New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1862-02-13

suppose for sing!e instant that - certain degree
this rebellion should ne cut off, we should lose the
production OF one w great staples and portion
OF our populations; We should substantially
retain all that spoke Of before, as going 10 make
great, progl eIous people and indeed, Sir, am not
certain but we .hOud gain by greater bomogene-
oueuess and ugeness OF purpose, nnd by power
which would arise from that homog,nsousness, ana
the loss of what after all must be conceded 10 ne
an element OF weakness TO any nation on the earth
which has proved, though in some cases all element
Of wealth, vet an element OF weakness 10 TINS
country Therefore, if am correct, even under any
circumstances we must be entitled 10 credit Tor our
ability 20 pay. We should have then what the
trainers of the Constitution considered the bert
capital which nation could have. We had nothing
else then AID Won see what IL has produced. Niat
was that capital Labor The power and
the will TO work, and the ambition
desire, and policy to make That h1or
more productive by educating it all; and, under that
came policy of educating labor, and thus increasing
the power of production, this country has grown up
with unexaml led rapdity. My own opinion is,
that if the worst should come, should still he "a
great nation, Gbundanily able TO meet any demands
we would be likely 10 incur; and there Is 10 ersoi
uaciug himself in the position OF money lender, WHO
yvonld hesitate to cav that we were entitled Ia all
the credit Of great, strong anu heai'hlui peopie
Ought they TO have confidence IN ne sir, the iath
Of this nation never broken we nave heP,
our fai,h az borrower Of money. We have s'ood
l brtOrt
10 the present time thtre has been no STAN upon ns'
More than all that, we have paid our deO's. NO
body can tuIn around upon us ana say ula'i III
any time in our history, from our creailon as n na-
ton have we resoIted TO mean, miserable shll's'
We have kept our promises 10 pay. HAVING aiW"YA
kent onr faith have not made strong the iouhda-
lions of public credit At the end 81 this year, we
shall probably have debt of S15JOO OOO ana AZ te
end of the second year perhaps probably donDie uH
But in nv Judgment il will not 80 beyond the his'
amount. / believe that hy the end oil tnis wear .ne
war will be ended believe all events tend TO tha
conclusion. We have bat Just begun to show the
force we have; and the results are obvious. bni
sunpnse il should not end, ana We should nave al
this debtt all that il necessary Is 10 secure lie
pavment Of the interest. The pu0hc cfeGtor docs
moi look for bis principal. lie only looks TO see
that his interest is 10 be pald. Inc exam 10
Of England proves this. Nobody suppose that I'm
Gland will ever pay her debt, yet her stocks are al
WAYS good and sought for in tie market. All we
have 10 cal .uate upon, IL 10 SATISFY the pUOn,
creditor AZ home and abroad, that as we have psld
onr obI,ations for wears lie may be that his in
terest will be paid. The policy OF this Governmeh.
has been 10 keep out Of debt, and thInk wisely
think the true doctrine OF a kepubhc IL sl1c'
economy not 70 much because me mere expenditure
of large sums of money is injurious, But because
using il, and especially using it caree'sy, tends to
SAP the foundation OF public morals. our
credit has been somewhat injured, undoubtedly,
by the conduct of the war, though IN
nv Judgment there Is very htlle reason
for his. have heard much, and have read IN tie
nrv,uauers much criticism on the conduct Of this
var 1 admit Sir that II has not been altogether
satisfactory 10 me- aud | could have wished II had
been otherwise. have felt ne kecnly as any one
the disasters which We suffered at first. But, Sir,
on calm reflection, have come TO better late oi
feeling on tba, subject and declare here to-day n
nv sincere conviction tina; We have net only zone
eli Inn. more than could lave Teen reasonably an
ticiraied IN the space 81 lime. l.CoS ~ our
condition when this war commenced, with no Aruy
and no Navv and means except our cfedt Of Tai'-
ing money. taken by surpTi-e unused TO war, atera
long term of peace, and disa'med, IN point o iact'
by The rohbeiies OF those who have undertaken 70
separate us Were victories under euch circumstances
10 come in "A day Were we at once, III week, or
month or few months TO create military eNpeH-
epce which we had lott, and create NAV and army
and win victoriesl Any snch expectation was IDLE.
We should ra her have anticipated defeat. beard
Tho remark made bv one 81 our generals, who was
great man some wears ago, that Republic must
always be defeated @, first, because they have
always TO learn" This was Our condition, going on
with rashless when we did 60 and labo1pg under
the impression, which II must be conceded we Lao
cultiyaed, that we were inyincible and unwilling
10 wait Tor the unfolding OF time. Economy II
never learned bat at the eXpeLet OF waste, ana VIC
tories only at the experience Of defeat, and that
believe we are leaning. We have now On
army and navy winning glory for ne every
canse rs Heart could w-h. Then gee no reason III
the conduct OF the war up TO this tine, Tor any ds
credit. We have rot Lost ground a. TO our ability,
or our integrity. 1t stands untouched to-day. or,
uerhaps upon the result Of the action Of to-day may
depeud the question whether we have lost II OF not
! But Sir, what are the objections 6this measure !
The fret il negative one IL cannot increase con-
fdcnce in the ability and integrity Oh ne oo'eih-
) mept IL cannot make any better Next, ia my
Judgment it is a confession Of bankruptcy, and no.
BODY can deny but that il is bad faith aud ENCOURAGES
bad morality both in public and private, going TO the
extent that il does to cay that these notes shall be
received in payment OF all private oohgaliohs' IL
j, In is verv essence wrong, Tor II coinpels one
man TO take notes Of bis neigbbor III payment oil
debt which he would not otherwise receive, and
which 10 no payment. Again, II encourages DAD
morals because it initiates the currency, and the re-
cult is that every man who desires 10 pay dep' AZ
discount will avail himself Of il against the will OF
bis neiphbor, who honestly contracted 10 receive
something better. Again, it must necessarily, az "A
result in my judgment, inilict STAN upon me ma
,ional honor. We owe debts abroad yet. Money
bas been lent 10 the people Of this country III good
faith. and we declare that tor the payment OF all
these notes shall be receivable. confess II touches
INV pffde. when / reflect that Of all people III the
world the people Of England at this present day and
this hour, can turn around and accuse us OF DAD
fsith | would make any sacrifice and 40 any
thing TO pay foreign debt, even II our people at
home were obliged TO suffer. Again, Sir, 1t initiates
the currency and necessarily changes the values OF
all property and there must be subsequent depres-
sion and all the evils which follow THIS cannot be
avoided and the consequences are admitted. ! see
in the newspapers, that the se-called Confederates
are in this predicament their notes piled up III
their banks, and they are living on shin-pla,ers,
while property and real estate have Deprecated fifty
per cent. Again Sir, the injury, the loss, is TO fall
most heavily on the poor The larger capitalists
can bear it, but, Sir, there are small capitalists IN
this country who will be ruIned in this way Ii the
notes are not made legal tender they must be taken
by all public creditors OF the United States from the
- o.. nf Cnuarnmenf IL nm individual