The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-12-23
Treasury Notes.
rErov,n the Washington Clphe nac

from the Washington Globe, Dec. 10
The proposition Just made in beth houses al Congress
TO authorize the issue OF Treasury notes the
n the discussions that have taken place
past the contsuonaly and cxpediency o such Issue.
II cot purpose TO enter into any argument this
question with reference 10 the present exgency OF affairs
We will merely cite few observations made by leading
regard to IL, in order to give some idea OF
their opinions on subject which Is now exciting so much
interestin financial circles.
Presden, Van Buren, the cr Treasury
at the time Of the suspension OF specie in
1887. Mr Woodbury., then Secretary of the Treasury
proposed notes of a. low denomination twenty dol.
lars without interest and redccmahc ~ axcd period
Tie proposcd TO be issued ~ be of much
higher denomination, to bear interest and to be redecma
be within limited time.
He declared the proposed notes without interest and
limited In time, 10 b. salutabie paper money. aud IA
emission Of old continental" He thought that, like all
government currency, they would dcprecats.
tt Senate disapproyed the Secretary plan and bill
reported TO that body for notes for not less than
hundred dollars and bearing interest, as TO be used
for investment. not circulation.
Mr. fcnton, though opposed 10 the policy OF issuing
Treasury notes defended this hill against the charge of
being a paper money bill and bill to terminate new
national debt The proposed notes he pronounced loan
no;es-notes which to raise loans by selling them for
hard money either Immediately, By the Secretary Of the
Treasury secondary by the creditor Of the govern.
utnt who might receive them-snd possessing all the
qualities which invite investment and impede circulation
Notwithstanding this defence, made from motives of
temporary necessity Mr. benton protested ag4inst the
general policy Of such issues lie thought them inexpe
exhsu.iicn &C the ordinary resources of l,sns aud
taxes. because. loans, they a disguised
n borrowing and easy N slide nto currency,
and o. currency the liable 10 abuse OF all kinds of
paper money. In confirmation Of this view, he quoted
the opinion ofHamion, shat the stamping OF pabsr (by
governmen operation much easier tnan the lay
ing ~ taxes borrowing money, that government in
the habit of paper emissions would rarely fail, ia any
emergency 10 indulge itself too far 10 the cmp3ymc4 Of
that resource, u AVOID much possible les
spcious presen, popularity and he thought With JEFF
ferson Madison Macon Randolph aud other early sa,.s
men that II " well to be shy OF /" liable
20 abuse and so certain Of being abused Authority 70
borrow he found clearly expressed the ttution
authority To issue notes could be obtained only by
lie preferred direct loans less table 10
due exnsn always voluntary the part Of the lem
der ami limited by the capacity ~ side 10 hor
row snd a the other a. tend while rca-urs ovte loans
are forced and Liable 10 extend beyond due bounds ike
the continental money a. the evouon ana the assgna,s
~ France
Nr. Gay thought the wh"s plan government bank in
disguise Reduction, economy, ard s'renchment IA gov.
err Expenditures be deemed hotter thsn such Is
He considered Il issue II aper money ia opposi
10 the banks the very time when paper was most
dccried He declared resort 90 a government paper
currency after dcpunciaton by s advocates of every
currency but gold and silver.
such we're the opnisns Of Of the statesmen who
lived and acted twenty years We revive them for
the information OF statesmen Of the present day Let
them consider them, aud Judge for themselves what
weight is due them.