The sun. [volume] (New York [N.Y.]) 1833-1916, 1862-01-24
Hou.e Of Reprr.ep,.,,v,.

am Means rcIo'ted the Naval Approximation bill,
Nj Eliot thrzs.,J from the Committee on Clm-
mere, report bill authorizing the President To
app int lighthouse inspectors Tor any Of the light.
h"iS's on The coast, during and for one year after
the continuance Of the present rrh 'llinn, Passed
Mr. Mallory tKy,l irm the Committee on Roads
aud Canals -epltted "A bill for military and mall
railroad from kentucky To Tennessee.
The House went into Committee Of the Whole,
and To- M tie military academy ill.
MI Alley tuf M'ss.l said that no questions were
ever agitsted In the hal " ngrcs,ut greater i'm
r"rtance In AL their Sspe -, and IN Az their cpnse-
quences, than tie hntn. la measures which the
cesstieH Of the hour cal upon NJ now t. irauyrate
witt All the industrial ruer',. ui a gre.t penp'o
pd-icd by the nightmare that II up "a ~ Con.
gre~S, uhIn whom the people have placed the re-
spOn4liltty o' providing way and means for relief
have done nothing but wnAtc their time In ',lking
ah"ut uiimluttant matters. Great schemes are n
hc devised and measures enacted, upon which our
very existence depends which shiuh enpa e the
earnest thought and active energies of every ,ncn-
Ter o. THIS House until the t,sk Is accomplished
Tie ttst thing u Ice dome Is e. raise tho insAug t.
carry On tie government. by making available it,
credit at the least possible expense Ia order I
aces WliSh this object properly, you must make
your securities gs.i hy adequate taxation We must
provide iui tie Wal T. II the government at any cost
and every hazard. Every individual aud 'oTplrsio
interest must lear in patriotic Submissions H. the
necessities ni the government,
The currency question has empl yed the brains
and enlisted the pens Of the Created statesmen and
| eminent writer's Of every age mixed system Of
currency and barter was first iutru.lu,el by W liam
the Conqueror, 500 years ago, aud from that day to
this have authentic rtonrd 81 il history In
the regns of the Ilcnrys aud Edwards the oonayes
werr frequently altered II suit the eXiycuces AMI
ranks Of the crown. A reckless and hupr,yidcnt
monarch was sure u produce dtrth OF mpAry,
AMI dearth Of money was always followed 10y a
deafth Of food. Down g. the rein Of Henry the
Eighth II WAS the practice, when money was scarce
b. reduce the STANDARD Of the coin, unfit Henry re-
duced 1t very materially, and lis son Edward the
siNh, rsdu'ci It until u become Infamous, making
$4,000 pounds cut Of 10000 Iu'wls, Of god coin.
With tie reign of Elizabeth came u determination
e. imIroye the coinage, and IN the reign ~ william
and MARY the Bank OF England was estal -h e1, aud
the currency ever after heneH u iytd one Of paper
and coin. There wRs more stability then than there
had BEEN with AN exclusive metallic currency In
creasing the volume u the currency In all countries
and every age, produces the same effect. It, undue
| expansion stimulates unhealthy business, AMI ita
contraction causes ruin and distres. 10 follow in
| its wake. The great financial desderatum II h
| prevent the ono and avoid tie other, NJ much ~
| possible. lie spoke ~ the example Of England,
because upon this question she hal a more autheu-
tic record and wiser policy than other nations go
| AMER the suspension ~ the Bank Of England. in
1921, which continued over 70 years the currency
| 81 England was almost exclusively a paper curen-
Cy. In view Of the experience ~ England, with
| her overwhelming Indebtedness and vast cxpendi-
| lures, together with our own experience there Is
nothing a. alarm In our own suspension Of specie
| payments, and nothing In oUr financial condi-
| ton u occasion dependency, In all orr financial
| Arrangements, the Government should wisely
| cooperate with those who conduct the fnan-
| cAl and business interests Of the public
| II
| premo. The inquiry should be, MI what Is bet
under the circumstances, but what can be done In
the crisis that u upon Us. In order TO determine
that question, We mut be governed more or leas by
con sidsrations connected with existing symptoms
There are three great financial measures now un-
| der consideration, the adoption Of which, coupl-
| ed with determination n reform the expend-
tureA will, In my jud ment reslscitate the drop
ing interests Of trade, improve the currency Of the
country, establish confidence, and place the public
credit upon hne foundation ~ that Of any gov
II On No. lhn IA Rf
one huuirtd millions Of demand Treasury Notes, 10
/ 10 made legal tender, convertible nj any time in
sums Of not less than one hundred dollars In United
States six per ceut londs, payable In 70 years or
convertible into sterling bonds ~ not less than 800
pounds, payable in LondCn. SseoHd-SimultnneOus
with THU the leyyLns Of one hundred millions ofdo-
lars tax. Third-To provide an uniform currency 10y
causing all the Hank circulation Of the country 10
protect h. ldera against loss, by securing their re-
demption by pledge Of united States stocks.
