New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1862-02-04

OF order sd IL is uuDecoo irg 10 denoonce al en-
TIE class Of leOple in this country. III II uuoe,on
ing in tie gentleman Mr. Loyejoyl 10 90 so. AZ
rect him in LIS remarks for ungehiiemanly .o.uue'.
The SPEAKER said such renal ks had heretofore
been ipoulged in, but gentlemen had not pen
rested IN them when they were not personal III 'oei'
character. Till,
Nr.THOaAS said that Mr.. Loveioy misersoiy
perverted his language when he tioveJoNI in','n"ou
that he Thomas proposed a military organization
in Marvard 10 prevent tie slaves oi that Stale from
I,,in,. ,Ieir ruf,fers lie further explained, and
sid nat he fTaona,l though Of limited means, had
urfrhssed and naI united eleven human beings.
TIE House finally dissgreed to the above Senate
ent, by vote OF - against 3d.
The House thea went INTO COMMITTEE OF the
Whole on the Treasury Note jill.
Mr.. VALLANDIGHAM Dem, Ohio made
sneech on the subject He opposed the Till, on the
ground that il proposed 10 make the notes legal
render for all Gebls, public and private. ard Thus
force q paper currency upon the country. lie de-
MED, utterly, the consitutioDaiiy OF tie profosi-
tim but he would not repeat the conclusive argu-
ment Of his colleague Mr.. Pendletonl upon tnat
point. He opposed 1t upon grounds 81 sound POM,
cal economy, general policy, and Justice. III wOuid
derange business corrupt the currency, aud bling
ABOUT general confusion IN all contracts ana all com
merce II was unjust to enforce the payment OF
deb.s in paper which were contracted for payment
in specie. In effect, our promise 10 pay was 10 NC
made legal tender in satisfaction OF another prom
.
meat 10 pay il paper was TO ohehhiRe we
obligation OF the individual debtor to pay his cred
itog in gold and silver. Again, the I'll pfe'eoeS
where il onglt 10 follow. Toe prom e to TAX Wouiu
not give credit 10 these. Taxation ought 10 Ha,o
gone before but force, IL seemed, was to take ine
+ Ilace Of taxation. The notes were payable, but ID
what Gold and silver and Treasury notes ihe
/ Government had no silver, therefore the iTeaSuI!
note was legal tender in satisfaction OF ano'ner
| Treasury note. Tie ILL was forced loan ln uis-
- rpnl
those in a far decline, or in imminent danger OF ll'
mediate overthrow, ana 10 king or poteniatei eA-
cent a usurter had ever attempted the Ike III Was
contrary 20 the painest piioci les OF pohtc@ e'on
omy; and, if carried ont ana cohtih"ec' WoIiu
dive all gold silver aud bank paper out OF cllcnh-
ion. lie objected that these notes, declared hWlul
money. were YET made payable IKE oonIs,
al he pleasnre of the Government, Tue
debtor and also were to be received
IN the payment Of debts already eNlSiihe,
1 ol,hough thew were when contracted payable IN
cold and silver. Mr.. Nallandigham CONDEMNED aiso
/ The change Of the name contemplated Oy ihe oh'
from Treasury notes 10 United S'ates notes. Emmy
two Treasury acts, referring 10 treasury h,,cs'
puhlic and private had been passed, but no "'hei
naue was ever given them except treasury hote1'
He knew no other object unless II Whs 10 luihIhh d
per1rapept Government currency. The notes We've
nevertheless hut continental money lie 0D'ce"
further TO he circular power 10 convert ih,e h"leS
INTO stocks and Reissue them without hunt 70 be
make certain OF The bonds payable IN foreign cum
trv and currency, and c0n,no ed IL was lhrllh dAu
unjust. lie spoke also OF the TACT tnat IL adol"oh 10
the endless Issue Of stock under tie hrst section
$500 ODs. 900 more Of stocks were provided iOr ny
lie second section. Was the whole OF tms to Re bat
foundation for tie great rational psper-mill OF TIE
q Secretary of the Treasury He argued "a length
in tie support OF bis substitute. 1t depended
solely on tie oredi. Of The Govern
reni supported by adequate taxation.
M hat q
Notes than the amount Of Government dues lie
referred 10 The success OF tie plan IN North CaTohha
in l;s6. and OF Russia in 1877. There notes would
have an important advantage over bauk p1ler'
Icing receivable for Government duesr and II was
not Tee banks could Eot drive hem out Of circaa-
lion. Tie whole theory Of tue plan wus 10 ifoNCe
a medium or currency between The Government sid
l tie Taxpayers end tie taA-eoneumers. But OF
course tie notes would circulate also IN private butl-
uess The sxbritute differed essentially from tic
bin. The one relied on iOlce--ihe other On credit;
the one looked H. the coercion Of law and tie amy
the other 10 the coercion OF iaXaiIoni tue Que
would override the COustItuiOn-tbe other complied
will IT. the one shocked justice aud political econ
omy-the other recog rized justice anu concerned 10
the memorable laws Of trade; the one would create
an irredeemable unlimited, deprecated paper money
fore. by the fear OF violence OF eonhsesioI on we
whole peorle-the other proposed voluntary ana
Gpi ed and Temporary currency for the creditors ana
oehtnrs Of the Government. The difference was
radical and il the difference between The ofoao
road and the narrow way. HE Secretary hal
h chosen the former and death was u. tie enc o II.
@ Upon the principles OF the latter he |aiiAndlShhm
would cordially support huy measure OF hnhht
necessary TO maintain the Great aud good ian Ol
. the Government; otherwise he would no, vote to
hriug down upon the people the Triple ruin OF &
70 forced currency, enormous taxation, ana pupH'
debt never 20 be extugui-hed.
h Mr. HOOPER (kep., Mass The unusual eXlgen'
ces OF the country require That we should l0ok IoI
other and deeper sources Of revenue than any "a
c which the Government has heretofore Oeeh aecns
toned They were cOnenoiDg for the MANI enance
OF the Government for the preservation OF the CDlO
mud for the enforcement Of The laws, on which d.
PENDED the existence well the ecuIiiy OF prop
ertv 10 secure our success in this contest great
aud unusuai exertions have already been made. An
enormous army, a powerful navy, with vast stores
Of artillery and amInunitiOn have been crested. III
providing for the sustenance, comfort, aud equip
nent OF t5ls army and navy, the Oovernneht Lat
been obliged to incur expenses far eAceeclng III
MAGNITUDE any which have been hitherto known III
our bistory To continue them III their present std
of efficiency large additional sums must be ex'
} uended and 1t now becomes the duty OF
Congress to devjse methods by which these
sums can be obtained with the least hardship
TO the people and the least risk 10 the credit OF
the Government. In considering the means by which
this is to be effected, it must be remembered that
il is hardly possible for the Government TO raise
money for euy purpose without OccasiOung some IN
convenience TO individuals. 70 oppose necessary
measures therefore, simply upon tie ground that 4.
will ipuiousiy affect this class or that cla,s OF the
people is absurd. Parties interested may endeavor
10 SHOW that the sumo objects can be effected with
LEES bards ips than by the methods proposed, may
endegvor TO alleviate any Objectionable features 20
far "a nav be Consistent with the attainment oil The
desired end; but they should always remember that
the end aimed at must be atoined that ils attain
ment will require individual sacrifices in some form,
and that IL is the part Of wisdom OF patriotism and
of discretion 10 suomi TO such unnecessary sacrifices
b.a-fliy ,,hen called nnoD aud moi Lv their opDo-