Mr. WENTWORTH. I am much obliged to the Gentfrom Iowa for his suggestion, and will now proceed with the remarks which I was submitting. Many of the most experienced business men, after doubling their capital by the rise in gold, preferred to retire rather than replenish their stocks at high prices and run the risk of a fall in gold. Their personal enterprise as well as their pecuniary capital have been dormant ever since, awaiting with impatience for a time when has iness can be resumed upon a reliable foundation. There are 100s of the most enter rising captalists with their millions of money in this situation, and we want some of it in the manufacturing business at the West. There are also 1,000s upon 1,000s of the most honorable young men who lost their old business relations by going to the war, who wish to form new ones as soon as they can safely do so, but they are too well informed to open shop upon a falling market. They have read the parable of the man who built his house upon the sand. They want to build upon the rock of a stable currency, where honest industry and skill can calculate upon reliable profits. The best measure of the wealth of a country is its productive industry. what every nation wants is to have everybody producing something. One mans judgment is about as good as anothers as to the proportion between those who live by their wits and those who live by their work. I estimate that not more than half of the able bodied men are producing any thing, that is, adding anything to their countrys wealth. I say itwith shame for my country, that about 1/2 of its able bodied men are mere drones; or to be more explicit, I say that the wealth of the country has not been increased at all by the industry of 1/2 of its able bodied men. Hence, Iargue that he is a public benefactor who setsany idle man at work. You can set 1,000s of men now idle at work by giving them reliable land marks. Take the case of office seekers. I estimate that there are 100 office seekers for every office in the country. I do not refer to the industrial classes who would take office if offered them, but who nevertheless continue in their industrial pursuits; but I refer to those who earn nothing, do nothing, add nothing to their countrys wealth. The country has no conception of the manner in which members of Congress are annoyed upon this subject. 1/2 of our time is emp oyed in home correspondence in relation to it. The other half ought to be devoted to public business. But it is impossible. Why so? because we are awakened in the morning early and kept up late at night by men of former position, of actual wealt, of evident qualification, and of apparent honesty. We find such all over this city in the greatest abundance and when we ask them why they do not go into business, what do they say? Their an swer invariably is, we intend to dose; but we want something to support us until business gets settled down upon a reliable basis. Now, this reliable basis as got to be furnished by the SecyTreasury. He must set ourpeople at work; he must set them at producing something. We cannot all be O cc holders. We cannot all be non-producers. We must be earning something; and to do this we must invest either our capital or our labor, and it is unsafe to do this when a man knows not whether the dollar of today will be a dollar tomorrow. The SecyTreasury, I honestly believe, can restore values to actual reliability, and transform 100s of 1,000s of idlers to reducers of wealth, if the members of this congress will. not turn their backs upon their own constituents to gratify the conceited wealth of greedy importers and the corrupt plans of despera stock jobbers. If we adopt the policy of the SecyTreasury, we shall wake up some morning and find the paper of our country at par. Every bank which has a legal tender Will have the equivalent of so much in gold. Then we shall see Hamlet played with the part of Hamlet omitted. Then will ruin have come and no body be hurt. I shall rejoice; but others will feel like fiends in pandemonium at the conversion of sinners. I answer the objection to the Secretarys selling his bonds abroad by stating that, in his Fort Wayne speech, he himsel sa 1, “ Our securities ought not to go abroad and I have no hesitation in asserting that it will not be his fault if the bonds of our own people are not owned here at home by our own people. But supposin American money operators combine against im, is he to submit? such combinations have existed, and there is but one way to prevent them, and that is to give him the entire world in which to negotiate. American brokerage is not that kind of American industry that particularly needs protection from foreign competition. Our bonds, however, were going abroad all through the darkest hours of the war, and are now going abroad, and will continue to go abroad. With cotton restored to loyalty and our currency restored to honesty, worse calamities might befall our country than negotiatin its bonds abroad, and especially if it could be one at 5%. 1%. will be worth saving from our interest account when our large importations shall be curtailed by the policy of the Government, and we shall have large bal ances from the sale of cotton. Complaints are reaching us from all uarters that Government bonds are not taxable for State, county, and municipal purposes. The same necessity that come led the General Government to issue bon s compelled our States, counties, cities, and towns to do the same thing and the bonds of the latter cannot be negotiated upon fair terms while the bonds of the General Government are in competition with them. The agricultural interest, which has suffered the most from the war, not only has to payits usual proportion of the local taxes, but also that proportion which would fall to their wealthier neigh bors if they had not invested all their meansin the securities of the General Government. Even the corsoldier who tills the soil is taxed, whilet erich manwho notonly remained at home, but often opposed the war, is in this way exempted. Now, if one million of exempted bonds go abroad do they not leave room for one million of taxable bonds or their equiv alent in other taxable property? To make this plain I will suppose, Mr. Speaker, that your property consisted last year of $1,000,000 inU.S. bonds. YourState, ourcounty, your beautiful South Bend derived no advan tages from you. But you have since sold them and invested the proceeds in Indiana bonds or othertaxable property. Then the State, county, and municipa taxes of every man would be reduced in proportion to your increased taxation. and, supposing your bonds were sent out of the