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in' taw moists 3utnroq stp jo kOtijptio oqi
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imp j 'into .(otp isoq su uiaqi jo oodsp puu
li,JOtit trn Jtuutioq 'otuti jiqtiDpjti J ou ju n-qu
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pint K.itiHtuj poip-qui$o Jimp tin oa;3 o) tiiotp
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-jiid jpittq uiio;ittn oip idopu o) mom fliiHpd
ui03A'ia)tiiuqu'jaY 'uopiiptidoj A.jnioij
imti ipUm ! j) 'iioni 8tllp0 jiio jo ottios Aq
poSjIl UOlodojd PI) 1001)0 tlj B BIJ) ja.C pny
;,)oJoitij oil Snuujq jodtid jo Moid tt tuoq) o tin
puu 'p.i)OAll aju ojdood Jood Jtio'josiuuq bSiij
au oqi jmu suuqdjo prni SAiopiotp joiouotu
oii toii(u tit onusa )oj oAjijnpoul otp puu
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IttoimuoAoi) oqi iuqi omnu tomios iq3u ;t
in uwm iuu tiO 'soajnos Jatpo Jjotp "nicuj
3i'ipio3 ojoai iotp imp o) iuoUAitba )ojo)tii tiu
ttto'qt Sutiud puu 'tuopioipittq Ji.mji joj iiunaos
Jonoq pun )iioniiaAUt JO'oq ti tnoqi Hui.n;i
.aq 'spuoq (0)t)g paijt" o)tij pOMOAtioo OJOAt
sijuttq oqi jo Bioseu o'soqj 'Jiosij ojuino uoj
OAtionpojd uodn puu 'niui'sa ptoj uo soiiuSuDui
putt f puoq 'spuoq nimc 3iiuuoq.)93JO)U uodn
pojnoof BUAt nmipoui .Mnntinojio j;nij -.(ji
tinoa oqi jo ttouwuq tiui'snpu; oqi Sujiciiipttj
jo oiotliml oqi "jqi t.VnuulumD poiujoiliooti
oint fOAptamuqi po'ttitoixiu juai oqi o) biioia
vjd puq ot(it ooi( tn'q 'jum oqi jo Jtio Aououi
Jioqi npttm luqi oplo.id oqi toil oj'ojk Aoqi Sujqi
luimtt tt s .opuoq Bomig po)iui oioqi ujuiqo
stiojiupo.itt :iiuq oioqi' Sttisoiltttoo BUttqiUo
puu tiiontw oqi 'sJOJniJirjniitim oqi 'BJOJoqu
oqi 'Uiiiuo jo tioui oqi pjp jhoji itojoiut ou
iiutiU.K)' plIU '.(jtl.WJtlD pjUOIlUUJOlU JO Ui.l'lii
ttu'uodn pottq putt oiiiji potui on Iti ojqtiA'ud
putt 0qtiuiMtUj caiou Bit jojojoqi n.ij tt j oaiS
puu tuuq oqi ju tpuoq 'uuitoq noJ,)ttt oqi
o.ui oi iqdu oil tvq oottod jo outti uj to)ci
poitu oqi jo itiouiiuoAOi) oqi itiqi jjjuutw oi
OAttq ioiiMJtia )uvq jo uotit.inb oqi ttoilj-j
