John W. Noell, Moses F. Odell, Abraham B. Olin, Nehemiah Perry, John H. Rice, James S. Rollins, John P. C. Shanks, Socrates N. Sherman, George K. Shiel, A. Scott Sloan, Elbridge G. Spaulding, William G. Steele, Thaddeus Ste vens, Burt Van Horn, Robert B. Van Valkenburgh, John P. Verree, Daniel W. Voorhees, William Wall, John W. Wallace, Elijah Ward, Albert S. White, James F. Wilson, William Windom, George C. Woodruff, Samuel T. Worcester 67. | ward H. Smith, John B. Steele, William G. Steele, NAYS-Messrs. John B. Alley, Isaac N. Arnold, James M. Ashley, Portus Baxter, Harrison G. Blake, William G. Brown, Alfred A. Burnham, Charles B. Calvert, Andrew J. Clements, Frederick A. Conkling, Roscoe Conkling, Martin F. Conway, Samuel S. Cox, James A. Cravens, John J. Crittenden, Henry L. Dawes, R. Holland Duell, George W. Dunlap, W. McKee Dunn, Thomas D. Eliot, James E. English, John N. Goodwin, Henry Grider, John A. Gurley, Edward Haight, William A. Hall, Aaron Harding, John Hickman, Valentine B. Horton, William D. Kelley, Anthony L. Knapp, William E. Lansing, John Law, Cornelius L. L. Leary, Dwight Loomis, Owen Lovejoy, Robert McKnight, Robert Mallory, Henry May, John W. Menzies, James K. Moorhead, Justin S. Morrill, John T. Nixon, Warren P. Noble, Elijah H. Norton, Robert H. Nugen, John Patton, Timothy G. Phelps, Frederick A. Pike, Theodore M. Pomeroy, Alexander H. Rice, Albert G. Riddle, James C. Robinson, Aaron A. Sargent, Charles B. Sedgwick, William After other amendments were acted on, and P. Sheffield, Edward H. Smith, John B. Steele, the fifteenth amendment adopted, which authorJohn L. N. Stratton, Benjamin F. Thomas, Fran-ized the Secretary of the Treasury to sell the cis Thomas, Charles R. Train, Carey A. Trimble, bonds at the "market value thereof "-yeas 72, Rowland E. Trowbridge, Clement L. Vallandig- nays 66, as follows: ham, Charles W. Walton, E. P. Walton, Ellihu B. Washburne, Edwin H. Webster, William A. Wheeler, Charles A. Wickliffe, Hendrick B. Wright-72. YEAS-Messrs. Sydenham E. Ancona, Goldsmith F. Bailey, Portus Baxter, Fernando C. Beaman, Charles J. Biddle, George H. Browne, William G. Brown, Charles B. Calvert, Ambrose The 6th Senate amendment, establishing coin W. Clark, George T. Cobb, Frederick A. Conkinterest, was then agreed to-yeas 88, nays 55: ling, Roscoe Conkling, Martin F. Conway, John YEAS-Messrs. Sydenham E. Ancona, Isaac Covode, James A. Cravens, John J. Crittenden, N. Arnold, James M. Ashley, Portus Baxter, William P. Cutler, George W. Dunlap, W. McFernando C. Beaman, Charles J. Biddle, Jacob Kee Dunn, Thomas D. Eliot, James E. English, B. Blair, George H. Browne, William G. Brown, John N. Goodwin, Henry Grider, William A. Alfred A. Burnham, Charles B. Calvert, Andrew Hall, Aaron Harding, William S. Holman, ValJ. Clements, George T. Cobb, Frederick A. Conk-entine B Horton, Philip Johnson, William D. ling, Roscoe Conkling, Martin F. Conway, John Covode, Samuel S. Cox, James A. Cravens, John J. Crittenden, Alexander S. Diven, George W. Dunlap, W. McKee Dunn, Thomas D. Eliot, James E. English, John N. Goodwin, Henry Grider, John A. Gurley, Edward Haight, William A. Hall, Aaron Harding, William S. Holman, Valentine B. Horton, Philip Johnson, William D. Kelley, Anthony L. Knapp, John Law, Cornelius L. L. Leary, William E. Lehman, Dwight Loomis, Owen Lovejoy, Robert McKnight, Robert Mallory, Henry May, John W. Menzies, Justin S. Morrill, John T. Nixon, Warren P. Noble, Elijah H. Norton, Robert H. Nugen, Moses F. Odell, John Patton, George H. Pendleton, Nehemiah Perry, Timothy G. Phelps, Frederick A. Pike, Theodore M. Pomeroy, Alexander H. Rice, Albert G. Riddle, James C. Robinson, Edward H. Rollins, James S. Rollins, Aaron A. Sargent, Charles B. Sedgwick, William P. Shef field, Socrates N. Sherman, George K. Skiel, Ed Kelley, Anthony L. Knapp, John Law, Cornelius NAYS-Messrs. Cyrus Aldrich, John