The New York herald., 1862-01-29


gold they possess would not carry the for
ninety days They issue only promises to pay, which, 4
States Treasury based adequate taxation upon
all the property OF the country Why then 60 into the
streets at al 70 borrow money! ! am opposed IN our
assert the power and dignity Of tho by the
Of s own notes, pedging the faith the honor and
property OF the whole loyal people Of the country to
maintain their circulation and provide their redemp
ton On the question Of constitutional power not
left without the recorded opinions the abest ursts
the country-1 Kent's CON- 35l-2: McCulloch VS. the
State Of Maryland, Wheat. R., 1920 Chief Justice
Marshall, Daniel Webster and Judge Kent lay down the
doctrine as follows
The Of the United States h one of
and can exercise only the granted 20
noagn %ed n M a. - within b.
United States and emanatsd from them. Its powers were
nothing esnss'iSn xnsS I eselsa.: Incl
S State. The but vss Of
ed bu the now constitution dropped the word expressly and
~ % al he % al @
be carried into execution II would render proI
nd all s
s se All ne h 81 sS
industry % he
men intrasted with such ample powers the due
Sf "sSs de .o and Ss s he
means Of their execution Unless the words inperops
TO e. qs 'sP 81 ss
Exercise rSI shs 60 the o
means. The powers given the government imply the
.ns the
N % which IS the he most c0nysnen ven and p
OF ne
@
suss s
powers granted by the cCnsutiSn and ns.sssay means
a.e physical necessity strong that thing
wno., sae other stands ior any means % calculated al vi
.. thing may be or very
word Is used in SaroS. snd IN %
III: subject the context! the Intention all 70 be taken
FOR the welfare Of The nation They
crises in human Affairs To prescribe he SPECIFIC means
which the should in an future time execute
limits should leave it in power Of Congress
70 70 as0s S saS
be ss % s%H to Il By rules for
dimy and would deprive the Legislature Of The capacity to
Ss
legtmse and within the Of the constitution all
which are % @ anu
is plainly within the scope Of the constitution that
should DO supported that the navy should be maintained
The ways and means Of doing this left 70 Congress
may provide BY law to levy and collect taxes enough
every year pay tho whole expenses the during
each .. current year, and 50 pay as We 60, II
IL they will not sell for over so cents on the dol
Treasury notes payable on demand, and make them
legal tender In payment OF debts Either all OF
these modes % Of paying the Of tSs
constitutional and Il is left 10 the sound discretion OF
Congress TO decide which mode IL will adopt, whether
il will adopt part OF each being tho best the pre-
sent crisis Ny impression s, that it will be best
for us adopt in part all Of these modes for providing
l. Raise by taxation tho current year. over and above
the amount received from duties on imports the Of
Issue 500 900 900 Of demand Treasury notes in ad
dition TO the $50 900 900 authorized in July making
them legal tender In payment Of debts and exchangabe
at any time for six per cent twenty years bonds, with
after ter dee deem II L 1s necessary: - $3.50 ' '' '
g. Provide the Of all the twenty years six per
Treasury notes. and other undabe Treasury notes that
may be issued (say $500 900 900 six per cent twenty
years coupon bonds and pledge $50 0C0 600 OF the
nua taxes to pay the interest yearly thereon
pledge $25 900 more, sinking fund TO redeem the
principal in twenty years.
l. This tax Of $3.50 900 would afford ample basis
which TO rest the credit OF the government for this
large issue Of Treasury and bonds, and would in
the puncua of the interest to the capital
lists who might hold them.
q The demand notes put in circulation would meet the
present sxgenccs Of the in the discharge of
its existing liabilities TO the army navy and contr actors,
and for supplies materials and munitions Of These
would find their way into all the channels Of trade
among the people and they accumulated in the hands
of capitalists they would exchange them for the six per
cent twenty years. bonds.
These circulating notes In the hands Of the people
would enable them TO the taxes imposed, and would
facilitate all business operations between farmers
chancs, commercial business men and banks, and be
equally good and in most better than the pre-
sent rredcemable circulation issued by the banks.
g. The $500 900 900 six per cent twenty years bonds
in the hands Of the Secretary Of the Treasury
be issued would afford ample opportunity for funding the
Treasury notes fast capitalists might desire
change Treasury notes not bearing interest for coupon
bonds OF the United states bearing six per interest
and amply secured by tax upon the people and all their
property
| along with its immediate and pressing necessities
without being obliged to force its bonds the
kst at ruinous rate. Of discount, the people under
heavy taxation will be shielded against high rates Of
interest," and the capitalists will be Afforded fair
compensation for the Of their money during the
pending struggle Of the country for national sxissn9e
suspension Of specie payments Is greatly to Be de-
pored but it Is not fatal Stsp in an exgency Ike the
present. The Pri.se sovernnent and the Bank Of Eng
period Of twenty five years During this time Eagand
successfully resisted the imperial power Of the Emperor
Napoleon, and preserved her own imperied exisonce
As meaeursof necessity she made the Bank Of England
notes legal tender. During all this time the people Of
Great Britain advanced in wealth, population and re-
sources Sold not valuable az The productions Of
the farmer and mechanic for 10 not as indispensable
| are food and raimenk Our army and navy must have
what is far more valuable to thsm than gold and silver
Treasury notes. issued by the government the faith Of
the whole people, will purchase these indispensable art
obedence the constitution and laws, and honorable
peace be thereby secured. This being accomplished,
will be among the hrst 70 advocate speedy return 70
specie payments oil that calculated to
preserve the honor and dignity Of the government in
time Of peace and which regret are not practicable in
the prosecution Of this / do not despair. on the
contrary have abiding faith in patriotism. frmness
Of the people to maintain this government
feel that are in great peril; but when the people
and rulers become sucenuy aroused TO fully appre
the magnitude and probable duration Of the rebel
on-a rebellion that has grown into most gigantic pro-
poronthen shall be able TO put forth the energy and
the necessary crush It, An early and successful
advance Of armies is of the utmost importance We
advance to sustain the financial credit Of the
government. We nsed II TO prevent foreign inter-
vsntion we need the aggng energies Of the
people: above all need II to vindcate the courage
invncbiIy OF bravo soldiers, who anxious
| TO be lcd on to victory.
| TABLE A.
| rsuR VALUE PERSONAL ESTATE, ACCORDING
i TO SEVENTH CENSUS, 1850, EiGHra
| 1850, RESPECTIVELY
1 ~-tSU- -l860- IN. D.
/ Reoi<Persop- Real 4 Per- a.. for
Aisbams 80. sxs 2Oi $50 Sssis7,Ws sGoaa,74s ii7oi
| Arkansas. 39,]l,023 2le,26u3 l1s,ASl4s $50 81
| California. 22l6l,S72 M,67l6l3 l87l2,7n Sy %
Connectsut.. $50 &t,NllN ySo66, ia ls q