New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1862-02-14

property and impairug The Obligation Of contracts.
We do that almost every day by every bill We pass.
But do believe that II we TAIL 10 phss this law with
ont tins clause, that we do he grosset injustice TO
onr CREDITORS If we issne TO our creditors paper
money which has no sanction, and which every man
NAV reduce or refuse take, what IL the effect IL
viii lie at once rejected by The baDks-not because
the banks are patriotic but because they cannot
afford To T. ke it. Ii we pass thls we SHAH then ior
the fir time since the banks have national cur
r.ncy under our own control, and not under Tie con
troll of INV setOf men, nor any brOkerf, ana Tor TIE
paymept IF which the national honor is pledSsd, u
win perreate all over this country TO become ,he
blood of the system, unless you repudiate IT, ~ VIII
enable men TO carry their business ana VIII epa-
bic capiialsts 10 buy your bonds Ii 1t were DOT lor
That proyision don { know that i would vote for
the bill know there is great danger OF an lnna-
ton of paper currency, and would not vote LOT IL
unless the sum was limited, and that IL wouid eha'
bic capitalists TO buy your bonds. Now they cann1,
do il. believe the amount sanctioned Dy tns pii'
will only have Leathiul influence on all the rela'
tions OF the country. II is too small to make any
dangerous Initiation as compared with our produc..
tons Our annual productions are at the value VI
al 900 0O0, 900, and this !, not ooe-ten'h Oh 'ua'
amount. shnl vote for the bill "a temporary pe'
cessy We have now no fixed hnanciai scneme. ~ W.
could have fixed Of $l0OOo wv, one nan
to be collect Ell by TAX, aud the other haf from tne
sale of bonds, &C.. we should have system on
which we could depend
Mr.. COWAN Rep, Pa referred TO the Constlfu-
ton saving that certain powers were delegated 10
the Government aud others reserved 70 tue states.
Another provision in the Constitution was, that
ftie States eall not emit b Ii OF credit, coin money,
or ,ass laws impsirng The obligations OF coutracts
lie thought thar these principles were well settled
He conttndtd that The Government bad no right 70
M le any law TO impair the obligations OF contracts
and raid that this measure instead Of preserving the
Government, tended overthrow II. lie was opposed
tbs measure because n Impaired all contracts ano
WA unconstitutional and was abhorrenl TO GIL hl'
ideas OF Justice. The ueasure would disturb ell tne
relations Of debtor anu creditor, aud Destroy MI
credit IA the ,ouftry There not "a Judge IN the
Bud bnt would declare that this measure was notcon
sftu,ional. lie (Cowaul would take bills oil creih
and 20 into the market and sell them, ana II th'y
were not worth more than sixty cents on the collar
be would sell them for that and aet ~ an honest
nau shouid. lie declared bat t,ie nc lsuIe "as
Charleston" scheme, ard that II was atanconiD2
Il e great charter OF the Government and the lber-
ties OF the people. II was y ranDy 70 compel man
t. take five hundred dollars from bis neighbor wnen
he ongbt 10 have Il thous4Dd. lie hoped that the
le9ai-tender clause would be stri ken olt.
Sir DOOLf1 TILE lkep, Wiz regretted very
1rA ..a lhis bill was presented before The tax-oii
comes from the House. He feared there would DC
long delay on the tax-bi in the House, aud by that
tine Ills money would be al gone, and we wonid
L. called upon for another million. lie believed IL
was the intention Of the frame OF the Conftitduon
not to have any paper n, ney. But paper h'no!
docs exist and has eXis'ed 90 long that 1e cannot
now carry on the Government with gold and silver.
He wa, ia favor Of limiting this legal tender 10 oeots
hereafter CONTRACTED. That would ObNlhie the oo'
lection Of bad '4itb, and youd regulate Tue eAsung
payer currency, 90 al 10 prevent as Auoh 81 "'s'"
depreciation.
