The national Republican., 1862-02-07

There must bs no tampsfiug with the rebels.
No more surrendertng Of rebels, who have
been taken In the act Of trying to overthrow
our Governmeut. Oh
He said that the arguments of gentlemen on
this floor, that this bill is unconstitutional,
we're well calculated to convince him that we
have constitutional authority to adopt this
measure. He reviewed those arguments, and
said he had not shadow Of doubt its con.
II is said that this measure is dishonest
What, dishonest to pay this money to specula.
tors, hucksters, brokers, &c., but not dishonest
TO pay out treasury notes to our brave soldiers
Z seems to be perfectly right to pay these
risking their lives in the field to defend and
preserve our homes, our liberty, and our lives;
but It ie very wrong to pay this currency to
any bank or broker. Such is the conclusion we
He proceeded further to give his views on
the policy Of the measure. He thought the
passage Of this bill necessary TO preserve the
country and sustain the Administration a.,
question which meets us vt the threshold OF
this discussion, is the legal power to do what
this bill proposes. II is admitted that there 10
no express power named In the Constitution.
Is there, then, an implied power ne denied
gument to sustain his position. he thought
tho issue of these notes and making them legal
tender for the paym OF all deots, pubic or
private, was q breach of good faith: This bill
make paper, money. The natural law of trade
is stronger than any law of this Congress. The
moral law is stronger than law Of Congress.
1t has been said that the coming generation
ought to bear portion Of the burdens pro.
duced by this struggle. We are not building
a new structure. We are only repairing a
structure already built, and given US by our
fathers. Let US meet the crisis as becomes us,
and not entail on posterity the labor Of repair.
ing a structure which We have damaged by
Mr.. EDWARDS, Of New Hampshire, said that
we have been told that we must meet this
struggle BY taxation. Taxation Is inadequate
to meet our great financial pressure Al this
impracticability. Then the only resource left
for US is the issue Of notes. He opposed the
substitute presented by the gentleman from
Vermont, (Mr. Morrill.) He objected TO 1t on
the ground that it did not require the Govern.
ment to receive at par these notes for all Of is
dues. He opposed II also on the ground that
1t proposes to pay high rate of interest. And
further, that plan will depreciste our currency:
The substitute is liable to all Of the objections
which can be brought against the bill reported
none Of its advantages.
He then proceeded to argue at some length
in favor of the main bill.
Mr.. SPAULDlN9, of New York, said that we
MI WeT0 hkTe0u tudt tdAdtlUH III bCmS lOTm
must be resorted to, in order to defray the or.
dinary expenses of the Government, pay the
interest on our bonds, and carry on the war.
We all agree, too, that this war must be carried
on on the credit Of the Government. Then the
question is highly important as to how we shall
| obtain this credit on the best terms.
Mr.. STEVENS, Of Pennsy sylvania, then pre-.
| sented the closing argument in favor Of the
bill. The question which first arises IL, is this
measure necessary? Tho Administration just
preceding the present left an enormous debt
behind 1t. 1t also left, as 4 legacy for this Ad
ministration to shoulder, 4 great rebellion to be
disposed Of. The Treasury Is now empty. The
last dollar was paid out yesterday. By the
end Of the present fiscal year We shall have TO
expend more than fifteen hundred millions OF
lutely necessary for the relief Of the country.
He then proceeded to review some Of the
objections which have been made to the bill.
It Is said that there Is no express provision In
the Constitution allowing the adoption Of this
measure. If we were TO do nothing except
what Ia expressly named 10 the Constitution,
our Government would not exist one week.
That instrument authorizes Congress to make
| all laws necessary TO enforce the laws and carry
out the provisions Of the Constitution Some
argue that this would impair contracts. As \
constitutional question, there Is no provision in
the Constitution preventing US from impairing
contracts. But II does not have that effect.
Every contractor makes his bargain subject to
with which he contracts.
Ho knew there was danger In allowing ire.
sponsibe individuals or institutions TO issue
paper without proper specie basis but when
the Government proposes to issue 4 currency,
he contended that II had Il responsible basis In
itself. These notes would save u great expense
In the cost Of exchange between different por.
tions Of the country. He did not sympathize
with the idea of feeling so much interest for
the rich, while the poor widows and the father
lass Of fhOaa who SRnt into the Nald nr
the poor soldier himself are put of with de.
preciated currency.
The substitute proposes that we shall issue
notes bearing in crest. These notes bearing
interest would produce embarrassment In
their circulation. 1t would be necessary for
men to constantly carry about with them a
slate and pencil, and cast up the interest on the
notes they pay out, in order to ascertain their
actual value, or they must lose the interest on
the notes. The result would be, that the poor
would get none of the interest, while the rich,
the banker, and the broker would get 1t all.
Tho notes Of the Bank of England are a legal
| tender. They have not deprecated in value.
| Those who oppose this bill would not have u
| uniform currency, but would leave the sharks
and brokers to profit by a changing and irregu
lar currency.
TIE committee have given this subject the
most anxious thought Adopt this measure,
tanned, all classes of the people will be paid in
| Il legal currency, and we shall come out of this
contest with honor.
Messrs. RIDDLE and BLAKE, of Ohio, and
yERREE, OF Pennsylvania, severally spoke in
Messrs. vALLANDIGHAM, of Ohio, +. A.
CONKLING, ofNew York, and others, opposed
| the bill.
Mr.. MORRILL,. of Vermont, defended his own
substitute, which he claimed was not his own,
but Il substitute presented on behalf Of one
half Of the Committee of Ways and Means.
| Mr.. HICKMAN, Of Pennsylvania. said that,
inasmuch as the chairman Of the Committee OF
Ways and Means had said that this measure
was necessary MS Government measure, he
should vote for it.
Messrs. LOVEJ0Y, of Illiyois, and ROSCOE
| CONkLING, Of New York, opposed the bill.
The question was then taken on the amend
ment proposing v strike out that clause which
proposes to make these notes n legal tender.
| The amendment was lost-53 to 93.
Several amendments were proposed to the
| bill.
Mr.. MORRILL,, Of Vermont, appealed to the
gentlemen TO withdraw their various substi
tutes to the bill, and let the question be taken
between y substitute to be proposed by Mr.
Horton of Ohio and the bill reported BY the
| ttaa md