The New York herald., 1862-01-24
sLAvxRr-spKrcu or Mr.. A,,xv

Mr.. ALLEY, (rep.) Of Mass, slsA, ~ 'o ques''o"'
wore agitated in the halls Of Co s"s s''A'sr
importance, in all their aspects aad in 'ue'i oonse
quences than the financial measures whicne aeces'i-
ties Of the hour call upon US now to inCaugn'a.e w
all the industrial energies great people pas by the
nightmare that is upon and Congress- upon whom ~
people have placed tho responsibility Of providing >ys
and means for relief have done nothing bat waste then
ume IN talking about unimportant matters Great
schemes are To be devised and measures enacted upon
which our very existence depends which should engage
the earnest thought and active energies of every mem
ber OF this House until the task is accomplished The
hrst thing TO be done raise the to carry on
the government, by making available its credit at tho
least possible expense the manner possible with
the least detrinen the interests the whole
people In order 20 accomplish this object properly you
must make your securities good by ADEQUATE taxation
We must provide for the wants Of the
cost and at every hazard Every individual and corpo
rate interest must bear in patriotic submission TO the
necessities Of the The question
has employed the brains and enlisted the pens Of the
greatest statesmen aud most eminent writers Of every
first introduced by William the Conqueror eight hundred
years and from that day to this We have authentic
record OF its history In the reigns Of the Henrys and
the Edwards the eonsges were frequently altered to suit
the exgences ard wants OF the crown reckless and
mprovident monarch was sure to produce dearth Of
money and dearth OF money was always followed by
dearth of food Down to the reign OF Henry the Eighth
It was the practice when money scarce TO reduce
the standard OF the coin, until Henry reduced it very ma
eriay and his son, Edward the Sixth, reduced it until
1t until it became Infamous making $50 600 pounds out
OF 20 900 pounds OF good coin. With the reign of Rza
beth came determination to improve the coinage and
in the reign OF William and Mary the Bank Of England
was established and tho currency ever after be-
came mixed one Of paper and coin. There
stability then than there had been with exclusive
taic cur ency Increasing the volume ofhe currency in
It's undue expansion stimulates unhealthy business and
It's action caisesrun and distress to follow in its
wake. The great financial dosideratum is to prevent
the one and avoid the other much possible.
He spoke Of the example Of England because upon this
question she had more authentic record and wiser
policy than other nations. After tho suspension Of the
Rak oil England In 1597 which continued twenty
four years, the currency OF England almost excu
svey paper currency. In Wow OF the experience Of
England, with her overwhelming Indebtedness and vast
expenditures, together with our experience there
Is nothing to alarm in susens of specie pay
mens and nothing financial condition occasion
despondency. IN all our financial arrangements the
government should wisely co operate with those who
conduct the financial and business interests of the pub
lie. But must not forget that the government is
supreme The inquiry should be not what best under
the circumstances, but what bc done in tn" crisis
that upon us In order TO determine tn question
must be governed more or less by considerations
nected with existing systems. There three great
financial measures under consideration, the adop
ton Of which, coupled with determination to reform
tho expenditures will, in my judgment, resuscitate the
dropping interests OF trade improve the currency OF the
country establish confidence and place the public credit
upon as fine foundation as that Of any on
earth.
FIra-Auhorizng the issue of one hundred millions o.
demand Treasury notes. to be made legal tender,
vcrbo at any time in sums Of mol less than one hundred
dollars in Unitod States six per cent bonds payable
twenty years. or convertible into sterling bones OF not
less than five hundred pounds, payable in London.
Seord-Snutaneous with this, the levying Of ono
hundred millions OF tax.
