The New York herald., 1862-02-20

4
not compel tho capitalist the rich man, TO receive
| them in the same manner for what you owe him
Is one citizen owing allegiance TO the government any
better than another ctzena Are not the rights and
duties OF all on the f0otnR2 Is the rich better
entitled 70 nave nus interest paid IN gold and silver on his
accumulated capital than the poor for hIs demand
against the government for services supplies and mate
rias for your army and navy2 consider all loyal men
as equal and all entitled TO the same kind OF pay One
loyal man. in the of the law ought 10 be considered
just as good any other loyal man. Then why make
any discrimination Why give class OF citizens
preference payment over another9 discrimination
Of this kind will create dstrus II is like debtor in
failing circumstances giving preference to one class OF
creditors over another 1t always operates unfavorably,
and ought not to be and never is favored
by courts of justice and such preference only enforced
when legally necessary. All preferences or this
| kind Odious and in their practical working
operate unfavorably u has tendency to array one
class Of our people against another class subjects the
government to the necessity Of submitting to heavy dis
counts on tho sale Of its bonds depreciates our own
bonds and notes. and tends to embarass the
in all its financial operations. At the extra session July
passed two very important bills borrow $780,,
600 600 for which bonds and notes TO be issued,
other call into service 500 900 volunteers and
pay the common soldiers thirteen dollars month and
the officers higher fixed compensation Both bills were
war measures-both were necessary-and action has
been had under both Under the rs bill the associated
banks Of New York, Boston and Philadelphia took $780,,
600 of the $40 three year Treasury notes at par
and $50 900 900 twenty years six per cent bonds at
discount Of 10 23 per cent discount from their face,
say net $44 ,661 ,230 o. being loss Of $685..
661 81 on this transaction This is higher rate OF
interest than government, with all its immense
and resources, ought to pay but the loan has
be0n made and only refer to it now for the purpose Of
showing what has been done under these acts Congress-
Under the Army bill 900 volunteers have been rallied
into the service and in tho field Under both OF
these bills debt has created against the govern
ment The associated banks Of New York, Boston and
Philadelphia creditors OF the government TO the ex
tent OF 000 The 500 600 volunteer army are also
creditors Of the government. We owe them both, and
both creditors under the laws passed at the extra
session. both classes Of these creditors the
foOtngS Are the bankers entitled TO preference
over the volunteer armyY Is the bankers money any
sacred than the services OF tho soldier In battle on
guard in the tented field. cannot that the banker
entitled any preference the soldier under these
two laws Of Congress- and yet you IN these hard
money amendments of the Senate you Will compel the
soldier to take legal tender Treasury notes in pay
ment for his thirteen dollars por month, which you
agreed to pay him, while you pay the banker his high
rate OF interest semi annually in gold and silver coin Is
this rghtf Will this be melting out just and equal laws
to the loyal citizens OF this government What wlyo
army say to arrangement Of this kndp Sir cannot
consent to such discrimination no such amendments,
ouch injustice. We fighting for our nationality,
and the great fundamental principles Of liberty and
equality upon which our government rests. We must
have the Mississippi from sources its mouth it
cannot be cut in two and wholly unable TO- discover
dividing line between the great akes ana tne uuM u
Mexico Our nationality and our present territorial urs
dicton from the Atlantic to tho Pacific, must DO pre-
We have been forced into this terrible war BY
uncomfortable ambition, and treason OF the blackcst
kind. II is costing thousands of valuable lives
| and untold millions. We have accepted tho issue
presented by ambitious and traitors. We must go
forward we cannot 90 back Success regardless Of COST
will establish tho strength and perpetuty of govern
meut; defeat will be DEATH 1t is to be hoped that this
will be short II is very desirable that it should
be pressed with vigor and bc brought to
speedy and successful termination God grant tint this
may be the Ihaxe expectation, however that
the authority of tho United States government will bo
respected aud enforced in all the Southern States for
many years. think the rebels desperate aud detcr
mined and will submit to the constitution and
laws until compelled to doso by armed force They may
be beaten and compelled TO- fall back; but until Union
governments successfully established in all the
Southern States the laws OF tho United States will not
be respected, and only be enforced by the army
| aud navy ia actual occupation of the rebelious
Stni a
l. army for many years. the total expense OF which
cannot be estimated. In any event look for very
large public debt that will accumulate with great
pdity. 1t will amount to $3.50 900 900 in Ave months
from this tme 81 200 900 900 by July 1, 1868, and
81 800 900 900 by July l. 1864. Tho interest this
debt will severely the energies and Of
people. All needless expenditures must be cut ofa1l
cxtrnvagant rates of interest must be avoided We must
onlorce rigid economy ana strict accountabiE on tho
part OF all public officers II Ia our duty toguard the
Treasury every way consistent with tho vigorous pro
secution Of the suppose the public debt 10 amount
to ST. 900 900 OCO in year from this time. Six per
this would require $50 900 900 gold
to bc obtane annuay-S,O 900 0O0e every sixmonhs-o
| pay interest. How is this gold to be obtainedy BY
selling your bonds at the market price, toprocure it,
This is large sum TO be procured on forced sale Of
your bonds thirty millions OF dollars every Six months.
