Year: 1866

have been valuable, and having escaped the NOR.
tifcaton Of seeking assistance outside OF our own
boundaries during the war, our self-respect will
be best maintained by continued self-reliance, and
without attempting to make American eagle
more attractive by dressing 1t In foreign, borrowed
feathers.


Should large amount of our bonds be placed
abroad at the present low prices, whenever they
advance to the par value of gold, they inertia
oily must advance, then foreigners, like other
spectators, NAV desire to realize their profits,
aud the bonds will be sent home TO be resoid
Certainly we should be exposed to the vic:sstudes
of foreign money markets as we'll as our own j;
and panic at home or abroad would equally be-
tide disaster. Thus doubly exposed as we should
be, the resumption of specie payments would be
procrastinated and made more hazardous.


Let us look at our present condition, stripped
of all disguise. A debt of unweldy proportions
falls due at early day. There will soon be
pressure for time. If fifty millions should be
funded every month from This time forward Tor
two years, the process would not even then be
completed. Does any one desire 1t TO be done
with less rspdty ? Shall we maks no provision
for these known exigencies until We are on the
very brink of the precpce? And when the com
pound interest notes and seven-thirties fall due
what do those who object TO this bill propose
Have they any other resources than the hydro
static printing presses OF the Treasury aud
modest billion of fresh legal tenders I" Take any
other shape but that!" The aggravation of prices
in consequence of the large excess of paper cur
rency is even now oppressive; as keeuly felt by
all classes, perhaps, as are even our taxes. In
addition TO all the evils of inhltion, all know
that exclusively paper currency financial
winds blow with reslstiess fury, and commercial
men have more TO fear from these tempests com
ing with every changing moon than from any
stringincy which the Secretary of the Treasury
might incidentally create the golden road 10
specie payments.


The people are not unpreIared to subscribe for
large amounts Of the Yet untunded debt of their
Government. They have sail upon new
enterprises, and the amount in the banks TO the
credit Of depositors is unprecedentedy large.
Formerly the accumulation of few millions of
gold in the subTre.sury at New York produced
crisis; but now, though over S50.000 600
thus boarded, almost enough to pay the interest
due IN gold year IN advance, it creates no alarm.
These facts show that the people, now holding all
of the temporary securities of the United Sta'es.
in such a condition that they can convert the IN
With very little inconvenience into a permanent
loan. That is all We require. The time is op-
perfume for the work OF the Treasury Depart
ment- Let US not compel il to remain idle.
" Mastery inactivity" will be found to be, il
ever has been, a poor method by which TO pay
debts


The present bill. like the first bill introduced,
represents the ideas of the Secretary of the Treas
ury, though modified by lapse of time, md, after
mature consideration, has received the sanction Of
the Committee of Ways and Means. Ia pre-
ssnting it We have performed simple duty, and
il now remains for the House 10 take such action
as, under all the circ lms iances may appear be
wise. Whether have sunshine or storm, can
1t be amlss 10 place our debts IN a position that
will relieve US from present as well as future en-
bsrrassment