Thira-To provide a uniform currency by causing all
the bank circulation Of the country to protect holders
asans; less by securing their redemption by pledg Of
United States stocks
standing alone basn combination each with the
other they will coufcr thcrpe benod OF relief to
firm foundation, and giving to the people
a safe currency. which shoaid be uniform in every
Of trade. II this war should continue for eighteen
months. according to the estimate OF the Secretary Of the
Treasury. shall owe nine handred millions Of dollars
This looks like large sum; but with our bolndless
and machlsss energies in developing the mate
rial interests Of the country, pay the interest
easily and, If necessary. portion OF the principal annu
ally II need be- can mako public lands. if pro-
pery managed and disposed OF udcously, pay third
OF this debt before 10 natures il is funded for twenty
years and have enough left 10 pay twohrds Of tho ba
lance tho succeeding twenty years Nine hundred million
collars is only about twice as much as Englands usual
amount Of expenses in time Of peace; but little more
than she has expended In single at several periods
In her history: Oar surplus earnings In two
three years will wipe IL out, all out, if we wish
Can any Of reflection doubt when he realizes that
have little TO question the ability OF the govern
ment 10 maintain it's credit unmpaired through any
pecunsry trial may be called upon encounter: He
In favor Of issuing notes Of less denomination than
ten dollars becsuss he was opposed to the government
absolutely necessary to provide for It's necessities lie
thought that the nteres. OF all would be promoted BY
leaving the banks TO supply the susl local currency pre-
dcaed upon United States bonds The of
obviously wise that he would ouy remark, in the
language e ths great statesman, "hat nations we
as ndviuas ought always cont acting bs to pro-
vide some plan OF redemp,ion; without public conf
dence could not be retained Among the advantages to
be gained by the adoption OF this currency
tom was, AZ tho Secretary has said, that it will unite
with the government all the monetary interests of the
country and make II for the psouniary interest Of all
sustain and strengthen the government aud It's credit.
Adopt these measures and diminish the burhens Of the
people by every prudent rctrcncbmcnt and reform by
crrc'ing out and furnishing all frauds, and then, ii
the policy Of the government in other respects should be
vigorous and wise as its financial arrangements are
roc and just VIC shall have the war speedily closed and
state Of prosperity such us the American people have
witnessed in the whole annals OF her history.
Mr. HARRISON Union) Of Ohio, said that the obec OF
the to execute the laws OF the land to establish
permanent peace and security within NATIONAL uris
dction and TO maintain republican liberty tnis CONT
nent. As to the means Of suhduing the rebellion he
held that whatever H. not prohibited by national
s.itution or The public law is clearly military necessity
and legally right. Those enbrance the power to seize
and condemn property AMI conncI,c debts. The ccnis
cations ought to DO of such nature a. to induce the citi
zens OF the rebel Satcs to return to their aesianc,
rather than to render them dsle ate lie believed that
the prevalent sentiment Of the loyal Saos and the views
and feelings of large majority OF the army suggested
slavery the robcllous States. The argument c the
gentleman from Ptnnsyivania Mr.. Sievcns) did not
vince him (Mr. liarrisonl, o. tn neeessityof gene
raj emancipation f the slaves. This
waget asains, our government by political leaders
bo destroy the rebel army with superior non forces
and heu promptly punish tho leaders for treason accord
ing ~ the constitution and law OF the land. Such action
as may bo necessary should grow out Of public
ty. Our salvation depends alhering to the consiu
ton in all length and breadth The American people
are determined that neither the constitution tho
Union shall be destroyed by any combination consp
racy, undor any protext whatever. II all MAINTAIN
cicicnt solely FOR the constitution and integrity
of the Union tho principles Of Washington and his
compairiots, without beng disturbed by disputes and
imprac cablc theories the rebellion will he suppressed
and then the people will be secure in the wiscst and
the most enduring government in the world, moro
enduring from tho fact that II has boen put to
the test for maintaining its efficiency
Mr.. wAsnBuRSE (rcp) Of ILL.,. called the attention of
the House communication the New York 7ribune,
oditorialy endorsed worthy OF confidence touching
the special Committee on Contracts so far as regarded
General McKiustry lie denounced the commune alton
false in all material respects, far 1t referred to
the committee. As regards the military authorities here,
they could takc Of themselves. lie read from tho
published Journal Of the committee. the letter OF the
committee to Mr. Clements the Clerk Of the Quartcrmas
tor calling him for the explanation he rendered and
showed that the said Clements before the committee
and testified to the amount OF than thirty
published in the reports that the committee gave him
the widest latitude to put in everything In his testimony
that could explain McKinstry's acts, all Of which
Ia pnhl shol In tho testimony; that another ccrk