« ΠροηγούμενηΣυνέχεια »
tricts of Missouri combined; and the salary of the || Navy and Marine corps for distinguished merit, Mr. WALLACE, by unanimous consent, in- judge is $3,000 per annum.
which has been returned from the Senate with troduced a bill to construct a wagon road from
It seems to me that this precedent should not an amendment. Lewiston, in the Territory of Idaho, to Virginia
be established now, and therefore I move that the No objection being made, the bill was taken up, City, in the Territory of Montana; which was read
amendment-if that will not carry the bill with and the amendment of the Senate was concurred a first and second time, and referred to the Comit be laid on the iable.
in, as follows: mittee on Public Lands.
The SPEAKER. That would carry the bill In section one, line five, strike out the word “ fifty" and with it.
ipsert “thirty ;'so that the clause will read: LAND GRANT TO MICHIGAN.
Mr. HOLMAN. Then I move that the bill be That any officer of the Navy or Marine corps, by and with Mr. UPSON, by unanimous consent, introrecommitted to the Committee on the Judiciary. 1 exceeding thirty numbers in rank, &c.
the advice and consent of the Senate, may be advanced not duced a bill to amend an act entitled "An act to Mr. KING. I would like to say one word in amend the act making a grant of alternate sections reply. I do not know how the gentleman arrives Mr. RICE, of Massachusetts, moved to reconof public lands to the State of Michigan, to aid in
at the information that the State of Indiana has sider the vote by which the amendment of the the construction of certain railroads in said State, as much judicial business as the two districts of || Senate was concurred in; and also moved to lay and for other purposes;' which was read a first Missouri. I am sure I have not that informa
the motion to reconsider on the table. and second time, and referred to the Committee on tion, and I do not know how he gets it; but I do
The latter motion was agreed to.
TRADE WITH THE REBEL STATES.
Mr. DRIGGS. I ask the unanimous consent late, and the prospects are that it will continue to Mr. WILSON, by unanimous consent, from increase. The present rate of high living, the
of the House to offer the following preamble and the Committee on the Judiciary, reported back amount of tax which is taken off of salaries, the
resolution: House bill No. 692, in reference to prosecutions depreciation of the currency, and the appreciation
Whereas it is reported that one G: N. Lane, of Balti
more, received a permit in December last from 11. A. Risley, for libel in the District of Columbia, with a sub- of everything else, really puts the present salary chief agent of the Treasury, to proceed to North Carolina stitute.
below that which a lawyer, qualified for the high and exchange provisions with the rebels for cotton: ThereThe substitute was read, as follows: position of judge, is entitled io receive.
Resolved, that the committee on the conduct of the war That in all prosecutions or indictments for libel insti- Mr. WASHBURNE, of Illinois. I did not
be instructed to inquire into the facts, and to report to this tuled, or which may hereafier be instituted, in the District hear the amendment read, but I understand that House whether there is any authority vested in the Treas. of Columbia, the truth thereof may be given in evidence
it is a proposition to increase the salaries of the ury Department to give the riglil to any one to furnish the under the general issde as a justification of the alleged || judges of ihe two districts of Missouri $500 each.
rebels with supplies from our lines; and if not, to report libel; and ifit appear that the matter charged as libelous was
such a bill or resolution as may be necessary to bring the true, and was written or published with good molives and I am opposed to that proposition, as I am to all
guilty to justice and to protect the interests of the Governfor justitiable ends, the defendant shall be acquitted. propositions for increasing salaries. I am op- meni in the future, or to take such other action as may be The substitute was adopted. The bill, as
posed to it upon the ground, first, that the Treas- deemed proper to secure the object in view. amended, was ordered to be engrossed and read
ury is in no condition to pay increased salaries; Mr. STEVENS. I suggest to the gentleman a third time; and being engrossed, it was accordand secondly, that if we are to make any increase
that he modify his resolution by inserting the ingly read the third time, and passed.
of salaries, the increase should be general. I will word “alleged" before “facts." Mr. WILSON moved to reconsider the vote by
state that the judge of the southern district of Mr. DRIGGS. I will accept that modificawhich the bill was passed; and also moved that
Illinois-a district which has a great deal of busi- tion. the motion to reconsider be laid on the table.
ness, and which has increased largely since the Mr. DAWES. I would suggest to the gentle"The latter motion was agreed to. breaking out of this rebellion-has only a salary
man from Michigan that the committee on the of $2,500; and if there be any justice in increas
conduct of the war is already so overwhelmed WESTERN DISTRICT COURT OF MISSOURI.
ing the salary of these two judges of Missouri, with business that he had better refer this subMr. KING, by unanimous consent, from the the salary of the judge of the southern districe lject to some other committee. I do not know Committee on the Judiciary, reported back House
of Illinois should also be increased. But I object || what standing committee would be the proper bill No. 631, to provide for holding courts in the to that, too.
one, but I am in favor of the investigation. western district of Missouri, and prescribing the
Mr. HOLMAN. My information that the Mr. DRIGGS. It is suggested to me that the times thereof, with an amendment.
judicial business of the State of Indiana is equal matter be referred to the Committee on ComThe amendment was read, as follows: to that of the two judicial districts of Missouri is
merce, and I will so modify my resolution as to That hereafter the judges of the castern and western dis- based upon the population of the two States and
refer it to that committee. tricts of the United States courts for the district of Missouri, the extent of their maritime jurisdiction. I admit Mr. DAWES. Te occurs to me that the Comshall each receive as a salary the sum of $3,000, to be paid that in the eastern district of Missouri, owing to in the manner now provided by law.
mittee on the Judiciary would be a better comthe position of a large city there, the business is
mittee, but I do not wish to interfere with the Mr. HOLMAN. The title did not indicate the || larger than in any one locality in my own State; gentleman from Michigan. purpose of the bill and amendment. It simply but I know that the business of the whole State
Mr. DRIGGS. I modify my resolution so as provided for the holding of the courts, otherwise is equal to that of the two districts of Missouri.
to refer the matter to the Committee on ComI should have objected to its introduction. Tob- But inasmuch as the bill is unobjectionable, ex- merce, instead of to the committee on the conject to the reporting of an amendment to a bill cept so far as the amendment is concerned, I will
duct of the war. changing materially its character.
withdraw my motion to recommit; and with a Mr. FARNSWORTH. I suggest to the genThe SPEAKER. The objection comes too view of allowing the House to take a vote upon tleman from Michigan and to the House that the late.
the amendment I demand the previous question. Mr. HOLMAN. The title does not express
Committee on Military Affairs are now investiThe previous question was seconded, and the
gating the whole subject of trade with insurrecthe character of the bill.
main question was ordered to be put; and under Mr. KING. Mr. Speaker, if the House agree
tionary districts. the operation thereof the amendment was not Mr. DRIGGS. I think the Committee on Comto the amendment of the Committee on the Judi- || agreed to. The bill was then ordered to be en
merce is the proper committee to examine into ciary it is competent to amend the title of the bill. I grossed and read a third time; and being engrossed, this subject. I admit that the title does not exactly correspond it was accordingly read the third time, and passed. Mr. WASHBURNE, of Illinois. There is no to the bill as amended.
