The national era. [volume] (Washington [D.C.]) 1847-1860, 1858-01-07


to purchase the stocks of the Cove nment
at this high rate of premium. What,
say, then, are the estimates of the Secre-
tary Of the Treasury worth, lookin>t at his
conjectures for the future by thoss in the
past2 | tell you that there will be nothing
in the Treasury with which to redeem these
$40, 900, 900 of Treasury notes, and to en-
able the Treasury TO meet its current obi
cations, which you now propose to suthor-
izc it to incur. Ipropose to further amend
by adding, at the end Of the first section,
ting following:
"And that there shall be tax lie 1ied, in
the mode prescribed in the Constitution,
for the redemption of the loan herein pro-
vided for"
The CHAIRMAN. The amendsnent is
not in order at this time.
Mr.. LovEJoY. Then l merely read it
as part of my speech.
Mr.. sBISHoP. merely wish to ask a
single question. The gentleman states,
as the ground for offering his amendment
to strike out $20,0O0,O0O and. insert
$4,000, 900, that there really is no neces-
si;y for loan-that the Government will
have ample funds on band to meet all its
expenses. But now, N his second prop
OSitlon, he says there will be no money in
the Treasury with which to pay this loan,
and he proposes to resort to direct tax
alton to meet the deficit. l should like
to know how he will go to work to recon-
Gle these conflicting statements.
Mr.. LovEJoY. | reckon about as
easily as the gentleman>from Connecticut
and the gentleman from Virginia Mr..
Letcher will reconcile their views in ref
e'ence to these notes. One says they
will be currency; the other, that they will
be funded debt, and not pass into the
Currency. | stated that there was no ne
cessity of a loan, if a proper system of re-
tsenchment were pursued by the Govern
Yent. But, sir, do you suppose | ever
dreamed that the Democrats of the pres
ent Administration would practice re-
trenchment3 No, sir. said there was
no need of loan, if proper retrenchment
were carried out but not that / thought
there was any probability it would be
done. But, mark you, it is my honest
conviction, that so far from being able to
pay this loan when it becomes Jue, we
snail be asked for another loan before the
close of the present year. And might
as well say, just here, that thought would
be ready to relieve the Government, and to
restore to its former prosperity tn whole
country, and myself i'll particular, till do
not believe that any system of Pc tial re-
hef-any measure of empiricism~/ will do
1t. We shall, we must go to the potion,
and we may as well sink at once, % to try
and save ourselves before we tepch the
rock.
Perhaps | ought, in Justice to myself
and those | REPRESENT to say that | do not
care to press the amendmept az to the
mode of paying this issue of notes. But
do like to present to the Democracy
OF the country an opportunity Of doping
those measures which they have always
protested to approve. When lthuriel,
according to Milton, was sent it pursuit
of Satan, who had bridged and crossed
che chasm that yawned between his en-
pre- and the earth, he followed lis track
gill he reached the walls of Paradi e. En-
terlng that consecrated spot, Ithm eel could
ind nothing in the approximate shape Of
che Evil Spirit whom he sough; till at
aength, finding Eve slumbering, he dis
covered toad at her side, infltt;ting his
devlllsh suggestions INTO her ear T., pollute
her yet sinless spirit. BY his supsrnal in
telligence, the good angel knew chat this
was the disguised fugitive whom he sought
and, touching him with his speas caused
aim to start up'in his true shape and pro-
portions. So, sir, l would like 10 apply
these tests, to make the Democracy stand
put and appear to be what it really is,
hypocritical show. y
Sir, what is paper currency-iaedeem-
able paper currency? 1t is a falsehood.
When bank bill goes abroae in the
country, and says, 81 am twenty dollars,
or am fifty dollars; represent SO much
specie" it is a falsehood upon its face.
1t does not represent what it purports to
represent. 1t often represents nothing.
And when we put forth paper currency or
Treasury notes to the world, purporting 10
represent so much specie in the Treasury,
or other places of deposit, when the specie
is not there, it is deceptive. 1t IL like the
Credit .MObiLer of France. 1t represents
not specie, but the credit Of the country.
And if the present Administration follows
in the footsteps of the last Administration
for the next four years, do not think the
credit of the country will be worth much.
Sir, all these attempts to relieve these
commercial disasters, or to prevent them,
by new issues of irredeemable paper, are
like the policy of the man in Scripture,
who built his house upon the sand and
when the rains descended and he floods
came, and the winds blew and Leaf upon
that house, it fell. | tell you, that all the
cobweb attempts to keep off the storm
will be unavaiIing. Your bark NAV sit
calm and beautiful upon the lake while its
waters remain unruffled, but when the
storm comes it will be capsized and will
sink. And so, when you undertake to
paper currency, VIII Oh does not repre-
sent dollar for dollar, and is not convert
IDLE into specie, it VIII not stand. But,
sir, when you build it. upon hard money,
upon metallic currency, you have built
your house upon a rock, and it will stand
the test of all the storms that NAV beat
upon 1t. Sir, | repeat that this system of
putting IN circulation mere promises to
pay, instead of the money itself, is always
unsafe and unsatisfactory. This kind of
a currency is always found wanting when
we need the cash.
But go further. cannot vote for
this bill, because do not know what is to
be done with the money. do not know
where 1t is to GO, or for what it is to be
paid out. do not know what you are
gong to do with 1T, Mr.. Secretary Cobb.
Are you going to pay your four giments