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Mr. MORRILL, of Maine. No; it is not reason that I felt it my duty to explain dis- was red with loyal blood, when the hearts o understood to apply to that. That is en- tinctly to the Senate what there was in this all men beat with anxiety, went to the Acad. graving

report which was matter of legislation, and to emy of Music in New York, on the 4th of July, Mr. SHERMAN. Then I have no objec- bring it to the attention of the Senate, that they | 1863, in company with Pendletou and others, tion.

might see how far it was legislation and how there and then to advocate resistance to the Mr. MORRILL, of Maine. I will say in far it was germane to the bill.

draft, there and then to proclaim to the ex: regard to the exception that we have the lan- The report was concurred in.

cited people of New York city, that a mob guage of it from the Department itself.

IMPROVEMENT OF MISSISSIPPI RIVER.

had an equal right to proclaim the law of neMr. FESSENDEN. I desire to ask my colleague whether the matter of paying the

Mr. RAMSEY submitted the following re

cessity with a Government? Why did they take

the men who, on the 4th of July, 1863, told patent fund into the Treasury was a matter port:

the American people that the war was a fail. discussed in either House, or whether it is put

The committee of conference on the disagreeing ure, and that the only way to preserve their on by the committee of conference?

votes of the two Houses on the amendment of the
Senate to the bill (H. R. No. 554) making a grant

liberty was to resist law? Why did they take Mr. MORRILL, of Maine. It is put on by of land to the State of Minnesota to aid in the im- the man who, on that occasion sneered at the committee of conference. The subject was

provement of the navigation of the Mississippi river every effort of this Government to maintain introduced into the bill and was before us, grow

having met, after full and free conference have agreed
to recommend, and do recommend to their respective

its own existence? Why, above all things, did ing out of an appropriation to rent a building Houses, as follows:

they pass over every patriotic name and take to accommodate a portion of the clerks of the

That the Ilouse recede from its disagreement to the amendment of the Senate, and agree to the same.

up the representative of the cold-blooded, Patent Office; and the committee on the part

ALEXANDER RAMSEY,

treasonable peace Democracy? I will tell you of the House insisted upon some provision of

T. A. HENDRICKS,

the reason.

If anybody doubts his record I this kind.

S. C. POMEROY,

have before me a small portion of it, and I Mr. FESSENDEN. How is it in regard to

Managers on the part of the Senate.

can produce more. One or two extracts are the printing?

I. DONNELLY,
W. MUNGEN,

enough. He commenced his speech on the ith Mr. MORRILL, of Maine. This printing

Managers on the part of the House. of July, 1863, thus: was not the subject of any action in either The report was concurred in.

** When I accepted the invitation to speak, with House that I know of.

others at this meeting, we were promised the downMr. FESSENDEN. It originated with the

THE FUNDING BILL.

fall of Vicksburg, the opening of the Mississippi, tho committee of conference.

probablo capture of the confederate capitai, and tho

The Senate, as in Committee of the Whole, exhaustion of the rebellion. By common consent, Mr. MORRILL, of Maine. Yes, sir; but it resumed the consideration of the bill (S. No. all parties had fixed upon this day when the results was involved in the appropriation bill in this 207) for funding the national debt and for the of the campaign should be known, to mark out that way: we appropriated $1,500,000 to execute conversion of the notes of the United States,

line of policy which they felt that our country should

pursue. But in the moment of expected victory, the loan laws; heretofore the appropriation the pending question being on the amendment thero came the midnight cry for help fro Pennsylhas been more; and the Senate and House of Wr. Wilson to the amendment proposed

vania to save its despoiled fields from the invading

foe; and, almost within sight of this groat commerdisagreed on that appropriation; the House by Mr. SHERMAN from the Committee on

cial metropolis the ships of your merchants were insisting that it was very much larger than was Finance.

burned to the water's edge." necessary; they agreeing to appropriate, I Mr. STEWART. Mr. President, I am glad That was the way he talked. Why is it that think, $450,000 only. The House seemed to to see the Deinocratic party again on the they put him at the head of their ticket, a man think that a good deal of the expenditures of aggressive. I am glad that their leader in the who used such language on the day when the that office might be transferred economically Senate has recovered so that he can assume invincible Grant took Vicksburg ? Why is he to the Government Printing Office, and they the aggressive. It is gratifying to all his friends selected? I call the special attention of the insisted upon cutting down the appropriation that he is able to come forth and put on his | loyal Senator from Indiana, whose virtues that $250,000.and believed that by transferring the armor, and has got again into the war. path. convention could not appreciate, to the followwork to the Government Printing Office it could He says that the American people are going to ing beautiful sentences of his successful rival: be done at lower rates, and all that portion ask some questions; that they are going to ask "Are you not exposing yourselves, your own inof the expenses involved in the printing and why we have been compelled to expend so

terests, to as great a peril as that with which you

threaten us. Remember this?"
binding for the several Departments and bureaus much money, why we have done this and that;
saved.
but he intimates that they will confine their

He was discussing the draft and advising
Mr. FESSENDEN. There is no printing done inquiries to what has been done since the sur-

them in this very speech to defend their hearths, there except blanks used in the Treasury reuder of Lee, and he says that he does not

declaring the drait unconstitutional, declaring Department, and no binding at all, I think.

that the Government of the United States had propose to go back further than that time. Let Mr. MORRILL, of Maine. Our information me tell the Senator from Indiana that there are

no right to enforce it. He said : ou that subject was derived from the head of some other questions the American people will

“Remember this, that the bloody, and treasonable,

and revolutionary doctrine of public necessity can the Printing Bureau, Mr. Clark. We under- ask. They will ask why the Democratic con

be proclaimed by a mob as well as by a Guverninunt.' stood that there was a pretty extensive busi- vention indorsed Andrew Johnson's adminis

That is the language of your presidential ness of printing and binding for the several tration, and why they now denounce it as cor

nominee. bureaus and Departments, not always of a pri- rupt. We have never denied it. They will

Mr. HOWARD. Read it again. vate and confidential character, but of various ask why it is that the Democratic party plunged

Mr. STEWART. “Remember this, that descriptions, which might as well be done at this country in civil war, and involved it in a the proper place.

the bloody, and treasonable, and revolutionary debt of $2,500,000,000. They will ask why Mr. FESSENDEN. I do not know what

doctrine of public necessity can be proclaimed that party sought to overthrow the Governmay have grown up there within the last three ment. They will ask why it was that not only by a mob as well as by a Government.

