New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1848-02-19
The Treasury Note struggIe-yiews Of Col.
Benton.

Benton.
We do not believe there is sound hnancier or
impartial statesman living who would Justify the
Administration in the desperate struggle it has Just
made for power to issue another CARLOAD Of Ifea-
curry Notes We say nothing Of the pretence
ola Hard Money Treasury with the heavy expense
the Nation is nov mourning for its ubTreasurers
Clerks Lockss Vaults &c nor ofthe pretended hos
tility of the ruling party 20 a National Bank The
Treasury is not merely made a Bank Of Issue and
Circulation by the Treasury Note policy but one
Of an utterly condemned and exploded character
G Shinplaster Benk-an issuer OF promises IN lieu
ofcoin. with no coin to back the promises, and 10
an extent measured not by the ability but the need
ofthe issuer-a regular ohm Law OF Old Continents
issue. While preaching Hard Money vehemently, the
Executive has already Aoodedthe land with his ire
deemable paper until It has been deprecated and
at discount all winter, and, though now nearly
at par in consequence Of sudden and large de
mand for paying duties, it is morally certain
to 20 down again the moment new batch IS
thrown on the market The struggle OF Messrs
Polk Walker & Co. is therefore really for power
70 issue paper worth less than its face redeemable
at their convenience, and only buoyed up by it's
being receivable for public dues, just as the bar
room or oy ster cellar may put out its plasters IN
time of currency arrangement Good for six cents
at my Bar The aggraya,on in the present case
ia that the Government creates the troubles 1t thus
riots in
We ask the attention Of every man who be
ieves that Principle has anything TO do with Poll
tics IN the remarks Of Col. BENTON on the nature
and effects Of these Treasury Note issues, made In
the Senate some twenty months since Every
word he uttered has forcibIe application TO the
o-osapt struggle more iorcible than when original
| " spoken. Hear him
..-- 4. , SENATE. July H. 1886
=, Mr BES1oN rose. he sad. for the purpose Of
The progress Of the bin bit Of leading no
reflect upon me consequences of creating public debt
lie wsssverse TO Reissue Of Treasury Notes because
inflated itseft0 bsnking transaction II was bad policy
~ commence Of this kind at the commencement
~ he W. II fbsv once rut n pon s legs ana sblsd
10 70 walk. would he 20 and there would
be an accumulation OF burdens 20 he borne by postey
The proper policy was 70 raise money first by taxation
temporary Of parer only when that
found insufficient he moved strike the clause
| thorizing The reissue Of the notes
have some OF ec,ons 10 This bill some - provision
In the bill itself 10 the policy Of resortng so early
al issue Of Government paper My objection % The
hi IL 10 the authority which IL coners 10 reissue the
ten millions Of Treasury Notes authorized % be Issued
my opluon unusihabls In itself The Act Il 1887 au
millions Of 20 be issued and by clause
in the twelfth section requires every note be- Cancelled
and destroyed when redeemed this bt authorizes re-
sue end Of cou Sc puts the note in circulation sgsp
So sf Ss,rrvire r TO his r.fsgue have two obsc
tons; first becsuss 70 msses payer currency Of oer
Treasury Notes and a.smiiates them % common hank
notes and 2! arSI sssagss j s,55' aas Ten
miions the reissue sfer redemption may double treble
qnaduple that amount iof every time the no e - re
ltsued So becomes ten debt sud has & be paid ssain
II no. rtissuabe the amount Of debt Vhch be created
under the h rs ten mil ions n reisuabie may BE- msny
times ten millions In fact with the quality Of reIfsua.
bity, can tell what amount Of debt may be
a,eo under me hnL ms Is great o9ecton' nut me
change hch mAde the character Of the note Is still
greater lfcanceled when raid. The notes would be
sifered a. the bonds OF the Government 10 be pad When
due, and when paid eNiin.uihed but 70 be paid and
put cut again IS 90 co Ike The banks and this
agree 20. Wehaye bill io' an Independent Treasury,
] main feature which il hsTd money payments ~ the
I Federal Treasury can conceive 70 20 be compatible
with the character Of such Treasury TO ske up I'D cancel
the Government Bonds but 10 tissue them A. often a.
taken up. much like banking for memodern bank
ing where the same note sshuled again and agsn
long it~ hold together. This would reduce Sub
issuing the same paper ad fnifs Even banks did
% this IN the be.nningin their better days The Bank
Mr. REvEKpY JOHNSON from his seat 10 does net
issue now; Il pays and cancels each note.
our Sub Tresury below the Bank Of England psper
machine. Let Us cancel the note, when paid, md have
the clause Of Tissue IN the bill and II that is struck out
the bin, 50 far as am concerned. may take ts course
cal ard wi require from the Senate. have
other objection, not 70 any particular clause in the bill
Mexico 70 an issue q Government payer.
Fo,ty years ago Mr. President, when was student AZ
IL our sueestors in King william. time had annually
paid lous their eXigenoie. lasted, slsss
than now annually raise on their account they would
In time Of wsr have borne greater burdens than they
time Ct peace ana might have been ea'sd the Instant the
I exigency over"
my mind and resolved 20 act upon 70 20 Il should ever
be nv o. 70 have any shsre 10 the management Of The
lesson that every generation should bear
deus snd not cast them upon res'eIty and principle
.xfse nd in f1N flIts
hfnston 10 would BE found IN re subsequent history
the country 30 which ne words Of the lesson we wit
ten. Mr. Justice Blackstone wrote them in l177 The
British oebl then shout hundred and forty millions
OF pounds stefns ant the interest and cost Of msnsse
hundred millions and the snuusl. interest and msnsge
ment about thirty millions The example set-ihs evil
blrders posfcrity ID snd
any The British people Of the present day buroened
| milton which they neglected.
The obvious mode Of saving posierty from the berdens
do thsi each year. nesry possible must pay
the debt which 10 creates TsSauon Is the mode TO Do
repaid BY those who make them, IS the substitute Gov
eminent issue Of Treasury psper-cssd ENehequer Bills
IN Great Britain snc Treasury Notes IN the United states
should be the last snd almost the desperate Of
SOY Government These are the principles upon which
came into public ife and on which hsve endesvorsd 60
act though not swsys able 20 do 50 The 1857 over
! SCI ny principles The Govemmeut, with nesr thirty
millions Of 90 A. in banks found itsei morning With
shilling IN hand snd Congress called together
20 provide The mFaus OF keeping The Government sy-
II was case or lie or oeah ana lhr liotrrlH"i Ars
w9ad have been entirely too slow 20 have prevented me
open snd declared bankruptcy ct the Treasury Uater
these circumstances the recourse q tsNA0u was rcss
be temporary i0sn the next res3urce sn1 npon
his the Fiusnce Comuiee o. the Senate resolved, sra
ths m opposition che Secretary ~ h- Treasury iNf
Woodbury. who recommended issue Of asury Notes
The Committee condemned this resort; bot finally yield
ed & the Secretary. his FIRM ssseyeraton that loans
could not - obtained time prevent the catastrophe
o. osusupt Treasury Under these efcuu'tances the
treasury Note Act of 1887 brought TO- bat guarded
win many provisions io prevent The notes from saius
my currency 81 - % make Government pspsrmouey
tne ae OF s3l was guarded ard couhy guarded sfsns
hal INST in gvirg authority oisue without sutoT
~ 20 isis.ne notes and then by special clause
Prs'1 ofoccirs reissues. aud positively requiring esch
note T. ~ Cancelled and destroyed when once redeemed