Mr. DARLING. Mr. Speaker, the question of reconstruction and other kindred to ics has absorbed nearly the entire thought an action of Congress up to the present time; prolonged and comprehensive debate has exhausted the subject, and we have now arrived at a point where its further discussion would seem to be without profit to ourselves or of much interest to the country; it is therefore, in myjudginent; fit and properthat we should enter upon the consideration of other matters of equally grave importance; supreme among which I regard the question of the financial policy of the government, with its collateral subjects oftaxation, tariff, and currency, with a view to the safe and, speedy return to specie payinents “ a consummation devoutly to he wished for” as of the most momentous consequence. The doubt and uncertainty that now pervade the public mind are not without their effect upon the people and all the industrial and business pursuits of the country; in fact this important question enters into the daily concerns of ns all. In the absence of a clearly defined policy, as enunciated by Congress, distrust and ldespondency are taking the place of confidence and liope, which each days delay on our part serves only to intensify and augment. The subject of our finances has been the theme of countless cssayists throughout the land. Numberlcss articles have appeared in the public prints and in pamphlet form, which have had a wide and general circulation among the people, all calculated to have their efTt ct upon their Representatives in forming their There will be a session judgment as to the wisest, best, and only safe and true policy to be adopted in order to in sure the stability of the public credit, to retain the confidence of the people in the ability of the Governmentto meet all to gradually return to our normal condition Of a specie basis without at all affecting their prosperity or happiness. This is our duty and for one approach the subject with some doubt as to what is the wisest and the best course to ursne. It is not saying too much, I think, Mr. bpeaker, when I assert that the people have the fullest confidence in the patriotism, integrity , and financial ability of the Secretary, and that in some way best calculated to promote their interests and that of the whole country he will solve this financial problem and place the moneyed interests of the Government upon a sure and stable foundation. Let us, therefore, come up to this great work with all the light and knowledge we possess. Let as place on high a beacon whose light shall be so steady and stron that all classes of our people can steer their ark upon this perilous sea of financial difficulties to a haven of quiet and safety. To my mind the most important work of all is ther funding of the 7thirt notes which mature within 30 months. his is the 1st work to be done, and to the accomplishment of that object all the efforts and energies of the Secretary should at once and continuously be given, until the whole amountof$830,000,000 is funded. Now, it is obvious that in order to induce the holders to part with an investment so lucrative and convenient, and which it must be borne in mind is payable in legal tender notes, that we must offer them another investment in exchange equally, if not more, desirable. Are the 520 bonds, with interest at 6%., payable in gold. such an investment? I answer, yes, at this time and it should be our policy, as I believe it is the intention of the Secretary, to preserve the preponderance in favor of its obligations, and and a legal tender for all debts, public and private, the 520 bonds, or what. in my judgment, would be still better, to create a bond having 30 years to run, at 6%. interest, payable, prfncipal and interest, in coin, any time after 30 years, at the option of the government. This bond would absorb rapidly by conversion the 730 loan and such other short loans as it might be necessary to provide or. No resumption of specie payments can ake place until these notes are funded; that done the Government has nothing to fear, and what now appears so remote that “distance lends enchantment to the view” will be within our reach and control. The compound interest notes (legal tenders) now held principally by the banks and other corporations, amounting, if I am correct, to about 180 millions, should be gradually extinguished and paid off out. of the surplus revenues of the country, thus reducing the debt. This could be effected by receiving ten or 15 %. of the custom duties in these notes, to be canceled as fast as received, and provide by law for the pay.ment of the whole amount within 5 years at farthest, in equal annual installments, interest to be stamped paid when due on the face of the notes, and permitted to float until paid 05 as before stated and required. These notes, although inert, still must be regarded as car rency, and their withdrawal by payment or conversion is practically a contraction of the currency, as t ic banks will be compelled to supply their place with non-interest legal tender notes. Thus having funded the 730 notes and certificates of indebtedness and provided for the gradual withdrawal of the compound interest notes, the return to specie payments can be as sured without disturbingr the business interests of the country or creating any sudden revulsionsin trade. rices will gradually adapt themselves to the antincipatd change in our financial condition, the confidence of the people will“ be secured and held, and their faith will make the greenhack worth its face in coin.; The only provision in the bill now under consideration that I object to now the section is stricken out iroviding for a forci a loan, and which would be repugnant to tie sentiments of the American people is the power iron to the Secretary to fund the non-interest egul tender notes. [am not afraid to trust the Secretary with large, and what might be considered in some cases dangerous power. The condition of our finances would seem to demand that he who drives the team should hold the reins and have authority to put on the brake when the vehicle is going down hill. It seems to me unwise and unnecessary to exchange a loan which has gone into all the avenues of trade, and bears no interest, for one that does. It