Randolph County journal. [volume] (Winchester, Randolph County, Ind.) 1855-1862, 1858-01-21
Dolitital.
SPEECH OF HON. q. LONEJOY,
OF ILLINOIS,
on THE TREASURY NOTE BILL.
Delirered in the House Of Representatives.
December 81, 1857.

December 81, 1857.
/ have, Mr.. Chairman, several OBJ
jections to urge against this bill. which
/ propose to submit to the considera-
ton of the Committee but, lest /
should forget it, as have taken no
notes of what the gentleman Mr..
Letcherl has said, / will allude, 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 be-
nevolently to relieve the distresses of
the country. And, no doubt, sir, peo-
pie must have been sorely distressed
in extremities for money-when they
had to be induced to part with their
Government obligations at a premium
of 20 per centum. If these holders of
Government obligations were in dis
tress, 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 a
premium of 16 to 20 per cent. to get
the notes Of those who held them :
Thus he relieved the country, and, for
his benevolence, anticipates possibly
the reward 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 to a
vote on this bill under the operation
of the previous question and thus,
without scrutiny, and almost with
out discussion, to force this measure
through,-the most important, per-
haps, of the session.
a MEMBER. Except Kansas.
Mr. LovEJoY Yes, of course.
always except the peculiar institu-
ton and its expansion. That is the
one paramount thing.
Now. sir, it looks little suspicious,
that the friends of this bill should be
so urgent to bring us to vote upon it
under party drill, with which l have
no doubt they will secure its final pas
sage. Why will they not let us have
time to study and understand and dis
cuss this question
Mr.. j. CLANCY JOKES. Will the
gentleman allow me to ask question?
Mr.. LovEJoY Yes, sir.
Mr.. j. CLANCY JONES. Has the
Secretary of the Treasury paid out a
single dollar at premium, except in
accordance with law passed by Con-
gress?
Mr.. LovEJoY. I 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 il
was bencficent movement towards
those in distress. | did not intimate
that it was not in accordance with
law.
Mr.. j. CLANCY Joxrs. / under
stand the Gentleman to say, then, that
all the Secretary has done in this mat
ter has clearly been in obedience to
law.
Mr.. LovEJoY. | do not remember
the particular terms of the law. ]
was not here when it passed. But
judge, from hearing it 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, l understand it, the Presidency
dazzled him little. and he said tc
himself, q will bless the country
and he blessed it. The quality o,
mercy is not strained. 1t blcsscs him
that takes and him that gives.
And now, sir, come to my objec.
tions to this bill. And first, it is q
deceptive bill. l do not say that it j.
fraudulent, in the legal sense of the
term, but that it is deceptive. 1t pro,
poses, it seems to me, to accomplish
its end under concealment and dis.
guise. 1t Processes to be one thing
when it really is another. 1t will pass
under the name of loan, when in
: truth it is great shinplaster machine
to flood the country with an irredeem.
able currency, which has, as l sup.
, posed. always been to the Democracy
what swine's broth was to the Jews
, the broth of abominable things-and
which is so to me now. The country
in all its hamlets and towns is groan.
ing beneath this rag money nowSand
l do hope that the Government viii
not add to this burden.
The gentleman from Virginia ex.
! pressed surprise that there were any
members on this side of the Hall who
were in favor of hard currency, and
against banks and he desires to know
| how it has happened? l will answer
the gentleman. He has read the Met
amorphoses of Ovid. and will recollec
the wonderful transmigrations tha
/ used to take place. A transition mo-
unlike those described by the poet ha,
taken place in regard to the parties
! The real, genuine soul Of Democracy
has left the party that bears the name
and has come to animate the Republi
can party. In the one place it has lef
, soulless carcass, in the other there il
/ youthful giant animated with tn
spirit of Jeflersonian Democracy.
| was saying. sir. that this measure
! is deceptive one. 1t proposes, as
think, to convert the Government int
) a mammoth banking-house. that ha
suspended specie payment before it be
, gins TO is.ue notes. And venture I,
, say that the engravings for these note
/ are already made. Possibly the ven
erablc form of the President will b
!. seen at one end. and that OF the Secre