Mr. KING moved that the vote by which the
use iu referring this subject to the Committee on I will remark that the present salaries of these bill was passed be reconsidered; and also moved
Commerce or any other committee, unless you judges is $2,500. I know that there is great ob- that the motion to reconsider be laid on the table.
arm the committee with some authority to exjection to increasing saluries, but I also know that The latter motion was agreed to.
amine the matter. I suggest to the gentleman ihey have been increased during this session in
TIIANKS OF CONGRESS TO ADMIRAL PORTER.
that he add to his resolution the words," with one or two instances under precisely the same
power to send for persons and papers.' circumstances. There are two places of holding Mr. RICE, of Massachusetts, by unanimous Mr. DRIGGS. I accept that modification. the district court of the United Siales in Missouri
consent, reported back from the Committee on The resolution as modified was then agreed 10. at this time. This bill proposes to provide a third Naval Affairs, with a recommendation that it do Mr. DRIGGS moved to reconsider the vote place, St. Louis. The judge that held that court, pass, a joint resolution (S. R. No. 99) tendering | by which the resolution was adopted; and also if he should, as he has done heretofore, reside at ihe thanks of Congress to Rear Admiral David mioved to lay the motion to reconsider on the table. Jefferson City, will be two hundred miles from St. D. Porter, and to the officers, peity officers, sea- The latter motion was agreed 10. Louis; and if he undertakes to get there by rail- men, and marines under his command, for their
1 road communication he will be three hundred
FRANKLIN INSURANCE COMPANY. gallantry and good conduct in the recent capture miles. of Fort Fisher.
Mr. ŞTEELE, of New York. I ask the The business in the western district of Missouri The resolution was ordered to be read a third unanimous consent of the House to take from I am sure will increase very much, as it has in- time; and it was accordingly read the third time, the Speaker's table, for the purpose of putting it creased in the eastern district. The present sal- and passed.
upon ips passage at this time, bill of the Senate ary is wholly inadequate, and therefore I ask the
Mr. RICE, of Massachusetts, moved to recon
No. 384, to amend an act entitled “An act to adoption of the amendment proposed by the Ju- sider the vote by which the joint resolution was
amend and extend the charter of the Franklin diciary Committee.
passed; and also moved to lay the motion to re- Insurance Company," approved March 2, 1838. Mr. HOLMAN. It will be remembered that consider on the table.
No objection being made, the bill was taken there are two judicial districts in Missouri, and The latter motion was agreed to.
up and read a first and second time, It proposes that this provides for the salary of the two judges,
to extend and continue in force the amendatory $3,000 each, $2,500 being the present salary. I
ADVANCE OF NAVAL RANK.
act recited for twenty years from the 9th day of irust the House will not increase this salary to Mr.RICE, of Massachusetts. I ask the unan- April, 1858, the time at which such amendatory the extent proposed. The State which I have the imous consent of the House to take from the uci expired, and legalize the acts of the company honor in part to represent constitutes one judicial Speaker's table bill of the House No.607, to pro- between the period when said act expired and district, and has as much business as the iwo dis- vide for an advance of rank to officers of the the date of this act.
Mr. WILSON. I suggest to the gentleman from New York that this bill ought to go to the Committee for the District of Columbia.
Mr. STEELE, of New York. I would state to the gentleman from Iown that it is simply in extension of the charter of this insurance company. The charter expired by a mistake, and I cannot conceive that anybody can have any objection to the bill. The District Committee in the Senate reported it unanimously, and it passed the Senate unanimously.
Mr. WILSON. ' Has the Committee for the District of Columbia of this House passed on this bill?
Mr. STEELE, of New York. We have not considered it, but I do not think there is any necessity for its reference. This company has been in existence for forty years in Washington.
Mr. WILSON. I move that the bill be referred to the Committce for the District of Columbia.
Mr. STEELE, of New York. I do not think it necessary to refer it.
Mr. WILSON. I think it had better be examined by the committee, if they have not already examined it.
Mr. Wilson's motion was agreed to; and the bill was accordingly referred to the Committee for the District of Columbia.
UNITED STATES COURTS IN VIRGINIA. Mr. BOUTWELL, by unanimous consent, reported back from the Committee on the Judiciary bill of the House No. 664, for changing the time of holding the circuit courts in the district of Virginia, with an amendment in the nature of a substitute.
The substitute was agreed to.
The bill, as amended, was ordered to bc engrossed and read a third time; and being engrossed, it was accordingly read the third time, and passed.
Mr. BOUTWELL moved to reconsider the vote by which the bill was passed; and also moved to lay the motion to reconsider on the table. The latter motion was agreed to.
OATII OF OFFICE. Mr. BOUTWELL also, by unanimous conbent, and from the Committee on the Judiciary, reported back, without amendment, bill of the Senate No. 72, supplementary lo an act entitled "An act to prescribe an oath of office, and for other purposes," approved July 2, 1862.
The bill provides that no person, after the date of this act, shall be admitted to the bar of the Supreme Court of the United States, or at any time after the 4th of March next be admitted to the bar of any circuit court or district court of the United States, or the Court of Claims, as an attorney or counselor, or be allowed to appear by virtue of any previous admission, or any special powers of attorney, unless he first takes and subscribes the oath prescribed in the "act to prescribe an oath of office,” approved July 2, 1862, which said oath so taken and subscribed shall be preserved among the files of such court, and that any person who shall falsely take said oath shall be guilty of perjury, and, on conviction, be liable to the pains and penalties of perjury, and the additional pains and penalties prescribed in the said act.
The bill was ordered to a third reading; and it was accordingly read the third time, and was passed by a vole of—ayes 66, noes 26.