does not appear either that there is at present any great redundancy of the currency. The value of the U.S. notes is slowly but surely appreciatin to the gold standard. Before the war the whole amount of papercurrency was, I believe, about 200 millions; but then the deficiency in the currency was supplied by credits, notes of hand, and other evidences of indebtedness, issued by firms and individuals, resting upon personal responsibility and liable to misor tune and loss. Currency now, in a rest measure, takes the place of credits, an the business of the country in the exchange of commodities is done for Uncle Sams promises to:1 instead of those of John Doe and Richar Roe. Can anything be better, be safer as a circulating medium for the pGO le, or less likely to bring loss upon the older, than an obligation that rests on the property of the whole country, and has for its security the faith and patriotism of the greatest and freest people on the face of the globe? I will here read an extract from an article on national currency which appeared in the North American lteview, and seems appropriate in this connection; “ the govornment issued its own notes.four h undrctl millions of them.payable at no deffiiite period. receivable for all loans made to the U.S., exceptinterest on thereloans and duties on imports. These provisions give an actual value to the riots superior to that of bank notes.so that. being referredby the people, they may take the place of the latter and thus becomea national currency. They are issuedby a sovereignPower which receivesthem in payment for debtsdue to it and obliges individ an s to reccivetbem in likcinanner. They are issued on the credit of the nation, not on that of a private corporation. A vast domain the richcstin the world in gold and silver, in coal and iron. in cotton and to bnce o. in wheat and corn, in stone and timber. in flocks and herds is mortgagedtospenrethem. 30 million peopleof the mostindustrious.energetic. enterprising race on earth have indorsed them.am} I thus supported they are the best currency, that ever a nation had betterthan goldandsiver: such acurrenc aswas never dreamedof 1}} the philosophy of the rumorsof the Constitution. Now, Mr. Speaker, I think it. will be unnecessary for me to show any further the value of this currency and its importance to the people, and, in view of their appreciation and almost controlling absorption of it throughout the country, how little it will affect the question of the resumption of specie payment s, when the great and only peril to our finance is averted by the conversion of our intercst bearing notes and short loans in the long bonds of the Government. Thatdone and it. can resume tomorrow. With the amount of gold now in the Treasury and being constantly received, there could at no time be concentrated an amount of currency for redemption that the Government could not promptly ay in coin. Let this pol icy be established et it be known to the people that the Government, under the condition of things enumerated, can and will at some day not for distant redeem its legal tenders in coin at any place and at any time, and you will see the premium on gold rapidly fall; and when the notes are of the value of coin no one will (excc t for extraordinary purposes) want coin for them, and so forth from the hidden recesses of the country will come the bearded stores of gold and silver that have lain dormant and useless throughout the last 5 years. The national bank currency amounting on the 1st of March to $257,000,000, resting upon the legal tender and secured by the bonds of the Government, can be always redeemed in legal tenders, which being redeemable themselves in gold and silver will answer the purpose and perform the duty of coin itself and now, sir, before I close these remarks, which have already extended over more space and occupied more time than I intended, let me say what I think we should doiu the matter of taxation and tariff. In the 1st place the tariff should be so adjusted as to afford the fullest protection to our home industry; labor, the dignity, wealth, and power of the nation, must be protected against foreign comctition; the extravagtince of the people should be checked, by controlling and proibiting excessiveimportations; our mann facturers, whose products are brought in direct competition with those of foreign countries, and who are obliged to pay a large revenue tax, should be placed on apar at least with the sellers of foreign goods, by the imposition of a revenue tax on all sales of foreign goods equal in amount to the tax imposed upon our own manufactured articles. I would release from taxation all incomes below $2,000, and make the rate of tax uniform above that amount. Persons living upon salaries and moderate fixed incomes find the tax on incomes as at present oppressive. 1 would abolish all taxes upon many of the actual necessaries of life, and wherever and whenever I could discriminate in favor of the poor, place atax on the 3 great leading articles of cotton, tobacco, and distilled s ir its sufficient to meet any deficiency cause by deduction on other things, aiithinaugurate and pursue a course of wise and judicious economy in all public exenditurcs, at the same time preserving the c aracter and power of the nation, not forgetting to reward by the payment of bounties our brave men who stootI by the flag of the Union in the hour of its direst need encourage and stimulate the immigration of the honest and sturdy labor of Europe to our shores, to settle on Our broad and fertile lains, develop the hidden wealth of gold an silver that lies buried in inexhaustible fields in the metalliferous regions of Idaho, Montana, Ne vada, and of the western continent, and you can dismiss all apprehension for the future or fears for the ultimate payment of a debt created by the exigencies of the war, and which under God enabled us to subdue the rebellion and preserve our national unity. With the resto ration of the Union our debt and our currency will be safe, and posterity, blessed by out sac rifices and sufferings, will accept the legacy as a sacred trust, and the honor and patriotism of the American people will insure the payment of the last dollar. I yield the remainder of my time to the Gentfrom Iowa, [Mr.