Daily Nashville patriot. [volume] (Nashville, Tenn.) 1857-1858, 1857-12-29
N ASH WILLIE:
TUESDAY, DECEMBER 90. 1857.


The treasury Note BILL
Mr.. Buchanan's paper curreucy bill has
become law having passed both branch
es of Congress. The amount of notes au-
thorized by the bill is 500, 100000. The
following is the vote upon it in the Senate.
It will be seen that "our Andy" couldn't
swallow the bill, but absolutely voted in
company with John Bell against it. Won't
this bring down on his head the denuncia-
tons of those who are so anxious to ostra-
else Mr.. Bell:
Yeas-Mezsrs. Allen, BayarI, BerjomiD, Biggs,
Rigler. Brown CLAW. Crittendeu, Douglas, Evans,
Fitch, Fitzpatrick, Foot, Green, Hale, Hunter, "
erson, Johnson of Arkansas, Jones, Kennedy,
Mallory Mason, Pearce, Polk, Reid, Sebastian,
Seward. Stuart, Thompson of New Jersey, Wilson
and Wright
Nays-Messrs Bell, Broderick, Chandler. Clark,
Coamer, Davis, Dixon Doolit,Ie, Durkee Fessen-
zen, Hamlin, Harlan johnson Of Tennessee, King,
Pugh Simmons, Trumoull and Wade.
In the House, the vote on the final pas
sage of the bill was-yeaS 1l8; nays sc.
The Tennessee delegation divided as fol-
lows: Yeas-Atkins, Avery, Maynard,
Ready, Smith, Watkins and Wright. Mays
Geo. W. Jones and ZoIIcoffer. Absent
Savage.
On motion by Gen. Quitman to amend
the bill so as to authorize the issuance of
no note less than $500. Gen ZoIicof-
| fer said
| do not believe that the amendment proposed
! by the honorable member from Mississippi, HT.
! QUITMAE, viii accomplish the purpose that he and
! both wish to attain. | believe IA t paper issue,
destined to 90 into circulation, founded upon any
thing lse than gold silver, will be liable to
casiolal and great appreciation. Should the Gov
| eminent credit at any time be affected to the tx
| tent of reducing this paper the slightest shade of
! depreciation below par it milht all be preCpIated
| at one time, and at the most inOppOrune time,
| upon the Treasury for redemption. Sir, there
never has existed instance in this Government,
! in which Treasury notes have been issued under
circumstances like these, that the Government
| has not been reduced to the necessity of passing a
funding act to return them again to the Treasury.
This bill proposes, it is true, that Il ese notes
shall bear interest for twelve months, and for sixty
days after the Secretary of the Treasury shall give
notice that he is prepared to redeem them. But
! what takes place then? The bill provides that
/ then the interest shall cease. What will be the
| condition Of the thousand dollar Treasury notes
! under these circumstances 1t will have accumu-
lated interest to the amount Of seventy doll Ts, and
il will pass for all purposes of exchange as 81 O7O
| If New York capitalist holding tlis paper, wishes
| to 90 into the cotton market at New Orleans and
| purchase cotton, he will have the option to
! return the the Treasury for redemption or
! remit them for the purchase Of the cotton. Will
! he demand the gold for them, and ply tn freight
! upon the gold to New Orleans? will he send
his thousand dollar Treasury note to New Orleans,
| and make his payment free from charge of freight?
Raising the denominations OF these notes to 81 600
will not prevent them from passing into circulation
fhaI raa pNfa hagT info
est il will then pass long the credit of the
Government is COOS, freely into circulation as
anv other paper of like denOu natiCu; and, as has
heretofore been proven ny the history Of the
Treasury operations af the country you will never
recover this paper 80 long the credit OF thr
| Government i3 maintained, until you pass a fund
ing act authorizing the holders OF these notes to
present them at the Treasury and 1T them i'll
TO Government stock bearing six per interest,
! running for a period OF time-say not less than
! five ten years Y GU must hold out this induce.
ment to the owners of large masses of capital,
see king permanent investment, to tempt them to
gather up these notes and them TO the Irca-
| sury.
This, sir, will be the case so long as the Govern
| meut credit is sood; but # exigencies shall arise
| impaiTing the Government credit TO the slightest
extent, the whole mass Of this paper may return
the old continental money used to return, to the
| Treasury for redemption. This may occur at she
most inOpportune time, and when the condition o.
the treasury may cause them to be greatly depre
ciated. 1t will be- the worst description of paper
evey established by the Government. You havs
an illustration of what may occur with this issue
| $40, 600 in the history of the old conJinents
money. 1hough | think the gentltmans amen
meut is a step in the right directiOn-thouah
think Treasury notes ought not, perhaps, to be
issued Of a less denomination than 81 OOO-yet
L think that the amendment Of the gentleman from
Mississippi would fall fer short of averting the evi
which the gentleman and myself both desire Il
. avert. l would prefer to insert in the bill the
funding clause embraced in the Treasury note ACT
If Is47.