Mr. BOUTWELL moved to reconsider the yote by which the bill was passed; and also moved io lay the motion to reconsider on the lable.
The latter motion was agreed to.
On motion of Mr. BOUTWELL, also by unanimous consent, the Committee on the Judiciary was discharged from the furiher consideration of bill of the House No. 578, prescribing an oath of loyalty to all persons practicing law in any of the Stales declared to be in rebellion, and the same was laid on the table.
TESTIMONY IN UNITED STATES COURTS. Mr.KELLOGG, of New York, by unaninious consent, submitted the following resolution; which was read, considered, and agreed to:
Resolred, That the Committee on the Judiciary be instructed to inquire wliether it is not expedient in enact Yurther laws providing for perpetuatiug testimony of wil.
nesses and taking the testimony of witnesses de hene esse lieu thereof, shall not exceed the sum of $400,000,000; and in the Supreme Court and in the circuit courts of the such 'Treasury notes may be disposed of lor lawful noney, United States, and report by bill or otherwise.
or for any other Treasury notes or certificates of indebied
ness or certificates of deposit issued under any previous WILLIAM HANCOCK.
act of Congress; and sucht roles sliall be exempi from tasMr. TRACY, by unanimous consent, intro
ation by or under state or municipal authority.
Sec. 2. And be it further enacted, That any bonds known duced a bill for the relief of William Hancock; as five-twenties, issued under the act of 25th February, 1862, which was read a first and second time, and re- remaining unsold to an amount not exceeding $4,000,000, ferred to the Committee of Ways and Means. may be disposed of by the Secretary of the Treasury in the
United States, or, if he shall find it expedient, in Europe, HUNDRED-DAY REGIMENTS.
at any time, on such terms as he may deem most advisa
ble. And the Secretary of the Treasury is furtlier authorMr. SCHENCK, by unanimous consent, intro- ized to issue bonds of the description issued under the auduced the following resolution; which was read, thority of the act of 220 June, 1860, in pursuance of the considered, and agreed to:
notice for “ proposals for loan,” dated 8th September, 1860,
to subscribers io that loan for the one per cent, deposResolved, That the Secretary of War be directed to in- ited under said notice and not repaid : Provided, That the forinthis House on what terms and understanding men were bonds so issued shall bear not more than five per cent. accepted from Ohio and other States during the year 1864, interest: And provided further, That fractional amounts to serve in the Army for one hundred days, and whether may be repaid in lawful money of the United States. there exists any reason why credit should not be given on
Mr. BROOKS. I desire to ask the chairman of any draft to be made to the several States or districts which furnished these men, in proportion to their terms of service.
the Commillee of Ways and Means for some ex
planation of this bill. The act itself, as it reads, is COMMUTATION ILLEGALLY PAID.
somewhat blind, and it requires'a good deal of Mr. NOBLE, by unanimous consent, offered study in connection with other laws to understand the following resolution; which was read, con- it properly. I think that the House and country sidered, and agreed to:
will be much obliged to the chairman of the ComResolved, That the Secretary of War be directed to in
mittee of Ways and Means if he will put it in form this House why the amounts paid for coinmutation by English: I do not mean to say that the bill is not persons who were declared to have been illegally drafted, English, but if he will translate the act into meron a supplementary drati made after the 4th of July last, ou
cantile languago, so that every one will be able a call made prior to that date, have not been refunded to thein.
to understand it, it will be very desirable.
Mr. STEVENS. Mr. Chairman, it will be recPRIVATE BUSINESS.
ollected that by the act of 30th June last Congress Mr. HALE. Task the Chair whether the regu- authorized the issue of a loan of $400,000,000, lar order of business to-day is not the considera- half of which the Secretary had a right to issue tion of private bills.
in seven-thirties, as they are called. He has gone The SPEAKER. It would be if the House
on and issued to within sixty or seventy million had not, by a suspension of the rules, made the dollars of that amount. loan bill a special order.
Mr. BROOKS. Making about how much isMr. HALE. I suggest, then, that next Friday || sued ? be set apart for the consideration of private busi
Mr. STEVENS. About $130,000,000 issued. ness exclusively: We have had no day at all this | They seem to be a favorite form of loan. The session for that business. I ask unanimous con
Secretary is of opinion that if the whole $400,sent for this proposition.
000,000 authorized by the act of June 30, 1864, There being no objection, it was so ordered.
were to be issued in this shape, it would be more MESSAGE FROM THE PRESIDENT.
acceptable than in the form of bonds; and he has A message from the President of the United
requested the same permission for the one $200,
000,000 that he has for the other. There is about Stutes, by Mr. Nicolay, his Private Secretary,
$130,000,000 of that loan still undisposed of in any announced that the President had approved and
form; and the Secretary of the Treasury desires signed an aci (H. R. No. 203) for the relief of
authority to issue that amount on the same princiJacob Weber; and
ple on which he issued the seven-thirties. That is An act (H. R. No. 625) to amend an act entitled
all that this bill proposes. But lest he might is"An act to provide for carrying the mails from the United States to foreign ports, and for other pur
sue under this authority some legal-tender notes, poses," approved March 25, 1864.
interest-bearing, the Committee of Ways and
Means has instructed me to offer at the end of the WAYS AND MEANS.
bill a further proviso that this act shall not be so Mr. STEVENS. I now insist upon the special of any legal-tender notes in any form beyond the
construed as to give any authority for the issue order. The SPEAKER.
We The special order is the
amount heretofore authorized by law. consideration of the bill (H.R. No. 677) to amend
thought that, taking the two acis together, it an aci entitled "An act to provide ways and means
might be doubtful whether the Secretary of the
Treasury would not have that power unless we for the support of the Government, and for other
put in this proviso. We had no idea that he inpurposes," approved June 30, 1864.
tended to do this; but, as the power might possiThe Chair will state that this bill is made a special order in Committee of the Whole on the
bly exist, we deemed it best to insert the proviso.
Mr.KERNAN. Do I understand thalihe Secstate of the Union, and it will require unanimous
retary of the Treasury has issued the $200,000,000 consent to consider it in the House. Mr. HOLMAN. I suppose there will be no
of notes provided for by the act of June 30, 1864?
Mr. STEVENS. He has issued them in the objection to considering the bill in the House as if in Committee of the Whole on the state of the
shape of seven-thirty notes.
