Mr. HULBURD. Whatever the amount may be, it is subject to draft as follows: At sight. amount of gold certificates. 812, 627, 600 0n ton da s notice after 30 day porury 118, 577, 939 Oneyear from date, certificatesof indebt edness. 62, 264, 030 One, 2, and 3year5% and compound interestnotes. 1825491141 3year 730 notes mature in the years1867and 1868to the amount of. 818.0440!) In the some years 6%. bondsmn ture to the amount of. 18, 323, 591 It thus appears there is now due at the Treasury, and falling due in the next ensuing 2 years, interest bearing and otherwise, liabilities to the amount of $1, 676, 958, 854. Amount in the Treasury deducted leaves $1, 660, 939, 895 to be provided for. Deducting $450, 959, 107 fractional currency and legal tenders not hearing interest, and the large amount of$1, 109, 980,788 remains to be provided for. It may be worth noticing that in the year 1867 the options of the 1st issue of 6%. 520 bonds become available. If the Treasury should then be in funds to retire them or place them at a lower rate of interest it can thus find legitimate employment for all its s are means. ith such heavyffnterest bearing liabilities constantly and rapidly maturing, why should, the power be asked to call in and ay or fund the non-interest beanng notes? species of currency everywhere popular and satisfactory surely might be left out until the interest bear iing unfunded liabilities of Government have sheen retired or provided for. Or is the retire !ment of some $1,200,000,000 of such expected lto be of so easy accomplishment that more [absorbentpower and capacity should be asked? Let us look a moment for and at the means wherewith such results are to be achieved. Should the system of customs and of internalrevenue, ably and perspicuously set forth in the report of the revenue commission appointed by the Treasury Dept, be substantially adopted as I trust it will be, and realize when in operation all expectations for some years it is estimated to yield only some $367,000,000 perannum. Allowing only an excessof expenditures of $16,000,000 over estimates, and there will be left, after paying interest and de frayin current expenses of Government, to be applic to the li uidation of the principal of the public debt, al told, the yearly sum ofabout $67,000,000. Double this estimate, and sflll Government accruing liabilities are stupendously in excess of all iminable receipts from all conceivable sources. Vhat, then shall be done? Does anyone say more and heavier taxation? While taxation is conceded to be the true touchstone of sound finance, no sane person familiar with the ubiquitous ramifications of our present tax system will think of adding very much thereto or of being able to hunt up new objects of taxation. The school, highway, and district taxes, the ordinary municipa1, town, county, and State taxes, the extraordinary undertakings and assessments by reason of bounties and other local war expenditures, though for the most part voluntarily incurred, neverthe less now constitute grievous burdens. Superadd to all these the multiform direct and indirect taxes which the U.S. assessor and collector and stem ) purveyor exacts, and it will be acknowledged flint it is probable, for the present, endurable taxation has about reached a max1mnm. How, then. are the existing and maturing obligations of the Government to be taken care of? lndividuals embarrassed with heat in debtedness usually ask time time to a just, time to economize and make provision, and, if solvent, in time, pay. Is not the principle that governs private interests in this particulhr broa and potent enough for public availability? This is the originating idea and the basis of afunding system. In bringing in the bill under discussion, it is obvious the committee do not believe the national funding system a failure, or that the bottom of the national loan bag has been reached; nay, the bill proposes to enlarge its capacities. The act of March 3, 1865, which this bill supplements and extends in very broad terms, conferred the funding power upon the SecyTreasury. The 1st section authorized him to issue bonds payable at any period, not less than 5 nor more than 40 years from date. as he might deem expedient, and concluded with these words: “And any Treasury notes, or other obligations. bearing interest issued under any act of congress. may, at the discretion of the SecyTreasury and with the consent of the holders, be converted into any description of bondsauthorized by this not; and no bondsso authorisedshall beconsidered u part of the amount of 600 millions horeinbefore authorized." The 2nd section authorized the Secretary to dispose of any bonds or other obligations issued under this act, eitherin the U.S