New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1862-02-05
HOUSE or REPRESENTATIVES,.


The Honse went into Committee OF Inc Whole Oh
the Treasury Note bil
Mr.. MORRILL, Rep, VI Il look upon this pro
rosal Of $50 100000 OF paper currency, and making
il legal tender AS the precursor OF prolific brooC
Of promises, no one Of which, fear is 10 be 10
deemed in the constitutional standard Of the country
| have strong convictions OF the imtolicy Of th'
measure, and should fail in my duty If did not st
tempt 20 find stronger prop for our country thar
this bill-a measure not bleFfed By souud princ
pie. and damned by all. ] do not say the country
would he ruined by the ndooion Of Tho bill, though
it j. blunder but il is "A time when 1t may be truly
said blunder is worse than a crime. We are urged
10 PASS il az a war mensnrea ne,sure Of necessity
based upon the probable prolongaiion Of the war
have no expectaiion that the war will last ill july
1863. The ice which now chCkes Mp the Mississippi
i not more sure 10 melt and disappear with the
Spring than the rebel'iogs armies upon iIs banks
when our Western army shall break from its moor
ings, and, rushing with tho current to the Gnl bhp
lie ss it goes 10 blood the people 10 fresher alleg
ance. That hour is approaching, and have no isar
of the result.
Fly ,gilter round 70 wheel. Of Tine.
We can clofe this war by the Seth OF Jnly next a,
well AZ in thirty yoars. Let no second Mcclellan ior
short md sharp conflict aud we shall oconomiso
blood and treasure. This Inpc.r war measure Il no,
waeed against the enemy. but it may well make him
grin with delight. | would soon provide Chineie
wooden guns TOR he army paTer money alone for
the Treasury. We want money, but the FIRST step
we propose will destroy whatever confidence re-
mains with ihose who have money 20 lend. With
tbs parer issue cannot be expected that shall
Grd ether patriotism or sesbucss hereafter prompt
ing ANYBODY b. volunteer Ia take single bond more
Of the United States. At this time. IN consequence
Of the dminution Of all busincss except that nonr-
i.hed by the war, the bark circulation il over
81, 600 600 less or about sl3o, 100000. | admit
that We can drive come considerable share Of ths
L h. and aHf.4 frfs at ~ d..
notes Of the United States IN it, place. Bu how
reager The result could we even dispace the
whole, compared with the magnificent proportions
Of our wants. These banks, however, already
hold in ROM nunbern, nearly ono hundred million
do lars Of United States securities. IL, IN sddi-
ton 10 ibs, We compel them to redeem their bills
now circulating as currency, NO compel them 70
collie; their notes receivable, or part with their
dead aud might rdd crucihed loans 10 the Gov
ernmont. Their customers arc, 20 u large extent,
composed Of their own stockholdeFs or cvurc Il b.
easy 10 rec what part q their assets VIII be melted
down and realized hrsi. Ihe 1o'c'nment siocss
would DO thrown upon the market and The down
ward tendency Of public credit could not he arrested
The competition In the market between the Gov
eminent, gvowIng It's poverty ana lmbcclhty,
and thOse who have divided Their last crart
To support the Government, would DO shsrpened
by mutual disappointment, ana di'irnst
would be created TINT DO subsequent measures
could wholly remove. IL n pretended thai hs Tie
United States are holden for the redemption Of hose
notes they must be good, especially II made legal
tender Never was greater falacy. They must
be funded until the means can be accumulated for
their redemption. Ont Of the whole amount for
what thew werld be ssued twenty millions is about
all that would be absorbed by The country or kept
anoat in the preseit condition oil monetary affair,
witbou, Congregational oinaipoience IL making them
legal tender. | object TO The iii on the ground Of
its inter impOlency From the moment that you ia
ana ibcse paper dollars yon vastly nercase the co-t OF
carving or the war. The value Of property would
be rendered uncertain, and the poor man, who now
enioys butcher meat and tea and coffee, wonld hDi
these uxuries beyond bis means, ana The men
would get pos.eseion Of the Lutte the poor were
befor,. suffered to retain. The cons,nionaiity OF
The bill will not discnssi but It must be conceded
TINT the power Of pa sing this measure IA nowhere
contained in the Constitution, aud has never yet
been exercised. should regret, indeed, TO zee 1t
exercised now. In this great crisis OF the country.
IL We expect To retain the semblauce OF freedom n
we expect 10 retain any Of the features OF repubi-
can form Of governmental we hope ever 70 seo
the epaule,s stripped from the great hos, OF milf
tary officers now ready 10 20 forth 10 battle
and their swords laid as'de-we must hold every
department Of the Government, ara every
officer to a strict adherence TO the Constitu-
lion and the laws One of the results Of making the
parer legal tender will bc that no more specie will
b. seen except through the oers of reward 10 draw
il from its hiding place, until We have emerged from
aur diiiiculteF The tIree uuuOfr1
,sd 10 be in the country will be- boarded, and re-
main useess aud idle for the rest of the IL we
uonld escnre q record like that which obtained for
the debased currency Of England in tines past, il
we would not have the brand OF iniamy put upon
The American coinage, lot us reject any scheme for
making paper a legal tender Austria had undertaken
this pro9 ess of making forced loans by making Gov.
emnent paper legal tender and 10 proved miscr-
allie failure The Mexican mode of violent seizure
ID far more efficient, end about equally sound in
morale II IN not contemplated but that nj some fu
ture time the Banks and Government shall resume
specie payments the banks depending entirely upon
whether the Government dOes 70 or not and invite
them TO calculate tho cost Of the desceut from
that bash. th. cost of the reinrn, the expiitory
rains 10 be suffered. and then determine whether
we shall carry on THE war on specie bass, OF
Z ceaselehs Hood Of paper. by making Tho
paner a legal tender shall sever connection with
any other fountains OF supply. We cannot reLrace
our steps. No zane man would take stock liable, by
lie practices Of the Government 10 be reduced the
very next day ten per cent, or any other amount.
Having tested this face mode Of pa, ing debts fear
the stern ana honest mode of taxation would be re-
pngnant 10 many constituencies, and the doors OF
tho temple OF paper money would not again be
closed. We cannot pass Law compelling the ae-
ceptance Of paper in lieu Of coin ia cont gacls made
one two, or five years ago. In our early days II
was customary 10 draw notes In due form, with the
addition of bulls and stays excepted" Hereafter
all contracts will reed TO he made payable in coin,
or with the addition Of " IT, \. bills aud rage ex-
eepted." II the provision making the notes Ia -gal
tender shond unfortunately pass, IL certainly ought
to provide that it shall only apply contracts here
after 10 be made. II this till passes the prices Of
living and the cost of materials ould 10 advance
thai labor could no longer DO probably en-
ployed, and we would hive to go to foreign NAV
kets with our specie, aud thus we might bid fare
well 10 all protection. While we are at war
the people sb0ad iod employment at home at
living wages. While we are al war every dollar OF
money in the country should gladden. the eyes Of our
ewn people, aud run on no foreign mission. II We
tex the people we should not deprive them Of EN-
ployment In fact, with wise policy there is no
lack Of ueans 10 carry On Ihe war, 0craiye OF de-