Mr. KERNAN. Are not those notes, of which Union subject to the same rules. The SPEAKER. Is there any objection to
the second section of this bill proposes to allow that proposition?
him to issue $130,000,000 more, a legal tender to Mr. SPALDING. I object.
every extent except that they cannot be used in Mr. STEVENS. I move that the rules be sus
the redemption of the currency used by the Uni
ted States banks? pended, and that the House resolve itself into the Committee of the Whole on the state of the Union.
Mr. STEVENS. None of them are legal tendThe motion was agreed to.
In that law authority was given to the SecThe rules were accordingly suspended, and the
retary of the Treasury to make those that were House resolved itself into the Committee of the
payable at maturity a legal tender for their face.
Mr. KERNAN. Precisely. Whole on the state of the Union, (Mr. SPALDing in the chair,) and proceeded to the consider- executed; and by this proviso we propose to re
Mr. STEVENS. But no part of that has been ation, as a special order, of a bill(H. R. No. 677) lo amend an act entitled “ An act to provide ways
strain that power and not allow him to make
them legal tenders. and means for the support of the Government,
Mr. KERNAN., Those issued, as I underand for other purposes," approved June 30, 1864.
stand, are not made payable at maturity? The bill was read, as follows:
Mr. STEVENS. No, sir; none of them. That in lieu of any bonds authorized to be issued by the Mr. ALLEY. As I understand this matter, first section of the act entitled “An act to provide ways and means for the support of the Governinent," approved
no additional loan is to be created by this bill. It June 30, 1864, that may remain unsold at the date of this simply proposes to change the form of the fiveact, the Secretary of the Treasury may issue, under the lwenly loan to a seven-chirty loan. That is the authority of said act, Treasury notes of the description and character authorized by the second section of said act:
sum and substance of the whole proposition. Am Provided, That the whole amount of bonds authorized as
I right? aforemiid, and Treasury notes issued and to be issued in
Mr. STEVENS. That is exactly what it is
intended to effect, with the further restraint which not have power to issue any more legal-tender objection which exists in the minds of gentlemen, I have already mentioned. notes in any form.
I presume the bill will pass without any objection. Mr. ALLEY. I understand further that no Mr. MORRILL. Will the gentleman yield to Mr. PIKE. I desire to offer an amendment. part of this loan is intended to be a legal tenderin me for a moment?
Mr. STEVENS. I desire to say what I have any shape.
Mr. SCOFIELD. Certainly.
to present, and then I will yield the floor to others. Mr. STEVENS. It cannot be if we pass the Mr. MORRILL. Mr. Chairman, I will state The Secretary of the Treasury is of opinion that amendment proposed. No part of it has yet been to the committee what I understand to be the pre- he ought to be left the same discretion which the issued in that form, and we do not intend io allow cise facts in connection with this matter. The former Secretary had, and he says it aids him it to be.
Committee of Ways and Means do not propose very much in making loans. He is enabled with Mr. BROOMALL. I desire to ask whether or to give to the Secretary any power to issue any it to make loans when otherwise he could not; not this issue is intended to be in the form of notes legal-tender notes by the bill now before the com- but the committee, so far as the $200,000,000 are calculated for circulation?
mittee. They do not propose to repeal any au- concerned, are not willing to leave him quite that Mr. STEVENS. It is intended to be in the thority he now has in relation to that matter. discretion. They have not thought proper to inform of seven-thirty notes, precisely in that form. Under the first section of that act that power is terfere with him in executing the law as it now Mr. BROOMALL. I wish to ask also whether
not yet exhausted, and the gentleman from Penn- stands. We did not think it expedient to do so. the $200,000,000 authorized by the act of June, || sylvania is correct in supposing that there is still But it is well known that all notes he has issued 1864, are noi now circulating to a considerable the option on the part of the Secretary of the have been issued in the shape I have mentioned. extent as currency?
Treasury to issue some sixty or seventy million No one of them has been a compound note, or a Mr. STEVENS. I have no knowledge on that dollars more. We do not propose to interfere legal tender. But as I said before, as we are ensubject. They have been issued probably in the with the law as it now stands upon the statute- larging the authority of the Secretary, it seems shape of bonds with coupons. They may circu- book. That is considered by the Secretary of the right to restrain, so far as we choose to do so, his late in the same way as promissory notes do. Treasury as exceedingly useful in the negotiation power in regard to issuing legal-tender notes. Mr. BROOMALL.
see no provision in the of loans as it now stands. So far it has only been These notes are not intended as banking caplaw requiring them to be issued with coupons. used to issue compound-interest-bearing notes to ital. I never heard of their being the foundation May they not be issued under the law as com- take up previous notes issued bearing five per cent. of banking capital. They are not of the kind pound-interest-bearing notes, such as are really interest. There have been no legal-lender notes used for that purpose. Registered bonds have to in circulation?
issued, as I understand, under this act-not a dol- be used, and if others are offered they are not Mr. STEVENS. No, sir; because by this pro- lar. We propose now simply to give authority to received, but are required to be converted into viso we propose to restrain the Secretary of the the Secretary to issue seven-chirty bonds or notes, || registered bonds. So I think there can be no Treasury in that respect.
as you may choose to call them, to the extent of kind of difficulty about this. As my colleague Mr. BROOMALL. The gentleman does not $200,000,000. That is all there is of it, more or (Mr. Morrill]'has said, we do not propose to exactly understand my question. less.
change the present law in regard to the sevenMr. STEVENS. There are rotes running for Mr.PIKE. I wish to move an amendment to thirties; but when we give further power to issue three years, which bear compound interest, and the first section of the bill.
seven-thirties we do propose to restrain the Secare a legal tender for their face.
