Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1858-01-08

gets in S5,000,000 Of them, they will be rois-
sued. and they will go around in the same
circle again. II you issue 800, ,000, 900 and they
come back in six months and are re-issued,
they will have paid during the year your
100000, 600 of duties. and what will be your
condition at the end Of the year, You will
have thes, notes in the Treasury, but no hard
money, no constitutional currency.
IL seems TO me that lis hardly worth while
for us, at this particular iuncture in a crisis
like this, to abandon and PROSTATE altogether
the Independent Treasury System, as IL is
called You will find it impossible to escape
the charge every man in the community will
know from this bill, if you pass it, that your
much-boasted system Of constitutional cur
rency has failed the Government. Is it not
worth while to retain it, at least for time
What says the President in relation to the
circulation Of paper money--convortible pa
per-bank notes that you can cash every day
and every hour Because there have been
fifty or sixty days during which the banks
declined TO pay specie for their notes, he says
they should all be put into bankruptcy, and
wound up. Thcn what are you to do with
your sub-Treasury Il has failed IL pro-
poses TO issue large body of paper which is
actually irrcdccmahlc for year. and incon-
vertible altogether Would the President
have it put into bankruptcy and wound up
Would he have a commission issue on the
Treasury and force it into liquidation
The President argues in his message that
the States ought to adopt the same system /;
they ought to deal only in hard money; they
ought to follow out the example of this, the
mother Government Let us see how they
would follow it if they were to make the at
tempt. They would take nothing but hard
money for taxes, and pay out nothing but
hard money By-and-b a pinch comes, and
they cannot get hard money Suppose they
follow the example of the General Govern
mcnt. and issue bills what arc they; Moth
ing by bills of credit. which the States are
forbidden to issue. If you give a man a
Treasury note, payable in year. what is it ;
1t is a bill on the credit of the Government,
for which the faith of the Government is
plightcd When the States como to this
point the Constitution interposcs they can
not follow the President any further; he
leads them into slough; gets himself out
of IL by asking Congress to exercise its power
Of issuing bills of credit, which the States
are forbidden TO do. do not make these re-
marks with view Of finding fault with the
Independent Treasury system or hard mon
ley currency; J am merely endeavonng to
show how palpahly and grossly that system
is violated by this bill.
But SIR there seems to me to be something
dishonest and discreditable in it. Suppose a
man is my debtor TO asmal amount he owes
INC 500. | 20 to him, and say that | want
my 500 paid He tells rue he has stopped
Daymcnt and has not rot any money He
admits that he has means enough to pay me-
but he has not the cash lie can borrow the
cash and cannot, but he says he will have
TO give something Tor borrowing IT, claiw
that ne ought 20 borrow the money ana pay
me "nat ne owes me- ne wiil hot 40 IT, ou
! proposes 10 give me note ior SlUo at a SINAI
rate OF interest-tWo OF lnree per cent
something that ne KNOWS VIII not enable m'
TO Be1 my luil uept' anu no taxes au."ntaB'
ol ms power 10 iptcu me 70 ieoei'o ms hol'
or ge' no'ning' Is that tno part Oh an hon
est ucppor' Is tnero any oul'or .uorai'y III
/ tne o. NoVerhinont uolhS 'ne same 'nirB ~
diherent system ot ethics 70 oe apPneo 10 .h'
dealings OF the Uo'erhnent WIN Hs circuit
OTIS rom 'nHt Wiiicn Is "lP''eU oo."o'n "'an ia
"'iu Ilau e. o'S"'n'y "o' ioI "'"} say 'n0
PeoP'o are no' ooi'BVu ~ ''No MS ''09ul
MUGS "", ~ O"o,oo
tue neceSSl'loS vi 'ne No'ei"''ony o'oui'oi
coNiP1i nun 10 ."no 'lo "c'oS' ""o mus 70,
Iorco nun 70 Bcv 'iio o'sn iol men" - .n"
'no way 10 ''c"' yoI' Ji'ul'o.i 70 si'o nun =
piece o, paper 'r "iicn you 'ilnN ne euu so
INC oasn WY w you nv b''o nI'' wy
raSh iou ensagcu 20 pay MN SO many uol
l'Is lor ms properly 'nu1 no sou " you, u
'ne services ''u' nc 'elueieu 10 yIu' ~ az II
your ousluosS, nov MS W Bo' 'uo "o'''iS WIN
"n'ch 10 pay MN ,.., ,.. :.
s"y' mn ''l"t 'nis "'i''o P,o.et.l''s =
un en.ou Ia i'' ia,"'o' '"i"'' :" 10 ~"
ciP'eS' 'lo'"''o" o' 'le Nno.o suuA VI 'il'
SUP iasury' an "o""uonlnen' VI ,ne gre"
CONSUL ''ionai Gu. u.ie"o!' n%'o Scii "uo'no
reason ,or oojec''is 70 ',le o'ii. II 'no reoos
SUES o.. lhe government cIoWu On 'no ! 'oas
ury' ! am ho' uiSPoSeu 70 nhu Iaul' WIN wv
., Ao'ninlS'ra'Ioh' OF win tne secretary VI .h'
=, rreaSur!' II nc mas uraWu money ou' oi 'n'
reuSury ana apP'lcu II 70 tne Ioue.nPlion .'i y
tne Pupilc uoot' nc "o'ou' "o uouot' WIN
we" 10 roi'oNe 'n1 county II ulu 'n"' Il
some measure nc SuPposeu' pernaps, ma
ny anticipating 'he ueut uue III i9oo' an'
paying II now a' P'e'niu"'' ne "'iBn' Poss'
oiy so iaI ,eileNo inc con'l'oiciai oonlnuii'
as 10 ohaolo tno i'npor'D'ions 10 20 On AM
mus Keep up tho revenue IN 'nal oYlcO' IL
mas Idllcu. 40 not nuu laull WIN MN 10