The national era. [volume] (Washington [D.C.]) 1847-1860, 1858-01-07
WASHINGTON, D. c..
SPEECH OF HON. OWEN LOvEJOY,
or THE TREASURY NOTE BILL.
Delivered in the House of Representatives,
DECEMBER 81 1857

] have, Mr. Chairman, several obec-
tons TO urge against this bill, which pro-
pose 10 submit 10 the consideration of the
Committee but, lest | should forget it, as
] have taken no notes of what the gen.
tleman Mr.. Letcher has said, will al
lude, in passing to his remarks in regard
TO the Secretary of the Treasury. He
thinks this officer deserves the praise of
the country for stepping in so benev-
olcntly TO relieve the distresses of the
country. And, no doubt, sir, people must
have been sorely distressed-in extrem-
tiles for money-when they had to be in
duced to part with their Government obi
cations al a premium of twenty per cent
UNI. Ii these holders of Government obi
cations were in distress, why were they not
willing to bring in their notes and have
them cashed at par. The Secretary had
TO present an Inducement in the way of
premium of sixteen to twenty per cent.
10 get the notes of those who held them
Thus he relieved the country, and, for his
beneFolence, anticipates possibly the re-
ward of the Presidency.
must also, Mr.. Chairman, express my
surprise at the hot and indecent haste
with which it is attempted to crowd this
bill through. An attempt has been made
three or four times, by the chairman of
the Committee of Ways and Means, to
screw US up 10 vote on this bill under
the operation of the previous question !;
and thus, without scrutiny. and almost
without discussion, to force this measure
through-the most important, perhaps, of
the session.
A MEMBER. Except Kansas.
Mr.. LovEJoY. Yes; of course. | al
ways except the peculiar institution 4"
and IFS expansion. That is the one para
mount thing.
Now, sir, it looks little suspicious,
that the friends of this bill should be so
urgent to bring us TO a vote upon it under
party drill, with which have no doubt
they will secure its final passage. Why
will they not let us have time to study and
understand and discuss this question:
Mr.. ]. CLANCY JONES. Will the gem
tleman allow me to ask question:
Mr.. LovEJoY. Yes, sir.
MIR. j. CLANCY JONES. Has the Sec
rotary of the Treasury paid out single
dollar al premium, except IN accordance
with 4 law passed by Congress?
Mr.. LovEJoY. | have no doubt that
the action of the Secretary was legal.
did not deny that, Mr.. Chairman. |
simply met the eulogistic assertion of the
gentleman from Virginia, that it was a
benehcent movement towards those in dis
iress. | did not intimate that it was not
In accordance with law
Mr.. J. CLANCY JONES. | understand
the gentleman to say, then, that all the
Secretary has done in this matter has
clearly been in obedience to law
Mr.. LoVEJoY. | do not remember the
particular terms of the law. | was not
here when 1t passed. But Judge, from
hearing ii read, his action in the matter
was not contrary TO law; neither was it
imperative on him to do So 1t was left
optional with him and, as understand il.
the Presidency dazzled him little, and he
said to himself, a." will bless the country :"
and he blessed it. The quality of mercy
Is not strained. 1t blesses him that takes
and him that gives.
And now, sir, / come to my objections
10 this bill. And first, it is a deceptive bill.
do not say that il is fraudulent, in the le-
gal sense of the term, but that it is de-
ceptlve. II proposes, as it seems to me,
+ TO accomplish its end under concealment
and disguise. 1t Processes 10 be one thing.
when in reality it is another. 1t will pass
under the name of loan, when in truth
IT Is great shInplaster machine, to flood
the country with an inedeemable curren-
cy, which has, as ! supposed always been
10 the Democracy what swine's broth was
TO the Jews-th the broth Of abominable
things-and which is so to me now. The
country in all its hamlets and towns is
groaning beneath this rag money now,
and do hope that the Government will
not add to this burden.
The gentleman from Virginia expressed
surprise that there were any members on
this side of the Hall who were i'm favor
OF hard currency, and against banks;
and he desires to know how it has hap
pened. | will answer the gentleman.
lie has read the MetamOrphoses of Ovid.
and will recollect the wonderful transmit
gratons that used to take place. A trans
ltlon not unlike those described by the
poet has taken place in regard to the
parties. The real, genuine soul of De-
mocracy has left the party that bears the
name, and has come 10 animate the Re-
publican party. In the one place it has
left soulless carcass-in the other. there
is youthful giant, animated with the spirit
of Jeffersonian Democracy.
was saying, sir, that this measure is a
deceptive one. 1t proposes, as | think
10 convert the Government into NAM
moth banking house, that has suspended
specie payment before it begins TO issue
notes. And | venture to say that the
engravngs for these notes are already
made. Possibly the venerable form of
the President will be seen at one end
and that of the Secretary of the2Treasury
will ornament the other end. And, sir, |
propose as their motto, an extract from
The message: Thanks to the Sub Treas
ury, the Government has not failed; we
have not become bankrupt, like the wicked
banks
Sir, if this nation has suspended, and
cannot meet Its engagements, then | say,
let the Administration stand up before the
nation, and say so; and then, if you want
a loan 10 the extent of your necessities,
will vote it; but while have my senses,
will not vote for this bill in its present
shape. Do the honest, direct, above.
board thing; say that the Government
has exhausted the money at its disposal,
and desires TO borrow and | will vote TO
give you the authority to 90 to New York
on the pIighted faith of the country. If
that will not do, mortgage the Capitol;
and if that fails, pledge the inviolate and
irn,,acnla,o faith Of tho Dop,0crafic Marty