The CHAIRMAN. The gentleman from Penn- retary more than he is now. If the House does Mr. BROOMALL. Are there not also in cir- | sylvania is entitled to the floor.
not think proper to give him the discretion to conculation similar notes, made a legal tender, but Mr. STEVENS. I think that there is yet un- vert these bonds into seven-thirties, they will say bearing interest compounded at six per cent. ? exhausted, under the law giving to the Secretary
Mr. STEVENS. I have not seen any. I have of the Treasury the right to issue seven-thirty Mr. HOLMAN. I move to amend by strikno knowledge of them.
bonds, $70,000,000, and some $130,000,000 under ing out the last clause of the bill. Mr. BROOMALL. Is there anything in the the other. Under that section no legal-tender note Mr. PIKE. That is what I sought the floor law that prevents these notes from being issued in any shape, no compound-interest-bearing note, to do. simply in the shape of the compound-interest has been issued. They have all been issued sim- Mr. HOLMAN. I hope the gentleman will notes now in circulation, and without coupons? ply in the form of seven-thirty bonds.
yet have an opportunity to present his views. I Mr. STEVENS. Asl stated before, the object Mr. BROOMALL. Let me call the gentleman's move to amend by striking out the last clause, as of the proviso is to prevent that. attention to the law.
follows: Mr. BROOMALL. The proviso, if I under- Mr. STEVENS. I yield for that purpose. And such notes shall be exempt from taxation, by or stand the genMeman aright, provides that they Mr. BROOMALL. I find in the act of Con- under State or municipal authorities. shall not be made a legal tender. I also under- gress which this bill proposes to alter these I do not see how we can well avoid conferring stand the gentleman to say that the present issue, words:
upon the Secretary of the Treasury the authority the $200,000,000, are not made legal tenders; that
"And the said Treasury notes may be disposed of by the sought to be obtained by this section. I underthe Secretary of the Treasury did not see proper Secretary of the Treasury on the best terins that can be stand that the only effect is that whatever may to exercise the power given to make them a legal obtained, for lawful money; and such of them as shall be remain of the $200,000,000 authorized by the act tender. Am I right?
inade payable, principal and interest, at maturity, shall be Mr. STEVENS., You are right. a legal tender to the saine extent as United States notes for
referred to, may be issued in the form of bonds their face value, excluding interest, and may be paid to any or Treasury notes, bearing interest not to exceed Mr. BROOMALL. Then the $130,000,000 will creditor of the United States at their face value, excluding seven and three tenths per cent., and having a be precisely like the present six per cent. com.
interest, or to any creditor willing to receive them at par, period of not more than three years to run. Whatpound-interest-bearing notes in circulation, lack
excluding interest; and any Treasury notes issued under
ever gentlemen may say upon the subject, it is ing the element of legal tender?
discretion of the Secretary of the Treasury, into any bonds under this authorily that the Secretary of the Mr. STEVENS. No six per cent. compound- issued under the authority of this act."
Treasury can issue-if he has not already issued interest-bearing notes have been issued under this
How does the gentleman get over the provision-compound six per cent. Treasury notes. The law; they have been issued under the law of 1862. of law making them legal tender?
object of my amendment is this: the whole benMr. SCOFIELD. I wish to inquire of my Mr. STEVENS. They are only legal tender efit of this Treasury note feature of legal-tender colleague (Mr. STEVENS) whether under that act when they are made payable at certain times; and notes bearing interest is to inure to the benefit of and the amendment he proposes the Secretary of it is so expressed on their face.
None of them the bankers of the country. It does so in this the Treasury will not still have the power to issue have been issued, not a dollar. They have issued way: the bankers of the country are required to about $70,000,000 more of legal-tender notes than seven-thirty bonds, and none have been issued keep on hand a given amount of money. Instead have been issued hitherto?
under the other power contained in that law. of keeping on hand legal-tender noies, not bearMr. STEVENS. We do not interfere with the
Mr. PIKE. If the gentleman will allow me, I || ing interest, they throw them into circulation and first $200,000,000, but we do interfere with the will offer an amendment.
place on deposit the six per cent. legal-tender balance, which we are now providing for.
Mr. STEVENS. I will hear the amendment. notes authorized under this law. It is very true Mr. SCOFIELD. My inquiry is this: if we The amendment was read, as follows:
they cannot issue them over their counter, but pass this bill, then, with the proviso which the
And providel further, That the Treasury notes hereby
they can use them for all other purposes the same gentleman has proposed, will not the Secretary authorized shall be three-year notes with coupons, and as legal-tender notes, as men do in their ordinary have the power to add to the volume of the legal- muy be convertible into bonds of the United States. transactions. The effect then is this, that the tender notes now in existence some $70,000,000? Mr. STEVENS. I cannot agree to that, be- whole banking interests of the country are en
Mr. STEVENS. The gentleman means by cause he may wish to issue one or two year notes. abled to deposit in their banks a paper bearing legal-tender notes compound-interest-bearing I think that discretion should not be taken away interest, at least at the rate of six per cent., and
from the Secretary; but we do propose to take compound interest at that, and at ihe same time Mr. SCOFIELD. I mean the notes to pay away from him the power of making the notes a be exempt from all Caxation. duties, and which are usually known as legal- || legal tender.
Now, while I do not well see how the authority tender notes,
Mr. PRICE. I am not particular about the to issue these noles can be withheld from the SecMr.STEVENS. There is an express limit to tinie. I only wish to obviate the difficulty which retary of the Treasury, because means must be the legal-tender notes of $450,000,000. That is exists in the minds of some gentlemen upon this obtained to carry on the Government, yet I do the law now.
Hoor, and therefore my proviso was designed to protest against conferring upon an interest alMr. SCOFIELD. There are about $70,000,000 || fix the fact that the notes shall be coupon notes, ready receiving such extraordinary favors under of notes which may be issued under this act, and and shall stand upon the same footing as the cou. our system of finance, the power not only to rewhen we authorize the Secretary to issue them pon notes now authorized to be issued under ex- ceive interest on the money deposited in their in the form of seven-thirties he will then have
isting acts. I am not particular about the time, vaults, and that too at enormous rates as compower to make them legal-tender notes under the whether it be one, two, or three years; but I de. pared with those of other nations, but, at the sume iwo acts, notwithstanding the proviso.
sire to fix the fact that they shall be coupon notes; time, exempt it from all laxation whatever. Sir, Mr. STEVENS. No, sir.
because it is no secret that these noies are in- it is withdrawing from taxation for national purMr.SCOFIELD. Then strike out all after the tended to be used for banking capital. By mak- poses, for State purposes, for county purposes, word “for," in the proviso, and say that he shall || ing the notes coupon notes, and iaking away the for municipal purposes, millions and millions of
our capital, and at the same time throwing upon hold in my hand, and which purports to be issued the banks and capitalists is exempt from the burthe labor of the country, upon the producing in- under the act of June 30, 1864—the act proposed dens of State and municipal taxalion, leaving the terests of the country, increased burdens of taxa- to be amended by the act now pending. This burden on the tangible wealth and labor of the tion. It seems to me that nothing could be more note is made, on its face, a legal tender to the ex- country. If such is the result it will be the most unwise.