B. Alley, The principal point in the report of the committee of conference was to recommend the House to recede from its disagreement to the 10th Senate amendment, (relating to a sinking fund,) and agree to it in this form: "That all duties on imported goods shall be paid in coin, and shall be set apart as a special fund, and shall be applied as follows:" Blair, jr., Jacob B. Blair, Samuel S. Blair, Har- | tee of conference on the disagreeing votes of the Mr. HOOPER moved that the Senate amendments be laid on the table; which was disagreed to-yeas 21, nays 110. The yeas were: Messrs. Stephen Baker, Samuel S. Blair, Alexander S. Diven, Thomas D. Eliot, George P. Fisher, Bradley F. Granger, John Hickman, Samuel Hooper, Anson P. Morrill, Justin S. Morrill, Elijah H. Norton, Abraham B. Olin, George H. Pendleton, Charles B. Sedgwick, William P. Sheffield, George K. Shiel, A. Scott Sloan, Thaddeus Stevens, Benjamin F. Thomas, Charles R. Train, Clement L. Vallandigham. The 19th amendment, being to add the following section to the House bill: SEC. 5. That all duties on imported goods, the proceeds of the sale of the public lands, and the proceeds of all property seized and sold under the laws of the United States as the property of rebels, shall be set apart as a special fund, and shall be applied as follows: First. To the payment in coin of the interest on the bonds and notes of the United States. Second. To the purchase or payment of one per centum of the entire debt of the United States, to be made within each fiscal year after the first day of July, eighteen hundred and sixtytwo, which is to be set apart as a sinking fund, and the interest of which shall in like manner be applied to the purchase or payment of the public debt, as the Secretary of the Treasury shall, from time to time, direct. Third. The residue thereof to be paid into the Treasury of the United States. Was disagreed to, on a division-yeas 51, nays 52. CONFERENCE COMMITTEE. Messrs. FESSENDEN, SHERMAN, and CARLILE were appointed conferees on the part of the Senate, and Messrs. STEVENS, HORTON, and SEDGWICK, on the part of the House, to reconcile the points of difference. CONFERENCE REPORTS. IN HOUSE. February 24-Mr. STEVENS, from the commit The House agreed to the report-yeas 98, nays 22; and the Senate without a division. Next day the Senate reconsidered the vote, and ordered the report recommitted, to which the House, by unanimous consent, assented. February 25-The same report was made, except the sinking fund clause was made to read as it does in the act; and in that form the report was adopted in each House without a division. Note B. ACT OF JUNE 30, 1864-38TH CONGRESS, 1st SES- SEC. 2, * * Nor shall the total amount of exceed four hundred millions of dollars, and such * * * [The bill contains an authority to borrow $400,000,000, and issue bonds therefor redeemable in from five to forty years, interest 6 per cent. semi-annually in coin. It also authorized the issue, on the credit of the United States, and in lieu of an equal amount of bonds above authorized, not exceeding $200,000,000 in Treasury notes, payable in three years, and bearing interest at 7 per cent. in lawful money. And it also authorized the issue of fifty millions of dollars of fractional currency. In the progress of the bill through the House and Senate there was no separate vote on the of the Whole, in the House, a substitute for the above clause. While the bill was in Committee second section was adopted, but it also contained this precise clause, and the substitute was subsequently rejected in the House-yeas 44, nays 81. But as this vote manifestly turned upon those features of the two propositions on which they differed from each other, and not upon that on which they agreed, it is not considered necesin either House, on final passage.] There was no division, sary to repeat said vote. Note C. HOUSE RESOLUTION OF DECEMBER 18, 186539TH CONGRESS, 1ST SESSION-PLEDGING CoOPERATION IN CONTRACTION. The following is the House resolution referred to in the message, and the vote by which it | Welker, John Wentworth, Kellian V. Whaley, passed: Thomas Williams, James F. Wilson, Stephen F. Wilson, Edwin R. V. Wright-144. 