Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1862-02-28
FROM WASHINGTON.

The Legislative work OF the week is closed
by the death Of the Presidents son, and the
duty of tomorrow. The most important bill
considered has been the Treasury note bill.
As prophesied. the principle amendments
of the Senate to this bill have been concurred
in BY the House, though they were sharply
contested by most Of those who believe that
Congress may make paper a legal tender as
money. They triumphed in the passage OF
the original bill, and their opponents triumph
cd on the amendments aud thus both par
ties ought to be tolerably well satisfied The
amendments adopted require interest on U. S.
bonds to be paid in gold, and Of course permit
the Secretary OF the Treasury to sell bonds in
open market for gold, since in no other way,
perhaps, gold can be procured wherewith to
pay the interest. Upon these provisions
clamor was raised that soldiers and contract
ors (all salaried officers, including Members
of Congress, might have been added are to
b. paid in treasury notes, while the brokers
or holders Of government bonds are to be paid
in gold--at least so far as interest is concern
spectacle form, as stated by Mr.. Hooper Of
Mass. to wit: that the bill as amended makes
that legal tender for debts which may be
bought and sold below par in the market.
The objection sounds well, but will not stand
examination for moment. Without the
amendment the bill had that effect, il so be
the treasury notes ever fall below par aid
the precise object Of the amendment itself is
TO give increased credit to the notes and
bonds, and to that extent to prevent deprecia-
ton It was to keep up the notes and bonds
as near as possible to gold, and thus to pro-
tect the very paper which is to be paid out TO
soldiers and contractors, and to become a le-
gal tender for all debts. This motive un-
doubtly operated upon all those who we're
against making paper legal tender (; for the
sole ground upon which they could act con-
sistently, was that the amendment would
make the paper better, and therefore a more
respectable tender. However, the whole
question is OF much less Importance now than
it was when the bill first passed the House.
/ have thought from the fr,t that the neces-
sity for making the notes tender was not
sufficient to warrant the act, because that ne
oessity would be temporary. II the war is to
be speedily ended. there will be no necessity
at all for the legal tender clause, but rather
there will be necessity for getting rid Of it,
unless a radical change is to be inaugurated
in the currency against all the banks Of the
country, by forcing the treasury notes into
circulation. in place Of bank paper, This is
part Of the scheme Of the Secretary Of the
Treasury. 1t may be necessary, if the hun
bred and fly millions of treasury notes arc
TO be issued and it may also be very proper
and desirable to secure national currency OF
uniform value all over the country. Still il
is quite obvious that machine so vast "a this
should be moved moderately, lest it crush
every body; or at least every body having
Investments in bank stocks, or in such State
stocks as are used as a basis for banking
Let US hope that the war is to come to a
speedy and a glorious end Every thing
looks like that, and that will relieve financial
difficulties, still leaving enough on hand to
test our pockets. There will be other difficult
ties in peace-making, and enough Of them
but Sufficient unto the day &c.
Perhaps you have observed the letter ot
thanks from the Secretary of War to General
Lander and perhaps, too, you have observed
that is, inferenually, severe oensure upor
all Generals who have permitted the mud to
prevent operations against the enemy, The
inference may be little too sharp but an
persuaded that you may take it as proof thai
the Administration, as well as the Secretary
demands quick and sharp work from the ar
my. Gen, Mcclellan cannot much longer de
lay if he would. l thinN he would not if hi
could. The army Of the Potomac is wid'
awake over the news from the South anC
West. | have seen two officers of the Yer
mont Brigade to-day, Joyce and Pitkin, an'
they make good reports.