or elsewhere, in such manner and at such rates and under such conditions as he may think advisable, for coin or for other lawful money of the U.S., or for any Treasury notes or other representatives of value which have been or may be issued under any act of congress. A clause in the 2nd section declares that the loan act of June 80, 1864, shall be so construed as to authorize the issue of bonds of any description authorized by this act, (March a, 1865.) The 1st section of the Juno act, so referred to and enlarged, authorizes the Secretary to dispose of any bonds, commonly knoWn as 12 twenties, remaining nnsold in the U.S., or, if he shall find it expedient, in Europe, at any time, on such terms as he may deem advisable for lawful money of the U.S., at his discretion, for Treasury notes, kc., issued under any act of Congress. Now, under these 2 acts June, 1864, and March, 1865 can there be a doubt as to the power the Secretary has had and yet has to issue and sell, at home or abroad, and on such terms and time as by him thought advisable, 6%. 520 coin bonds, to any amount, limited only by the consent of the holder of Treasury notes, certificates of indebt edness, certificates of deposit, or other rere sentatives of value issued under any act of on ess, or of coin or lawful mouevof the U.S., within the compass of his negotiation and control. In those acts there yet remains the unexhausted power conferred upon the Secretary, without additional legislation, to call in, if he so elects, every dollar oflegal tenders in circulation, convert them into interest bearing notes, and then fund them at his discretion. Broad and unquestioned as this somewhat la tent authorization is, the committee now propose that he shall have the direct power, to be exercised at his discretion, to retire from cir culation any Treasury notes or obligations, whether bearing interest or not, in exchange for any dese rition of bonds authorized by these acts, and to dispose of the same in such manner and at such rates as he may think advisablefor lawful money of the U.S. Jac In other words, the power is asked, not only to retire by conversion or purchase the hundllds of millions of short obligations before ated, but in direct words to 011119195 grant the power, to be exercised at motion to withdraw from business uses and general circulation, in part or in whole, $27, 523, 734 of fractional currency and $423, 435, 373 legal tenders, and to exchange or sell 5 twent bonds to that vast aggregated amount, chccke. limited. restrained in no sense or manner save by his discretion and the harmless enunciation thht the proceeds thereofare only to be used for retiring Treasury notes or obligations. Now, while I yield to no one in respect for the financial tact, confidence in the ability, personal and official integrity of the present able and most acceptable SecyTreasury, I submit, sir, is it the part of wisdom, in time of peace, unnecessariy to devolve the exercise of such power upon the discretion of anyone of ficer of the Government? Under this bill his absolute control of the currency, and of course of the business and the fortunes of men and of the country, is perfectly tremendous. Necker, upon whose successful administration of the public finances in the antecedent convulsions of the French Revolution suspended the fate of the King and of the cm pire wielded no such powers as are couchant in this bill of the committee. Pitt, who, as 1st Lord of the Treasury, for 19 years ruled Parliament and sovereign with an unquestioned sway, “When Europe paled befprethe maddenedGaul, " never asked nor exercised such vast discretion and power over the business of men, over the prosperity and honor of a realm, as this bill proposes to bestow upon the SecyTreasury, whoever may chance to be that officer. I repeat, this is not a personal but an official trust, and as such is exposed to all the mutations of life and of office. As a principle and a precedent, it is not merely question able, it is dangerous, except established under the duress of.direst necessity. No such a necessity has been or will be pretended. A in, suppose, underthis bill, large amounts of these bonds are sold for coin or lawful money of the U.S., and the Secretary fails, or for any reason finds it in expedient, to purchase in any of these outstanding obligations, is it desirable the Secretary or the Government should hold large sums of money carrying no interest? With heavy outstanding liabilities in the way of requisitions, temporary loans, special deposits, do, I admit the Ireasi ury should be kept strong and the Secretary should have funds “ well in hand” at all times, but is there not, or should there not be, a limit to this unproductive accumulation? The