And within eight days from that time the or four years. I merely made these inquiries the present debt, but a vast amount of taxation, to get information. I disapprove entirely of

most disgraceful mob that mars the good name running into the thousands of millions, alipost

of our nation was raging in the very metropolis general legislation or legislation of any kind beyond computation, has been expended to put by committees of conference which has not

of the State of which he was Governor, vindidown the Democratic rebellion. Especially been presented to the two Houses for consid- will they ask why it is that the Democratic cating his words, taking the ground that they eration and discussion. It is very apt to lead

had as good a right to proclaim the law of party has put forward as its leading standardto difficulties, and I think is wrong in prin.

necessity by which they might take life and bearer Horatio Seymour, the leading copperciple.

destroy property as the Government of the head of the North, who aided the rebellion

United States. He was the representative of Mr. MORRILL, of Maine. I want to take more than any other. What does that signify? this occasion to say that no man can be more

the idea of mob violence. Every line of that Why did they abandon HENDRICKS of Indiana ?

speech contains a suggestion to disobey the averse to it than I am myself. I have attempted Why did they abandon the Chief Justice of the

law. The mob came and you say lie helped to on all occasions to resist it as far as practica- United States, the head of the great court ble; I think the principle is pernicious; but

put it down. I say he ought not to have advised which is so much respected? Why did they

his friends to enter into it. the Senate will bear me witness that while I abandon Hancock? Why did they throw all

But I will proceed a little further. I have have attempted to resist it on these bills the these men overboard ? It was to get a repre

another one of Governor Seymour's speeches Senate has invariably held that it was the right sentative man who would be acceptable to the

which he made to the mob. It was after this of the Senate to attach such measures to the rebel wing of their party. They have a repre

mob had raged some days, after he had got a bills. sentative man. I cannot let this occasion pass

little news from Vicksburg, and a little news Mr. FESSENDEN. I am speaking of legis- without alluding to the significance of this

from Gettysburg, and he was not quite so brave lation by a committee of conference outside | nomination, and the reason why Mr. Seymour as he was on the 4th of July. Then he makes of the Senate. The Senate can put on any. was selected.

a speech, and he calls them my friends.": thing it pleases after discussion, and it goes to Mr. President, Mr. Seymour was a peace

This mob had burned down orphan asylums, the House, and is there discussed; but if it is Democrat, was an associate and friend of Pen

had gibbeted men in the streets, and had a matter of legislation which is adopted by a dleton, Vallandigham, and of those who op: destroyed $2,000,000 of property, which the conference committee it is settling a question posed the war. Why is it that the Democrats

city of New York has since retunded. that has not been considered in either branch have nominated for President the man of bad

calls this mob of blood and violence “ my as it ought to be, and it results in this; that a eminence, who was Governor of New York in

friends, and he says to them: committee of conference may legislate on mat- the most critical hour of the rebellion, when

“I have come down here from the quiet of the ters which have not been before the two Houses. everything was trembling in the balance? Why

country to see what was the dificulty; to learn what Mr. MORRILL, of Maine. It was for that have they taken the man who, when the South all this trouble was concerning the draft."

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and he says:

cause.

He had been there on the 4th; he had told and said, “No, you shall not resign." They i man's Government for the sake of treason? them about the draft; he had made a speech, will want to know why Forrest, of Fort Pil. It will not be a white man's Government when and so had Pendleton and Seymour of Cou- low notoriety, eulogized him. They will want you have done; it will

a rebel Government, necticut and O'Gorman, and they had agreed, to know why he is the special friend of Wade in which the poor, white and black, will be one and all, that the mob had the right to take Hampton. They will want to know why these trampled into the dust, as they ever have been. this matter into their hands. Then he returned gallant chieftains of the rebellion brushed the Why tear down governments based upon equal to the couniry, and comes down after they had loyal Democrats, like so many flies, behind rights where all are protected? Why tear been killing and murdering for several days, them, and took this chieftain of the peace | down governments which are an honor to the

Democracy, odious in the nostrils of the peo- American name? The American people will My friends: I have come down here from the ple, held him up, and shook him over that pause long before they enter upon this work. quiet of the country to sco what was the difficulty; convention amid the cries of the bewildered The verdict is already recorded. My friend to learn what ail this troublo vas concerning the and befooled western delegates.

from Indiana sees the handwriting upon the draft. Let me assure you that I am your friend. Uproarious cheering.) You have been my friends,

These are some of the questions the people wall. Let him go home to his State. Let (eries of 'Yes,' 'Yes, That's so;' 'We aro and will will desire to have answered. They will want him go home and fight for bis individual self be again;') and now I assure you, my fellow-citizens,

to know why the delegates from the West and there. Nobody has any personal hostility to that I am here to show you a test of my friendship. (Cheers.) I wish to inform you that I bare sent my

from the East congregated in that modern city him. Let him make his own fight as he can; adjutant general to Washington to confer with the of iniquity allowed themselves to be hood- but after the convention has repudiated every. authorities there, and to have this draft suspended winked and allowed him to be placed in that thing that looks like loyalty or love of coanand stopped. (Vociferous chicers.] I now ask you, as good citizens, to wait for his return; and I assure

position. I tell you, Mr. President, the object | try, when they put up nothing but the black you that I will do all that I can to see that thero is of putting him there, the embodiment of the || idols of rebellion for him to worship I hea no inequality, and so wrong donc any one. I wish you to take good care of all property as good citi

peace Democracy, the embodiment of opposi- | seech him not to load himself too heavily with zens, aud see that every person is safe, The salo- tion to the war, the embodiment of the slave- the record of Blair and Seymour; it may enkeeping of property and persons rests with you; and ruling idea, the eubodiment of everything that danger his own little fight in that great State I charge you to disturb neither, It is your duty to

is anti-Americail, anti-progressive, and anti- which he seeks to govern. But this attempt maintain the good order of the city; and I know you will do it. I wish you now to separate as good citi

Democratic, is to endeavor to reverse by the to elect such men with such a record means - zens, and you can assemblo again whenever you wish verdict of the people the verdict of the war. that every loyal man is to be humiliated and to do so. I ask you to leave all to me now, and I

They put him there to do honor to the lost trampled in the dust. It means that the debt will see to your rights. Wait until my adjutant returns from Washington, and you shall be satisfied.

