Pomeroy weekly telegraph. [volume] (Pomeroy, Meigs County, Ohio) 1860-1866, 1862-03-21
gPEECH S P
Y. B. HORTON,
OF OHIO, IS
The Treasury Note Bill
DELIVERED IN THE HOUSE OF REPRE-
,SENTATIyES, FEB. 8, 1862.

on the state of the Union, on the Dill to aa~
thorize the issue of United States notes, Mr.
HORTON addressed the Committee as follows:
Mr.. CHAIRMAN: Those mem bers who
have taken any notice OF my course, viii
remember that have not often imposed
myself upon the indulgence of the
House; and l would not on this occasion
were it not for the fact that in my judg
ment we are about taking dangerous
departure from the financial system of
the country. If this bill passes, as /
hope and pray it will not, this will be Il
point from which we shall date rev
financial system in the Unised States.
Old things will have been done away;
all things will have become new.
Being a member of the Committee Of
Ways and Means, l have been engaged
in working according to the best of my
ability, saying nothing; but | wish upon
this occasion, as the saying Is very COM
monty uttered here, to put myself right
before the House and the country II
l am wrong in my convictions, l wish
to take the responsibility of the wrong.
If / am right, do not wish the respon
sibiIity to a tach to my skirts of the
great wrong which | believe to be liz
volved in this bill.
l do not expect by anything l shall
say to convince any man who has already
examined this question; but still L wish
to utter my voice OF warning against
being driven uy supposed and asserted
imperious necessity into this measure.
1t is conceded to be against all the
teachings of experience, against all our
habits OF thinking, against all our sem
timents Of right, and against all our
opinions about political wisdom and
prudence.
1t has been asserted upon this floor,
with the utmost apparent sincerity, that
this is IA measure not Of choice, but of
necessity. But, Mr.. Chairman, that as
sertion is only reiterated, not proved.
Where is the proof that it is a matter of
necessity? There may be proofs abund-
ant, but they have not been produced,
so far as my knowledge or observation
extends. They may exist outside, or
they may possibly exist here; but they
have not been made apparent so far as
have been able to discover.
propose, Mr. Chairman, in the brief
period | shall occupy on this occasion,
not to 90 into the &C Institutional
ticns involved in this bill They have
been discussed upon one side or the
other. | shall leave them in the same
condition In which | found them, but |
shall call t he attention OF the committee
10 some practical views, which it seems
te ue are decisive. And ask those
" ho listen to me Just to keep III mind
their own practical knowledge. aud their
own practical experience in the ordinary
transactions of iiej and unless they ca Il
prove to their own minds and to their
own satisfaction that there is souss
thing applicable to governments that is
not applicable to individuals their own
financial affairs, they will have no diff
Guilty in understanding what | shall say
Now, MIR. Chairman, | believe all OF
us will agree that tax ii and loan
bill should have been passed through
this House side by side The Commit
tee Of Ways and Means were convinced
of the Importance of this, and were de
sirous that tl.is should be done 1t is
from no neglect of the Committee OF
! Ways and Means or of the sub commit
tee which has had the preparation of the
tax bill in charge, if the loan bill ano
tax bill have not been brought forward
side by side. This will be understood
readily when the fact is suggested that
the preparation of a tax bill providing
for the necessary amount, and drawn
with the care requisite to an equitable
operation upon all subj ects to be taxed
is work OF great labor, and cannot bs
we'll done by anybody in short time
The members of the sub committee wht
have the tax bill in charge have devoted
all the time at their command in tn,
preparation of the bill. They hay,
worked night and day; and although W.
do not get much credit for being indus
trious, still substantial progress ha
been made.
But the loan bill is brought befor
US, and the necessities Of the Governor
compel US to consider it without wait
ing for the tax bill, which should be ac
counted part Of the same measure
There are two measures before the com
mittee, and propose to discuss them
IOne is the proposition of the gentleman
from New York, (Mr. Spauldiug,) an,
| the other that of the gentleman fror
Vermont, (Mr. Morrill.) The propo
sition Of the gentleman from Ne,
York (Mr. Spaulding) provides fo
the issue of S100, 900, 600 of Treasnr
notes, without interest, payable at th
pleasure of the Government; and with
provision for funding them in six pc
cent. bonds, having twenty years to rur
tprovides, further, for the disposition i
the market, at par, ofsix per cent. Unite
States bonds, having twenty years t
run 1t proposes to make this 500
600, GOO, with the $50, 100000 notes a
ready issued, legal tender for the pay
ment OF ali public snd private debts an
demands. Those are in substance th
provisions Of the pending bill.
The substitute introduced by til
member from Vermont (Mr. Morrill,
provides for the issue, by the Secretar
!, Of the Treasury, of Sl00,000,000 i
Treasury notes, redeemable at the plea:
ure Of the United States, and bearing il
terest at the rate Of three and sixty fiv
hundreths per cent. per AMMAN. Thes
notes can be used as currency when ae
ditional currency is desired, or laid asid
for the sake Of the interest. They al
receivable for all dues to the Cover,
ment except imposts, and are payable
: the Government whenever the GeverI
ment creditor chooses to accept then
These notes, too, are fundahle by tt