'tioiivpumij ptjiunt
qm putt ttujj tt uodn pooopi oq t ootiopnuoa
pjjvoiiAj puu AiujdiiOJil tuouoa puu 'itittpuiiqti
BJotli ouioAiq Ut tq !(liuq puu (jq p0.1
putt 'BipnuA Jtio ti ouji3it ijtn po8 uoqi in
tsuittiiu tiptui jo ootitijuq oqi Avd oi luotanjni
woiixo puu oJnpoJd op .oqi j -iauoiiuuii
oqi p.y ;m Aotii jjaon ioiui poi)ti puu
pjoS tittqt lonpoid Joqio oiuo tq o.luvqosa jo
n3iitquqoitA'udoilu,itotjinoonpojiI lottop puu
OpUJIsIOAO A"0tl JI 'ilpioOl! OUI liodll pUUJIOBlj
uodn )(.)ot(0 v iu iau x 'poidopti j; 'pottodoid
uvjdiiqj, 'Kioqio m oitiji onpii; ioa0oj oq oi
'dot ivju u bu popuoiu) t i itiouijCvd mood
JO UOJKUIIIKM 0)S1MIIJ 01 pUU BOIOU JOpUO)
.uSo jo oaupl tit soiou pto3 jo onsst nqi joj
npittutl o) 'ft.-i o; u oiutioj; ej i 03tiiiiii.i
uo' pauitmiioQ oqi til OJtistiom ilittptioJ oi)
l)IAt pnJjnjM tAtit o) OJtsop t0it mq tt 0tt
tibg nqt o'l ipitqitB o) Joiioq otp puq oAtiq
'BJodui J no oAoqu
puu joao ooo'000'o?I$ ,1U1I fc3,M 1 lomitia
juo qatto poiJodxo Joqioho) ttioo toS pun
spools koiuig pointy jo imimtiti' )otio tj
pi'oS
tij sn ptfd B Jtqiop joj jtiop ssopin 'npjBsod
bu Biioi)'ua;pp3 OJom Ai'nj m oaiS bii )0 )ttq'iij
tit ptrd oq'ttioq) )0 .i putt 'iuioqi joiuitoiuu
Unjoqi Xvd istuti Biuttpunooop jiio Jo nt .(up
ouo puu 'jtqpip otio joj 8iioj)idt;jqo jno Jftiuifi tuu
o tt potttuiqo po3 jo )uoaoAl.AtiOAO!i Ala to Jo.q
'Bo.tlOMtioSunqipjtpiBAiXitpotioiittMittiidoq1!!!
ou oiliu nqt ipttm MtitAtS ruu 'jpii.Uc; tt jo i"!"
una ntn qiiw '.Coiji o'tt'.u ! B.Maitqiio.uS ju Kp.iq
Jtio ttoiin .iuuaos pojattttj uj doapnitt ntAi ).o
Jtio i)itouoq uiojj tuitirpumij nt dun Bitojiitii
jotpo )ou lo'j Miopttu (ni:oAod puu IttOiS Blip
jo .()Uodtojd Stitp'tqti putt luoutiiujdd otp'o)
OJn)i!j otji 0) Jioo' 'ittos.ud ott) puo.(oq jnii o
luouihptij pooi) jiiojC oi ttoddu I 'ojojojoi
ptitKuaotpoi iptjputtiBJnq ;-i i; ttonBAtotj Jr
tto) t w it Sttoj Miit nttiti jo tiiijiMtib tt ajiio
bj it o' op'ott jj pun Jot'mqo Jtq'udod litis tt
It p'uttdxo putt XatiOJJtta Jim jo ojqqnq n'tp dn
Aitqq 0) otittiittoa ni Fotitt aUU it np n mi.)