They put him there to condemn the is be repudiated, the honor of the nation to be Listen to me, and see that no larm is done to either efforts of the loyal people of this nation to destroyed. It means a dissolution of the Union persons or property, but retire pcaccably,"

maintain this Government. They put him by the expulsion of States, because Blair disThe meeting at the Academy of Music was there knowing that his election above that of tinctly stated it and desired to be nominated brought together for the purpose of inflaming any other man would be a condemnation of on that issue. It comes to us in that shape; the people against the draft, and the Governor the war, wonld be a repudiation of everything and if the deserters, the traitors, the cowards, of the State, who held the reins of power to loyal, just, and noble. They put him there to and the rebels were right; if the American enforce the law, was there, telling them that insult the memory of those of our noble heroes people think they were right and we were wrong they had as much right to do that as the Gov. sacriticed by his neglect. They put him there all the time; it all the Union armies were ernment had to enforce the draft, and after because they believed that with him they could wrong, then let the verdict be recorded that they had done their bloody work he tells them, most effectually humiliate Grant. They put | Grant is the greatest murderer that ever was "Wait a little while; it we have not scared him there because they had grown brave and or ever can be in history; then let Shermad the Government enough yet so that they will rash. They put him there because they were and Sheridan and Thomas be disgraced ; let yield and surrender to us, you may reassem- on the aggressive and bad determined to make their names be stricken from the rolls of the ble.'!

loyalty odious. They put him there because Army; let none but traitors be placed there ; Why is it that this man was nominated ? Is they intended make every Union, liberty. let Lce take the place of Grant and Forrest of there not some purpose to be carried out? | loving man in the country bow down in the the gallant Sheridan; stop paying your penThere is a little piece of evidence that explains || dust. They put him there in a tit of over- sions to the widows of the soldiers who have that. There is a war to be prosecuted. I hold confidence, to please their southern friends, fallen ; let anarchy reign supreme; ratify the in my hand the letter of his colleague on the to revive the rebellion, to reverse the order of glorious doctrine of your leader, that mob vioticket, Mr. I'rank Blair. Mr. Frauk Blair, it things.

lence is as legitimate as governmental power ; is true, was once a Republican; but in order But now the amazement and the chagrin | adopt the motto, “Let ruin come again." to secure a nomination at New York he sent

that are felt show that they mistook the tem- But, sir, the American people are not so into that convention a manifesto which the Sena per of the people. They forgot that the evil clined, and however aggressive my friend from ator cannot approve, from which he recoils he had done was still remembered. They | Indiana may be in defending the forlorn hope with horror; which, excuse it as he must, he might have taken Hendricks or Hancock or of his successful competitor in the New York cannot but condemn; and he says that upon somebody who was not identified with riot and convention, he will make very little impressiou that ietter he wants the nomination. In that bloodshed and treason to the Government. letter le declares that seven States sball be They see that they bave made a great mistake.

on the country except that he intends to be

true to his party, that he means to prove to expelled from this Union by force of arms it It was the over-contidence of the rebels in the the world that his head is not sore although bis his friends are successful. He declares for beginning that they coald overthrow the Gov. heart aches a little, and he is very much diswar, and declares that they have a right to ernment which made them light the torch of gusted with the proceedings of the convention. expel States.

It was their over-confidence that He has said enough on tiat subject; let him Mr. McCREERY. Will the Senator read led to their destruction. It is the over-contiany portion of Mr. Blair's letter that declares dence of these schemers for a new rebellion condemn him too severely, they will sympa:

leave it to a generous people. They will not for war.

that has opened the eyes of the people; and I thize with him ; but he must not attempt to get Mr. STEWART. The wbole of it.

tell you when the contest is ended the record Mr. McCREERY. Just read that part.

them to worship at the altar of Seymour or of those who stood by the country during the Blair, because they will not be persuaded. He Mr. STEWART. The whole of it is for war will be vindicated. The people will maintain those who stood for the Government

must not try to transfer the love and admiraMr. McCREERY. Just read one sentence. through the sorrows, losses, dangers, and pri- such ideas as they do, because he will fail in

lion felt for him to two such men representing Mr. STEWART. The letter says this: that vations of the war. They are not willing to it is idle to talk of legislation to accomplish

that and they will cease to confide iu bin. reverse its verdict. They are not willing to

Mr. CORBETT. : Mr. President, the prothe purpose; it cannot be passed through the humiliate loyalty. They are not willing to Senate, and therefore the President must

vision now proposed inaugurates a new system renew the war for the sake of reëstablishing which, it seems to me, would be very detri upset these governments, treat them is nulli. peonage or slavery in the South. Why should ties, and call upon the military commanders

mental to the interests of the United States. not people desire peace and security and to undo the work that bas been done there,

