Staunton vindicator. (Staunton, Augusta County, Va.) 1858-1858, 1858-01-16

the declaration that the gentleman from
Virginia, and tire hard money men here,
propose that the Government of the United
States shall resume the business Of issuing
paper money. ii the Government will not
forego the issuing Of paper money, why
should individual bankers forego that priv
ilegc And think it will be very difficult
for the gentleman from Virginia, to answer
their argument.
Mr. LETCHER. do not see the slight
est difficulty in answering it, What are
these Treasury notes but an acknowlcdg-
ment in writing, upon the part of the Gov
eminent, that it owes so much. AS under
stand it, the gentlemen upon the other side.
for the purpose of making these Treasury
notes currency, propose to provide IN
dorsements, by which they are to pass from
hand to hand, and in this way make tie
national Treasury responsible for every in
fiorsement in the chain endorsement, from
the issuing of the notes down to the time OF
payment. Now that Is one Of nay very rea-
sons for going for it-that it neither estab-
fishes debt, nor does It maize a Govern
rnent paper currency But if it did, is IL not
renlarkaIl that, under the issue of Treas
ury notes in 1887, 1910, 1913, 1916, and
1917, a regular paper currency was not
then established, and when, in that latter
year, Treasury notes to the amount of S36,-
263 900 were issued? Was that currency?
Did it 60 into the ordinary channels Of cir
culation, and pass from hand to hand as or
binary bank bills did?
Again, these Treasury notes provide for
the payment Of interest Do your bank
notes provide for the payment Of interest
Not at all. You cannot get the principal
even upon bank note, a large portion Of
the time, to say nothing about interest.
Mr.. BANKS. beg leave Of the gen
tleman from Virginia to say that the very
feature which he states as the distinguish
ing characteristic between Treasury note
and bank bill has been taken from bank
bills, by special enactment. Banks in this
country have been prohibited from allowing
interest on their notes
Mr.. LETCIIER So much the worse
Mr.. BANKS. So much the better In
terest gives them legs by which they walk
off to the distant parts Of the country. The
difficulty with banks is to get their bills out
They would be glad to pay interest upon
bank bills 50 that they might walk off, and
perhaps never come back. But the United
States gives to its paper money that charac-
teristic power to walk off so that under this
bill they may never come back again.
Between the paper money he proposes to
issue, and the paper money issued by the
banks of the country, there will be no diff
ference, except as TO the degree Of credit
attached to the one and the other First,
this Government money is inconvcrtiblc on
demand; it is receivable for public dues
the creditors Of the Government are requir-
ed to take it for their dues--at their option
| admit, as to creditors. 1t is the same as
to bank bills Creditors in no case are re-
quired by the law of any State to accept
bank bills in discharge Of their dues It is
left to the option Of the creditors to take
this Government paper, it is true; but the
option comes to a man under such circum-
stances, that it results in little less than
that he may take that or nothing. The
creditor may have the right to refuse the
paper money but if he does refuse, he runs
the risk Of losing the favor of the Govern
ment. So he has the right to refuse bank
note, and if he does, he incurs the risk Of
losing the favor Of those who issue it
Mr.. LETCHER. When the gentleman
talks about bank paper in the States not
being legal tender, he knows that the
Legislatures Of the States have made it a
virtual tender, by declaring that it shall
be received in payment of State dues, and
paid out accordingly There is not State
in this Union, that has banking system
migrated upon it, that does not receive
these identical bank notes, created under
these State laws, in payment Of taxes, save
the States Of Arkansas, Illinois, and Mis-
sissippi.
Now, sir, if this is n convertible currency
how does it happen, when the Congresses
which have specified undertook to issue
those notes from 1887 to 1S47, period of
Ten years, to the amount of $780, 900,
they never became part of the currency
of the country? Does he believe, at that
time, that these notes went into the country
as circulating medium, and passed from
hand to hand?
Then, sir, so far as the gentlemen on
Che other side are concerned, their past
practice, and the practice Of the past party
friends with whom they are connected, and
the Administrations they have sustained,
conclude them from this objection. My
own belief is, that if it were bank, we
should hear very different note from that
sung on this occasion. The very fact of its
being bank would recommend it to their
consideration, while it would array against
it those upon this side 1t the very fact
that it is not a bank that it does not pos
scss the features Of a bank that it docs no,
issue the currency Of a bank, that makes it
Objectionable to them.
But was glad to hear the gentleman
say that so far as the Secretary Of the Treas
ury was concerned in regard to this stock
matter, he believes he has acted properly
and in accordance with the requirements Of
the law. That was not his complaint; but
his complaint was against those who passed
the law under which he acted. | was as.
tonishcd to hear the Secretary Of the Treas,
my erraigned here upon that ground. Al
The time when ruin seemed inevitable to al
from the pressure of the crisis, the Secre-
tary, with the noble spirit that became him.
undertook, so far as lay within his power
TO relieve the distresses Of the country by
an act which was within the range Of his
constitutional authority-by the payment Of