Mr. GARField of Ohio. [Their speeches will be published in the Appendix.] Speech entitled The Public Debt and Specie Payments. March 16, 1866. The Househaving under considerationthe bill to amoiid an not entitled "An actto providewaysand meansto supportthoGovernment."approvedMarch 3, 1865 Mr. GARFIELD said: mr. Speaker: After the long and spirited contest on this bill, I shall do little beyond making as plain a statement as I can of the conditions of the great financial problem now before the count for solution. The bill relates to 2 lea ng points in that problem, uamel I 1. '10 our indebtedness that shall accrue from time to time in the course of the next 3 years. 2. To our currency and its relation to the standard of value. I shall notice these in the order I have named them. Several gentlemen have said, during the progress of this debate, that what might have beena very proper financial measure in time of war might be a very dangerous and unnecessary one in time of peace; that the vast powers proposed to be given to the SecyTreasury in this bill are powers only justifiable in time of great public danger, as during the late war. Now, I beg to remind gentlemen that the financial problems before this country are be coming greater since the war than they were during its proess. In the midst of the war, when the bloo of the nation was up; when patriotism was aroused, and the people were determined to put down the rebellion and reserve the Republic at all hazards; when the ast man and the last dollar were offered a willing sacrifice, it was comparatively easy to pass financial bills and mise millions of money. But now, when we are to gather u all the pledges and promises of 4 terriblh years, and redeem them out of the solid resources of the people in time of peace, the problem is far more difficult. To solve it successfully requires greater exertion, and perhaps even greater financial ability than would be requisite were the war still raging. What is the amount of indebtedness to be met, and when must it be met? To this question I invite the careful and earnest attention of the House. I shall give the official statement of the amount of our total indebtedness and also of that portion soon to become due. The amount of our public debt on the 1st day of this month was $2,711,850,000. Less than half of this amount is funded. Within the next 3 years $1, 600,000,000 of this debt will fall due, and will be presented at the counter of the Treasury Deptfor pay 'ine nt. That payment must be promptly made or ourpa or goes to protest and our credit is broken. hold in my hand an official table showing the amount of our indebtedness that matures during each half year for the next 2 cars which, after a word of explanation, I willrea. There was on the last day of February, 1866, a portion of our debt in the fornLof a tempo rary loan to the amount of $119, 835, 104 50, ayable at the option of the lender after ten gays’ notice. It would hardly be fair to reckon that whole amount as payable within the 1st 6 months, yet as it may be called for at any time, and is the least valuable form of loan, it must be added to the statement of indebtedness soon to be met. With this explanation, and so posing the payment of this loan to he demanded within tenext 6 months, I call attention to the facts exhibited in the table. Between this day and the 80th day of June next, we must pay, in addition to the regular expenditure of the Government, $138, 674, 74 82. During the 6 months ending De cember 31, 1866, we must pay $47, 666,000. During the 6 months ending June 30, 1867, we must pay $8, 471,000. During the 6 months ending December 31, 1867, we must pay $360,000,000. During the 6 months 30, 1868, we must pay $369, 416, 2e5no.dinguJurinneg the 6 months ending December 31, 1868, we must pay $287, 564, 482. So that between this and the assembling of the next Congress there must be aid over the counter of the Treasury, besidest e ordinary expenses of the Government, $1, 201, 890, 607 62. I am sure that eve member of this House acknowledges that this is a sacred obligation, every dollar of which must be promptly met the day it is due. I take it for granted that no man here will consent that a single dollar of it shall go to protest, or that any act of this House shall bear the least taint or color of repudiation. We must, therefore, meet these 0 ligations. How can it be done?