New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1862-02-05

orr cred;, Foundation a. solid as the Iootstooi "
Jehovah. The fret six months of war Is the os'
esac,ing. The expensive Quilts ana cosby u""s'
nor,ation will not have TO be repeated. There may,
leo he more loraging upon the enemy rs lne army
I odyances and less nance for the vampires al NOME
Tvbo have bIed the Treasury when they ought 20
have bceu made TO bleed Themselves. In the Dill
reported by the minority OF the Comniaee, as
i srh s,;tute we propose new Issue OF ireienry
no,es hntleave the $50, COO already authorized
20 he s.ned and reissued may be found necessary
or convenient. We then propose to Issue yluo wv;
600 In notes bearing interest at the rate 81 6olVoth
nor cent payable at the pleasure OF the United STATES
- he received for all debts aud demands, taxes IN
cInded dne the United States, except duties on im-
norts and exchanged mt the will OF the holder, wnen-
ever etented ia not less than $50, for United
States seven and tbrecenths per cent. In substance
thew are like the En- excheqner notes. They
cannot exceed the amount oil internal dn'ies at
will be levied which will locate sure and constant
nd for those notes. IL is also proposed by our
snbsitnte 10 issue 5000 600 600 in coupon or re9--
tered bonds. payable in ten years, with interest
mi.anDually 10 COIN at the rate Of seven aud three
teuths per cent per annun. Wcpromlse IN ior all
in crest on bonds This substitute avoids al me ma
teral and fatal objections 10 the original bill, IL en-
trely practicable aud feasible in its character ana
will OF ouly relieve the Treasury from its present
necessities but do something toward making Prov,
sion for future wants 1t is question that WIN
mars for veal or w0 an important page OF our Dis
!
Committee to meet the question win that cooi de-
Liberation irs tiga importance demands. =,
| Mr. ROSCOE l.. CONKLING (lsep., N. ~,
after preliminary remarks said that the question Vi
money and credit is that which Is now before u.s.
The credit Of a government, like the credit OF an
Individual, consists iu its ability and integrity to pay
all ia debts and to perform its promises win
| scrnnulous fidelity and esactress. On public faith
o1ly could government live. Credit alone con'ers
nstioual Immortality, sndthe loss Of It RAPIDLY leads
to national decay. We have vast army ana navy
/ "a snsten recurring the expenditure oil over
| 80 OOO 900 a month. We must TO meet this great
oatlay. devise policy which will sustain The Gov,
eminent TO the oOnelu-On ciihe war, aud WHICH VIII
| pIi 1atey Afford ample means Tor the eNtiheuihb,
mert Of The public debt incurred and 10 be incurred
ne II mi. il the problem now 10 be- solved by Con-
oress believe we will solve il, and that, TOO, by
some policy worthy Of the occasion and adequate 10
its .xipeucies But we must have no petty subter-
fnrcs 20 outrage honest taxation we must pra'lee no
coucealrnent no deception on tie taxpayers complex
"a are the circumstances by which we are surrounded
other men have COPIED successfully with Ike SUBJECT
under equally difficult circumstance, ana nave i-it
us their example % a warning and guidance. we
have before rs the history aud the folly Ci some VINO
have scattered ruin and strewn wreck IN The midst
Of their country's hopes. We have, also, the Wiz
dom of those who have created and preecrved co..
pres in the midGi of de,olaiipg war; and o'used CIV
izaiion to rise on golden wings out oil the ashes o.
An A.. sLausted national system. Our own statesmen
have done far more than their own share 10 enoow
the world with financial wisdom. From the exam
tie Of the greatest Of American statesman, Aie4ah-
der Hamilton We are invited Tor the first time,
10 depart. lie bequeaihed to NE his lessons OF Wis
dom clothed with that singular fecihiy OF dcti IN
which caused Msshsl to say that his liiainton a
statements we're arguments and las references de-
r,onstraions' Hamilton Incorporated IN our
financial system this doctrine" The creation Of
"A debt must always be ACCOMPANIED by the meaus
OF exinguishing IT," Therefore, u II clear tLHt
pabc securities invested with these attributes are the
be-, secuiitie. in the world. Without them the oo.
legations Of Governments are the most worthless apG
-horliyed ard most shallow OF all debts. We have
10 authority for the u,erance Of dolinr's worth Of
paper wiibou, accompanying il al the same tine
with system Of taxation which will secure lis ulti
uae redemption. Tins Is the only true puuclple,
and the ua,ion knows il; and yet We are asked to
depart from the principle, sacrificing II TO necessity
10 pecessiy that market price OF principle, TO which
every virtue has been basey sold for six thousand
yoars. from the apoiheeary selling poison, to tho
lord Chancellor sslling justice. j deny tfat any
necessity j. upon compelling ~ to depart from thr
woll.settled principles ~ national finance. we neeo
money. il 10 true-arge Gums VI m0ney-snd we owe
debts large d-b,s but the whole property OF the couu-
try is Il dyed opayi. Doesany one suppose that the
security Is not ample and our resources abundant
enough, 10 fairly meet oil demands The raide oil
propsry b. IA by citizens is by their own Inter
.sid alton fixed at sixteen thousand millions
OF dollars. our debt is ak hundred aud iifty mil
hons. Here is u margin broad enough 10 raise nil
the money want, if properly hu.bnnded, aud to
ray upon that debt five per cent. Why, therefore,
cai,uOt we rai.e money by the old method Two
arguments for leaving the beaten path arc quoted
irsi, that the people will De more ready at some
other time than now 10 pay what they mus,
eventually pay the second IL, that taxation VIII be
uupornlar and bring deDunciaiion on those who
vote for IL. tako issue both propositions. say
Il nj the country is rich, and ready money is album
dnnt-over abundant. There are over two hundred
aud fifty mllioos OF dollars Of gold in the banks
ard we can have il all II we desired it. Our
hsrvests have been abundant and our materia
reductions, "a " and wrought, are IN great demand
and nearly every loyal State teens with all the
elements Of u6,ei,l prosperity. Beyond that, from
living "a very extrayegant We have laterly become
an economical people. We are now able to ray, and
we sLall never be in better condition 10 pay taxes
As 10 the willingness of the people to be taxed no
dispersion eau be more belous on the people of the
country than TO suppose they will shrink from pay
ipg the legitimate expenses OF the rebellion. The
millions who have risen Al majesty To defend from
overthrow the institutious OF their fathers have
brought tribute more precious far than taxes They
have cent their sons and have gone themselves 10 the
distant battle field TO bear their bosOms 10 the pangr
of death, And shall We, when such ia the spontane-
ons and hsllowed patriotism and loyalty OF the
people, dare TO impugn them here Shall We sup
pore bat hose who are bringing their dearest jewell
ard III Offering more willnow rest honest taxaiionl
No. IL requrcs courage for representatives ere
TO vote for taxation and You entitled to no credit
for d,ipgi'. Only one thing is needed TO make AK
alton wecome--tte people must know wba. Ia to be
done with their mobey-th-y must know that It il
not TO be scooped into the laps of gamblers and
thieves, in Office or out Of Office. They must snow
that il il not to be squandered favcrtcs whether
politicians or brothers-inlaw or women. They must
know thst irugaliy and honesty VIII prevail III IFS
expenditure The gentleman from Illinois Sir. Rich
ardson sad that ho was opposed to cutting down
Congressional salaries. l am for cutting up and
eutring off every expense which can be discarded.
II am in favor of beginning with our
n,rn cotnncr aAfinn. Let that Le cut down