The amendment of the Senator from Massa Union? Why should they wish to put Vallanoverturn them all. Why was he selected ? digham, Hanipton, Vance, and Forrest in a tax of one half of one per cent, which has

chusetts provides for imposing upon our bonds What do they propose? They propose war. power? What have these worthies done to certainly never

been attempted by the Govern The American people want to know why it is, merit office? They will not stop to talk

about ment before. These bonds have been popular, after four years of bloody war, after such vast little quibbles in regard to the consistency of and will continue to be more popular il expenditures of blood and treasure, after years of effort to restore the country, when we are the Republican party or little irregularities in maintain our public

faith

, provided we do not returning to our habits of industry and econ

carrying on the war. They know that our
financial troubles since the war grew out of

tax them. We have always contended, and the omy and peace, Horatio Seymour, an advocate of mob violence, Horatio Seymour, who

Supreme Court of the United States has decided, istration. They are not willing to reverse the be taxed; that it is necessary for the

Goveries the corruption of Johnson's Democratic admin that United States Government bands cannot proclaimed the war a failure, Horatio Sey. verdict of arms, to rerivet the chains of the mour, who denied the right of this nation to maintain its own existence, is placed as a can. slave, and to make this a wbite man's Govem.

ment to have power to issue bonds free from ment for the benefit of a few arch-traitors.

taxation so as to maintain the national credit, by the at the of the Those who cry do not propose to

to be able to protect ourselves from incursions

from abroad and to subdue rebellions within. daigham placed him there. They will want to know why Vallandigliam took him by the neck

the treason. Why should this he made a white li beresiter to hinder Congress from taxing them

bonds one half oione per cent. there is nothing

civil war.

war.

ticket

. Wilhey will want to know why Valehe make it the white hain sa dve montere more the ferome hoor inaugurate a system of taking in

will be that we shall have to send gold pot depend on, something that they know will not

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one per cent. or two per cent., and when we try for the time being $50,000,000, and these They have gold contracts there now under ex. comience that we do not know where it will

men give up four and a halfor five per cent. upon isting laws called specific contract laws. I do stop. Once begin that systein, and those the $50,000,000, whereas now in order to con- not know whether this amendment would in. abroad who bave invested their money in | trol the market they have to pay seven per

terfere with the extension of their contracts. United States Government stocks will send cent, to the banks. Here is a saving of two If this should supersede their laws, the law of them home very soon. Confidence will be or three per cent. by this way of controlling Congress overriding the law of the State, it destroyed. l'ersons who hold stocks from the the stock market and making a crisis every might work injury to those interests. income of which a tax is deducted will not wish now and again under the third section.

Nr. HOWARD. I can modify it so as to to hold them longer. Thus, the stocks held Mr. President, what the people of this coun- except all those cases.

,
try they Mr. SHERMAN. I have a modification of

that amendment which, if the Senator from something else out of the country to pay for create distrust and will not be a disturbing Michigan will allow me to state, I am willing them. We are not in a condition now to send element in the money market. They desire to to adopt. To avoid the argument that has anything abroad.

We are not sending any. know how much circulation there is in the been made I am willing to adopt this proviso thing abroad in place of gold. In three months, country and to make their calculations accord- instead of the one he proposes: since the 11th of March last, we have sent ingly. If we have a stated amount of circula- Provided, That where the stipulation to pay coin abroad over thirty-eight million dollars in gold tion, and the only increase is the gold that

is a device to secure illegal or usurious interest, it

shall not be enforced. in consequence of the decline of United States

comes into the country, they can make some securities in foreign markets. One reaso of

This is what the Senator wants: where the calculations in regard to their business transthat decline is the agitation of the question actions ; but if you have a circulation that is

stipulation to pay coin is a device of the party whether the bonds of the United States Gov.

exchangeable from currency into United States | to impose illegal or usurious interest it shall ernment shall be taxed, and whether we are bonds and from United States bonds into cur

not be enforced. That is as far, I think, as we going to repudiate this debt or not. All these rency there will be doubt and uncertainty.

can go to limit contracts. considerations have had their effect on the price

Mr. HOWARD. That is not so far as my When money is easy people will be investing of the bonds, and the result is that gold is their money in United States securities, and

amendment contemplates going. My amendgoing out of the country instead of United when there is a panic in the market they may

ment contemplates exactly this: that where States bonds, and we have got to send some convert their bonds into greenbacks, so as to

contracts have been made not payable in gold, thing out of the country by and by, as we are lend them at a high rate of interest. Thus

and now exist, any contract for the renewal or sending out gold at the rate of $120,000,000 a there will be a constant change from one to

extension shall not be made in gold, but shall

rest
year, and only producing sixty or sixty-five the other, and men can make no safe business upon

the same basis as it rested originally. million dollars. We certainly must stop send- calculations. Such a provision in the bill will

That is my idea. ing gold very soon or we shall be bankrupt. have a tendency to disturb the money market

Mr. WILLIAMS. I have never been imIt seems to me that the principle proposed and cause more distress than even the present pressed as much as some others with the by this amendment in place of the present bill state of things. Now, money is plenty in New necessity or advantage of this section; and is one that will be very injurious. I would York; it can be had for short loans on good

the criticisms made upon it yesterday by the rather have a bond specifying upon its face security at three and a half, four, or five per

Senator from Minnesota and the Senator from only four and a half per cent. interest than a cent. “At another period of the year money

Wisconsin seemed to me to have some plausibond for a higher rate conceding the right of will be scarce there, because it will be wanted

bility, at any rate, if not foundation in fact. the Government to tax it. Reduce the rate in the West to move the crops. If you issue

I believe that this section ought to be so of interest as you may think best in your this increased amount under the third section

amended as to except loans of currency, and wisdom, but do not tax the United States how are they going to get this money in the