lie would not be IN favor Of either 81 these three
| measures standing alone, but In combination each
with the other, they will confer the triple beneht ~
| relief n our immediate neces-itios- shing
| confidence on firm foundation, and giving g. the
| people u safe currency, which should be uniform in
every cton of the country, and ample fer al the
| requirements Of trade. II this war shoui con-
tinue for eighteen months, according ~ the estl-
mate Cf the Secretary 81 the Treasury, We shallow
| nine hundred millions Of dollars This looks IKE
| large sum, but with our boundless resources ana
| matchless energies In developing the material in
terOsts of the country can pay TIE interest east
| ~, and, II necessary, portion OF the principal,
annually. II need be, We can make our Puolie
| lands II properly managed and disposed OF Judi
cousy, pay e-thrd Of this debt before II maturei,
II II Is funded for twenty years, and have enough
left 10 pay two-thrds Of the balance the succeeding
| twenty years. Nine hundred million dollars Ia only
| about twice IA much ~ EugIand's usual amount OF
expenses Ia time ~ peace but little more than she
has expended In "a single year At several peri'ds IN
her history. our surplus earnings IN two or three
years, will wipe Il out, all ont, II We wish
| Can any man Of reflection doubt, when he rea-
| LIES that we have little cause To question the
ability Of the government 10 sustain ts credit unim'
| paired through any pecuniary trial II may be
| called upon g. consider He was In favor NJ lssu-
ing no notes Of less denomination than ten dollars
| because be was opposed Ia the government com
peting in circulation with tho banks, any more than
Ia absolutely necessary n provide for It's necessities
He thought that the interest of all would he pro
NOTED by leaving the banks H. supply the small o-
cal currency, predicated upon United states bonds
| The measure OF taxation WAS N obviously wise,
that he would only remark, IN the language Of the
great statesman, - that nations, well ~ indy.-
duals, ought always 10 provide some plan 81 re-
dsupton without II public confidence could not
be retained" Always the advantages N be gained
by the adoption Of this national currency system
was, as the Secretary has 3 id, that ii will unite
with the government all the monetary interests ol
the country, and make II for the pecunlary inter,
est of all 10 sustain and strengthen the goVerhihenn
and its credit. Adopt these measures ana dhist
the burdens " the people, by every pruatm &c
trenChmeut nnd reform, by ierretng our alu ~
| iahinR all frauds and then, II the poH'y w W.
| s,nveInmpnt in other respects, should he az Ngor
Gus and wise as its financial arrangements are poi
| uc and lust we shall have the war speedily closed
| and a state Of prosperity such aS the AneficHi
| naopie have ever witnessed in the whole annals o
her history, ..u., ,,. o,,.,,,,r ~ m
| ~ " ir-,io n the New YORK TnA