The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1857-12-29
CITY WASHINGTON. TUESDAY MORNING. DECEMBER

in favor Of bank Of the United states Are they
/ Mr. LoYEJoY. No, sir "a i,oi, aasa,1 - aits g.
n. Mr. LEfCHER How many OF you are opposed to II 7
Mr. L0yEJoY Tiiree-fourths A
l Mr. FOSTER. II is an obsolete idea.
Mr. LEICfikR. The gentleman says it Is an obsolete
idea Then suppose the gentlemen have embraced
new idea and that they are now for hard-noney cur
rency. ' .~
Mr. FOSTER Yes, sir t.a a.Doa / Aa.aal
Mr. LEIUHER And yet strange TO tell the gentleman
who just closed bis remarks Mr. ABBorT wound up with
eulogy upon State banks; and my friend from Mary
land Mr. DAVIS j who spoke Saturday, arraigntN
the President and Secretary Of the Treasury for The s
geston law intended TO banks
that have suspended, or failed TO redeem their obIia
tons! Now, cannot exactly understand how IT Is that
while gentlemen IN favor Of hard money, they yet
disposed whenever the question comes up q State
measure to rally to the standard Of the papcrnoney
banks in the several States OF the Union and insist that
every shall stand with hands off far as they are Yet
concerned although these hanks may lie at the time in
state Of suspension, refusing to pay their debts while
they coercng payment from every nnn that has had
the misfortune 10 borrow doiihr ftaih tkcts z
Now, profess to he as much hard money man as
any and if gentlemen can convince me that the is
of these treasury notes which regard nothing
than of efecting loan leads to the estab
lishmcnt of government bank OF any kind whatever,
pledge myself to go against it, do not go exactly SO
far against banks distinguished politician of my
Stac-John Randolph did when he pronounced all banks
houses Of III. fame. =
But, while do this think that the banking system
has been carried to very ruinous extent and have no
hesitation in saying now that If in the legislature
my State at this crisis should go for diyoce be-
tween bank and State for selling every dollar of stock
that the State Of Virginia has in banking institutions and
for the collection Of the in gold and silver
What is the issue of treasury notes but mere loan
What else The money is to be rised 1t is to be
raised in way, either by permanent loan or by
this temporary expedicnt- the issue Of treasury notes
Gentlemen say give loan. What do You want with
loanY DO you want this to be permanent debt? Doyou
want the Secretary of the Treasury to say that what he
has regarded temporary necessity shall require the PER-
manat medicine of loan for years DO you want to
couple with this not only the loan itself and its pcrma
nent establishment the government for years, but do
you also create the necessity for revising the a
riff and for increasing the rates Of duty Now sir, II
loan is TO be established If tits to go in part and parcel
of the national debt, what will be the next cryf Do
gentlemen want any further indication than has been fur
nished this floor here by gentlemen who have
addressed the House, and alluded to the tariff act of last
session. take it that this s perhaps, Of the
dissatisfaction with the President of the United States
the part of of the gentlemen who known to
favor the doctrine of protection for projections sake
The President the thirteenth page of his message,
says
As stated in the report of tho Secretary
1857 has been operation for 50 short period Of time and under
measure mexpedien
the present, to undertake its revision"
Now take it that ii is that position taken by the
Secretary of the Treasury and sustained by the President
that has aroused vast deal Of the opposition of those
known to be protectiveta in this house. against
the introduction and adoption of this IL the
Secretary of the Treasury would forward and pro-
pose loan to for eight, ten, fifteen years.
doubt not that it would be agreeable TO the gentle
the other side of the House than the temporary
issue of treasury notes proposed 1t is not SO to
think this Recommendation is preferable to theirs IL
is temporary only and is intended for nothing 1t
is not to extend beyond the 1t intended to
until the goods Withdrawn from the warehouses and
the duties received But said the distinguished gentle
man from Massachusetts,, Mr. BANKS / am opposed to
your proposition because you have provision there for
funding this debt. Why does he want it funded unless
he wants to make it permanent What other
there he for providing that it shall be funded than to
give it the character of pemanency and settled stability
the policy of the government with regard to the debt
itself. r
But let us see how the gentleman idea is going to
work out The gentleman has referred to the act of IS47,
authorizing the issue of treasury notes Let call his
attention the fact that the House at that time pre-
sided by the distinguished gentleman Mr. Winthrop,
Of Massachusetts, and that the House opposition
House. But, sir under the act of 1S47 treasury notes
issued of which unredeemed to this day,
and are supposed to be lost There something like
S100 900 Of them outstanding still During the past
of those treasury notes have been presented at
the treasury and instead of being redeemed, under the
operation Of that law they funded and in
stances in less than week they sent back to the
treasury and the government was compelled to pay the
premium OF sixteen dollars on the $780,
Now sir IL there had been law for funding the debt
the would not have been compelled to pay
this premium of sixteen dollars But under the operation
of that provision which the gentleman wants to have in
corpolaed into the present bl they had the right to
in there and have them funded and then take the
premium ! know the gentleman from Massachusetts,
does not desire to adopt policy which shall impose upon
the government additional burden of sixteen dollars
the Sl00 but his attention 70 the that he may
have the opportunity Of meeting the point in regard
this feature which he seeks to nglt upon the bill
before u.s.
Mr.. BANKS. If the gentleman from Virginia desires
an answer now will give it,
Mr. LETCHER. If the gentleman will not take too
much of my time will yield to him.
Mr. BANKS. The proposition which I made Mr.
Chairman with regard to this BILL and the objections
which made to the bill reported by the Committee of
Ways and Means not answered by the suggestions Of
the gentleman from Virginia There is no necessity UNI
der the proposition have made, that the government
shall go into the market for the purpose of buying up
stock at fifteen twenty, twenty per cent. pre-
MUM That is the objection which the gentleman makes
understand it. You may limit the issue of stock to
one, two, or three years-for short time as you
please and the government will never be under the
cessity of purchasing stock at premium. There
plenty of people who desire nothing much safe in
vcstment for their funds whether they be much ttle
and therefore, If the stock of the United States be issued
at six per cent interest it will be taken up year
two years. three years just gentlemen choose There
win then be necessity for purchasing this stock at
premium, MS heretofore.
II the gentleman asks whether the Secretary of the
Treasury was justified in paying premium for the stock
purchased in the three years past that think
he was justified But say to the gentleman from Vir
gnia that the government of this country ought to
have placed the Secretary Of the Treasury in position
which obliged him to purchase stock at high premium.
1t the fault of Congress In not adopting the recon-
mn n the Iata adj of