Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1862-02-07
eaattbman & State Journal.
MONTPELIER. FEBRUARY 7, 1862.
WASHINGTON
SAruRpAY. Feb. /
BY z. P. WALTON.

SATURDAY, Feb. l.
The debate in the Senate for another week
has been in the main on the case of Senator
Bright 1t is rumored that the result depends
upon the vote OF one Senator. A decision
was expected yesterday, but the debate was
extended to late hour, the Senate was not
! full, and therefore the case went over to Mon
day. Senator johnson Of Tennessee made an
earnest speech against Bright and in it the
brave Tennessean discussed the rebellion in
characteristic style, putting the responsibility
where It belongs; not upon the North, but
upon the South--not upon the Republicans,
but upon the treachorous Democrats Of the
South. They could have preserved peace by
compromise, but they would not. Critten-
denis proposition was ia their hands. but
they would not take it, Among the things
done in the Senate are the diplomatic appro-
priatiou bill, and bill regulating suffers in
the army-both passed.
The House has passed the legislative and
appropriation bills covering five hundred
millions Of dollars. Il should be remember
ed that these appropriations are intended to
cover expenditures to the Both Of June, 1868
"a year and half at least. A large amount
Is for deficiencies that is, to cover cxpendi-
lures heretofore made but not paid, The de-
bates of the past week in the House have
touchcd slavery, finance, Pacific railroad and
the management Of the war: all matters Of
great interest and Importance but just now
al. T.. e. D
ton. The treasury note bill provides for an
addition Of one hundred million in treasury
notes ,Sl5O,0OO.OO in alb to be made le-
ga tender for all debts, and exchangeabe for
six per cent. bonds, which may be issued to
the amount of $500, 900 900 $50. 900 600
OF the annual taxes is to be pledged for pay
incnt Of the interest on these bonds Some OBJ
ject that the treasury notes are bills Of cred
IL and argue that Congress has not the pow
81 to issue them Congress, however, has
unque,tionably the power TO borrow money.
Granted that Congress cannot emit bills Of
credit, aud can borrow money-therefore, can
give notes for borrowed money, or to stand in
TIL place Of money in the governments trans
actions what is the difference between bill
Of credit and the proposed treasury notes
Webster Noah, not Daniel defines bill of
credit as bin or note for raising IN ,ney of
As OF d state" / think Daniel Web
ster might well have agreed with Noah The
continental bills of the revolution we're bills
Of credit in the sense of the dictionary
issued upon " mere credit for Congress
had not then the power To impose taxes di-
rect or 70 give certain security for the re-
dempuon Of the notes Congress can do this
nov. and purposes to do it. II offers inter
est-bearing bonds to take up the notes. and it
pledges taxes for the payment Of interest aud
redemption Of bonds. Every body comedies
that tho bonds are constitutional the notes
command the bonds.--temporarly at the
choice Of the hofder. stand in place Of the
bUnds. and tney DO exchanged for bonds why
are not the notes equally constitutional; In
short IL seems to me there is this difference
y bills of credit are issued without security,
while the treasury notes have precisely the
security given for bonds. The former are un-
constitutional and the latter are constitution
al. Moreover. as the notes are convertible
into bonds they are really the representatives
OF borrowed money, and their issue ia this
form comes within the power Of Congress to
borrow money. When the words " and emit
bills on the credit of the United States" were
stricken from the original draft Of the Con-
sti,ution, Mr. Gorham said THE power as
far as it will be necessary or safe Is inro'red
IN thai Of borrowing The objection that
Congress has not the power to make treasury
notes d legal tender tor all debts has much
more force. There is no express grant Of
such power to Congress it is expressly for
hidden to H. States The power is really
claimed now as incidental to the war power.
We have the power to make war we are en-
titled to all powers necessary to give due eff
feet to the war power; arms, subsistence &c
&C.. must be had we cannot have these with
ont treasury notes treasury notes will not
buy them unless we make treasury notes le-
gal tender That is the argument. The ne
cessity is asserted do not think it is de-
monstrd'ed The argument therefore is not
satisfactory. A proposition will be made to
strike out the legal tender, and to require the
interest on the bonds to be paid in specie
Ultimately the bonds themselves will be paid
in specie at least nothing else is contomplat-
ed. With such provisions, and taxation am
pie to secure the payment Of interest | do
not see why the treasury notes will not be
entitled to full confidence, and serve the pur-
poses Of relief to the government and safe
and convenient kind Of currency for the peo-
pie.
sWThe armies are still buried in mud. 1t is
supp osed thata man can keep his head above
board (mud) if he has horse under him.
OF course there nothing but underground
" movements" Snow this morning, which
is slowly melting.
AervIrY.-Our dispatches to-day indicate
that The long continued inactivity of the ar
my on the Potomac is about to be turned into