Mr. WILSON. I propose to refer this resolution to the ComReconstruction; but before that motion is put, I desire to occupy the attention of the Senate for a few moments to earplain the reason why I have introduced this resolution. Mr. President, when the rebel chiefs raised the banners of revolution, 4 and a half million men, held as beasts of burden by constitutions and laws, usages and customs in 15 States, were valued by their possessors at. more than 2000 million dollars. These 1,000s of millions of capital invested in human sinews, hedged about and guarded by constitutional provisions, legislative enactments, judicial decisions, the quick instincts of personal. interest, the ealonsy of class and the pride of consummated power, then controlled institutions and States, and directed public councils. In the pride of assured possession the holders of these millions of beings, made in the image of the common Father of all the races and kindredof men, and of these vast material interests, then placed all upon the hazard of civilWar. That civilWar closed in utter defeat and over whelming disaster to those dominatingpossessers of human chattels. These 4 and a half million slaves are things no longer, but men evermore. This capital invested in the bodies of our fellowmen was wrested from the gripe of its possessors by the hand of the war invoked to malie slavery and the mighty interests pertaining to it a perpetual inheritance. When the rebel slavemasters saw their vaunted confederacy crumbling and falling around them, they, true to human nature, indulged the delusive hope that some gradual system of emancipation would be inaugurated, or that some compensation for their lost millions would be made by the Government they had striven to destroy. While they were indulging in these illusions the President required them to amend their State constitution s, and to adopt the amendment to the Constitution of the U.S. for the utter extinction of slavery. Coming to the realization of their defeat, disaster, and humiliation, they yielded a reluctant consent to these requirements of the POTUS Though interest dictated a prudent reserve, utterances in Georgia, Louisiana, and other States give warning to the nation that the rebel slave masters hope for compensation for slaves emancipated by national authority. Georgia adopts the constitutional amendment with the distinct avowal that it will not preclude her from seek,ing comensution for er emancipated bond men, an political conventions in Louisiana emphatically declare their purpose to seek such compensation. Manifestations in many forms in cther sections of the South ive unmistak able indications that they are biing their time, when within these Chambers they will clamor for compensation for slaves wrenched from their possession by Federal power. Prudential considerations now impose silence upon them; but the “natural leaders” of the South know full well that, when these vacant chairs are again filled by the representatives of reorganized rebel States, the demand for compensation for slaves emancipated by our decrees will fire the southern heart and rally and unite the southern 5 people, as the echoes of the opening cannon on Sumter fired, rallied, and united them in the spring of 1861. Who is there among us that does not believe that these reconstructed but unrepentant rebels will seek the 1st, the last, and every occasion to wring from the nation some compensation for the millions emanncipatd by the fiat of the national Government? That statesman is indeed little read in the school of human nature who believes the people of the rebel States will not seek by all the means at. their command to extort from the Federal Government some consideration for the lost millions invested in 4 million men made free without their consent and against their will by the authority of the nation. To these $2,000,000,000 lost to them by enforced emancipation is to be added the confederate debt, amounting to 1,000s of millions more. The honorable Senfrom Kentucky [Mr. GUTHRIEE told us the other day that the South had ost by the rebellion $10,000,000,000. impoverished by these immense losses, surroun edby the wastes of war, by the maimed soldiers of the rebel armies, and the widows and orphan children of men fallen in battle, the rebel leaders cannot, will not, dare not cease to demand some compensation, and to labor for some compensation, by every means within their power, orto war upon the national debt, which takes from the people of the rebellious States a portion of what the losses and waste of a 4 years war left to them. He who 12. ccts other action than this from the leaders (If) southern opinion is but a poor student of human nature, and especially of slaveholding human nature. To maintain the unity of the Republic, and reserve the menaced life of the nation, the Government of the U.S. summoned more than 2 million men to the field, organized vast afmies, created naval squadrons for the blockading of southern ports, and carried on for more than 4 years a war of gigantic proportions. To support those vast armies, to create these great