New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1862-02-14

coin. .
Mr. SHERMAN rep, Ohio)-The amendment OF
tbe Senator from Vermont has bronSht np 'ne ,'"'
on,.,ion that OF makiog there notes 'e8n 'enu
!, III .;tb great plsa to the arguments OF
- cl,.,or from Vermont (Mr. Collanerl anu the
e,o1tor from Maine (Nlr. Feesenden) III REGARD 20
tho noces.iy Of this measure, ana u"ue W. ~:
ia,ter IN ssy he would be willing to vote tor this
MEASURE if he believed 1t was nee esS"ry. o.
,ronose 10 take up the Argument where ne iit lie
20 ,lisve that there If a necessity Tor inahiUg
Gao ro,es legal tender for demands OF every SORT,
!, order 10 escape all tue evils Described oy INA,
senator In the frat place. every organ OF hnSne,'
oniri N 20 10 speak agrees that 1t 10 indisentaoie
on NAV comm. nee with the Secretary OF the Treas
nry who hiss given this subject the most ample con-
Iteration. and be declares not only Officially, but ia
RI nriyare intercourse with members. mat this
Lv l. indispensable and necessary for the ,ecurity
and ne otiab liy Of these rotes. AND we all KNOW,
tom hs peculiar opinions, that he would be the last
nan 10 Weld 10 the necessity Of PAPER money. Be
bss examined this question in al its Length ana
tresdfb and he informs that there II AN lmnle-
diaie nee ssity for this measure, with tbs legal
tender clanse in it. In addition TO that, we have
the opinion Of the Chamber Of Commerce OF New,
York With almost entire unanimty they passed
the resolution which bas been read here We have
oI,o the opr ion of the Committee Of Public Safety
Of New-York. composed Of dlstnguish.d gen.
tlsmeu, nearly all known as good bnan-
cers And 20 with the Chambere oi Com
l
cities; they all say that tLis measure IF
ab.olntely Indispensable TO sustain the credit OF the
Government and put these noiesa any where near par
In further addition TO that, we have The deliberate
Judgment Of the iioufe 81 Representatives, alter
iory and ful debate in which tie Constitutional ex-
nJ,ercv Of tia measure WAS taken Into corsidera-
! ion ard all the objections made here, aud many
Iuora were urged against II. Yet the House de-
Glazed by large vote mat TINS Was neee.fary ana
,rdi.peurable IN connection with thete notes. i
know very we'll That ne senate II ho' SoYeibe! py
,n,horties nor ought they to be. II is governed b!
/ -eaanu But allow ne To say 10 The Senate thd'
| there are very few members OF this body who are
Guiar with the question OF hnnnoc. III 10 question
Which Ammericsn politicians are not csiled upon 10
pdy therefore Il il that when question OF tins k'd
/. before the senate the op ono ofmen who nave ae-
voted their lives to this sLjeCt ought 10 be cousd-
cred. Upon question Of coneliiuIlonally The
opioions al men | see around no are WORTH more
.hsn he o, uious Of all these other men, Dnt upon
qne ion upon what II necess1'y to give tht'e hoes
ueg0tisblity in tie market their opinions are worm
y ore than that Of any senator here. Bus cir, de
fire 20 show the necessity OF tins measure from
| ra,t1n We have 10 Iaise and paw out oil the
Treasury II the United States, before tie let day Vi
Jaly next according to the estimate OF The tol1'
n ! lea OF Ways and Means, Tie sum % sji's'''V'V
| or hi. cum there il now $l00,OOOOtO due and
unyable this DAY to our soillers aud eon-
| iTac.ors, tie men who have furnished he
provisions for your navy and your army, ara
| o your oitcorp, Judges, civil maSietTa'es, olc'
/ Where you gong to get tins mouey mere j.
the question OF bsrd necessity winch presses upon
! you and siares yOu in the isce. We know yer!
