New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1862-02-05

we Omitted to improve IL. 1t IL this that has
akencd suspicion, and given rice TO the feeling
thpa tie favo,ite policy Of the Government is the
exhaustive policy. IL il this exhaustive policy
which has awakened the alarm and Indignation OF
MANY. And no one can wonder ut it. In tbl' policy
we must eventually be beaten by the rebels In arms,
for we are q manufacturing people and the rebels
live by agriculture. We neglect our pursuits and
undertake to wake upon the vast frontiers OF
the enemy, while they all the time are amid their
own homes, having large population OF slaves to
til their lands produce for their all the necessar-
les Of e and having thus all their time TO spare 10
organization ard drill. In this exhaustive Iohcy,
therefore, we must succumb. we nave TWO grea'
dangers before usthe danger OF exhaustion IRON de'
rangement of finance and trade, and danger from Tor
eigu Intervention breaking our blockade ana ieaolhe
to war; which will widen out to be riot 10 the ma
ton. Prosecute the war vigorously, ana we nave
full permission TO lay on all the taxes that may DO
necessary TO meet this emergency. The RESPONSE
tility is with us. To meet this emergency Wild
eslmness, with safety ard sucoess, with SOLID
policy we can realize IN season all the money we
need even in anticipation OF the tax TO be levied by
taxation that being expressed 10 tie contract win
the public creditors II the bill, instead OF contain
ing legal.tender clause had provided that the notes
should BIO redeemed by taxation, and had that
stamped ard Inscribed upon them, have no doubt
but they would have been acceptable. This scheme
comes here sanctioned by only minority Oh the
Committee. That Communities consisted OF nine
members, one absent, and am glad TO od that 1t
has only received tue favor Of four OF that Com.
mittee.
Mr.. STEVENS (Rep., Pal explained that at first
three fonrihs OF the Committee bad favored the bill
Mr. CONKLING-At this time, wban high imam
ca authorities hesitate, and frequently reverse and
change their opinions, gentlemen on the Committee
nav well change their opinions. have no patience
with the bill. The bill is not that can live OF
itsef. IL before us in an imp rfect state The
design Of the bill is to prevent the banks from going
back to specie Tay mens. AZ al! events there is eyi
dence OF an intention ia hill quarters to preach
crusade agains, the banks. If this scheme is the
best that can be devi,ed ii IL undoubtedly entitled
to every vote this hoor. IL ia conceded by the
advocates OF this measure that if the legal tender
clause be stricken ont the resdue Of the bill would
not pass. Ia other words the great objection 10 the
legal tender clause would be fatal 10 the bill. am
opposed TO every attempt to make ought but gold and
silver coin legitimate tender. The proposition to
do 20 il no, entirely in legislation No prece-
dent can be found Tor 1t in the legislation OF the
country, and this fact amounts TO affirmation
authority Of highest kind against the existence OF
such a power. II such a power existed, or was pro-
yil.d by the Constituton, we should find a record
Of il. Occasions 10 refer TO IL have repeatedly, IN
times past, ari-cD, and yet such n measure was never
suggested; aud, therefore, an warranted IN con-
tending that the concurrent authority Of all the law
yers JuEists. and statesmen OF our country have
.tanipod uncons.iuionalty upon this bill. Bat
sonnet inx more is claimed than the night TO make
something unknown heretofore a legitimate ten
der. IL has a retrospective force by which 1t stikee
a; every existing pecuniary Transaction. Inc
Attorney General IN bis opinion upo1 this subject,
Of the power OF 70 eflectins past contracts, only
rays that there 40 prohibition 10 the exercise OF
this power One Of the results Of the passng Of the
bill viii be that il will open the door 10 wholesale
frauds. Every sgent, attorney. trustee, executor,
cousignee, commission merchant, and every other
debtor who has received hard money from Others,
ltrk IA
currency we put forward. and then pay of with It,
except such may be boDester than the act OF Con-
gress advises them to he. Think OF the savings
bauke Of the country, entrusted with the hardearned
ptiance Of the poor and hungry, OF the needy
woman the widow, and the orphan, taking adyan-
tage OF the BILL snd reducing the savings oil these
people least City per cent on the aggregate, and
that by continuance go that il never thought
OF in The days Of Monroe or Buchanan III IL passes
into law some scheme OF bankruptcy mus, DC devised
more gigantic than ever was yet drearnt Of to pro-
ect the ,eope Of the country. IisopeDingthe Hood
gates Of fraud TO make paper q legal tender, and
am Glad TO fad that the popular branch Of the Legis
aruse of the great State OF New-lork os Get lis seal
o. ieprobaton upon tllisswindle by vote OF almost
TWO 10 one /. sucn O. scheme Is TO be tried by the
nation ut all It Is 20 be tried only as ast extremity
and when all other means have failed. When you al
low the Government 10 do this you have reached the
last grasp of cTedt The London Tones has DESIGNATED
this legal tender bill the dawn Of American bank
substitute propose WILL without substantial al,era-
ton procure ali the money necessary to sustain the
Government, aud carry IL through this crisis Never
was there pr, sented such an opportunity TO nation
Never wis there 30 sublime duty imposed upon
PEOPLE within the lifetime Of u human Amer-
can history the history Of free government, the bis
tory Of constitutional liberty begins or ends now
We have our career and our traditions. They are
safe. Bat our history is yet TO be made. Our des-
tiny is to hold this conti ent, 10 do il without
oil ~ wi lie wen in
the midst Of the greatest, guiieSt revolution the
world has ever seeD.
Mr. BINGHAM rep, Obio,l replying to Mr..
Pen teton, said Daniel Webster did assent to the
proppston that the Government Of the United
States may authorize the issne Of paper money NJ
The Constitution was made for one
people. with one destiny. That is. money, IN |
eyeiy country beneath tho sun, which the Sow
er.igntv shah declare money within the limits OF
its jurisdiction Sh, Tia and hides as well AZ gold
and silver, have been made money. The Sow.
eregnty here is known ~ the People OF the United
Sta,es Of America, and has the power TO deterpin"
what shall be money; an other words, the
andard of value. and. the medium Tor facilitating
the exchange Of commodities, and what shall be tue
legal teuder m payments OF debts. Government
without this power would be no Governments ~ all
He further argued the Constitutional question, aud
said nothing was ever legal tender except what
was made such by express provision OF law. The |
Consi tuition declares Whist ehall be legal ten
der in the discharge OF obligations. lie did not like
the phraseology in the hi that the i.saes shall be
red, enable at the pleasure Of the United States.
They should be redeemable at certain day IL tho |
legally established tenure OF value
Mr.. SHEFFIELD lUn.. X. H. quoted the words |
of Mr. Webster: There can be no legalVender but |
gold and silver, and foreign coin regulated by law
they had all sworn to support tho Constitution. Let
tbeI beware snd keep within the provisions Of that
obligation He was further opposed to making the |
notes proposed TO be issued egatender, because 1t
was dishonest aud that was reason enough for him.
II il bill would interfere with the local banks, pro-
dncing distress which il required 20 oretel.