tent of its principal, without interest. I find that || oppressive and disastrous result that ever sprang Gentlemen may say that this question has al- the issue under that act is in the form of currency out of the misfortunes of war; not a temporary ready been discussed in this House, and that the without coupons, if the note which I hold in my but a permanent evil, under which the labor of House by a small majority has decided in favor hand is a fair sample. I want to be understood, the country would bend for ages; a result almost of exempting this species of property from taxa- however, that I do not oppose this on account of fatal to free government, for labor then would be tion. But it will be remembered that when the the notes being a legal tender. On the contrary, if at the mercy of capital, the one stooping under question was before the House the argument was the currency is to be further increased, I prefer it to taxation for the sole benefit of the other. This that the exemption nly applied to the bonds; be uniform, and that all the notes should be made is inevitable if we do not resist this exemption of but now, by the express 'terms of this bill, the || legal tenders, if any are. My objection is to the the many millions of Government securities from principle of exemption from taxation is to apply | form of the note. If the Committee of Ways and taxation. But, Mr. Chairman, to avoid any ambito the notes, and not only to the notes, but to the Means will put this bill in a shape such that the guity about this matter, and in order that the pura legal tenders to the amount of their face; and at issue under it shall not enter into the currency of pose of Congress may be clearly declared, I adopt the same time, bearing interest, those notes go the country and further inflate it, I will vote for it. the suggestion of the gentleman from New York, into circulation; independently of the bond feat- But nothing but being satisfied that the condition of || [Mr. Kernan,) and propose not only to strike ure to which I have referred, they are found in the Treasury absolutely demands the further issue out these words, but to substitute words exthe hands of our citizens everywhere, so that any of notes that can enter into the currency in any pressly conferring upon the States and municipal man can exempt himself from his share in the shape, will induce me to vote for such a measure. authorities the power to lax these notes. I move burdens of taxation which the extraordinary ex- I think that the great mistake made heretofore is to amend by striking out these words : penditures of the times have imposed upon every in having inflated the currency too much. I think And suchi notes shall be exempt from taxation by or town and township and county in the loyal por- || it would be better to increase the rate of interest under State or municipal authority. lions of the country; he may exempt himself on bonds until sufficient money can be obtained And inserting the following: from the payment of a single dollar of taxes by in that form, than to inflate the currency further And the notes issued under this act shall be subject to simply investing his means in the six per ceni. than it is inflated. If the matter can be so mod- State and municipal taxation as other property. compound notes or the seven and three tenths ified that no further inflation of the currency shall I suppose that the use of the words “as other authorized by this act. take place under the act, I will vote for it with
properly” would oblige the States to impose no It is not sufficient for gentlemen to say that || pleasure.
greater tax upon this species of property than under the second section of the original act Mr. STEVENS. I desire to say that with re- might be imposed upon other property of a simprovide ways and means for the support of the gard to the note produced by my colleague, (Mr. ilar character situate within their jurisdiction. Government, and for other purposes," approved BroomALL,) it was issued under a section which Mr. SCOFIELD. I desire to move an amend30th June, 1864, no six per cent. compound notes authorized ihem to be issued for the exchange of ment; to add the following proviso: have been issued, because, in point of fact, they || legal-tender notes. None of the $200,000,000 re
Provided further, That no Jegal-tender notes shall be iscan be issued under the second section of that act ferred to in the act of June 30, 1864, was issued sued by authority of this act, or the act to which this is a which has been already read upon this floor, and in the form of the note which my colleague has supplement, which clearly confers upon the Secretary of the shown. That is one of a class of notes issued in Mr. GRINNELL. Mr. Chairman, I am conTreasury the power to issue these notes at an in- exchange for other legal-tender notes.
strained to support the amendment proposed by terest not exceeding seven and three tenths per Mr. FIOLMAN. There can be no question, the gentleman from Indiana, (Mr. HOLMAN.] At cent. per annum, and running three years, and Mr. Chairman, that when the Secretary of the the last session, when this subject was under dismakes them a legal tender to the amount of their || Treasury issued these compound-interest notes, cussion, I took ground in favor of exempting these face.
he undoubtedly had the power to do so; for the notes from taxation. You remember, sir, that In view, therefore, of the effect of withholding express terms of the act are that he may issue, those were darker days than these. You rememthis species of property from taxation, in view of to ihe extent of $200,000,000, notes running for ber, sir, that at that time there were doubts enterits injustice, in view of the fact that by exempt. threc years, and not exceeding a given rate of in- tained by some in regard to the character of our seing this particular interest in favor of the capi- || terest, seven and three tenths. It is subject to that curities. We wished to dissipate the doubis then talists of the country, you increase the taxation authority that the balance of the other $200,000,000 | existing in regard to the future of the Governof those who are engaged in industrial pursuits, || is proposed to be issued. I believe the gentle- ment, and to induce capitalists to take those seI must protest against it, and protest against it man from Pennsylvania stated the balance at curities. Hopefully, sir, they took them. They more especially as the Representative of an agri- | $130,000,000.
have proved extraordinary investments. Every cultural community who cannot receive the full Mr. STEVENS. Yes, sir.
one holding them is satisfied with them. You now financial benefit of a provision like this to the Mr. HOLMAN. I do not agree with gentle- || find that those who own very large amounts of extent to which it will result to the commercial men that we can avoid conferring this power on these securities declare that they can afford to be interests of the country.
