Mr. LAWRENCE, of Ohio. Mr. Speaker, at this late hour I do not propose to discuss in detail the bill now before the House. During the few minutes allotted to me I will only state the points of objection which I have to this measure. It proposes to carry out an avowed polio of converting “the lawful money of the U.S. ”the “ greenbacks” into national bonds. The ctfect of this will be 1. To convert a debt on which the Government pays no interest into a debt bearing interest at an unnecessa annual expense to the nation of $27,000,000 libr interest. 2. It will reduce the price of labor and of all property by diminishing the amount of our cir culating medium. This will increase the bar den of the tax payers by requiring a larger amount of property and labor to pay the taxes of the country than will be required if no such reduction takes place. In other words, it will increase the burdens and diminish the resources of the people; it will diminish all but the public debt. 8. It will be productive of the injustice of requiring the people to pay with labor and property at low prices a national debt contracted in part for supplies at high prices. I am opposed to the bi l because am opposed to these results, and because, 1. The bill is unnecessary as shown by the laws in force and by a statement of the public debt, no material part of which will become due until in December, 1867, and July, 1868. It will be time enough to legislate on the subject a year hence, when circumstances may have so changed as to render a different kin of legislation necessary, and when the whole subject of finances, taxation, &.c., will be better understood in their relations to the business and interests of the country. I submit to the House the following: Statement of the public debt of the U.S. on the ll of February, 1806. Debt bearing coin interest: 6% bonds December 31 1307, and July 1 1806. $18, 323, 591 86 5 per20000(D., 5%.bonds.January 1 1871. 7Debt Treasury notes. 118.51614 Temporary loan, coin. 1, 00 1, 099, 33032 Debt bearin no interest: [Legal tender U.S. notes constituting our currency enllo grcenbacks"). "$424, 002, 22(X3) Fractional currency. Gold ccrtifientes of posit Amount in Treasury: Coin. $51, 443, 16814 Currency., 18623 107, 498, 34087 Amount of debt, lesse ash in Treasury. 82.710.898.16532 The foregoing is a correct statement of the public debt msu poursfrom the books and Treasurers returns in the Dept, on thelst of February, 1866. HUGH McCULLOCU. SecyTreasury. The following letter was written by the Comp troller of the Currency in reply to an inquiry asking his opinion of the loan bill: TREASURYDEPT, OFFICE, February 3, 1506. MY DEAR Sm: Your letter of today is received, and in reIly have to so that I am decidedly opposed to the loan bill for t io following reasons: By the notofJnnc 30, 1801b U.S. notese an be co vorted into compound interest notes: and by the mg of March 8, 1805. certificatesof indebtedness, compound interest notes. 5%. legal tender notes, and 730 Treasury notes can be converted into 520 bonds; and that portion of the temporary loan that it is desirable should be HM d, can be paid from mono pow in the Treasury, which I suppose must be at this time. includin deposits innational banks, at least 150 million dollars, and the amount that it would be expedient to paywonld not he more than the amount of the increaseof the deposit for tholiist few week and which the Government has not had an occasion to use. We have, thercfiirc, f iill powers to and every dollar of the floating debt without any further legislotion on the subJect, and no occasion for making any loan for any purposewhatever. All can be done by simply exchanging ope security for another, and can be quietly done without essentiallydisturbing the money market or the businessof the country the SecyTreasury belng the judge as to how far and ow rapid the movements in reference to conversionshou dproceed. 1 think there is no doubt about the willing neas of the holders of the floating debt to convertinto 5 20 bonds to the extent that is desirable. if the credit of our securities is sustained, but if authority is Riven to put bonds upon the market to an almost uiilimited amount, and to sell at any prico, as provided in the bill, would, in my view, causesuch on certainty in the public mind as to render it impossi hle to has u the price of the Governmentsecuritiel 1 do nott in a loan of could be negoti atedwithout sinking the price of 520 bonds below p r, as the public would not know how soon another.000. $500,000, 00o0r SLGX],000, lIXm) ight be put upon themurkct. As to the provision in referenceto a foreign loan, it would, in my view, if carried into effect, he almost suicidal. If bonds arecold abroad the price would be based.of course, upon the present currency rate of exchange, consequently the (lovemment would receive about 60 dollars in gold for cach 8100in bonds, payable in (gold, with semi annual interest alsopayable in ol; in addition to