jotptoti SpoitBtio imp Binoj otp putt Jttupwi
JOAOBiqiiuotoJd nt oiqitiouwoAinAt Jttuoqini
BnOtJOJ,! Mlttd BJ1111A AtOJ dtp JO) pOlBJNM FTt
Ittqi .C.uioJJtto ountpopl otp oi iiiop;oti; Aitttitin
uioa otp jo Stitptai-joAO putt tmptqnooilB otp oi
Itioixo joirojfl tt oi puu 'Btttq po3 ptitio tt o)
poittptij no ttioJj iioptBitiui v oi itioixo nittitt oi
pomquiio oq intti tioiiuptajia tit .Couojitia jn
initouiu joSjiq t'anui tt tun ojoip not- outti n'tp
tpttt pajudtuoo Boutii otp jo .aiioi,iiui oii
'Kltinoaou puq uo soBnt Bt loom n't vpooa no
citjojil ftq oi Boopoq Btt 'ootiotojiop nip Xpldntoi
jCauojjna potttii tiu oi uitiop;otu mtjojil nilitt
Bjq oi joo inuiot imp putt 'Jflpnp'jn; Jttop
Ji'utJq ion nt tt 'iiitnoaou puu boiou Joipo Bjt o)ii
ptinq no ijaoit Jopuoi.p:o otp spttji oq 'poa
'.(otinm uoj J0 o(iip l'Oii oq notM pun uottoi
itiouiaAtioa ti iu .(ml o) oinitJd u .(tio ojtt .(otp
HMJoq.u '.(otiom bu soioii joptioipiSoj po)ttttt
tlto Buq oq imp larj otp tit soi nqnoj o'nqtt
oqj, '.(ottuui Siitsoffjoti Bou.ttui; qott 'biio
tijiu ipltn; oq ppiOAv '.tauajjita poiutaajitop ti
jo oanonboiima uj t3iq not tujq loo oAtit iutp
pnuq uo rpooS tt jo oodip ouo .joao pititi
puu '30111 iiq jn iaodp Joii'naodlt fliUAUd
ajoao jinn uopjuttdxo ponupuoa u loodso o,'
uiotp iput iioppodiu'oo
Jtio opnpojd oi irotupj Btt nio'ivo tiu q.tn oi
lanpojd jo pttjjj ajoao jo oautl otp Boauttqtia ij
'kouiunoauajojojoijiutn n.uioaiojd u bu 'po3
joj' SJoptioi pa2o puu' sjopu'oi piS.ij joj iqo.l
Suiiiuuqaxo jo itoo inontiatuoa otp qiitt 'rjoti
jCauajjna jopuoi-iti.toi iqj titojoitij Ji'mdilp's
puu pj-ajauiuioa Jtio jo otvajaut otp o)' jjouq
8
londi of ono per cent., io tbnt thn holders
who now receive lis per cent, would receive
Ixit five.
1 claim that the Status have no right and so
power under the Constitution to tax our bonds
in any shape or form. If wo concede that
jwtut we place it out of the power of the Gov
ernment, in time of distress, in time of rclcl
liun or internal commotion, or when it is
necessary to protect ourselves from attacks
Irom ubroad. to nrj-othito loans nt favoruble
ru'ej. Tlio importuncv of the iiower iu the
(nentl Government to exempt its bondsfrom
State taxation may be readily seen. It is tin
viiontinl clement in the welfare, proipcritv, nnd
rreneth of the country. I think wo s"houId
i insider this whole mutter with a view to the
future and not to thu present. Many expe
dients nrc brought forwnrd to relieve us from
the heavy taxation to which wo are subjected t
but whatever we ndont should not be n policy
which will be to the detriment of the Gotern
ntcnt. Whatever is done should be well con
sidered, and with n view to tht future. Our
credit is now" trcmblinc nnd the people nro
liesimtini; about I mteu Mates stocks. There
Is a doubt as to whether they ure to be paid in
United Stutes pold com. ns to whether it in u
fundamental rule established by the Govern,
mciit that the bonds shall be so -mid. The act
of Congress undur liicli the bonds were i-'iunl
is certainly not cry plain on thut point t but I
have uo doubt that nt the time tlio net wiu
passed the rule of interest then fixed wus con
sidered to be n low rate, in view of the troubles
lir wliiMi wit wa.m n......l...1 ...1 .!... i.
i .v ... -v ...,v .iMiuuimiiu, hiiu wan iv was
generally considered that the bonds would be
patable in United States f-old coin. I hope
iii inuicnieu in tne resolution
will bo presented here nt tin carlv duv; nnd I
thiuk it will meet the whole ditliculty'in which
we are now involved in repard to the five
twenty bonds. I hope the whole subject will
be carefully considered by the Committee on
I'inance.
The resolution was n-rrecd to.
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oirsit twior's hsmrt
f Supplement (o Oregon Sentinel.
iri jti.
1
KEMAKKS
or
HON. IIENE,Y, CORBET!
