The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1857-12-29

wears been devoted exclusively To sectional questions bat
the industrial interests OF the country have suffered IL
for that that the surplus in the treasury was
permitted to accumulate as IL did staa M st4{l3 sl
Now sir, say TO the gentleman leave the QUESTION tq
and viii relieve his friends Of their difcli We
viii take the negro out Of the government and allow At TO
give its attention o this matter let gentlern sye
some attention 70 tle industrial interests the sonn
for few years Give us little legislation ior The bene
ut Of white and there will not again prpll ae
uaie Ia the treasury such has been there or the last
four OF five years atd E "a .aa als .asEf
And let say another word TO the gentleman from
Virginia. He declams against the issue of paper money
mon the part o the States re-echoing the sentiment
Of the President upon this question Nov, sr do not
stand here to defend the paper money system OF te coun
try carried by the States On the contrary desire
al earnestly MS any man in this country to proper
and iuicous reiorm But take issue with the President
and with the gentleman from Virginia he follows the
lead OF the President ia this matter IN the assertion that
the issue OF paper money by the States IL the sole cause
Of those commercial reynsions which have swept
the country with 40 terrible an effect But have 10 say
that we cannot go Ia the people Of the States and ask
taep, n lexnsa tiF Rrif ie Of issuing I4pet
when the same government w6c he defends The de-.
nncation Of that system have taken mp the business cf
issuing incoryetble paper money, proposed by this
bill ask the gentleman from Virginia to allow Us to
appeal to the people of the States to restrict their issues
paper money upon sound and uicious plan, by
refusing to the government the power which they now
ask of Issuing noonyertibe paper money without any
limit in respect to the time of redemption when its
authority shall cease. A M s 4
n Mr. LETCHER Mr.. Chairman the gentleman will
soon be in the gubernaora chair OF the State of a
chuses and shall look with interest To his first
message to see what reforms he will recommend in the
banking system of that State trust he will recommend
an alteration far the banking system of his own
State concerned and that that alteration will be rad
his reforms will go to the bottom of the sys
tenn. Ea
3 Mr.. BANKS. If the gentleman desires me to answer
will answer now, Wherever am, / shall advocate,
and as far as have the power sustain every udcious,
or If the gentleman pleses radical REFORM in the bank
ing system But repeat again. that, If go TO Mass
chuses and ask them restrict their issues, shall be
met by every banker in the State with the declaration
that the gentleman from Virginia. and the hard money
men here propose that the government Of the United
States shall the business Of issuing paper money
If the government will not orego the advantage of is
suing paper money why should individual bankers lorego
that priyilegeY And think it will be very difficult for
the gentleman from Virginia to their argument
Mr.. LETCHER. do not see the slightest difficulty in
answering it. What these treasury notes but
acknowledgement in writing, upon the part of the govern
ment, that it SO mucht As understand it, the
gentlemen upon the other side for the purpose Of making
these treasury notes currency, propose to provide
dorsements by which they are to pass from hand 10
hand and in this way make the national treasury respon
sble for every endorsement in the chain of endorsement
the issuing the notes down TO the time Of payment
Now that is one of my very for going for it
that it neither establishes debt does 1t make gov
enment paper currency But If it did, is it moi emaTka
BILE that under the sne of treasury notes in 1887 s40
ls43 1896 and lS47, regular paper currency not
then established and when, in that latter year. treasury
to the amount Of $3G 263, 900 were issued Was
that currencyl Did it into the ordinary channels OF
circulation and pass from hand TO hand ordinary bank
bills did
Again these treasury notes provide for the payment Of
interest," DO your hank provide for the payment of
interest Not at all You cannot get the principal even
upon bank note large portion of the time to say moth
ing about interest
Mr. BANKS beg leave Of the gentleman from Vir
gna say that the very feature which he states the
distinguishing characteristic between treasury note and
a bank bill has been taken from bank bills by special
enactment Banks in this country have been prohibited
from allowing interest on their notes.
2 Mr. LETCHER So much the worse
Mr. BANKS. So much the better. Interest gives them
legs by which they walk off to the distant parts of the
country The difficulty with banks is to get their bills
out They would be glad to pay interest upon bank bills
so that they might walk off and perhaps never come
back But the United States gives to its paper money
that characteristic power to walk off that, under this
bill, they may never come back again.
Between the paper money he proposes to issue and the
paper issued by the banks OF the country there
will be no difference except as to the degree Of credit at
ached to the one and the other First this government
money Is inconyerble on demand 1t Is receivable for
public Dues the creditors of the required
to take it for their dues at their option admit, to
creditors 1t is the to bank bills. Creditors in
required by the law OF ~ny State to accept
bank bills in discharge of their dues It is left to the
option OF the credltors 10 take tins governments paper u
is true put the optoh comes to man uider sneh cf-
cunstanees tat IL results IN htte less h' th't ne may
take that OF nothng Inc creator may nave thc rliht
TO refuse the paper money put y ne does refuse ne
runs the FISK OF losing the avor Oh the government
he has the ftgnt 10 refsc sik and III