the Secretary of the Treasury. I would go as far taxed. Of course, I do not propose that there Mr. KERNAN. I think that the amendment as any gentleman to avoid a further expansion of shall be any ex post facto law on ihis subject; but proposed by the gentleman from Indiana will not the currency; but it seems to me that ii is almost we can provide now that the future issues of diese effect his object. Within a year and a half past impossible to avoid authorizing the Secretary of notes shall be subject to taxation for State and the United States courts have held, reversing the the Treasury to exercise some discretionary power municipal purposes. decision of the courts of the State of New York, || in this matter, else in many instances you may We have been told, and will be told, that the that the bonds, the security issued by the Gov- || subject him to the rapacity of the banks. The surplus money of the country is stored a way, and ernment, are exempt from taxation by virtue of objection that I raise is mainly confined to the one escapes the excessive taxation which must be felt the Constitution of ihe United States without any faci, the exemption of these notes from taxation. by all classes of the country for years to come. law; and hence, if they are to be taxed, it is ne- My friend from Wisconsin (Mr. Brown) sug- Now, sir, I wish to obviale any objection of this cessary that Congress shall expressly wa the gests that by the act of 30th June, 1864, 'Treas
Our taxes will be heavy. Let them be privilege which the courts hold that the Govern- ury notes were not exempt from taxation; he may levied judiciously; let them be borne equally; let ment has under the Constitution of the United be correct. Yet when you examine this act you them fall upon those who are able to pay them. States. It will be necessary that we shall declare will find that the last clause of the first seciion Mr. WILSON. I desire to ask my colleague expressly that they shall be subject to taxation, | provides" that all bonds, Treasury notes, and other whether he supposes that the Governinent of the or else under this decision they will be exempt by obligations of the United States shall be exempt United States can dispose of six per cent. bonds, the Constitution itself. Hence I suggest to my from taxation by or under any State or municipal || if those bonds are subject to a State taxation of friend from Indiana that if he desires to legislate || authority.” The gentleman argues that notes to two or three per cent., as the case may be, and upon this subject he must legislate in reference be issued under the second section of that act are also to municipal ta xation. to that decision, assuming it, as I must do, to be not embraced by that general provision. I am Mr. GRINNELL. I do not know what the right.
apprehensive that he is mistaken in this construc- tax may be. I do not know whether it will be Mr. BROWN, of Wisconsin. The gentleman lion, although when the subject was before the so much as two or three per cent. from Indiana will allow me to call his attention House last session it was argued, with some de- Mr. WILSON. If they are subject to State to another fact in reference to this question which, gree of force, that the principle of exemption from and municipal taxation it may be in some infrom remarks which have been made in this House, laxation did not apply to the legal-tender notes stances more than two per cent. I think is not understood. This bill provides for | bearing interest, but to the bonds only:
Mr. GRINNELL. I know that in the State the issue of so many millions of Treasury notes, Iu reply to the gentleman from New York [Mr. which the gentleman and myself in part repreaccording to the provisions of section iwo of the KERNAN) who has referred to a decision of the sent, the taxation is not so high as that. One per act approved June 30, 1864. Section two of that Supreme Court, I understand that decision not to cent, is there deemed excessive taxation. act authorized the issue of a certain amount of have been made with reference to the circulating Mr. WILSON. I will suggest to my colleague notes, which were legal tender, in lieu of the bonds medium of the country, but that, on the contrary, that in some places the State and the municipai authorized by section one, but it did not exempt it was held that the principle applied only to the taxes will amount to three per cent. those notes so issued from taxation. The provis- bonds issued by the Government of the United Mr. HUBBARD, of lowa. I would like to ion of the bill now proposed is a new provision. | States. It seems to me, Mr. Chairman, that there ask my colleague (Mr. GRINNELL] whether, in The policy of exempting this class of securities is a wide distinction between bonds issued by the many of the counties of the State of Iowa, the from laxation is for the first time proposed this Government and the circulating medium of the taxes, State and municipal, do not amount to over session. Mr. BROOMALL. Mr. Chairman, I wish to
country; for if it be true that the whole circulating three per cent.
medium ofthe country, issued by authority of the Mr. GRINNELL. I am not acquainted with call the attention of the chairman of the Com- | Government, is exempt from taxation, then the any such county. mittee of Ways and Means to a note which I whole body of the wealth of the country held by Mr. HUBBARD, of lowa. Well, I am ac
THE OFFICIAL PROCEEDINGS OF CONGRESS, PUBLISHED BY F. & J. RIVES, WASHINGTON, D. C.
Tuurty-Eighth Congress, 20 SESSION.
TUESDAY, JANUARY 24, 1865.
quainted with a good many counties of that char- and that the House resolve itself into the Com- volume of currency, and we allege that the price
miliee of the Whole on the state of the Union. of gold is attributable to the fact that the curs Mr. GRINNELL. Even if that be truc, sir, The motion was agreed to.
rency of the country is too large. That is true; I still maintain that it is right that this Congress The House accordingly resolved itself into the and my amendment is designed to obviate that should so legislate that there shall in the future Committee of the Whole on the state of the Union, il difficulty, If you make these notes seven-thirbe no occasion for remark as to class legislation. || (Mr. Spalding in the chair,) and resumed the ties you do not swell the volume of currency. I How is it now? Nineteen twentieths of the peo- consideration of the special order.
do not think any gentleman will say that he has ple of this country who pay taxes are those who The question recurred on Mr.Holman's amend- scen any seven-thirty bonds circulated as curare engaged in business. They belong to the
rency. I propose to put this matter beyond a middle classes. They are merchants, manufac- Mr. HOLMAN demanded tellers.
doubt by requiring thai they shall be seven-thirturers, men engaged in commerce, or the smaller Tellers were ordered; and Messrs. Hooper and ties; and thai, therefore, they shall not enter into class of farmers. Now, sir, shall we say that HOLMAN were appointed.
the circulation, thereby increasing the price of gold those who are so fortunate as to live in great cities, The amendment was rejected, the tellers having in the market. If you leave the matter open the and can lay by their surplus funds in these Gov | reported—ayes 39, noes 61.
notes may be issued in some other shape, and ernment securities, because of their peculiar facil. Mr. FRANK moved the following amendment | may enter into the volume of currency, and thereities for making money, shall be exempted from to the amendment:
by increase the price of gold. I am in favor of taxation on their investments? I believe that the And provided further, that the Treasury notes hereby au. the bill and its general provisions, and I offer this adoption of the legislation now proposed, with- thorized to be issued in pursuance of this section, may be as an additional reason why the amendment should out some such amendment as that of the gen- used as a basis for the issue of circulating notes in the saine be adopted. Any other shape these notes may ticman from Indiana, will cause many people to manner as other United States securities are used under
take may swell the volume of currency, which the provisions of the act entitled “ An act to provide a declare, and with some justice, that we have been
national currency, secured by the pledge of United States every gentleman knows is too large now, and while legislating for a privileged class in this country. bonds, and to provide for the circulation and redemption we talk about it every day, the sun sets every day I desire that our taxation shall rest cquitably thereof," passed June 3, 1861.
upon a larger volume of currency than it rose The amendment was rejected.