exchange, commissions, kc. ml in uddition, if the Government should sell its bonds abroad to the extenttoaffeot the priceof gold, sayltWenty%. it would lesson toiust that extent the net proceeds of the bonds, and insteadof 60 realise only 40 dollars for each810) of bonds. Yours, truly, FREE MAN CLARKE. Instead of legislation authorizing a reduction of the U.S. legal tender notes we need a limitation on existin laws to prevent anyreduction of the currency beyond that which will result from funding the legal tender compound interest notes, which will be a sufficient and more than sufficient reduction during the coming year. By existing law the SecyTreasury can fund the compound interest notes over 180 million dollars. This is a art of the currency of the country. If all this should he suddenly funded the spin dles of NewEngland, the furnaces and forges of Pennsylvania, and all the great industrial pursuits of the great West and of the whole country would receive a shock from which they could not recover without wide spread bank ru toy and ruin. but this bill proposes to give authority to withdraw from circulation not only all this our rency but untold millions more. Let the compound interest notes be funded 1st and grad ually, and then if it shall be found practicable a further reduction can be gradually mode. Time and circumstances will determine our policy as to this. 2. It is a mistake to suppose that there is a great redundancy of currency in circulation. This is proved by a comparison of the amount of money in circulation in this and other countries, and an examination of our resources and business. “France has a circulating medium, mostly specie, of about 1000 in.llion dollars. Enzland has somesix or 700 million dollars." Yet the population of England and France each is not materially different in numbers from that of the U.S. 3. A reduction of the currency will be followed by high rates ofinterest among the people, and, as a conse iience, a de reciation of the value of nationa bonds, on of preperty generally. The rate ofinterest has never been so low as during the war and now With an ade quate currency. 4. This bill proposes to intrust unnecessary and dangerous powers to the SecyTreasury. I do not doubt or disparage his integrity, sagacity, or financial skill, but all these combined do not render it necessa to surren der powers which the people, int c exercise of their judgment, have a right to control. The iiancial interests and condition of a nation should not depend on the judgment of an one man. The effect of this uncertainty is already shown in the followin statement from the NewYork Mercantile ournal " of February 8: gresTsh, iiss sbuilfll.icwichnicthlyvisagliukeetlyo etxocbiteeasdo ompeteudnbeyas Cine enss in Wall street where it is regardedas investing the SecyTreasury with a supplenarypower tIhtaist owbijlecptelade, eantdhew imthacrkoentsiednetriarebll yeraetahsoisnd.tihsaptosthael. usual laws of trade which may be understood and anticipated by ordinary saxaeity, will be constantly liable to the disturbing influences of the Treasury dept which it is often impossible to foresee. There is much force in this view. which hasundoubt edlycausedafeeling oi apprehension amonir capitalists. But itshould berememberedthat the SecyTreasury must, in noslight degree, be governed or controlled by well known commercial laws, and caisenthtley wuanndtesrosftotohde.Government Treasurys Dept may be foreseenor anticipated. There is somethingin this view, as the Secretarys policy of contractiop, thpugh not yet formally commenced.is already being discounted in Wall street. The greatest caution is now observed: credits arebeingrestricted: new oblirrations and enterprises of almostevery kind iafyre scarcelytouched. This coursewill greatlymod the force of the inevitable shock when the contraction of the currency really commences, but its effects already begin to tell seriouslyupon legitimate business operations.” 5. The bill proposes ina time of peace what was unnecessary in war, to send our national bonds abroad to be held by the capitalists of Europe, thereby annually draining the country of its gold to cripple our resources and render as subject to a foreign money power. 6. A return to specie payment is desirable Just when and only when public and private interests Will be promoted by it. This will not be rendered practicable by increasing the rates of interest and by crippling the industrial pursuits of the people, but will be secured byv fostering and encouraging them by an adequate currency and by a proper internalrevenue system, so framed as not to embarrass, but rather encourage, productive labor, and by an equi table system of duties on foreign imports. I am greatly obliged to the distin iished chairman of the ComWays an Means [Mr. Mountab] for his kindness in according to me the privilege of thus briefly stating some of the objections which seem to me to be well taken against this bill in the shape in which it now stands.