Staunton vindicator. (Staunton, Augusta County, Va.) 1858-1858, 1858-01-16
NUMBER 3.


um Of ii saen dollars. But under the ope-
ration Of that provision, which the gentle
man wants to have Incorporated into the
present bill, they had tie right to come in
there and have them funded, and then take
the premium. | know the gentleman from
Massachusetts, does not desire to adopt a
pelicy which shall impose upon the Govern
mcnt an additional burden Of sixteen dollars
on the 500, but | call his attention to the
fact that he may have the opportunity of
meeting the point in regard to this feature
which he seeks 70 ingfaft upon the bill
now before us.
MIR. BANKS. If the gentleman from
Va. desires an answer now, | will give it.
Mr. LETChER. If tic gentleman will
not take too much Of my time, ! will yield
to him.
Mr. BANKS. The proposition which |
made, Mr.. Chairman, with regard to this
bill as reported by the Committee of Ways
and Means, are not answered by the sug-
gestions Of the gentleman from Va. There
is no neces sity, under the proposition have
made, that the Government shall 90 into
market for the purpose of baying up stock
at fifteen, twenty, Or tWenty-one per cent
premium. That is the objection which the
gentleman makes, as I understand it. You
may limit the issue Of stock to one, two or
three years-for as short time as you
please-and the Government will never be
under the necessity Of purchasing stock at
premium. There are plenty Of people who
desire nothing SO much as Il safe investment
for their funds, whether they be much or
little and therefore, if the stock Of the u.
States be issued at six per cent. interest, it
Till be taken up for one year, two years, or
three years, just ag gentlemen choose
There Will then be no necessity for purchas-
ing this stock at a premium
If the gentleman asks whether the Secrc-
tary Of the Treasury was justified il pay
ing premium for the stock purchased in
the three years past, answer that | think
he was justified. But say to the gentle
man from Virginia that the Government Of
this country ought never to have placed the
Secretary of the Treasury i'll a position
which obliged him to purchase stock at q
high premium. It was the fault of Con-
gress in not adopting the recommendations
Of the late Administration The adoption
of the course of policy recommended by the
Administration which has recently expired
would have relieved the Secretary Of the
Treasury from the necessity Of such pur-
chases.
! That Administration commenced with a
recommendation by Mr. Guthrie for the re-
vision Of the tariff, for two purposes first,
to reduce the surplus money in the Treas
/ ury and, second, to relieve the Industrial
interests Of the country from burdens I'M
posed By the previous policy Of the Govern
ment. Congress did not act upon that rec
ommendation. [ am willing to relieve the
gentleman from Virginia from any respon-
slbillity for the course pursued The gen
tleman advocated measures which if sue,
ces8fnl, would have relieved, three years
since, the Treasury Of its surplus But,
sir, the Government did not adopt that pol
icy. Instead Of revising the tariff laws as
recommended by Mr. Guthrie in 1858 and
1854, it devoted its entire energies to the
i settlement of those questions in which the
country has been involved, ever since the
repeal Of the Missouri compromise 1t was
for that reason, because the energies of the
country have, for the last four or five years,
been devoted exclusively to sectional ques-
tions, that the industrial interests of the
country have suffered. It was for that rea-
son that the surplus in the Treasury was
permitted to accumulate as ii did,
Now, sir, | say to the gentleman, leave
the question to us and We will relieve his
friends Of their difficulty We will take the
negro out Of the Government and allow it
to give its attention to this matter. Let
gentlemen give some attention to the indus
trial interests Of the country for few years
Give US little Legislation for the benefit
Of white men and there will not again a
surplus accumulate in the Treasury, such
as has hcon there for the last four or five
years.
And let NE say another word to the gen
tloman from Virginia. lie doclaims against
the issue of paDermoncy upon the part of
the States, reechoing the sentiment of the
President upon this question. Now, sir,
do not stand here to defend the paper
money system Of the country as carried on
by the States. On the contrary, | desire
as earnestly as any man in this country, to
see proper aud juciicious reform. But I
take issue with the President and with the
gentleman from Virginia, il he follows the
: lead Of the President in this matter, in tho
assertion that the issue Of paper money by
the States is the solo cause Of those CONNER
cial revulsions which have swept over the
country with so terrible an effect But
have to say that we cannot go to the people
Of the States and ask hem to forego their
privilege Of issuing paper money when the
same Government which he defends in the
denunciation Of that system have taken up
the business Of issuing inconvertible paper
money, as proposed by this bill. | ask the
gentleman from Virginia to allow Us to APP
peal to the people Of the States to restrict
! their issues ofpaper money upon some sound
and judicious plan, by refusing to the Gov
ernment tie power which they now ask Of
issuing inconvcrtiblo paper money, without
any Limit in respect to the time Of redemp-
ton. or when its authority shall cease.
Mr. I.ETCIIER. Mr.. Chairman, the gen
, t.einan will soon &c in the gubernatorial chair
the State Of Massachusetts, and | shall look
t with some interest to his first message, to sec
what reforms he will recommend for the
banking system Of that State. | trust he
will recommend an alteration, as far as the
banking spstem of his own State is concern
ed, and that that alteration will be radical;
, that his reforms will 90 to the bottom of the