I would suggest to the Senator from Michigan bonds. It will destroy the market for them West? They will not get it. Persons who

that he amend his amendment so as to provide abroad, and destroy the confidence of your hold bonds will deposit their bonds with the

that persons who desire to borrow currency own people in thein. Assistant Treasurer at New York, draw the

shall not be required to give contracts payable I see no objection to the present bill as the greenbacks, increase the currency, and prob- l specifically in gold, for i can very readily unComunittee on Finance propose to amend it, ably reduce the rate of interest there; and there

derstand that great hardships may be imposed with the exception of section three, which i will be speculations to advance the prices of

in that way upon persons whose necessities think should be strickeu out. I have had stocks, and when money is wanted West to

compel them to borrow money; and the object some little conversation, and attempted tu move the crops there will be a tight money

of this provision is to enable those persons inform myself as to the effect of that section, market and financial distress. The bouds may

who are required to make use of gold for the and my opinion is that it will only tend to be presented to the Government for currency

payment of customs duties or otherwise, to create embarrassment and to court speculation at a time when the Government has not the

make contracts by which they can buy gold. in the money markets of the United States at money to spare, when it may not have over

Here are money-lenders scattered all over the the great commercial centers. forty orfisty millions in the Treasury, and under

country. There are men whose necessities Now, in New York city if stock brokers and this provision every cent of it may be drawn out

require them to go to these persons for accom. speculators desire to create a panic in the and the Government left without the means of

modation. A man, perhaps, expecting that at money market they go to the banks, and, bor- defraying its current expeuses. There is no

some time not very far distant specie payments rowing all the money they have to lend, seal guard at all around this provision.

will be resumed, or, induced by some other it up and deposit it for security for thirty days If the third section were stricken out I should

cousideration, may enter into a contract by or more, saying to them, “We will pay you think the bill unexceptionable. The other see

which he borrows a certain amount of money interest on this money; but we want it sealed up tions provide that the new bonds provided for

in currency and agrees to repay it in gold. and placed in your vaults." That takes it shall be issued and sold or exchanged for the

Thousands of men inay be induced to enter into from the circulation of the country.

An asso-
existing loans now outstanding. It is at the

contracts of this kind, and the consequence ciation of men in this way who desire to con- option of the holders of the present bonds

will be that they will put themselves entirely trol the stock inarket may with $250,000 with: whether they will exchange them or not. If

in the power of the money-lenders, who are draw $50,000,000 of currency from circulation

they desire to get a permanent loan, something notorious for having no conscience, or no if they choose. In thirty days they can pro- that they are sure of, something which is clear

scruples, as a clasy, in pursuing their debtors. duce such a stringency in the money market and undoubted on its face, this provides for it,

Mr. HOWARD. I have modified my amendas to reduce the price of stocks to the extent and they can so exchange. In that respect

ment to read thus: of five, ten, or fifteen per cent. Having done I think the bill is well drawn; but at the proper

Provided, That this section shall not apply to the

renewal or extension of an indebtedness under a this, they let the money loose again, and in a time I propose to move to strike out the third contract already entered into, unless such contraot very short time up go the securities ten, fifteen, section.

originally required payment in coin. or twenty per cent., and they thereby make The PRESIDENT pro tempore. The ques. Mr. CONKLING. That amendment enlarge fortunes.

tion is on the amendment of the Senator from ables me better to put a question to the Sena. I think the provisions of the third section will Massachusetts (Mr. Wilson] to the amend- tor from Oregon. Suppose the amendment is tend to favorthose who seek to bring about such ment of the Committee on Finance.

adopted first for my illustration, who is it results. If this additional $44,000,000 is placed The amendment to the amendment was going to protect? One man has borrowed in circulation it certainly adds $11,000,000 to rejected.

money from another; the debt has fallen due; the circulating medium of the country. The Mr. HOWARD. I wish to offer an amend- he goes to him to rearrange it. This provision result of the section will be that those holding ment to that section which relates to gold con

would not extend to that contract. 'Í'he credbonds can at any time go to the Treasury and

tracts, to come in at the close of the clause. itor therefore says, "I will not extend this deposit those bonds and withdraw the money

I do not propose to inake a speech upon it; I debt; you must pay me now;" and in order to in the Treasury from circulation, provided think it will address itself to the good sense raise the money with which to make the

pay. there is not at the time a total of $400,000,000

of every Senator. My amendment is to add ment he must go to the next man and make a in circulation. Men can go to the Treasury, to the section :

fresh contract with him answerable in coin; deposit $50,000,000 of bonds, and at once with

so that it would be the old case which has

Provilled, That this section shall not apply to the draw $50,000,000 of legal tenders from the renewal or extension of an indebtedness under a been caricatured in the play and a thousand Treasury, and we must wait for that money contract already entered into.

times in real life of a man saying, "I cannot until it comes in from taxation. If the men put Mr. CORBETT. I do not see that that lend you this money, but I have a friend or a the money away, the result of the operation is would affect particularly the States on the At- brother who can do it."

So in the case sup: to reduce the circulating medium of ihe coun- lantic side, but it might those upon the Pacific. posed by the Senator froin Oregon, I ask him

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whether if his amendment be, as I understood country, equivalent to gold at the market value, what is sought to be effected for the whole him to suggest, that contracts heretofore made gold being now demonetized, it is entirely im- country by the section under consideration. It payable in currency should not, in any event, possible that any transaction should take place is intended simply to modify the legal-tender be answerable in coin

under the law except it may be to sell my chat- act so as to allow the making and enforcing Mr. WILLIAMS. My amendment, if I was tels or real estate and take an agreement pay. of contracts to pay in coin, if people shall to draw one, would be to change the section able in gold, so that this would not be a com- choose to make such contracts. so as to make it read “ that any contract here- mercial law at all.

United States notes will remain a legal after roade-excepting for loans of currency

Mr. COLE obtained the floor.

tender, as at present, for all debts public and specifically payable in coin, shall be legal and Mr. TRUMBULL. Will the Senator from private unless the specific agreement calls for valid.” i claim that where a man borrows California give way for a motion to go into something else. If there is a single sound currency, if his necessities, or the power which executive session ? That will afford an oppor- objection to this measure it has not yet ap. the lender has over him, induce him to give a tunity for these other Senators to confer and peared. contract payable specifically in gold for the come to understand each other, so that we shall The proposition has been before the country currency, it ought not under existing circum- get along more speedily hereafter.

since early in December last, and has elicited stances to be enforced,

Mr. COLE. I have but a few remarks to much comment from the public press and Mr. CONKLING. Take that very case; the offer at this time. If the Senate, however, from private citizens; but I have not heard a debtor comes to the creditor to get an exten- desire to go into executive session I shall not single solid reason urged why it should not sion, The creditor says, “No; I will not ex- insist on addressing them at this moment. become a law. It is said that sharpers will tend this a moment; you must pay me now or

Mr. SHERMAN. I know the Senator from take advantage of it to oppress their debtors, I shall sue you on your note."

