for lawful money of tho United States or
Tor any Treasury notes. certificates of indebtedness
VI OF deposit or other representatives of
value which have been may be issued, under any
act OF congress- the proceeds thereof to be used only
ior reorlng Treasury notes or other obligations
Ssueo under act OF Congress- but nothing herein
tanned is to be authorized as an increase of the pub
llc deot; Proylded. that the bonds which may be
disposed OF elsewhere than in the United States,
may pe made payable, both principal and interest,
IN the coin or currency Of the country in which they
are made payable, but shall not bear rate of inter
Mr.. Morrill, then remarked that it was not in order
to allude to what had recently taken place in the
Senate But matter what had occurred Union
had a country to save The bill pending touched
the vital question of the public credit for it was now
proposed TO pledge not only our own resources and
port aeeumuaons but the prospective wealth of the
fifty millions of people on the Globe. The pending
R ne sad was merely an amendment to the act of
Treasury at his discretion to receive any Treasury
notes or other obligations whether bearing interest or
not, IN exchange for any description OF bonds au-
thorzed BY the act alluded to- and to which this was
an amendment. The bill, he admitted, conferred
for an old one By the bill debt cannot thus be
increased dollar. 1t was known that the Secretary
OF the treasury contemplated return to specie pay





been fortunate In our secretaries of the treasury du
ring the last four years.


Secretary Chase and Secretary Fessenden had OBJ
talned from congress all they wanted for Congress
did not betray its trust And now we have o Secre-
tary OF the Treasury who occupies no paradise of
ambltlon to any man, and whose conduct had won
golden opinions at home and abroad and a vote of
unexampled unanimity on the part of this House
His highest ambition seems to be that of fnancier
and his fame in that calling would endure while
political position would he merely ephemeral This
bill gave to him the same powers that were even fo
preceding Secretaries hp
ent debt Is two thousand seven hundred and sixteen
millions OF dollars, leaving one thousand and fifty
seven mIlons OF 1t to be funded. He would say that
we should not be deceived The perils of high rates
Of interest, and even commercial reyulsions NAV
oyertake us, unless our affairs managed with
great skill. II We gave the Secretary this power it
would prove more to the benefit of Congress than to
him. fCongress would continue in economy and
reduce the appropriations, we might hope that we
had reached the maximum of our public debt. The
Secretary hoped to get along without any more loans
during the present year. But if it should be neces
Congress to act.


gradual extinction of the public debt should and
would be thoroughly pursued


In 1861 our receipts were SAL 476 299; in 1861 this
was increased to Sll20 900. In 1864 this amount
was S264 100000, and in 1862 S353 00OOOO while the
actual and estimated receipts for 1864 are S450
and over $500 00 if the receipts are estimated in
paner currency, He hoped Congress would never
agree to reduce the revenue receipts until our public
debt was funded and the payment of the interest and
SINKING fund were secured. The single article of
whisky might then be set apart as revenue for
Ii
how easy It was for the United States to carry its
great public debt Our securities were the best in
the world and he desired that our people should
hold them in preference to foreigners There was
authority to make foreign loan in this BILL but that
authority had been Civ! before and never used If
adopted nowit would give the Secretary of the Treas
ury the option of dispOsing large amounts of bonds
abroad.


1t was not probable however, that it will be used
now py the present Secretary, Tor debt abroad
was quite large enough now, and the payment of its
principal and interest took our coin abroad to
return.


Mr. Stevens said that the bill placed one thousand
SIX hundred and forty millions of dollars at the abso
iu5e control OF the Secretary of the Treasury.


MI Morrill,, OF Nermont, said 1t was the same power
that was given to the other Secretaries


Mr. Stevens said he offered the following as a sub
stltute for the pending bill:


Be 1t enacted, That the act of March 3D. 1866 be so
amended as to authorize tho Secretary of the Treas
ury to dispose of description of bonds authorized
py Salu act 10 such an amount and in such manner
and at such rates no. less than par as he may think
advisable. for lawful money of the United States or
Tor any treasury notes, certificates of Indebtedness or
deposit or other representatives of value, which have
been or may be issued, under any act of Congress
and the proceeds thereof shall be used only for retr
ing treasury notes. or other obligations bearing inte
rest Issued under any act of Congress- but nothing
herein contained shall bo authorized to increase the
The principal feature of this substitute is the omis
sion OF the Foreign Loan clause.


Mr. Hooper, of Mass said that the great import
ance OF the bill before the House arises from the fact
that it is the first in reference TO finance that
has been considered since the close of the war The





sidered Indication of the financial policy to be
pursued. He contended that the only honest and
practical in which paper money can be restored
to sound condition, and made equal in value to the
money OF other countries with which are connect
ed by commerce, IS by a gradual reduction of its
amount until what remains shall circulate as the
equivalent Of coin. or can be converted into coin a
the option of the holder. Mr.. Ii. then made soma
observations on the banking laws


Mr. Kelley, OF Penn, next addressed the House in
opposition to the bill, contendng that he had faith
in the people against anything that looked like re-
pudiaion. was especially opposed to the foreign
loan clause of the pending measure.


The bill was postponed until next Wednesday and
Mr. Stevens amendment was ordered to be printed
DEPOT FOR COAL AND NAVAL STORES AT BALTIMORE
Mr. John l.. Thomas of Md, offered resolution
Secretary of the Navy furnish the House with an
estimate of the cost of locating depot for coal and
more


On motion of Mr. Stevens, the House adjourned
until FRIDAY next at u o'clock.