1865, December 18.-Mr. ALLEY, (the rules having been suspended for that purpose,) submitted the following resolution: Resolved, That this House cordially concurs in the views of the Secretary of the Treasury in relation to the necessity of a contraction of the currency, with a view to as early a resumption of specie payments as the business interests of the country will permit; and we hereby pledge co-operative action to this end as speedily as practicable. The resolution was agreed to-yeas 144, nays 6, not voting 30: NAYS-Messrs. Jehu Baker, Amasa Cobb, Ephraim R. Eckley, Benjamin G. Harris, Green Clay Smith, M. Russell Thayer-6. Note D. ACT OF APRIL 12, 1866-39TH CONGRESS, 1ST CURRENCY. The following is the text of the act, as it passed the House March 23, 1866, and the Senate April 9, 1866, and was approved April 12, 1866: NOT VOTING-Messrs. John F. Benjamin, James G. Blaine, Henry P. H. Bromwell, Ralph P. Buckland, John W. Chanler, Charles V. Culver, Thomas T. Davis, Ignatius Donnelly, Ebenezer Dumont, Benjamin Eggleston, John F. Farnsworth, Adam J.Glossbrenner, Charles Goodyear, Josiah B. Grinnell, James M. Humphrey, Francis C. Le Blond, Benjamin F. Loan, John Lynch, Hiram McCullough, Daniel Morris, WilYEAS-Messrs. John B. Alley, William B. Al- liam A. Newell, Theodore M. Pomeroy, Andrew lison, Oakes Ames, Sydenham E. Ancona, George J. Rogers, Robert C. Schenck, Thaddeus Stevens, W. Anderson, James M. Ashley, John D. Bald-Francis Thomas, John L. Thomas, jr., William win, Nathaniel P. Banks, Abraham A. Barker, Windom, Charles H. Winfield, Fred'k E. WoodPortus Baxter, Fernando C. Beaman, Teunis G. bridge-30. Bergen, John Bidwell, John A. Bingham, Henry T. Blow, George S. Boutwell, Benjamin M. Boyer, Augustus Brandegee, James Brooks, John M. Broomall, Hezekiah S. Bundy, Reader W. Clarke, Sidney Clarke, Roscoe Conkling, Burton C. Cook, Shelby M. Cullom, William A. Darling Henry L. Dawes, John L. Dawson, Joseph H. Defrees, Columbus Delano, Henry C. Deming, Charles Denison, Nathan F. Dixon, John F. Driggs, Charles A. Eldredge, Thomas D. Eliot, John H. Farquhar, Thomas W. Ferry, William E. Finck, James A. Garfield, Henry Grider, John A. Griswold, Robert S. Hale, Aaron Harding, Abner C. Harding, Roswell Hart, Rutherford B.Hayes, Jas. H. D. Henderson, William Higby, Ralph Hill, John Hogan, Sidney T. Holmes, Samuel Hooper, Giles W. Hotchkiss, Asahel W. Hubbard, Chester D. Hubbard, Demas Hubbard, jr., John H. Hubbard, Edwin N. Hubbell, James R. Hubbell, Calvin T. Hulburd, James Humphrey, Ebon C. Ingersoll, Thomas A. Jenckes, Philip Johnson, George W. Julian, John A. Kasson, William D. Kelley, John R. Kelso, Michael C. Kerr, John H. Ketcham, Andrew J. Kuykendall, Addison H. Laflin, George R. Latham, George V. Lawrence, William Lawrence, John W. Longyear, Samuel S. Marshall, Gilman Marston, James M. Marvin, Joseph W. McClurg, Walter D. McIndoe, Samuel McKee, Donald C. McRuer, Ulysses Mercur, George F. Miller, James K. Moorhead, Justin S. Morrill, Samuel W. Moulton, Leonard Myers, William E. Niblack, John A. Nicholson, Thomas E. Noell, Charles O'Neill, Godlove S. Orth, Halbert E. Paine, James W. Patterson, Sidney Perham, Charles E. Phelps, Frederick A. Pike, Tobias A. Plants, Hiram Price, William Radford, Samuel J. Randall, William H. Randall, Henry J. Raymond, Alexander H. Rice, John H. Řice, Burwell C. Ritter, Edward H. Rollins, Lewis W. Ross, Lovell H. Rousseau, Philetus Sawyer, Glenni W. Scofield, George S. SEC. 2. That the Secretary of the Treasury Shanklin, Samuel Shellabarger, Charles Sit- shall report to