upon in the morning. 'I know it will be said that, by making these Mr. BROWN, of Wisconsin. I submit the Mr. KASSON. I do not wish to duplicate the notes liable to State and municipal taxation, we following amendment:
arguments already made, or the facts stated. I shall enhance the value of the securities already issued and taken. I cannot help thut, sir. That
And provided, That said Treasury notes shall not bear
have but a few words to say upon this whole sub
ject, and they are these: that the power to inflate increase of value will be the good fortune of those who regarded hopefully the prospects of the Gov
Mr. Chairman, I offer this amendment for the
the currency, which was given by Congress, and
has been in force more than six months, is, by ernment in darker days, who looked upon the
reason that the very worst form in which you bright side, who were willing to trust the Gov. can issue a legal-tender note is the one provided of Ways and Means, reduced more than fifty per
this bill, amended as proposed by the Committee ernment, although there was a possibility that for in this section. The first blunder ihat was
cent. We are informed by the Secretary of ihe they might lose. Let them have this good fortune. made in our financial system was in making a
Treasury that some remaining power, although Leilhem make this moncy, and not those who distinction by the Government itself between that
very much less than that granted to his predecessor have continually talked as though the Government class of money which it forces the people at large
in office, but not used by him, is necessary for the was to be put down, and its securities were to be
to take and another kind of money, gold, which
successful administration of that Department, alcome worth nothing; I am not willing to favor any legislation which will bear heavily upon the
class of individuals. The result was speculation industrial classes and upon the great masses of in gold and depreciation of that currency which
is firinly opposed to any increase of the currency
except under an emergency not now foreseeri, our people, and which will grant superior advanthe Government had provided for the people. You
where the safety of the Government may possibly tages and privileges to one class over another.
now come and commit another fault of ihe same But I do not wish to consume the time of the kind providing for an issue of another class of depend upon it. And although the power has
never yet been used, I am not myself disposed to House.
legal-iender notes which are to pass into circuMr. STEVENS. Mr. Chairman, I do not suplation, in the first instance, and then to be locked
lamper with this delicate machinery of financial pose that my friend intends it, but lie is so clared up in the vaults of the banks while they will force
operations between the Treasury Department and
the financial world by taking entirely from the with the good news that he thinks the war will out into the hands of the people at large that
Secretary the power which his predecessor had, now carry itself on, and that we need furnish class of money which bears no interest. The
and which he asks to be continued, and which he no further supplies. No man supposes with result must inevitably be to depreciate that cur
will have, only in a less degree, when the recom-. such a provision, leaving these bonds open to rency which we ordinarily use.
mendation of the committee is adopted. every Slate and municipal laxation, that a dollar
It appears to me, Mr. Chairman, that we have
I believe this committee will clearly see the proof them will be sold. No, sir, not one farthing gone far enough in providing for the advantage priety of leaving this partial and restricted power of them would be sold to any man having com
over the unissued balance under the second secmon sense, I do not even believe that the genwhich exempts the rich who can invest large sums
lion of the bill. The Secretary of the Treasury ilemun himself is so elated that he would advoin the bonds of the Government, and places all the
may have no occasion to use it, but still, as it has cate that provision. The effect of this provision burdens of taxation upon the poorer classes. This
been before a power in the Departnient, and as it of the committee is to enhance the value of the goes even a step further. This enables the bank
becomes day by day less important in amount, bonds which have been sold already, and to place
ers to hold in their vaults legal-tender notes which these bonds in the market upon a good footing. bear interest, and no bill which the gentleman has
as the seven-thirties are put upon the market, I
would not interfere with it. This seven-thirty Now, sir, it would be an excellent thing for cap
introduced this season for the purpose of prevent | loan is being absorbed to the great satisfaction of italists to have these bonds limited to the number ing speculation in gold will have the pernicious
the friends of the Treasury and of the country, that they have in their hands. I suppose that effect upon the gold market which this clause of
and any incumbrance now put upon the policy these bonds would then go up twenty per cent. the bill will have.
which has made it successful endangers the fuI am convinced that it would be highly improper
Mr. STEVENS. I presume the gentleman
ture success of the balance of that loan. to subject these bonds to taxation when we still wishes to make these notes a legal tender, as he
Mr. PRICE. I want to say that what I said need money, and when we have not enough in would have them bear no interest, and he must
with reference to the increase of the volume of the Treasury to pay the Army. intend them for circulation. True, he has not
currency does apply to issues made by the TreasI move that the committee rise to close debate. Il expressed himself in so many words. If he in
ury Department. Every person knows that The motion was agreed to.
lends them as a loan, and could get anybody to So the committee rosc; and the Speaker havtake them without interest, it would be advan
every day, and almost every hour, during the last
two years, national banks have been chartered, ing resumed the chair, Mr. SPALDING reported tageous to the Government, I admit; but the only
and those banks put notes into circulation. It that the Committee of the Whole on the state of doubt about it in my mind is—and it is a pretty
matters not from what source the volume of the the Union had, according to order, had the special strong doubt--whether capitalists will take the
currency is increased; the fact is patent that it order under consideration, being House bill No. loan, cspecially for a long period, and without
is increased. I propose to make this popular loan 677, to amend an acl entitled “An act to prointerest.' Thai is the whole proposition of the
of seven-thirties still greater by my amendment, vide ways and means for the support of the gentleman. Government, and for other purposes," approved
The amendment was not agreed to.
and that we shall have seven-thirties and nothing
else. June 30, 1864, and had come to no resolution
Mr. PRICE. I offer the following amendment,
Mr.KASSON. There is no question that the thereon. to come in at the end of the section:
issues of the national banks are somewhat inMr. STEVENS. I move that all general deProvided, That the Treasury notes hereby authorized
creasing, though not so very largely, the volume baie be closed in the Committee of ihe Whole shall be one, two, or three years' notes, with coupons, and
of the currency, because a great muny of the naon the state of the Union in one minute after the
may be convertible into bouds of the United States, as pro-
tional banks are mere substitutes for: or converconsideration of the bill shall be resumed.
sions of the State banks established under the old The SPEAKER. That will leave five minutes debate.
The object I have in offering this amendment | laws, and the notes of these institutions have been The motion was agreed to.
is simply this: we talk here every day of the ses- withdrawn from circulation.
sion, whenever there is any currency or financial Mr. ALLEY. Mr. Chairman, I move lo strike Mr. STEVENS moved to suspend the rules, Il question before the House, about decreasing the
out the first two words of the pending amend