payment of the temporary loan at once and the discontinuance of that species of indebtedness, or if continued on, only at a very low rate of interest, certainly wouldmcet the approbation of the best business men and financiers in all our commercial centers. But, leaving this consideration, can it be the wish and tein tention of the committee to place the whole Government currency of the country and the $1,200,000,000 of Government obligations at the heck, not, be it remembered, of Hugh MoEnlloeh, but of a SecyTreasury? The bill undeniably does this. It may turn out well if enacted into a law; and all is well that ends well. Nevertheless, it is a dan (gierous experiment; would be as a war expedient; as a peace measure, can it be justified in view of any existing or probable apprehended exigency! The committees bill contains yet another anomaly at least it is such in our past financial policy. It has a proviso declaring “that the bonds which may be disposed of elsewhere than in the U.S., may be made pay able, both principl and interest, in the coin or currency, ” an territory of a foreign country. Surely such an innovation is entitled to cageful examination and consideration before it is adopted. 4 years we have waged a terrific and costly war, the theater of which was spread over many degrees of latitude and longitude. During its continuance we brought into the field from the 19 loyal States east of the Rocky mountains, including the soldiers of WestVirginia and the DistCol, 2, 610, 677 men. Doubtless the 8 Federal T“erritories and the remaining 15 States as was and as is, ” would swell the Federal forces full up to 3,000,000 men. These troops were better appointed, better so plied in all the Depts and branches of p the service than thbse of another nation or time whereof history has run e a record. We built and equipped and manned such a no. as never floate before. We promised an we paid soldiers and sailors larger bounties and higher wages; while in hos.ital and camp and active service we fed and c othed and cared for them better; and when peace came we paid otf and mustered out our vast levies quicker than was ever before attempted; and all, all, without going abroad to made a loan of adollar. Why must the expedient now be resorted to, now when large war expenditures have ceased, when we are no longer in the attitude of a neccssitous borrower, when anxiety and fore boding have given place to stability and assur ance? Is there a necessity sufficiently urgent and imminent to justify so grave a de art ure from our past policy or present selcon sideration, not to say the propricties of our national pride and honor? If there is, let it be pointed out. We shall be told, as such bonds are only to carry 5%. interest, there will be a saving of one%. interest to the Treasury. Grant it. s that modicum a sufficient expiation for the violation of that American sentiment, familiar round all our hearthstones, “ Millions for defense, not a cent for tribute?” We cannot be oblivious of the fact that such change in our bonds is to be made, if made, to induce foreign capitalists to invest in them; the very capitalists, perchance, that but yesterday watched for our halting and hoped our overthrow. But aside from such a general, perhaps too purely, patriotic consideration, how much will the saving be? The last foreign advices put U.S. 5 twenties in the London market at 71 and a fraction! Continental prices did not ver much dilier. Interest in coin semiannual y, on the full face of the bond, ultimate payment of the full face in coin, make a pretty dear, I should say, expensive loan. If kept at home, and our own country and citizens have the benefit and profits, we can see, and, I think bear, the operation with a better grace. Permit me in this connection to read a brief extract from aletteraddressed to me last month. It emanates from one of the able men and sound thinkers of a past generation. Enjoying “agreen old age, " with natural force unabated, though by irreparable misfortune there is no longer speculation in his gaze upon out ward objects, yet within that head of a god there still dwells a mind unimpaired, keen and bright as Ithuricls spear, observant and watch ful of all that pertains to the welfare and pros perity of his country: “ By a just and equitable systemof taxation, secure the min t payment of the interest inzold and silver in cw ork, and as much of your stock will go abroad as is desirable. It is better for the people of this country who are to be heavily taxed for the next half century, to pay 6 or even 7 %. on the bondsin the hands of our own people, than to crowd ox debt into the handsof foreignoh by any financial c trivnnce, to be returned upon us at every panic."