OP OKEGON,
IN TUC SC.VATU 01 TIIC UNITED STATES, DECEMDER 18, 18CT,
Oh M projtotitlon to substitute Semite Hill Xo. lfi-1, tirontlinyitr the issue of GJ'l .NVrt
i'h jJatv uj LegnU Ttndtr Sotr and to facilitate the resumjttion vfSjeir 'ujfmoi',
in place ' &mite JIM jVo. 148, intruluceil by Senator Morrill
rimiAV, December 115, 1807.
On motion of Mr. COUUETT, the Senate,
m iu Committee of tlio Whole, resumed the
consideration of the bill (S. No. 14b to raite
the taluo of legal-tender notes to par, tlio
pending question bcitif; on the motion of Mr.
Mukuill, of Vermont, to refer tho bill to the
Committee on Finance.
.Mr. COIlUETf. Mr. President, much 1ms
been snid nnd written upon tho subject of re
suming specie payments. It is n subject of
vital iinportunca to our people, to our financial
standing abroad, and to our permanent pros
perity as a nation nt home. 1 propose to
di.cius tho bearing thut tho prctiunt system
has upon our agricultural, manufacturing, and
commercial interests, uudour intercourse with
othur countries.
It must le obvious to every observing mind
thut tho large amount of irredeemable paper
currency issued during the war is the source of
all our trouble in returning to an international
gold currency. To foreign Governments nnd
mditor our balances must Ik paid iu gold or
its equivalent, if the trade bo against us, as it
has been for some years past. At the present
time, our vaults belli? lorv lpan nf rrM. van
hate resorted to payment in interest-bearing
six per cent, bonus, for each dollar of which 1
lud-igi! capuaiisis arc paying us say seventy-livo
CeilU 111 POlll. Pnr l1..rV &Vrtnlv..ritn lntl.M
iu gold we aro laying foreign capitalists annu-
my ot. uuiiuni 111 gum interest, matting oignl
per cent, per annum in gold. It woul & seem
that this is a very largo mtcrost to nay to our I
furrign neighbors when they aro borrowing
itioney in thoir own countries for from three to 1
four per cent, jht annum. Tho question now j
arises, how shall we stop this enormous druiu
of gold and United Slates securities? So long
as gold and theso hccunlies are a cheaper rr
initutnco than other producU of our lubor, ait
so long will our importers ship gold or Luiw
States stock s, thereby making us a constant 4
heavy contributor oflhe precious metal to 0
gold centers of huropc. Let us now see if
grnduul resumjition will not remedy this gw
tug and alarming etil.
Tho first step toward resumption should w
to issue gold notes iusimilur denomination! w
the legubtunder notes, that shall be jiayslwoa
deraaud There should nt tho present timet
issued and jmt in circulation not to x5
ninety per emit, of tho nmouut of gold Lew J
theTreasury of tho United Stutes. Exclusntw
tho amount held by the Treasury subject to p
certificutus if sued uy the Treasury, our rewp
from customs nro now ubout hftceu ro"lwB
dollars in gold ter mouth. Let the Secrt-tar
of tho Treasury be authorised to sell these iW
notes to tho extent of $7,000,000 a nionth W
legal-tender notes ) tho legal tenders recei'w
in paymeut therefor to bo retired from wc"
culoling medium of the country, the gold now
taking tho place of the legal-lender current;
TliHMi f-nlii nnt,. wnnlil hn a. renresenUttltV W
something tangible, would bo used to ptf
duties on imports, used by tho banks as re-
servo to redeem tbeir
culatiug medium on
ixtonlo trutelin" to
to ijartign countries to some extent.
Treasury not being permitted nt any or
to ctrculal
Tl
cms tus
ato iu gold notes more than the DtneV
jier centum of the specie on hanu, tws w"
mnko them nlwot a good for tho gold.
This would practically reduce the pree
currency, and increase a currency tho w
which is represented by tho gold in the lr
ury, thertby marly doubling the amount w
J'