New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1862-01-29
THE DEMAND.N0TE BILL.
SPEECH OF THE HON. {. G. SpAULpING,
OF NETWORK,
I'm che House Of Representatives, Jan. -.

finances deserve our n1st rciioNs "''oh'ioh' LUG
WAYS and means Of carrying on the war should en-
LIST tho grave consideration OF every gentleman on
this floor who desireS the preservation OF TINS Gov
eminent. We wde never in greater perli than al
this moment. 1t will require all our be.t energies
20 successfully met the crisis through whicn we are
ia. sing ] am oppressed BY the magnitude OF 'ne
work before us. But, Sir, will mott dars not-i
trust we shall not any of shrink from the respon-
sihilitv of Reforming every duty devoved upon us
in this greet crisis of our national affairs.
The biz before us is a war measure, a measure OF
necesstg aud not OF choice, presented by the Com-
mtee 81 Ways end Means to meet the most pressing
demands nron the Treasury 10 sustain the army and
navy. until they can make a vigorous advance upon
rbe Iaitors aud crush out the rebellion These are
| sxtr,ordiuary tines, and extraordinary measures
mIsi be resoFed to IN order to save our government
AID preserve orr nationality. $500
This bill, in addition to the fifty millions OF de-
mapd notes authorized by the act Of July last, au-
horzes tho Secretary of The Treasury to issue on the
credit o. the United States oDo hundred millions oil
dollar. If Treasury notes not bearing interest pay
able 10 the bearer AT the Treasury, or at the cinee OF
the Assistant Treasurer, IN the CITY oil w-iofk'
III tho pleasure of the United States, and OF such
denominations as he may deem expedient DOT iess
than five dollar each end such notes, aud all other
United States notes payable on demand, not bearing
oterest heretofore authorized are made receivable
FOR all oebe aud demsnds due TO the United Staies,
and for al salaries, de q, aud demands owing by
tie United States TO individuals. corporations aud
agsocistons within the United States, and 40 also
declared lawful money and legal tender In pay
ment of IN debts, pa lie and private, within the
United States making altogether $50 OOO, 900 legal
tender Csu.and noes.
Provision is also made for the convenient exchange
Of such notes for six per cent bonds Of the United
States, redeemable in twenty years.
Fufth6r TO enable the Secretary Of tie Treasury to
fund the Treasury notes ana floating debt OF the
United States be is authorized to issue, on the credit
Of the United Statee, coupon bonds or registeFed
bonds 20 an AMOUNT not exceeding $500 900 O00 and
rodeemable at tie pleasure Of the Government after
twenty years from date. and bearing interest at the
rate of per cent per annum, payable semia nualy;
sud the bonds lhns authorized to be OF such de-
nomination, not less than $50 MS may be determined
upon by the Secretary Of the Treasury, or III sums OF
not less than : 300, for which if requested. the
Secretary OF the Treasury il he deem IL expesient,
NAV issue similar bonds, the principal ana interest
Of which NAV be expressed in the currency OF any
foreign country, and payable there. The Secretary
il authorized 10 ssuo said bonds NJ their par value 20
any creditor or creditors OF the United States who
may elect TO receive them in subtraction Of their
demands; provided that al such claims demands
shall have been fret audited aud settled by the
counting officers OF the Treasury and the Secretary
OF the Treasury may also exchange such bombs al
any time for lawful money of tho United States, or
for any Of the Treasury notes th6t have been may
hereafter be issued under the provisions OF this act
The bill is simple and perpicuons In Id terms, and
easy Of execution. IL ID d Government measure,
and the officers Of Government are required to ex-
ecute It's provisions.
By the time the Secretary Of the Treasury can get
there notes engraved, printed and sigued, ready ior
use all other available means at lis command, and IN
the Treasury, will be exhausted This measure is
therefore presented under the highest prerogaiyes
OF Government. The army and navy now IN the
service must be paid. They must DC supplied with
food. clothing, arms, ammunition and all other ma
teiia of war, render them effective IN maintaining
the Government and putting down the rebellion.
Having exhausted other means Of sustaining the
Government, this measure Ii brought forward Hs the
bes; that can be devised in the present exigency 10
relieve the necessities Of the Treasury, and trust IL
win pes without delay.
At the extra session la Juiy ael, Congress author
lied the Secretary Of the Treasury TO tonow
$3.50 600 OOO, for which he wGs authorized 10 issue
couron tonds or registered bonds Treasury notes
IN such proportions OF each he might deem sdviss.
bic. The bonds were to be ssned for twenty yeaIs,
at rate not exceeding per cent interest per annum,
payable h6ltyearly; and the Treasury notes were
10 DO issued in denominations of not less than SO
each, at three years, with interest NJ $40 per
snnum, payable balfyearly, aud exchangesble At
any time for twenty years por cent bonds. Or, at
the option OF the Secretary, he permitted 10
ssue $50 100000 OF The above loan in Treasury notes
on demand IN denominations OF not less than s.
EACH without interest, and made receivable in pay.
ment of salaries or other dues owing by the United
State-; or, In bis discretion, he was authorized 10
ssne Treasury notes at one year bearing interest al
j o5-lOO per cent per snnnm, excbsngeable nj any
time in sums OF $780, upward, Tor the three years
Treasury notes bearing $40 per cent in crest but
in the aggregate not to exceed $3.50, 000. 00O
further provision was made, however, TO wit: that
the Secretary of the Treasury might negotiate any
part OF the loan for Fix per cent twenty years bonds
az a rate not less than the eqrrraleht of par, fer
t7Hds bsarlHg sersR PER ctRt interest per annaBl
kalf-ycarly, payable ia tceafy gears.
Under these provisions, the Secretary Of the
Treasury has borrowed, on the $40 per cent
Treasury Notes psyablo in three yess. Slooooooo %
On twenty yesrs 8 per cent bonds, reduced
4. .nnom. half yearly, say at col (sts7s5.
AS ~ actually received into the rrrssuryl
for which per bonds Issued. 50C00000 %
Issued and put IN circulation 70 currency
land to D. put Ia circulation within lev
csy,). al the demand Treasury Notes sc-
thorzed In July not bearing n,eIess.... SWo,oco 20
Borrowed on the Loan bin q July.... s2oO0O,OOo 90
Paid out to contractors and others : al00
200 600 10
$500 200 600 90
TIE total amount of the public debt up to the pres
ent time and for which United States Stock and
Treasury Notes have been issued, is As follows
l 10 July 6l................. go s67. s2s 90
coin at par al different date, in July and
Ausu< 'ir per cent Two years notes TO the -
Tier we. borrowed 1t par, in the same
months upon 'rty dsys' sin pet cent notes,
There wss borrowed. at par, on tie 18th OF
August three ears seven snd three-tenths
irb.cber. TO the nsica.i loan. DccOOo co
There was borrowed Oh the LIST October upon
like securities. sVVO,OOO %
There wa borrowed nj par, for per
cent on The 10Th Of November. upon TWEEN
Nv wear. tr per cent bonds reduced TO the
sgaiy.ep o. .svsn, Including interest. 100000 90
There have bocn issued aud cIcasted OF
Tre.sury notes. payable dsmand..... 10000 600 90
Making en- eggregate debt in various forms 10
Jaa. IS 1861. ACKNOWLEDGEMENTS. s2eT7Ga6l3 "a
estimato that the amount required up to
July /. 1852, viii ACKNOWLEDGEMENTS. 3o2 135 $50 30