sum greater than all the gold possessed by the New
York banks at this time. Tho fact that create by
greatly enhance the price banks and brokers will hoard
It for the express pnrrose Of seng evory six months
to tho government high rate. Docs any gentleman
this floor believe tad, with this largo domand for gold
by the invidoS discrimination contained IN the
Setc amondmont. that bonds will not fall down to
pkkly cents aId perhaps to sevenynvc cents on the
| dollar. In every asrcct which you Wow this hard
money provision It's practical workings will he disastrous.
II would be all ,cry well II tho amount was small aud
applied to carrying the government on peace foot
| ing but in carrying on tho government at this
time the magnitude Of the expenditures arc so over
wheming that all theories applicable TO peace must
give way to the inoxorabls necessities that upon
the prosecution Of this Look upon your long
limo OF offensive I % onr .,o 70
Beaufort, Key West. Pensacola and Ship 1sland-a
distance OF more than four thousand miles. This very
long limo OF military operations cannot be mantanod ex
cept expense Tor transportation, supplies
aud materials OF war One million and six hundred thou
sand dollars does not tho daily expenditures.
Peace theores of finance must give way TO what ,s
practicable TO be done in the present exigeDcy Tho
government is at this moment IN the situation OF mer
chant that has ovcrtradod who than he has
the present means OF paying He may be compelled TO
stop in specie when ho has ample asscso cover
all hs liabilities mere suspension of specio payments
does not Imply bankruptcy or insolvency Just so with
the government her present peril. We have no money,
but have vast resources y property, enterprise,
energy munitions and materials Of Wc arc the
richest nation in the world In proportion to popun
The country is full OF tho means OF subsistence.
All the Western granarcs and warehouses arc full OF cos
wheat pork and bosr waiting for Market OF which
has lain there Cor year Every year our country
grows more popuous; every year grows richer, AMI
fields opened to the pow. The earth IL full OF
gold, silver iron copper coal and other minerals, which
worked by the cnerprisng miners tho world
W. Allthese advantages arc in the hands Of
sagac ous. Inventive and industrious people who Know
how obtain from these aud other sources more wealth
not less than Sl6o 900 by direct taxes and inter
nal duties upon tins vast material wealth OF tho coun
try The dueson imports trust. will bo $50 100000
mUre making aggregate Of 5000 900 900 annually,
lormng substantial bass which 20 rest the credit Of
the government and enable us to successfully prosecute
the war wtisandng tho suspension of specie pay
rnents and the ovcrw helmng amount OF cXpcndi-
Our country and government, at all hazards,
must b. preserved. To accomplish this our plan
or finance must be simple and practical. As
has been shown, we have various descriptions
OF property in abundance. Wa have not the money IN
meet the sudden demands thai are upon u.s. Is s not
better to pledge honor, lands houses, personal
estate incomes and wealth OF all kinds TO create this
money the faith OF the naion than to run tho risk Of
utter ruin all interests for the sake OF holding IN
theories which may be excellent In tme Of rcaco but
which are wholly impractieabe IN the prosecution OF
this war; | repeat that my views and sense Of duty
compel me to disagree widely from tho senate.
have great respect for that body and would gladly yed
to their f did not regard so fatal 10 the public
interest 80 our funded debt reaches
s7Oo 900 0o0 which will he in very few months, be-
ieve IL will be impossible to procure tho coin b. pay the
Interest scmiannlay without tho most serious coDse
gucnces to our credit. Tho amount OF discount
bonds procure II would bc very large Incvcry view