iinvals uadrons that hovered alon the southern coast mm the Potomac to the i0 Grande, the Government was compelled to call upon the loyal people for nearly 3000 million dollars. That people, animated with the same lofty and selfsacrificin patriotism that carried their sons to battle tiel s, at this call of their country loaned these millions to feed, to clothe, to arm, to pay the soldiers of the Republic, and to pensmn the widows and orphan children of heroes fallen in battle for the existence of the Republic. With the same hol zeal that filled the ranks of our warwasted attalions, that contributed 75 millions in charities to the sick and wounded defenders of their country, the loyal peolebnnkers, merchants, farmers, mechan ics, aborers, all conditions of men, and women, tooin the dark and tryin days of the rebellion, when men of little falfil doubted the result of the struggle for national existence, and rebel sympathizers and rebel apologists prophesied disaster and national bankruptcy trusted their interests and fortunes to the fait of their on dangered country. These millions of the loyal people loaned upon the plighted faith of the perie nation, created the armies and navies that ined the coasts, and swept. the fields of rebelion till the slavemasters confederacy crumbled into dishonored fragments. This national debt, created by the Government for the preservation of the national life, is as sacred as the blood of our heroes poured out on battlefields. This national debt is the price of national existence. Faith, honor, interest, all alike demand that it shall be guarded as we guard and cherish the scarred heroes and the widows and orphans of the nations dead. This vast national debt, larger, if measured by interest, by the annual cost of carrying it, than the debt of England, will bear not lightly upon the resources of the nation. To fund it. at reasonnbte rates, to provide the means promptly to meet the interest upon it, and to extinguish it at no distant perio, to make the burdens bear as equally and lightly as possible upon all interests, will tax the resources of statesnianship, and the patience, enduraiice, and platriotism of the people for years to come. ot only are the holders of these national secu rities concerned in whatever affects the public credit, but all conditions of men and all the pursuits oflifc are also concerned in whatever effects it. The national debt has been made the basis of our banking system and currency. Moneylenders and moneyborrowers, inerchants, manufacturers, business men of all occupations, depositorsin savings institutions, and the laborers who carr home to wives and children the fruits of daily toil, all now have a direct, a personal interest in maintaining unimpaired the faith of the nation and the credit of its securities. The holders of the public securities, the people, concerned in all their vital interests in maintaining the credit of the nation, in funding the public debt at low rates of interest, and providing for its ultimate extinguishmeut, an in the return at an early day to specie payments, new demand, and they have a right imperatively to demand, that the national securities, in which are blended all public and private interests, shall not be put at hazard by experimental legislation. National credit, li e individual credit, is ever sensitive. It feels the approach of danger, be itcver so stealthy in its advances. The holders of the public securities cannot but anx iously uotemu titudine us indications of coming danger. With the clear vision of selfinterest, they see, feel, realize that the guardianship of these 1,000s of millions of dollars, incurred to put down the rebellion, cannot be safely in trusted to the defeated rebels. The holders of the public securities the possessors of the currency founded upon ilie public faith, the scarred soldiers of the Republic, and the heirs of fallen heroes, are hardl ready to intrust their inher itance, be that in ieritance ever so small, to the men who have lost 2000 millions invested in the siuews of a race emancipated by the national authority, and the holders of 1,000s of millions of confederate bonds and obligations. They know that these baflled and ruined men, smarting under defeat, poverty, and wounded pride, will be ready ever to make combinations with those who in the dark and troubled night of the rebellion predicted the scaling down or the repudiation of the national debt, to secure payment for rebel debts and emanncipatd slaves, or to scale down or repudinte tie debt incurred for their overthrow. The holders ofyour securities, the people whose vital interests require that these securities shall be arded against possible danger, impera.tive y demand thatirreversible guarantees shall be made that the nation will never assume rebel debts nor ay for slaves emancipated by the needs or will of their endangered country.” The loyal people of the U.S. who risked their private interests in support of the national outgority have a right to diamondit is their highest duty to demand that the Government shall require as a condition precedent to the admission of rebel