Is he not then Illinois wants an executive session, but I trust by exacting payment in coin where only paper at once driven to go to the next man, who is he will not interpose at this time, and will allow money is due. But this is not likely to occur. either in concert with the creditor or not, as us to go on with this bill. I have seen a great No man would exact and no one submit to you please, to borrow from him in a coin | majority of the Senators, and they have told pay forty per cent, in addition to his debt. answerable to contract in order to get the me they are disposed to close this bill to-night. This objection to the measure is imaginative, money to come back and pay his creditor? If so, I hope we sball sit on until the hour not real. No such advantage could be taken Mr. WILLIAMS, I think not.

comes for the recess, and then take the recess, of it. The arguments in its favor, though not Mr. CONKLING. Why not?

and sit it out to-night, and to-morrow the Mr. WILLIAMS. In the first place, I sup

rumerous, are, in my opinion, forcible. They Senator can have his executive session in time address themselves directly to the practical pose the question assumes that the existing to accomplish something, but if we go into sense of the people. There is no compulsion contract is payable in currency. If that be executive session now we shall accomplish | about this measure. The adoption or rejeca so, and the debtor is unable to pay, the nothing before the recess.

tion of its principles is left entirely to the creditor will sue and recover a judgment for Mr. TRUMBULL.

Oh, yes; we shall be volition of each individual. Unlike every currency, and the debtor's property will be able to do something by going in now.

other financial scheme, it is totally devoid of sold for currency, bis debts will be paid in Mr. MORRILL, of Maine. I desire to give pressure to secure its adoption, and yet there currency. But it he enters into a contract notice to the Senate that on to-morrow the is no doubt it will go into operation. Its own specifically payable in gold, under this bill the Committee on Appropriations are extremely merits will ensure its success. Coin contracts judgment will be for so much gold.

anxious to present to the consideration of the will most certainly be made. Whenever credit Mr. CONKLING. I wish my honorable Senate the ludian appropriation bill.

is given both parties will prefer it shall be friend to enlighten me upon this point. Of Mr. TRUMBULL. I hope, then, the Sen- | upon the basis of hard money

, because that course if the contract is returnable in currency, ator from California will give way and let me will ensure to both greater safety and certainty. and proceedings are taken to enforce it, the move an executive session. We certainly Instead of continuing the undivided use of a case will be as the Senator states ; but sup- ought to do some executive business.

standard of value, which is scarcely any two pose, to avoid a suit and seizure of his prop- Mr. COLE. As the chairman of the Com- | days the same, and which, within the life-time erty on execution, the debtor goes to some mittee on Finance, who has this bill in charge, other person to borrow tlis nioney with which is extremely anxious that it should be disposed

of many a contract, bas ranged from par down

to forty cents on the dollar of gold, all good to pay, then he is brought immediately within of to.night, I prefer to go on.

This is a part

business men will substitute the world-wide, the scope of the law as it would be after the of the bill in which I have from the commence- time-honored and more steady standard of the amendment is adopted. So I ask the Senator ment taken very considerable interest, and precious metals. This standard is not affected how it is in reality that it amounts to a protec- though I am in favor of every section of the by the misfortunes of any nation, but, like the tion even in the case he puts?

bill this is the only one upon which I propose waters of the ocean, keeps on the same grand Mr. WILLIAMS. I do not think the Sen. to offer any remarks. ator understands the amendment I propose.

level throughout the whole world, and is ouly

Gold and silver have always been the cur- subject to inconsiderable tides. Suppose that A goes to B to borrow money, rency in the State which I have the honor in

Uncertainty in the value of the circulating and B insists that it le loans bim currency A part to represent. The late war, which drove medium enhances the prices of all commodishall make a contract specifically payable in hard money froin circulation in the Atlantic | ties, and as well those of prime pecessity as coin. A declines to do it, and he is compelled States, produced no such result on the Pacilic those that can easily be dispensed with. The to go to C to borrow the money, He can no

side. Greenbacks have all the while been tradesman cannot safely assume the risk of & more make a contract specifically payable in bought and sold there precisely as gold and sudden decline in the value of greenbacks, and gold with C to bind him than he could make a silver have been bought and sold in the markets he must therefore preserve a larger margin of contract with B payable in gold to bind him. of New York. They have been used to pay | profits on his sales. The importer and many He cannot make a contract payable in gold | Federal taxes and the salaries of Federal Olli

facturer must do the same, and the unfortunate with anybody for the purpose of borrowing cials, but further than that they have not

consumer at last has to bear the burden. currency. That is the exient of my amend entered into business on that coast. This unusual condition of things is attributable mainly I courage and promote business of every sort

,

Mr. President, ibis bill is calculated to en. It is to hold that a man shall not be compelled upon a contract which he makes for to the fact that banks of issue never had an It will restore confidence where now is only the purpose of borrowing currency under any existence in that State. By her constitution they are prohibited, and before the advent | suming a case. Suppose you bare for saleha

distrust. Let us illustrate its workings by preMr. CONKLING. Suppose I go to the of United States notes hier people had no paper piece of property valued at $10,000 in the Senator under the law as it would stand with money whatever. The facility, therefore, which

ordinary currency, you would just as readily this amendment to borrow $100 in currency, existed in other States for gliding from the take its equivalent in gold, $7,000. And if the and suppose I make a contract to repay him use of one description of paper money into the coin less forty per cent., gold being at 140, use of another was wholly wanting in Cali

payınent were to be postponed one, two, op

three years, both the purchaser and yourself would not such a contract as that be within fornia.

would still prefer to specify the $7,000 in coin the law as he intends to make it?

