Bellows Falls times. [volume] (Bellows Falls, Vt.) 1856-1965, 1862-02-14

and honest mode Of taxation would be re-
pueuant to many constituencies, and the
doors of the temple of paper money would
not soon again be closed. We cannot pass
a law compelling the acceptance OF paper
money in lieu of cuin in contracts made
one, two or i've years ago. In our primi-
tive DAYS it was customary TO draw notes IN
due form with the addition of the words
.bulls and stays excepted Hereafter all
contracts will need to be made payable in
coin. or with the addition of ~. s. bills
and rags excepted" II the provision max
ing the notes legal tender should unior-
tunately pass, il certainly ought to provide
that it shah only apply 10 contracts hereaf-
ter to be made. If this bill passes, the
prices Of living and the cost OF materials
would so advance that labor could no longer
be probably employed, and we would have
to 90 to foreign markets with our specie,
and thus we might bid farewell 10 all pro-
teclion. While we are at war the people
should find employment at home at living
wages. While we are at war eeerv dolai
of money in the country should gladden. the
eyes Of our own people. and run on no for
egn mission. Ii we tax the people we
should not deprive them of employment
In fact, with a wise policy there is no lack
of means to carry on the war. offensive or
defensive and these have only to he or
ganizel to give our credit foundation as
solid as the foo's;ool of Jehovah. The first
six months of war are the most exacting.
The expensive outfits and costly trans por'a-
ton will not have TO he repeated. There
may, too, be more foraging upon the enemy
as the army advances, and less chance for
the vampires at homes who have bled the
Treasury when they ought TO have been
made TO bleed themselves. In the bill re-
ported by the minority of the committee as
a substitute we propose no new issue of
Treasury notes, but leave the fifty millions
already authorized to be issued and reissued
as may be found necessary or convenient.
We then propose to issue one hundred mil
lions of dollars in notes bearing interest at
the rate of three and sixty-fve one hun
dredths per cent. payable at the pleasure
of the United States, 10 be received for all
debts and demands, taxes included, due TO
the United States, except duties on imports
and exchange, at the will of the holder,
whenever presented in sums Of not less
than fifty dollars, for United States seven
and three -tenths per cent. In substance
they are like the English excheqner notes.
They cannot exceed the amount of internal
duties that win be levied, which will create
sure and constant demand for those notes
1t is also proposed by our substitute to is
sue two hundred million dollars in coupon
or registered bonds, payable in ten years
with interest semi-annually in coin, at the
rate of seven and three-tenths per cent.
per anpum. We promise coin for all inter
est on bonds. This substitute avoids all the
material and fatal objections TO the original
bill, is entirely practical and feasible in its
character, and will not only relieve the
Treasury from its present necessities, but
do something towards making provision
for future wants. Ii is a question that will
mark for veal or wo an important page Of
our history, and invoke the courage and
judgment of the committee 10 meet the
question with that cool deliberaiion It's high
importance demands.