States, that the fundamental law shall be so amended as to make it forever impossible that the public debt shall ever be endangered by the payment of a single dollar for emancipated slaves or confederate obligations. Let these words, or words to the some effect. be incorporated into the Constitution of the U.S.: No payment shall ever be made by the U. S or any State for or on account of the emancipation of any slave or slaves, or for or on account of apy debt Contracted or incurred in aid of rebellion against the national Government. Let the confederate States be required, as a condition precedent to theiradmission into these Chambers, to adopt it. Its incorporation into the organic law of the land will he go about the national debt with additional guarantees and securities, and make safer every interest of the country and the people. 5 years ago the leaders and organizers of the rebellion, without one grievance to. be redressed, one wrong to be righted, one r1ght to be vindicated, left these Chambers, turn their backs upon country, duty, and honor, and sought, through the fire and blood of civilWar, the dismeniberment of the Republic and the death of the nation. 300,000 loyal heroes, in the bloom oflifc. have died that the nation might live. 100s of 1,000s more, scarred and maimed, or bowed by wasting disease, linger among us, and a national debt of vast proportions burdens the industries of the future. These are the legacies treason leaves to the nation. Now, these people that 5 years ago called home their representatives, these men who made vacant these chairs, again seek admission to these Halls. Surely it is the right and the bounden duty of farseeing states manship to demand and take reasonable security for the future of the country. Ere the Representatives of rebellious States come back, a loyal people may require new guarantees for the safety of the country, saved by their money and their blood. It is, to my poor comprehension, time lost to discuss the mooted problem whether the States lately in rebellion are or are not in the Union. The discussions of the schoolmen in the Middle A es were hardly less fruitful of practical reim ts. One thing is clear to the practical sense of the country; the enlo of the rebel States are as subject, individual ly and collectively, to the power, will, and authority of the nation as are the people of NewEngland, of the central States, or of the West. Those insurrectionary States declared they would go out of the Union; the nation said they should not. They fought 4 years to get out of the Union; the nation fought 4 ears to keep them in. they were defeated and their poWer anpihilated. ot a flag of theirs waves, not a bayonet of theirs litters in the sunlight. The flag of united imerica floats over theirstrongholds, over city and hamlet, and the tramp 0t her conquering legions rings in the ear of a subjugated people. Courts and customhouses and postoffices are open, judicial officers and the collectors of foreign and internalrevenues are there, and the authority and power of the national Government are as complete there now as on the day SCarolina led the dance of secession. The protection of the nation for person and property in the rebel States is now more potent than at any other period for the past generation; for all the purposes of governmenta authority over the people of those States the Union is entire and complete. True, the practical relations of the States to the Union are not completel reestablished. The Sens&Reps from the rebellious States are not yet here to participate in our legislation and to frame laws for the country they have striven to blot from the map of nations. They cannot yet lay their hands upon the statutebook of the country, nor aid in shaping the future of the regenerated Republic. When the are to come is for the Congress of the U.S. to determine. Ere they shall come, we owe it to the country, to the interests of its loyal millions, to see that such conditions are imposed as justice and liberty, the endur ing interests of the whole nation, and the ublic safety, require. We may not require oft o returning representatives of rebellious States, as conditions of admission, that the shall always vote for taxes to pay the annual interest of the debt their treason imposed on their country, or for the extinguishment of that debt at no distaut period; nor may we require of them that they shall vote to pay the pensions pledged to our scarred veterans, or to the widows and or phans of our slain heroes; but we can require, and we should require, as a condition precedent to their admission, the complete repudiation of all rebel debts, and the entire abandonment forever of all claims for an emancipated race. The people of the loyal States, if Congress shall give them the opportunity, will surely incorporate into the fundamental law of the land these words, or words oflike import: No onmentshall overbemade by thoU. S or any tute, for or on account of the emancipation of any slave or slaves or for or on account of any debt contract mlor incurred in aid of the rebellion against the national Government.