The Davenport gazette. [volume] (Davenport, Scott Co., Iowa) 1841-185?, 1848-05-11

MS irlenus arc hiraIu 10 deny and ashamed
TO ADM, these charges, and therefore the,
will he silent"
4 voicc!-ibey will answer you By an
other personal attack
"sir, they have tried that and fail
cd, and il will fail again. am not 10
be deferred from tie discharge Of my dut,
to my country, ind to its s.aboring men,"
on this floor, by any attack, however vul
gar or violent.
"Mr. Walker next spcoLs Of his grea,
horror OF paper money. "The calnini,ie,
which mus, follow an inflated papcr curren-
cy." Nothing is more injurious, he SAYS,
"than the expansions, contractions, and
fluctuations of tho paper system" This
"perllous and seductive system" saws Mr.
Walker, leads to the excessive importation
IT foreign goods, (thc very thing lie has
been advoca,ing,) and drains our country
Of It's specie, producing immense Sacrifices.
md depressing the industry Of the whole
country" and this eloquent Remuneration
OF paper money and its ruinous effects is
made at the very moment tina. he is issuing
millions and tens Of millions Of paper mon.
cy, in the form Of Treasury notes, and is
now calling On us 10 authorize the issue Of
some eighteen or twenty millions more Of
this miserable 'popcr money!" which, he
says, Is so DISASTROUS to every national in
tcrcst. How docs Mr.. Walker reconcile
this glaring Inconsistency? What nrc the
Treasury notes but paper money? Worsa
than bank Paper, because less valuable in
the money markets Of the country. Mr..
Walker boasts thu, last year he received
and paid out forty eight millions Of dollars,
all in specie. Now, sir, e, him issue fif-
teen or twenty millions Of additional Treas
ury notes. mud next year he will not re.
ceive and pay out one million in specie;
sir, It will cxpel specie from the country I;
this dcpreciatcd pspcr money Treasury
notcs-will fill up the channel Of circula-
ton ut home, and specie will g., MS i, is
now going, abroad topay for foreign goods.
Your deprecated Treasury notes will en-
rich brokers ond money sl,avcrs, at the cx-
pcnse Of the people.
"Wi,h nothing but deprecated Treasury
notes, continental money, how is Mr.. Walk.
or 10 get on with his spccie-paving Sub.
treasury? lie is bound by law 10 pny in
specie, aud has scarcely dollar or specie
in his vaults. lie will he obliged, by his
own mad measures, Ia come here very soon
and beg Congress 10 relieve him from the
ruinous effects Of his own favoritc policy,
by repeating the Sub-treasury and the tar
lit Of 1916. Treasury notes are now one
or two per cent. below par, md declining
Mr.. Walker will Of course receive nothing
else for revenue. Who will now pay him
one dollar in specie? As long rs Ireasu-
ry notes were above par, the Treasury of
course received nothing but specie; but
when Treasury notes 90 down below par,
then every man PAYS in Treasury notes,
because they nrc wurill less than specie,
and the Treasury is bound To receive them
at par; the Treasury, therefore, will not
have dollar Of specie in its yau,s, aud If
course its paper, like any other non specie
paying bank. must deprecia;e.
s.What gives value 10 paper money p
Conrcrtibiliy-convrrtibil,y into specie
m demand. What is yonr Sublreasury
but an oversrown Government bank, issu-
ing millions and tens of millions Of paper
money, without dollar of specie 10 redeem
il? A vast non.spccic- paying bank, with
its paper deprccintcd, pcrI'aps L. or 20
per cent. II the issue Of Treasury notes
should greatly exceed the amour; absorbed
in payment Of the revenue, ms they will, if
you increase their issue TO the extent pro-
posed, they must not only sink, rs they
hive done, but they will 60 down greatly
below par. How are you, then, 10 pay
your crcditorsg Must they take your de-
prcciatcd ragr, when, by your Sub-treasu-
rs, you promised them specie? But they
have no alternative, that or nothing. l. il
honest, is j. right, to force your brave, poor
soldiers, your homes, creditors, your clerks,
and hrclings. to take this deprecated rag
currency? Is il right 10 force the poor
soldiers wife to 60 to the hard hearted bro.
ker to shave her pit.sncc at the rate Of 10
or 20 per cent. TO enable her to hwy bread
for her starving children? To force your
contractors 10 do the same thing, to rncc,
their liabilities for provisions 10 feed your
troops in Mexico? They must take your
deprcciated paper at par, or nothing
They must submit to the loss, and be ruin
ed.
"Sir, ] can 70 for no such injustice; no
such villninous policy as this. will give
the Government the right TO borrow and
pay in good money, bot not 10 pay in its
own deprecated and irredccmablc paper.
| agree, sir, with Mr.. Walker, in much TINT
he says about the disastrous effects Of the
excessive issues Of paper money-i,s ruin
Qua effects upon the national industry, and
its tendency to induce excessive imports Of
foreign goods, and the expectation Of spe-
Gle, which will alono be received in pay
mcnt abroad, leaving this worthless puper