New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1862-01-29

issue only promises TO pay, WHICH, ii C'nBie 49,
its duty are not hslf as secure ms United oa't1
Treasury notes based on adequate taxation uPo" ."
TIE property Of the country ,,o-,o,v
Why then 90 into the streets at all 70 w.; t'
money am opposed, in our present -. noyver
to all shifts OF this kind prefer 10 assc'; 80 of is
and dignity Of the Government, ~ '"o .nd nroo.
cy,n notes pledciny the faith, the honor QUO ~
- Of TIC Whole loval people OF the country "
th.;r oircnlsfoo and provide Tor their re-
oempion. ..., .o. ,ra oro
oi WIG yu. ,ha recorded opinions OF the aoIes'
iorisfs In the county, MN Cot'' yJtaa, p
T,Iio,h - The Slate Of Maryland, Wheal' H.
7iV' r,.,ice Marshall Daniel Webster, and Judge
/ ~, Iav DOWN the doctrine a. follows;
G,,enment Of the United States Is one Of snumer-
aed oo5 limited in H. powers It is supreme within its
% II action. 1t i, the yenment Of the people Of ,he
eS states ard enanated from them lspower' we're del
a,,tsd by sf and it represents all aud acts for all.
- There is nothing in the Cons tu,ion when EXCUSE.
.ye nothing TO the United but what was expe',ly
granted but the Constitution dropped the ~od epey
rd len the question wbethe psrcuar power was granted
os Of , powers and ell the by which they nigh.
be carried Into execution would render too prol Its
nature that only the crest outlines should be marked
r3 ~ objects designated aud all the minor nsed
ent left t. deducted FROM the nstnre Of those objects The
sword sud the purse s i- external relations and no neon
siderable portion q TIE nd1.y o. the r nation 9ov were
lent intrusted with .ueh ample powers on the due exc
cuon Of which the happiness AID prosperity Of the peo
pie VII Sv depended, also be intustcd with ample
II her erscr.'0n. uuies the words impefousy
0uc II, ought not to sdopt construction which would
nIute the trainers oi the Constitution, when granting
greet powers Tor the public good the intention Of impeding
their exercise by Withholding ohoc Of mednG The posers
given the Government imply ths ordinary Of
cuon snG the Government 10 all sonnd fair in
teipIe,son have the choice Of the which il
OF the power The Constitution has no, eft TIE right Of Con
employ the necessary means for tho execution Of ito
.ntion expressly confers Congress the power make
all law, that may be and proper TO carry into eIe
Congress may employ such end pass such laws
may ceen necessary to carry into execution great powers
granted by the Constitution: and neeea'y means 10 IN.
Of the Constitution does not import an absolute phy
cal necey strong that ihng canno exist without the
other II stands for any cacused 10 produce the end
he word necessary admits Of all degrees Of companion
thing be necessary very necessary or absolutely or
nhy Iecesssry The word used IN various senses
and in subject the context the Intention
ell be skeu into view The powers Of he Government
given for the welfare OF th- nsou They were intended
Tor t. aud 10 he to the various
cyiss in human sfsr. To prescribe 'Ae specihe e ans
II. power snd the choice Of means to such mar
row limits should leave IT in the power Of CoDgre" 70
any rlght appropriate aud conducive TO tue end
would be unwe and pencious because 1t would De an
senp provide by mmu,ab rules for tIisence. which
pr,e ;he L ssiue OF the capacity 10 avail Itself Of en-
p,ence tie snd accommodate iis less
the scope the Constitution. all which sppTopI
aad ssy adapted to his end aid which are not Prohio
Ii is plainly within the scope Of the Constitution
that the Government should maintain itself that the
army should be supported; that the navy should be
maintained. The WAYS aud means Of doing this are
Lett 10 Congress to provide. Congress may 40 tins
entirely by taxation. II may provide by law TO levy
and collect taxes enough every year TO pay the whole
expenses Of the war during each current year, and
20 pay an 20. Ii may Issue per cent bonds
and sell them on the market for what they VIII
brug-eyen If they Will Lot sell for over 20 cents On
the dOllaF-to raise money TO carry on The war. ~
may issue Treasury notes payable on demand, and
make them a legal tender in payment OF debts
Either one or al Of these modes " paying the eX-
penses Of the Government IA left 10 the discretion OF
Congress Either mode is Constitutional, and IT lie
left 10 the sound discretion Of Congress 70 deedo
which mode 1t will adopt whether II VIII adopt 4
part OF each, being the best IN the present criss
NV own impression IL that it will be best for us to
adopt, in part, ali OF these modes for providing the
means:
! /. Rase by taxation the current year, over and
above the amount received from duties ON imports,
the cum Of $40, O0O,OOO
2. Issue slO0, 600 900 Of demand Treasury notes in
addition TO tie $50 900, 600 authorized n July, max.
I ing them "a legal tender in payment of debit, and
/ exehangeable At any time for per cent twenty
years bonds. With a further Issue OF demand notes
II Congress shall hereafter deem il necessary.
3. Provide for the Issue Of all the twenty years
per bonds that may be necessary - fund the de-
mgnd Treasury Notes, and other iuudabe Treasury
Notes that may be issued l-ay go, OJOO 900 Fix PEI
cent iwenty years coupon bonds,) and pledge 49,
600 000 Of the annual tgAee 10 pay the interest hail,
yearly thereon, and Ileoge S@J0OO 900 more, ar a
sinking fund 10 redeem the principal IN twenty
year,.
/. This tax Of $780, 600 would afford an ample
basis on which 10 the creCit Of tie Government
for hs large seue Of Treasury Notes and bonds and
would insure the yunctual payment OF the interest to
the capitalists who light hold them.
9. The demand notes put in circulation would meet
the present cZIgencies Of the Government, IN the
discharge Of IL existing Liabilities 10 toe army, navy
and contractors and for sup, es, mstfis-, aud mu-
Iilions OF war. These notes would find Their way
into all tie channels Of trade among The people; AID
as they accumulated in the hands Of capitalists they
would exchange them for the xix per cent twenty
years bonds.
These circulating notes in the hands Of the people
would enable them 10 pay the taxes imposed and
would facilitate all business operations between
farmers, mechanics commercial business men, and
banks, and be equally good az and in most cases
better than, the present iTeceenable circulation
ss ued by the banks.
3. The 500, OO0,O 900 xix per cent twenty years
bonds in the hands Of the Secretary Of the Treasury,
ready to be issued, would afford ample opportunity
for funding the Treasury notes "a fast capitalists
might desre TO exchange Treasury notes not bearI
interest for coupon bonds of the United States bear
ing six per cent interest. and amply secured by a
tax upon the peOJ le and all their property.
In this way the Government will be able 10 get
along with it, immediate and prer,ng necessities
without being Obliged to force its bonds on tie
market at ruinOus rates OF Giscoont, tho peof 10
under heavy taxation will be shielded against high
rates of interest, and the capitalists will be
afforded fair compensation for tie use Of their
money during the pending struggle Of tie country
for nat onal existence.
a suspension Of specie payments is greatly to @
deplored but i is pot fatal step in an exigency like