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

StitnlIlJt VI VIC DbdtSn ASoN, indiitdiH;
in the FIRST place, that t,4ia bill does not ere
ate bank | think there is one fact which
clearly and conchsiyely settles that point.
How many Of our friends 81 tie other side,
who have engaged in this discussion, are il
favor Of bank Of tic United States? Are
they not all for it
III. LOVEJOY. No, sir.
Mr. LETCHER. How many of you are
opposed tot it,
Mr.. LOyEJOY Thrcc-f ourtlls
Mr.. FOSTER. It is an obsolete idea
Mr. LETCIIER. The gentleman says it
is an obsolete idea. Then, | suppose, the
gentlemen have embraced new idea, and
they are now for lsaTd-n1eney currency.
Mr.. FOSTER IcS, sir
Mr.. LETCHER And yet, strange to
tell, the gentleman who just closed his re-
marks Mr. ABBOTT wound op with ]. eulo-
gy upon State banks and my friend from
Maryland, Mr. DAVIS, who spoke on Sat
urday, arraigned the President and Seere-
tary Of the Treasury for the suggestion of a
bankrupt law, intended 10 be appHsd to the
banks that haYe suspended or failed to re-
deem their obliga ions! Now, 7 cannot ex-
actly understand how it is that while gen
tlenlen are in favor Of hard money, they are
yet disposed, whenever the question comes
up as a State measure, to rally to tie stan
dard of the paper-money banks the several
States Of the Union, and insist that every
man shall stand with hands of, 50 far as
they are yet concerned, although these banks
may be at the time in state Of suspension,
refusing to pay their debts, while they arc
| coercing payment from every man that las
had the misfortune to bcrroW dollar from
them.
Now, | profess TO be as much hard
money man as any one: and if the gentle
men can convince me that the issue Of these
treasury notes which | regard as nothing
more than a means Of eiEecting a loan
leads me to the establishment Of govern
ment bank of any kind whatever, I pledge
myself to go against it. ! do not Ga exactly
so far against banks as q distinguished pol
itician Of my State-John Randolph
when he pronounced all banks houses Of i'll
/ fame."
| But, while / do this, | think that the
banking system has been carried to a very
ruinous extent; and have no hesitation in
saying now, that, if | were in the legisla-
ture Of my State at this crisis, should 60
for a divorce between bank and State, for
selling every dollar Of Stock that the State
IF Virginia has in banking institutions, and
for the collection of the revenue in gold and
silver.
WHAT'S the issue Of treasury notes but d
mere loan? What else is it? The money
I is to be raised. It is to be raised either by a
permanent loan or BY this temporary e1pe-
tlient-the issue Of treasury Totes Cen
5lemen say give us loan. What do you
want with a loan Do yen want this to
be permanent debt? Dou you want the
Secretary Of the Treasury to say that what
he has regarded as a temporary necessity
shall require the permanent medicine of a
loan for years? Do you want to couple
with this not only the loan itself and its per
manent establishment on the government
for years, but do you want also to create
| the necessity for revising the tariff, and for
increasing the rates Of duty? Now, sir, il
a loan is to be established, if it is to 90 in as
part and parcel Of the national debt, what
will be the next cry2 DO gentlemen want
any further indication than has been fur
nishea Oh this floor here by some gentlemen
who have addressed the House, and allu-
| dod to the tariff act Of last session? | take
it that this is, perhaps one Of the causes
Of dissatisfaction with the Pre- s.dent Of the
United States on the part Of some Of the
gentlemen who arc known to favor the doe
trine Of protection for protection sake
The President, On the thirteenth page of
! his message, says:
| s'As stated in the ronort Of the Secrcta-
~, the tariff Of March 3, 1857, has been in
operation for so short period Of time, and
under circumstances so unfayosahle % a
just development Of its results as a revenue
measure, that | should regard it as inexpe-
dent, at least for the present. 70 undertake
its reyision.'
| Now, ! take it that it is that position, ia
ken by the Secretary Of the Treasury, and
sustained by the President, that has arou-
SGD vast deal Of the opposition Of thnac
known to be protcctiyc-tarif men in this
house against the introduction and adoption
Of this measure. If the Secretary Of the
Treasury would come forward end propose
4 loan to rpm for eight, or ten, or fifteen
years, doubt not that it would be mere a.
greeable to the gentlemen on the other side
Of the House thar the temporary Issue q
treasury notes, as proposed. Tt is not SO t.
INC. think this recommendation is pre-
ferable to theirs. Il is temporary only, anC
, is intended for nothing more y is not tt
extend beyond the year. 1t is intended t.
serve until the goods are Withdrawn from
the warehouses and tho duties received. =
But, said the distinguished gentleman from
Massachusetts,, Mr. BANEs, | am opposed
to your proposition, because you have NJ
provision there for funding this debt. :
Why does he want i funded, unless h
, wants to make It permanent? What othel
reason can there. be for providing that i
! shall be funded than to give it the eharac
ter Of pcrmanency and settled stability al
t the policy of the government with regard tt
the debt itself.
But let us see how the gentleman's idea i
) going to work out. The gentleman has re
ferrea to the act Of 1887, authorizing til
) issue Of treasury notes. Let me call lis at
. tention to the fact that the House gas a
A that time presided over by the distinguish
r ed gentleman, Mr. Winthrop, Of Massa
: chusetts, and that the House was an oppo
4 siion House But, sir, under the act 0
$ 1917, treasury notes were issued, some 0
r which are unreIcamed Ia this dav. and or