| well Ina. this money cannot DO Obtained .Tou thu
! bsusa. The banks hay. already, with a patriotism
no. nsaally attributed to moueyed corporations, who
are generally considered 70 have no .oll, exhausted
Il cir mems TIE aggregate capiInl OF the banks IN
tie thro principal cities the Union is about slOJ
coo go and they have taken hsn their cai itsl
in the bonds OF tie Uni e 1t ,tes Ii IL Therefore
idle TO look 10 them for relief. You must look to
| o her resources. Tie very men who would loan
y0u money sre the very men who hre now begging
YOU for this measure OF financial aid TO enable them
to caIry on the oleraiions Of the GOveInment.
anon, o'hers the Cashier II tie Bank OF Commerce,
tle largest banking corporation ~ the United State,
ard which has done more to .ns'ain The crefi ~
tie Government than any other lie appeared before
the COMMITTEES Of Finance, ana stated that tLeso
uoics without the egu-tender cause, would at once
fsl in the market and become practically usCitfI.
/ There il another thing sir. We cnnnot get this
L 0usy by taxaiion-not bciore M months al least
i The Committee Of Ways 6nt Means nave ala ady
] been over two months In framing tax law. II ~
still ia Committee. And ten il will have TO 60
Through the oIceal o. The House, and u thai I'll
rhoal assume The form q law By the hrst day OF
jane next It will be ~ much a- We con expect.
| Then where are We to set this money now actually
due There is other way. except BY issuing these
demand AID by ,elli.g The bond. Of the Unted
| Sints I know that the most direct way, perhaps
the most honest way, wond be at once 10 put your
bonds the credit Il the United States in the money
market of tn, world and cell il for what il will bring
aud 20 the money. That II the moet direct way.
II IL the way pursued by England. IL Is the way
we must pursne after n while. II ia the only way
" can raise money But SUPP Ose We put our bonds
into the market we told by tho leading insn-
cors OF the country that II forced into tho market
now they win del rccate to CD cents III The dollar
not because the PEOPLE DO not consider them good,
Gud DO not believe they viii be paid, hut because
ii 4.
law It stands, the Secretary Of Tue Treasury
cannot receive any thing for lhese bonds but gold ind
silver con. Bot where will YOU yet the gold and
silver coin II IL driven on, Of circulation
sioIed up and hidden away. From the very moment
| that the banks OF hew-lOrk ana the country sus-
pended went out 81 circulation At once, and there
is not enough IN circulation 10 pay the interest
on your de0t. iou cannot sell your bonds for gold
and silver, because there is not gold and silver
! enough 10 buy them, and II any man was patriotic
enough 20 wish 20 take your bonds, he cannot pay
YOU in such coin IA you only can take, because be
csunot get il. Tho Senator irom Rhode Island Mr..
SmmOnsj would repeal tue Sub-Treasnry law and
! receive the paper money OF the banks III o her
words he would have tie currency iof'aled by the
! local tanks, over which you have no control He
would have the circulation Of tIese banks in the
place OF geld aud silver. You would then have 10
receive the paper money issued by the Bank of Prov
dence X. L., o. Ill the wildcat banks Of Michi-
gin, or Of the ihou,aud banks which might spring
ap anywhere. How long would be before we would
have all the evil Of an inflated currency an ire
decmhbie currency Of the very worst kind, and of
the very worst form j ray, then. Mr.. Preside II,
there If no other resort. II il impossible for Senators
10 answer the question 10 how they are gong to
raise this money. listened with great attention to
the remal ks OF the Senator from Vermont Mr Col
/ iauleri. But after he he'd finished, | would have
! been glad 10 have had lin inform me what we shall
do. Shall we refuse 10 pay our soldiers, or con-
| tractors No, Sir You have agreed 10 paw your
debts IL money, aud the Chairman 1.-THE Committee OF
Finance gave tIs "A very able discourse mon the I'M