Congress at the commencement greaves, Ithamar C. Sloan, Rufus P. Spalding, of the next session the amount of exchanges John F. Starr, Thomas N. Stillwell, Myer Strouse, made or money borrowed under this act, and of Stephen Tabor, Nelson Taylor, Anthony Thorn- whom, and on what terms; and also the amount ton, Lawrence S. Trimble, Row'd E. Trowbridge, and character of indebtedness retired under this Charles Upson, Henry Van Aernam, Burt Van act, and the act to which this is an amendment, Horn, Robert T. Van Horn, Daniel W. Voor- with a detailed statement of the expense of hees, Hamilton Ward, Samuel L. Warner, Ellihu making such loans and exchanges. (U. S. StatB. Washburne, William B. Washburn, Martin!utes at Large, vol. 14, p. 31.) Be it enacted, &c., That the act entitled "An act to provide ways and means to support the Government," approved March third, eighteen hundred and sixty-five, shall be extended and construed to authorize the Secretary of the Treasury, at his discretion, to receive any treasury notes or other obligations issued under any act of Congress, whether bearing interest or not, in exchange for any description of bonds_authorized by the act to which this is an amendment; and also to dispose of any description of bonds authorized by said act, either in the United States or elsewhere, to such an amount, in such manner, and at such rates as he may think advisable, for lawful money of the United States, or for any treasury notes, certificates of indebtedness, or certificates of deposit, or other representatives of value, which have been or which may be issued under any act of Congress, the proceeds thereof to be used only for retiring treasury notes or other obligations issued under any act of Congress; but nothing herein contained shall be construed to authorize any increase of the public debt: Provided, That of United States notes not more than ten millions of dollars may be retired and canceled within six months from the passage of this act, and thereafter not more than four millions of dollars in any one month: And provided further, That the act to which this is an amendment shall continue in force in all its provisions, except as modified by this act. The House passed the bill-yeas 83, nays 53, | E. Niblack, James W. Patterson, Tobias A. not voting 47: Plants, Theodore M. Pomeroy, William Radford, The vote in the Senate was-yeas 32, nays 7: YEAS-Messrs. John B. Alley, Sydenham E. Ancona, George W. Anderson, James M. Ashley, John D. Baldwin, Nathaniel P. Banks, Abraham A. Barker, Portus Baxter, Teunis G. Bergen, John Bidwell, James G. Blaine, Benjamin M. Boyer, James Brooks, Roscoe Conkling, Shelby M. Cullom, William A. Darling, Henry L. Dawes, John L. Dawson, Ignatius Donnelly. Charles A. Eldredge, Thomas D. Eliot, John F. Farnsworth, John H. Farquhar, William E. Finck, James A. Garfield, Adam J. Glossbrenner, Henry Grider, Robert S. Hale, Aaron Harding, John Hogan, Sidney T. Holmes, John H. Hubbard, James M. Humphrey, Ebon C. Ingersoll, Morgan Jones, John A. Kasson, Michael C. Kerr, John H. Ketcham, Andrew J. Kuykendall, Addison H. Laflin, George R. Latham, George V. Lawrence, Francis C. Le Blond, Samuel S. Marshall, Gilman Marston, James M. Marvin, Hiram McCullough, Donald C. McRuer, Ulysses Mercur, James K. Moorhead, Justin S. Morrill, Daniel Morris, Samuel W. Moulton, Leonard Myers, John A. Nicholson, Thomas E. Noell, Sidney Perham, Frederick A. Pike, Samuel J. Randall, John H Rice, Burwell C. Ritter, Andrew J. Rogers, Edward H. Rollins, Lewis W. Ross, Philetus Sawyer, Glenni W. Scofield, Green Clay Smith, Rufus P. Spalding, Thomas N. Stillwell, Myer Strouse, Nelson Taylor, Anthony Thornton, Charles Upson, Burt Van Horn, Robert T. Van Horn, Hamilton Ward, Ellihu B. Washburne, Henry D. Washburn, William B. Washburn, John Wentworth, Wil-passage of this act the authority of the Secretary liam Windom, Charles