country, do on suppose that the real estate holders of ndiana, whose taxes were reduced thereby, would think any the less of you therefor? The people of that country are the happiest whose wea th is most equally diffused, where none are poor and none are rich. Competence, when attended by health and intelligence, is the best standard of happi ness. Differences will arise under an forms of government in the means of men. at those ifferences should not be created h the government itself. Especially should it not discriminate against the tillers and defenders of the soil. “Princes and lords may flourish or may fade A breath unmnkes themasa breath hasmado; But a bold peasantry.their countrys pride. When one destroyed, can never be supplied." You may cry, Shams upon a country that sells its bonds abroad l” but you cannot keep issuing non-taxable bonds without that cry being hushed to silence by the reactionary cry from every ballot box in the land of “Shame, shame, eternal shame upon that country whose tax gatherer passes byt e palaces of the rich U.S. bond holder to reach the sweat bedewed crops of the cultivator of the soil!" You may rely upon the life tenure of the judges of the Supreme Court to resist the ultimate consequences of this cry. So once relied the men who bred Gods image for the shambles. But God made vacancies where the black man had no rights which the white man was bound to respect; and God gave us Abraham Lincoln to ll them. The people of the U.S. will endure all and will suffer all that tbe necessities of the late war required; but now that the war is over, I believe that a great many very good men, feeling themselves oppressed by the non-taxation provision, desire to have their sale abroad encouraged; and in default of this, I believe the would struggle for alegal revolution in our U.S. courts if 5m policy ofissuing bonds is tobe continued and I Believe that there are a greatmany very bad men who are looking forward to the agitation of the injustice of this non-taxation provisi0n in our Government bonds as a means of destroying the Government. It is only necessary for one State to insist upon the right to tax, and then for others to deny the right of the General Government to coerce a State, and you have another. warn on a northern issue. Thus do disloyal men orth and South hope a sin to havea pretext to shock civilization with their Alabama and Shenandoah piracies, with their andersonville and Libby prisons, with their massacres at Fort Pillow and Lawrence, with their infamous vaccine matter, with their conflations of NewYork hotels and robbery of Vermont banks, with theirattempts to spread the yellow fever and to burn Chicago, with their presidential assassinations, and with all those other barbarous acts that marked the pathway of slavery to its final damnation. Any attempt. to tax our present bonds for any other than national purposes would be repudiation. repudiation is only another name for nullification. Nullification was the 1st name of secession. Secession is treason and the rope that ought to hang the last traitor should hang the 1st repudiator. I think we should deal more frankly with the people touchin the power to tax the securities of the U.S. The rulings of the Supreme Court to this day have been all one way upon this subject. there never has been a dissenting opinion. In 1819 Chief Justice Marshall delivered the unanimous opinion of the court that the State of Maryland could not tax the branch of the U.S. Bank located within its dominions, because “It was an instrument employed by the Government of the union to carry its powars into execution." He said: "If the States may tax one instrument employed by the Government in the execution of its powers, they maytax any and every other instrument. They may tax the mail; they may tax the mint; they may tax patent rights: they may tax the papers tom house; of the cus they may tax judicial process;they may tax all the means employed by the Government to an excesswhich would defeat all the endsof Government. This was not intended by the American people. They did not designto may of their Government dependanton the States.”. Our bonds could not betaxed if the non-taxation clause was omitted from the face of them. Nor could they be taxed if the permission to tax was given by Congress. He who votes for a national customhouse, courthouse, post of fice, arsenal, or a U.S. bond, or other evidence of indebtedness of any kind, votes for something that cannot be taxed. Our lands are not taxable until Government parts with its title; and if Government ever buys backits own land, the right to tax at once ceases. Concede the power of a State or any municipal government to tax national property or inde t edness, and what would not have been done during the late war in States where the reponderance of power had been hostile to Mr. Lincolns administration! Disguise it as you may, there is but one way to avoid this inequality of taxation, and that is to avoid runiiin in debt. Evil, be thou my good! and unti our already contracted debt is paid, it will be a temporary relief to send more of these bonds abroad while we are preparing for their gradual liquidation. For it is useless to think of leaving them for posterit to pay, as the nontaxation provision will orce their payment within a single generation or work a revolution in the U.S. court. We should issue no more except for liabilities contracted prior to the 1st of uly next. After that, we should pay as we go, and should try the experiment of paying all our expenses except those forin terest from duties upon imports. Our interest alone should be paid by the internalreve nue taxes; and the annual reduction of these very unpopular taxes, added to the non-taxation provision in the bonds, uwnipopular l he an unceasin stimulus to their extinguisliment. Now, come to the liquidation of the prin cipal of our indebtedness, which can be accomplished in one generation withoutaddingn dollar to ourtaxes. TVotadollar. My 1st ste would be the completion of the Pacific railroa, which has alread been provided for, as ameans of de velopingt e mines. Where there is now one man in the mineral regions there would then be 1,000s. I would then set apart their almost inexhaustible proceeds exclusively for the extinguishment of the principal of our indebted ness. This will do the work, and our country, now free from slavery, in 20 years can rejoice in freedom from debt, and from all taxation save that indirectly raised by the tariff. To inaugurate such a policy let us strengthen the SecyTreasury in his efforts to deliver us from a depreciated currency, from uncertain wages, and fictitious values.