Lewisburg chronicle. [volume] (Lewisburg, Pa.) 1850-1859, 1858-01-01
35th Congress",lSt Session
Speesh Of OWEN LOVEJ0y, Of Ill.
On he Yr.r.uyy Note BIZ

have, MrChairman, several objection
tourse against ,his bill,which | propose
submit 20 the consideration Of the Commit
tee. But, lest should forge. it,as hav
taken no notes of what the gentleman MI
L.etcher, Of Va has said, | will allude, i
passing, to his remarks in regard TO th
Secretary Of the Treasury. Hc think
this officer deserves the praise of tn
country, for stepping in 50 jsneeoIen'y, t
.'rcievc The distresscs Of the country
aud, no doubt, sir, people must hav'
been sorely distrcsscd-in extremities fo
money-when they had TO be inaured t'
par. with their Government Obligations
rREMIUM OF TWENTY PER CENTtM
If these holders Of Government obligations
were in "distress," why were they not
willing 20 bring in their notes and have
them cashcd a. par? The Secretary bad
TO present IN inducemcnt in the way Of 4
premium Of sixteen TO twenty per cent. to
set the notes Of those who held them
Thus he relieved the country, and, for hi,
hcnevolencc, anticipates possibly the re-
ward Of the Presidency.
J. CLANCY JONES Of Pa Has tie Sec
retsry Of the Treasury paid out n single
dollar at a premium, except in accordance
with law passed by Congress!
Mr. LovEJoY. Mr.. Chairman, simply
met the eulogi,tic assertion Of the gen
t.enan from Virginia, that i, was bene-
ticicnt movement towards those in dis
ness. did not intimate that it was not
IN accordance with law. | 10 notrcmem-
Der the particular terms Of the law. |
~ss no, here when i, passed. But I
judge from hearing il read, his action III
she matter was not contrary TO Jaw; neith
c, was it imperu'iee on him to do SO. l,
was left optional with him and, as I un-
derstand it, the Presidency dazzlcd him
little, and he said 70 himself, II will bless
the country; )" and he blessed it. "The
quality of mercy is not strained; it bless
o. bim that takes and him that gives"
mus. also, Mr. Chairman, express my
eurprise at the hot and indecent haste
with which it is attempted to crowd this
bill through. An attempt has been made
thsec or four times, By the chairman of
The Committee of Ways and Means, to
screw US up to q vote on this bill under
the operation Of the previous question;
,ad thus, without scrutiny. and almost
without discussion, to force his measure
,hrough-the most important, perhaps, Of
the session.
y MEMBER. Ercep. Kansas.
Mr. LovEJoY. Yes; Of course | al ,
rsys except the "peculisr institution"
.od its expansion. That's tho ons para .
mount thing. /
Now, sir, I come to M objections to
this bill And, FIRST, i. is dec|p'ire bill.
] do no. sag that it is fraudulent in the le- /
ral sense of the term, tu; that it is dcccp-
tive. 1t proposes, as it seems to me, to
accomplish its end under concealment and
disguise. I. processes to be one thing,
.hcn in reality it i. another. 1t will pass
under the name of loan, when in truth
j. i. grea, shinPlas,cr machine, to food
be country with an irredeemabie currency,
which has, as I supposed, always been to
,he Democracy wha. SWINGS broth was to
the Jews-the broth Of abomiDable things
and which is so 70 ne nov. The coun-
try in all its hamlcts and towns e .ro'n-
ing beneath this rag money now, and | 90
opc tha. the Government will not add to
this burden. /
The gentleman from Virginia expressed
srrprise that there we're any members on
this eide Of the Hall who were in favor of
"A hard currency, and against banks and
he desires to know how j. has happened.
I will answer the gentleman. lie has
read Tie Mctamorphoses Of Ovid, and will
recollcct the wonderful transrnigration that
used to take place. 4 tran.mition, not
unlike those described BY the poet, has
taken place in regard to the parties The
veal, genuine soul of Democracy has left
/ le party that bears the name, and has
come 70 animate the Republican party.
In the one place i: has left soulless car
c1ss-in the other, there is youthful g.
at, animated with tie s,irii Of JcEc-eo1-
i.n Democracy.
wns saying, sir, that this measure isa
deceptive one. 1t proposes, rs think to
clnvcrt the Gcvernmcnt into mammoth
banking house, tia; has suspended specie
: ayment before it begins to issue notes
and ! venture TO say that the engravings
f., these notes ere already made Posi-
ily the venerable form of the President
will be seen q, one eud, and that Of the
Secretary Of The Treasury will ornament
tie o,hor nd. And, sir, | propose as