H. Winfield, Edwin R. V. Wright-83. NAYS-Messrs. William B. Allison, Jehu Baker, Fernando C. Beaman, John F. Benjamin, John A. Bingham, Henry P. H. Bromwell, John M. Broomall, Ralph P. Buckland, Hezekiah S. Bundy, Reader W. Clarke, Burton C. Cook, Nathan F. Dixon, John F. Driggs, Ephraim R. Eckley, Benjamin Eggleston, Thomas W. Ferry, John A. Griswold, Abner C. Harding, Roswell Hart, Rutherford B. Hayes, William Higby, Ralph Hill, Samuel Hooper, Asahel W. Hubbard, Chester D. Hubbard, Demas Hubbard, Jr., Edwin N. Hubbell, James R. Hubbell, George W. Julian, William D. Kelley, John R. Kelso, William Lawrence, Benjamin F. Loan, John Lynch, Joseph W. McClurg, Samuel McKee, George F. Miller, Charles O'Neill, Godlove S. Orth, Halbert E. Paine, Charles E. Phelps, Hiram Price, Samuel Shellabarger, Thaddeus Stevens, M. Russell Thayer, Francis Thomas, John L. Thomas, Jr., Rowland E. Trowbridge, Henry Van Aernam, Martin Welker, Thomas Williams, James F. Wilson, Stephen F. Wilson-53. NOT VOTING-Messrs. Oakes Ames, Delos R. Ashley, Henry T. Blow, George S. Boutwell, Augustus Brandegee, John W. Chanler, Sidney Clarke, Amasa Cobb, Alexander H. Coffroth, Charles V. Culver, Thomas T. Davis, Joseph H. Defrees, Columbus Delano, Henry C. Deming, Charles Denison, Ebenezer Dumont, Charles Goodyear, Josiah B. Grinnell, Benjamin G. Harris, James H. D. Henderson, Giles W. Hotchkiss, Calvin T. Hulburd, James Humphrey, Thomas A. Jenckes, Philip Johnson, John W. Longyear, Walter D. McIndoe, William A. Newell, William [Under the above act the Secretary of the Treasury retired $44,000,000 legal tenders. reducing the amount in circulation to $356,000,000. But from the period commencing with the panic of September, 1873, and up to July 1, 1874, at which time this page goes to press, the Secretary issued (or reissued) $26,000,000 of legal tenders.] Note E. ACT OF FEBRUARY 4, 1868-40th Congress, 2d Be it enacted, &c., That from and after the of the Treasury to make any reduction of the currency, by retiring or canceling United States notes, shall be, and is hereby, suspended. * * * (U. S. Statutes at Large, vol. 15, p. 34.) IN HOUSE. 1867, December 7-The bill, as above, passedyeas 127, nays 32, not voting 28. YEAS—Messrs. George M. Adams, William B. Allison, George W. Anderson, Stevenson Archer, Samuel M. Arnell, James M. Ashley, Samuel B. Axtell, Jehu Baker, Nathaniel P. Banks, Demas Barnes, William H. Barnum, Fernando C. Beaman, James B. Beck, John F. Benjamin, Jacob Benton, John A. Bingham, George S. Boutwell, Benjamin M. Boyer, Henry P. H. Bromwell, James Brooks, Ralph P. Buckland, Albert G. Burr, Benjamin F. Butler, Samuel F. Cary, John C. Churchill, Reader W. Clarke, Sidney Clarke, Amasa Cobb, John Coburn, Burton Č. Cook, John Covode, Shelby M. Cullom, Nathan F. Dixon, Greenville M. Dodge, Ignatius Donnelly, John F. Driggs, Ephraim R. Eckley, Benjamin Eggleston, Jacob H. Ela, Charles A. Eldredge, John F. Farnsworth, Orange Ferriss, Thomas W. Ferry, William C. Fields, J. S. Golladay, Joseph J. Gravely, John A. Griswold, George A. Halsey, Cornelius S. Hamilton, Abner C. Harding, Isaac R. Hawkins, John Hill, William Higby, William S. Holman, Benjamin F. Hopkins, Julius Hotchkiss, Asahel W. Hubbard, Calvin T. Hulburd, Morton C. Hunter, Ebon C. Ingersoll, Thomas L. Jones, Norman B. Judd, George W. Julian, William D. Kelley, William H. Kelsey, Michael C. Kerr, John H. Ketcham, J. Proctor Knott, William H. Koontz, Addison H. Laflin, William Lawrence, William S. Lin- NAYS-Messrs. Oakes Ames, Delos R. Ashley, NOT VOTING-Messrs. Alexander H. Bailey, John D. Baldwin, Austin Blair, Henry L. Cake, John W. Chanler, Thomas Cornell, Darwin A. Finney, John Fox, Chester D. Hubbard, Thomas A. Jenckes, Bethuel M. Kitchen, Rufus Mallory, Samuel S. Marshall, William Moore, Daniel J. Morrell, John Morrissey, John A. Nicholson, Theodore M. Pomeroy, Green B. Raum, William