The prime obstacle in the way of bank as the price rather than the $10,000 in a tlucMr. WILLIAMS. I do not understand that paper, and afterward greenback circulation, | tuating and uncertain medium. any contract made for the purpose of borrowing there was the large production of gold, which currency, where the payment is specifically to be first led to this constitutional prohibition upon

All prices are now exorbitant and unnatural.

This provision will reduce them to wbat they made in coin, would be a contract which could banks of issue.

were before the war, because they will again be enforced under this law, no matter what This condition of things impelled the Legis- ll be measured by the same standard of value, the amount specified in the contract night be. lature of that State to pass a law which is They will be brought down to the same general

Mr. CONKLING. That is, it would not be known there as the “specific contract law.” It level that they have continued to occupy valid unless coin had been paid out and coin provides that any agreement in writing to pay California. There the only changes in prices was to be received back?

in coin may be enforced according to its terms. have been such as ordinarily flow from supply Mr. WILLIAMS. Certainly, that is what I I need not now discuss the validity of such a and demand. statute, the local courts having sustained it,

The rise and fall of greenbacks from time to Mr. CONKLING. Surely the Senator must and its principles having entered into thou

time have produced as little effect upon see that the moment such a law as that is passed sands of business transactions. It is sufficient there as in England. contracts are restricted to the sale of property, to say that the necessity for such a law and

There being but little use for coin in this because if I cannot go to the Senator and bor. such a decision was far more pressing in Cali

country at present, it goes abroad, too often in row $100 in gold, and in place of gold repay fornia than in any other State of the Union.

exchange for products we do not need. But him $140 in greenbacks, the currency of the That law effected for California precisely Il the passage of this bill

, by creating a necessity

ment.

mean.

values

ness.

for it, will keep the coin at home. The amount become too abundant. Let loose this gold || provisions of this act situated more than fifteen of coin in the Atlantic States at this time must from its hiding places, and you will hear less miles from the track of said road. be very small. There is, on the average, complaint about contraction. This coin will The amendment to the amendment was about ninety millions in the Treasury, and by degrees take the place of paper money, and agreed to. outside of it probably not a very much larger before long you can spare from circulation the The amendment, as amended, was agreed to. sum.

The only demand for it is to pay duties $4,000,000 of paper a month without trouble. The bill was reported to the Senate as on imports ; and the brokers and bankers But should that amount, or even a much less amended, and the amendment was concurred retain a little for speculation, but most of it sum per month, be withdrawn, with 10 provis- | in. The bill was ordered to be engrossed for has gone out of the country because not needed ion for supplying its place, the business of the a third reading, was read the third time, and here. All Californians, on landing in New country would soon be hard aground, and gen- \ passed. Its title was amended to read: Á bill York, rush to Wali street to sell their gold, eral disaster would follow.

granting lands to the State of California to aid and I suppose everybody who happens to have Since the Government has taken upon

itself in the construction of a railroad and telegraph a little or much is equally anxious to convert the task of furnishing the people a circulating || line from the town of Vallejo to Humboldi bay, it into some more useful form. Those who medium it cannot decline the responsibility || in the State of California. had coin hoarded up before the war have been of providing so much and such sort of circu.

FREEDMEN'S BUREAU. forced by necessities, or tempted by large pre- lation as is demanded by the business wants of miuus to sell it, and there is but little of this the people. These wants vary greatly from time

Mr. WILSON. I move to take up the bureau sort of dead capital remaining in the country.

bill, which has been returned from the House to time, and depend upon many circumstances. The speculative character of our people pre- They increase with population and wealth ;

of Representatives with amendments. cludes the idea that any considerable quanti- they vary with the productiveness of the sea

The motion was agreed to; and the Senate ties of the precious metals are hid away in sons; they are affected more or less by every

proceeded to consider the amendments of the chests and corners. The fact that there is but summer's shower and chilling wind. It is not

House of Representatives to the bill (S. No. little coin in the banks is shown by the propo. possible at any time to determine in advance || 567) relating to the Freedmen's Bureau and sition to day discussed, asking for the issue of what amount of circulation will be needed, and providing for its discontinuance. more three per cent. certificates to be used as

The ainendments were in line twenty-two, the legislator errs when he undertakes to pretheir reserve. Of those certificates, $50,000,000 scribe a rule fixing one definite quantity for

after the word “operations,” to insert shall are already out. And as gold and silver, being different times and different circumstances.

be," and after “discontinued" to strike out lawful money, may constitute a part of the The bill before the Senate will relieve the

the words “as soon as the same may be done reserve, it certainly leads to the conclusion country from the great embarrassment arising

without injury to the Government.' that there cannot be much coin in the national from time to time out of the present law fixing

Mr. WILSON. I move that the Senate banks. a definite limit upon the amount of circulation.

concur in those amendments. Every contract to pay in specie is in effect an It will unlock just so much gold and silver as

The motion was agreed to. agreement that so much gold shall be retained may be needed in the current business of the

MESSAGE FROM TIE TIOUSE. in the country to meet it; and when such con- country, and no more. I am sure it will im

A message from the House of Representatracts become common, as they will, gold and prove the public credit and bring all Govern.

tives, by Mr. McPherson, its Clerk, announced silver will be found sufficient for the demands ment secured paper up to near the common that the House had disagreed to the amendof business, and we shall reach a specie basis standard of value among all the nations. I ments of the Senate to the amendment of the almost without knowing it, and without the believe the passage of the measure will work House to the bill (S. No. 352) to authorize the slightest injury to anybody.

good, and only good, to the people and the temporary supplying of vacancies in the Exec. Every other method yet proposed for return- country in every way.

utive Departments, asked a conference on the ing to specie must lead to injustice, by en- Mr. TRUMBULL. I move that the Senate disagreeing votes of the two Houses thereon, forcing the payment of debts in coin, which proceed to the consideration of executive busi- and had appointed Mr. G. S. BOUTWELL of were contracied upon the basis of a depreciated

Massachusetts, Mr. JAMES F. Wilson of lowa, paper currency. There is no plan so fair as Mr. SHERMAN. I hope not.

and Mr. S. S. MARSHALL of Illinois, managers this for reaching a specie basis, and no other Mr. TRUMBULL. It is half past four at the same on its part. which will not produce convulsions in business o'clock. and lead to untold distress throughout the

BILL INTRODUCED. Mr. SHERMAN. I doubt whether there is country. a quorum here, and many Senators have gone

Mr. CAMERON asked, and by unanimous But if it be true, as often alleged, that a large away supposing the discussion would be con- consent obtained, leave to introduce a bill (S. amount of gold and silver is hoarded up in this tinued till the recess.

