New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1862-02-04

Government is limited by The law in this respect to
81 30 COO and consequently the Government cannot,

80 GOO, and consequently the Government cannot,
Il il would yield to any fuch temptation. IL Is said
hat the cou try already has supply of paper
rency equal TO the demapd, that If this amount IL,
therefore thrust upon il at the present time the cur
reucy will oepreciate and prices will be undnIy in-
fsted. The answer to hi. objection Is manifold in
its nature In the first place. the objection supposes
that the total amount authorized TO be issued by the
Treesury will immedia ely be thrown upon the mar
kes; which is far from probable. On the contrary,
it is highly probable that the total amount WIZ never
be Issued The Secretary issues it in making pay
ments from time TO tine and in the usual course OF
trade il will come back to the Treasury, either 10 pay
rneni of taxes and other Government dues or IN pnr
chasing the Government loans; when 1t can be re-
Issued az the Govennent may require ~ 80 that lne
amount permanently remaining ~ the market as q
currency will BY means 20 large as Tue oblec-
tors suppose In the second place, as has already
been shown. while this currency can be converted
in such manner rs to yield + per cent interest on
its par value, it can never greatly depreciate, be-
cause the moment tie capitalist holding At sees any
evidence of i,s depreciation, he Will convert II INTO
the bonds bearing interest, giving him permanent
1come. Thus secures isoif against oVei-cncih-
ton. In the third place. the objection snpposes tLaI
the supply OF bank paper now IN ciFcu.alion - anu
will continue 70 be equal to the demand, ana hencs
the danger Of the disastrous consequences OF an in
Ration. DO those WHO make this objection forget
tina, the heavy taxation which they desire nll5 ,,
create an unusual demand for currency, when WIZ
call for an unusual supplyl How do they expect ~
pay the very moderate tax IN theif es'hhauonl
which we propose when the banks nave sns,
pended specie payments, and the gold - hoarded
by lew spectators in anticipation OF fufufe aug
in its value or pricei VIII they expect
the Government to receive the tax Of SoJOJOOOD ~
specie If not, can they With the Goiernment 10
take the notes OF any aud every banking a5soclaoh
in the country; or that the Government shall ats
crimiDate etween the different private banhs, ana
arbitrarily reject one bank bill az bad and accept
another goodl Ii not and the people ~ large
will be unable to pay the tax in com, and the GOv.
eminent cannot accept in the bills of privn;e local
corporations then the Issue provided for 10 this bill
viii be not only useful 10 the Government az reliey
ing its temporary necessities but viii he essential to
the people ss a means OF supplying them with the
currency necessary 10 pay their taxes. The plan
which have thus sketched In Its several branches
fills up the outlines OF the policy submitted by the
Secretary OF the Treasury ia his very able report.
Mr.. Speaker, the loyal States stand in a more
independent petition to-day than they have ever
before occupied. The reports OF tie Treasury
show that they have been small purchasers,
while tie record Of the exports tell us that they
have sold largely. Where, then, are the aoun-
dant resources OF this country wer, sir, thai
they are in our banks and our warehouses, and our
Qranaries. Commerce and iis attendant trade are
uaraly wed. the tmid and disoyal are sending ther
wealth abroad for secuIity; whi3t the Government ID
Offering the only safe aud sure opporuD for H.
who owe their dom, their Standing their wealth
to tie development OF tie principles n defense u
which this war is now waged seen. 10 be hesltstiDg
and wayering whether % cone to The support oi
II ose princ les or abandon them 70 their threatened
destruction. For sir, digulse IL under whatever
name yOn please. this ~ war, on The part ot the
south, Inspired by Slavery against the free labor OF
he North; and hence the sympathy u receives nom
those who favor srsfOcrafic Institutions The pros-
oelity oil the North Ike that Of ugaId and France,
II mainly 70 be Attributed 70 the skill that has de-
velOpod 10 manufactures, the enterprise that II his
displayed IN commerce, ard the constant investment
of IT, accumulated wealth in industrial pnrspi,s
OF eveTy KIND; while the South, from pohey,
has preferred that its labor should be unskiilcc
and Ignorant, su'ed only TO the employments
OF "A REGULAR agriculture, keeping itself depend
eut upon foreign trade for many OF the convent
ouces md Injuries Which il hes not the ingenuity TO
produce. IL is impor ant Ia this great struggle 10
show the superiority OF the pi1nc ples OF Freedom,
Of education, of the elevation OF mankind, upon
which spcietv ~ he North il ba.ed over iAoee OF
slavery which doom men To hopelefs ignorance m
order 10 iufure abiect obedien,e. To this our re-
sources OF every kind are ablndant, both m men
ana ueaus: and il is only Necessary 10 draw them
out in order To be successful. To fail, would not
be because the patton WAS 30 poorly endowed az ID
Oe without he means OF success but because IL re-
fused TO mel use of them. Such result, IL u
we're posrible, would not weaken the truth oil me
great principles oil liberty and equality for which
we are conIeuding, but would simply demonstrate
that we OF this generation were fathless in guarding
those principles fthless 20 ourselves, ftnless to
our country faitbless good government through
ont the world; and, since such inhdeiity IL VIOLA
ton Of una siionable duty, fsithlers 10 God.
The Committee rose. Adjourned.