E. Robinson, Glenni W. Scofield, Lewis Selye, Samuel Shellabarger, John Taffe, Ginery Twichell, Burt Van Horn, William Windom, Fernando Wood-28. IN SENATE. Note F. LETTER Of Senator Morton, May 5, 1874, IN EXPLANATION OF THE SENATE CURRENCY BILL. To the Editor of the Indianapolis Journal: SIR: There appears to be a misapprehension in a portion of the press in regard to the provisions of the finance bill which lately passed the two Houses of Congress, but from which the President withheld his approval. The bill is criticised as if it authorized a new emission of United States notes, which would increase the difficulty of a return to specie payments, and thereby involve a breach of the national faith pledged for the redemption of those notes in coin. The first section of the bill, and the only one which relates to the United States notes, is in these words: "That the maximum amount of United States notes is hereby fixed at $400,000,000." To understand the effect of this provision reference must be had to previous legislation. By the act of June 30, 1864, it was declared that the United States notes in circulation, or to be circulated, should not exceed the sum of $400,000,000. By the act of April 12, 1866, it was provided that of United States notes not more than $10,000,000 may be retired and canceled within six months of the passage of this act, and thereafter not more than $4,000,000 in any one month. On the 4th of March, 1868, another act was passed, forbidding any further reduction of United States notes. At that time the amount outstanding was $356,000,000, and that is the limit below which the United States notes cannot be reduced without congressional enactment. Under the operation of these statutes successive Secretaries of the Treasury have assumed the right to reissue at their discretion $44,000,000— that is, the difference between $356,000,000 and $400,000,000--and to withdraw the same again from circulation. Under this asserted power about a million and a half of dollars of these notes were issued in September, 1869, and afterward withdrawn, and a like sum issued in the fall of 1871, and afterward withdrawn. Since the 1st of October last there have been issued of these notes by the Secretary of the Treasury $26,000,000, making the whole circulation of United States notes $382,000,000. The right of the Secretary to reissue any part of this $44,000,000, or to increase the circulation of these notes above $356,000,000, has been continually denied by many lawyers in Congress The Senate adopted a substitute for the House and out of it, and a large portion of the press. bill, to wit: "That so much of the act approved The question cannot be said to be free from April twelfth, eighteen hundred and sixty-six, doubt. At the last session of Congress a majorentitled 'An act to amend an act entitled "Anity of the Finance Committee of the Senate, act to provide ways and means to support the through the chairman, Mr. Sherman, reported Government," approved March third, eighteen to the Senate for its adoption the following reshundred and sixty-five,' as provides that the olution: Secretary of the Treasury may retire and cancel United States notes to the extent of four millions of dollars per month be, and the same is hereby, suspended until Congress shall otherwise provide." But subsequently receded from it, on report of a Committee of Conference, without a division. The above act became a law by lapse of timeANDREW JOHNSON, President. "Resolved, That, in the opinion of the Senate, the Secretary of the Treasury has not the power to reissue any portion of the forty-four million dollars retired and canceled under the several laws on that subject." My first impression had been against the existence of the power, but on further examination I thought it fairly deducible from a comparison of statutes, and personally urged upon the Pres |
