The sun. [volume] (New York [N.Y.]) 1833-1916, 1862-02-05
Houso Of Representatives.

TIE House went into Committee Of tho Wbols IN
the Treasury Note bill.
M. morrill, W. said this measure WAS origina,
ed by Mr.. Spaulding, az a war measure of nesastv
lie did not think hostllites would 30 of such LONG
cntinuance. ecan close tho war by the sOth ~
Juy hsI', Az wei as In thirty years. lie argued
at length TO show the evil tffests Of making thosa
notes legal tender. There Ia no lack Of means in
The loyal states 10 give our credit a fHndatisn n.
snld as the footstool Of Jehovah. He was oppoaed
70 the bill because II would initiate the paper cnr
r'ncy, and thus increaAe the cost Of the war Tha
scheme mutt utterly fail. Il would degrade ma in
tue estimation OF other nations, aud cripple Ameri-
can lalor, Besides, there no necesslty for s,ch
desperate measure. He tMorrllD did not obec, ~
parer Issued W limited extent, but he wished 10
tabiSll rates and bounds Tor II. lie waItad the
he, To bc placed On n solid foundation, that they
mHy lie iuly equivalent n the standard currency
TINS could 10 done hy fixing the amount bayond
which such Issues cannot be made with ADEQUATE
tANtation TO maintSin them. In abiding 10 TIE
state ~ War, he said that General M Clell.n uust
harvest lis advantages within the next ninety dnva
not n "GcnerAl."
should lie some policy worthy the occasion La n.
have no make-shins and suhterflges ~ Dodge
'henest TAXATION" Let us say flAt-fOted whst tie
opia''s and lulAhys from us. What reason was
there iur believing that money cannot be raisei by
the old mode There are two hundred and ffty
millions Of gold In the North. II we deserve il we
can have H. The money must not lie swept into
the laps Of gamblers and thieves, in high or low
plaets, whether they are in our or out Of ofice
The people uust know that money Is moi 10 lie
squhndered on hvorites, whether they are pollu-
gNhS or brothersin-lAw, clergymeu or women.
The people, must know that fr,gality prevails
and that rstrenohment has begun, they must
know that vigorous policy u " DO pur-
sued In the conduct Of the policy destructive
81 the rebellion and more crushing u those In war
In another Argument he spoke Aganst the great
banking scheme about 10 be INTRODUCED. The de-
sign seemed 10 be 10 prevent the local banks from
tesuming specie payments. II seemed h be the
design In high quarters 70 pi each crusade
against the banks, thereby raising q prejudice
against them. The proposition WAS a new one No
precedent for II could Ia found, besides il was I'M
constitutional. Passing by all legal and moral obi.
Rationa and looking at the question In peouniary
aspect Il IL utterly undeservng OF credit 1t should
70 summed and regarded as fraud and folly
The hood' gates 81 dishonesty would be opened by
making this paper legal tender. lie tConkinsl
rejoiced that the Legislature OF New York had pui
ia sea- upon 1t by vote Of almost two N one.
Mr. bingham, tOhiol replying n M. Pendleton,
said Daniel Webster did assent ~ the proposition
that the Government Of the United States may ari-
thoriEe the issue o. paper money AZ currency, The
Constitution was made for one people, with one
destiny, That IL, that money In every country he
meath the sun is that which the sovereignty shall de-
clare money within the limits Of its Jurisdiction.
Shells and hides as well as gold and silver, have
been made money. The soVereignty here II known as
the people Of the United States Of America and has
he power TO determine what shall DO money; ln
o.her words, the standard Of value; and the me-
diam OF facilitating the exchange Of commodities,
and what shall be the legal tender In payment OF
neots government without this power would be
no government Al all
MI sheffsld tR ~ quoted the words Of Mr..
WeuHter "There can be no legal tender but gold
snh silver and foreign coin regulated by law" lie
~ ~ pr,her opposed 70 making the notes proposed
w nued legal tender, because il WAS dishon
" ~a 'ns was reNsoa nough Tor him, This b.