No. 616) to reinit the duties on a certain statue country, why should it not be unlocked? What Mr. TRUMBULL called for the yeas and

intended to surmount the soldiers' monument reason is there why it may not be allowed to nays, and they were ordered; and being taken, at Harrisburg, Pennsylvania; which was read go into circulation, so that the people may resulted-yeas 25, nays 15; as follows:

twice by its title, and referred to the Commitbecome accustomed to its use again? If we YEAS-Messrs. Buckalew, Cole, Davis, Doolittle,

tee on Finance. are ever to go back to specie it must be by Drukc, Ferry, Fessenden, Fowler, Frelinghuysen,

MRS. L. T. POTTER. Hendricks, Howard, McDonald, Morgan, Morrill of some such gradual process, and not by a siugle Verinont, Osborn, Patterson of New llampshire,

Mr. HOWE. I move that the Senate prostride. If we should blindly adopt one of the Patterson of Tennessee, Ransey, Rice, Tipton, ceed to the consideration of the bill for the many suggestions upon this head, and declare Trumbull, Van Winkle, Vickers, Weleh, and Wil- relief of Mrs. Potter.

ley-25. that on a certain day the Government would NAYS – Messrs. Caineron, Chandler, Conkling,

The motion was agreed to; and the bill (S. resume payments in specie, the gold in the Conness, Corbett, Morrill of Maine, Nye, Pomeroy, No. 590) for the relief of Mrs. L. T. Potter Treasury would last so long, and only so long, Ross, Sherman, Stewart, Suunuer, Wade, Williams,

was read the second time, and considered as in and Wilson-15. as would be required to transfer it to the broker ABSENT-Messrs. Anthony. Bayard, Cattell, Cra

Committee of the Whole. It proposes to apshops, and after that single day or so of specie gin, Dixon, Edmunds, Grimes, Harian, Henderson, propriate the sum of $20,000 to Mrs. L. T. payments we should be further than ever from Howe, McCreery, Morton, Norton, Saulsbury,Sprague, the end aimed at.

Potter, of Charleston, in the State of South
The country would find
Thayer, Whyte, and Yates-18.

Carolina. itself absolutely at the inercy of the "gold

So the motion was agreed to; and after some

Mr. HARLAN. I would inquire of the Senring,'' and its credit would only be saved, if time spent in executive session the doors were

ator who has called up this bill what is the at all, froin utter ruin in order that it might reopened, and the Senate took a recess till

nature of the claim ? further subserve their selfish purposes. half past seven o'clock p. m.

Mr. HOWE. If the Clerk will read the I will mention one other reason for the pas

report of the committee the Senator will see. sage of this law. If the gold and silver coin

EVENING SESSION.

The Chief Clerk proceeded to read the folof the country is put in circulation it will be adding somewhat to the circulating medium

The Senate resumed its session at half past | lowing report, made by Mr. Howe:
seven o'clock p. m.

The Committee on Claims, to whom was referred now afloat. This at present is too restricted

the petition of Mrs. Eliza K. Potter, submit the fol

VALLEJO AND HUMBOLDT BAY RAILROAD. lowing as their report of the case: in certain portions of the Union, the South and the West, where the quantity is quite

On motion of Mr. CONNESS, the Senate,

The petitioner is the wife of L. T.'Potter, of Charles

ton, South Carolina. She represents that at the openinadequate to the demands of business. The as in Committee of the Whole, resumed the ing of the war her husband was very wealthy, and that amount of circulating medium in a country consideration of the bill (S. No. 349) granting

she possessed considerable means of her own. She

further represents that throughout the war her husought never to be fixed by law. It should be aid in the construction of a railroad from the

band and herself were devotedly attached to the left to be regulated by the requirements of town of Vallejo to Humboldt bay, in the State cause of the Union, and that she herself and her son, trade. Money is the element upon which of California, the pending question being on

a lad of some sixteen years, devoted nearly their whole time to the

care and nursing of Federal prisbusiness floats, and without a sufficiency of the amendment reported by the Committee on

oners in Charleston, and she represents that in tho which it is liable to perish. Good, hard money,

Public Lands as a substitute for the original course of the war she expended of her own and her or paper money, well secured, is never likely bill.

husband's money more than forty thousand dollars to become too abundant. The former being

in ininistering to the support and comfort of Union Mr. HARLAN. I think there ought to be

soldiers in rebel prisons. She represents that during the accepted medium of exchange among all a provision added confining the grant to lands the war ber husband met with heavy losses; that nations is as certain as the waters of the sea to within fifteen miles.

some valuable mills situate near Charleston, and find its level, and the quantity of the latter will Mr. CONNESS. I have no objection.

some docks and storehouses in Charleston, were

burned; that her husband, from time to time during always be governed by the character of the

Mr. HARLAN. I move this amendment, to the war, sold portions of his property in Charleston security. If secured by hard money, and equal come in at the end of the second section: and invested the proceeds in cotton, in tbe hope that to it in actual value, it is not more likely to

when the war would close the cotton would be availProvided, That no land shall be granted under tho ablo; that some three hundred bales of cotton were

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