Mr. SIMMONS rep, r. H. said there was no
do1ot that The franers ol the Constitution Intended
b. have a haid money currencyi but bank notes
were regarded as promises to pay, ana We're IN eS-
idepce M the VERY tine OF tue constitutional Con-
veniion. and nobody thought then that they were
pconstitu tioual. The difficulty was that few
bank, were Lot willing 10 take these notes. lie
would allow them 70 be iuGded al per cent lie
thoryht If we would strike out the legal tender
elase ard not preciaie TIE notes ourselves win
provision 10 make the people glad TO take theni' IL
would Re veil enough.
Mr.. BAYAGD Dem. Dell argued at some length
TINT the measure was unconstitutional, and also IA
Incident. ~ the notes would be good for nothing
4 was ,iuDly u forced loan from the community.
The uiscu,sion WAS continued ~ soMe leustn Dy
Ne..rs. HOWARD. WILEY, aud McDOUGALL.
Mr. SUMNER referred TO the early hstory OF the
i..re of ,aper money. IL war Issued fret IN this
coautry N Massachusetts in l02, and made a legal
tender In l7l2 in Rhode Island ITO, IN Connecticut
In I7O9. in PENNSYLVANIA m 1872, in Delaware in ll39,
H. Mary lard in 1873, IN Virginia m l'o, where ihey
gele ellsd Treasury notes. ana made Legal teuder
for uIivate debts; IN North Carolina IN las, I'D
south Carolina in 1893, bEt were not made legal
tender ill afcrward. In law, as afterward, they
were called bills of credit. He contepded that they
W, re- considered M bills Of credit by the trainers OF
tho Constitution. lie thought II doubtful policy
to Issue notes at this time. lie thought If we hal
authority To issue notes AT all, We had the night
10 make them tender.
Tie question on Mr. Collamers rep, VI amend
men to strike out the legal tender, Sc, Wa oisa
greed to, rs follows;
YEAs-Nic..r. Anthony Bsy.rd Colsner Ccw-n Fe..en.
cen tote-, Kennedy. Ming Latham hesmtn. leace,
Pa Saul ., Thompson,
nAfs-Messf. Chsuder Ciass Davis, Dixon, Dooliitle,
U.rian Isr. HeuIrl.sn How nd Howe Lsn, lind Nc.
Dout.l aorril, foueroy, kice. Sherman, sumner, Ten
Eyct, Wede, wilkinson, "l'on Mas, and Wilson
Gio.)-2.
NJ. SIMMONS offered An amendment, to allow
the noies 10 be funded IN two years bonds bearing
per cent interest. Adopted.
Mr. DOOLIITLE moved 10 amend ~ "a 70 limit
tie ega tenterto private debts hereafter contracted
Rejected.
That the Secretary the Treasury BE- authorized TO issue
in exchange fer coIn rrceury Note. 20 the smoun Of
G ~ soS S eo 20 ' a. he T,sniy sef av sa.
unt 1872 when all outstanding would be redeemed and zach
STc ? Holders Of such notes may exchange the notes at
The Treasury for bonds not less than 20 years to bearing
ssc That drec.lsx Of si5McOco annually be m4ie,
AID the ia hereby pledged 70 he payment 10 coin Of
these principal and ieresi, when l. becomes due Re
Jec,ed
The bill was reported 10 the Senate.
The amendments made in the Committee 10 the
fret section We're agreed to except thar OF Mr.. Sim
mons 20 allow the notes to 10 funded in per cent
bouds which was amended TO DO $40 bonds, sud
adopted
MIR. FESSENDEN Rep, Mel moved TO insert
an amendment providing for the deposit at per
cent, which was struck ont yesterday.
Mc.srs. PEARCE Dem, MIDI SALISBURY and
POWELL, spoke against the bill a. uncOn4,itu-
uonn
The ill as amended then passed; Yeas, 30; Nays,
Z; (Messrs. Collsmer, Cowsn, Kennedy, k,ug,
PcaTce, Pow ell, and salisbury. Adjourned at 30.