New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1862-02-03
NEw-YoRn ON NATIONAL FiNANCE.

We reprint with emphatic appreciation TIE
resolves which our Assembly, after a thorough
and able discussion, adopted on Friday last,
with reference to the Finances aud Financial
Policy OF the Nation. They are those reported
by Mr.. HrIBuED Of 81 Lawrence, from the
Committee of Ways and Means and, though
opposed BY several lending members, includio.
the Speaker, they were passed by the decisive
majority of 20 to 2---tLe following substitute,
submitted by Mr. Tracey Of TiOga, ond
seconded on the suggestion Of Speaker Ray
mond, having previously been voted down by
90 to 13:
Reso',cd ~ the Senate concur) That the state Of New
York cooperating with her sister Oysl Sste. srd the Federal
Government viii cheerfuy 'uonit 10 al badens Necessary
be incurred and borne for tie ,upptesou Of The rebellion
the defense Of the Union aud the support Of The Government
aud she will promptly and ay her propo. ton Of
any which Congress. msy deem fof this purpose
HeIitef That this Leri laufe regards esseual g. tue
maintenance Of sound financial ,sem that deci YAK be-
levied ard spporioned among the several States which
shall yield money enough g. dsay the ordinary of
liz Government the prompt payment Of tie Interest 90 The
sinking fund sufficient ultimately to .Itusuh the principal
Of such linden cdues' aud that spcchc pledge aud spprop
alton be made ~ law Of portion Of the proceeds Of e,e
taxes may be utcien, psy the interest the public
debt sid in,ee. my become due-,o be increased Or
sscd DIMINISHED ard In direct proportion thereto
These resolves are excellent so far as they 60;
but the Assembly considered those reported
from tie Committee still better, and therefore
rejected the substitute. Here are the Commit
tees resolutions which were thereupon 70 ON
phatically adopted By the House:
Re,ored Gf the seusie concur That ;h' Legi,lst
gard indispensable q the maintenance Of sound tr1c
system that the following MEASURE 10 substance, h4ud be-
adopted by the Congress Of the lifted states;
That direct tax Aood be- svi' and apporonrd a. once
suioDg the several sac according 10 the provisions ~ 90
Federal Couti tie net proceeds Of which derived ron
the l1yu States s be sufficient 10 drfray the interest 81
the entire indebtedness Of the National Govenment aud a
the Of thus sIpofoed Ia tho oJal Sta aud
paid by them shs be set aYari and pledged 70 the
= Tbta sin.ng fund for the Reimbursement Of the prnc
pol OF puhc deU. be created, oct apart aud eosod 70 tia
g. Thst tAe amount TO be derived The direct ~
$4,000 O0 levied aud sppo1et among the State puf1rLt
o. tire ct OF Congress approved Aug ldl tnochcr with thf
oles Oh ipor employed to dciiay the current expense
g. mat the direct apportoned among tho several
sae, before propoed or rio purpose Of paying the in
ie.s Of the National debt be made pernne tsI, TO g.
ur the prompt payment Of such interest lud that it should
~ lie diiee,ion Of he SerTe,,ry Of the TTes.orv
cucver the ucIoso OF The N.tiou' debt d.ly Authorized
b., Il.g than make such sppouiour,ut iccotssy
Res3reG Ibs the people d the oiste of New-fcIk vii
- a. the irfe~est of the .,tje debt contracted
iys state. c1I6lus 10 Article T. s,con2 Of The Conftu.
rs Irl ma he STATE Of New.York will cheerulIy
or.afs with Ter lstI loyal sstcs ID with the r. deIbi
Government ia ing -bin-son - all burden.
10 b. Incurred and ~ adop ing The financial pooy here
iua rd bell tine III o. viii cor laUd tie confidence OF all
per, having money 90 lend; ind thst nth .uch system Of
suce tlc Doseuclt viii he t3l" 70 obtain all he h-ca
needed Tor the vigorous prosecution OF tie
I'D d- IL aplfon il is ne Judgment Of thi- epi.ls
tune ttal ~. t, try'u t cpid rc.er be sutJ'
uud my icercy 70 nuy PROBABLE Tae OF ntere OF d.
probation iu e Nace o ~ stucas, damaging 10 IL credit
H. Fs9 a. sfANf 4 D..
Tie non Government apef to be nude legal tender
be'sscf debtor and editor by the creation o. stocA
without sprcdc security I'll M prompt p mchi d ihoi't
al ultimate gedeng tioH Of rtncia.
The champions Of the substitute-we think
not quite fanly--cOmmended their scheme as
that Of the Federal Administration, ana
deprecated Tie Committees a. hostile to the
policy u. the Government. They also spoke Of
the Committees project and iis advocate, n
eyncing fear that the People would not be
taxed heavily enough. Mr.. Thomas W.
Olcott, pa eminent banker Of Albany favored
the Speaker with a letter in support OF the
substitute proposition, from .hch We extract
as follows:
seeyideI. Ia, Treasury No,e. made legal tender
viii pn Of pt efei "he- md Tor l bo.ines. pDrlote.
cep, n,luce- sbToad Daring the Of 5i2 Uaitc
Irc,-ufy No.es trr so a. ~ per discount ana
i. Of suspended tanks kou 81 payment lhr much larf
,.gufed viii pobsby a'o the discount
II they not made be sal iende,.
csust Do quesi,fed ihq. the enormous d.bnr,emsn,,
which tAl- has .d' ndspop sobs hacy produce
ulati0u I'D suf would be the were Ties al mace 10
CON ,Aink. hose'er tbA Treasury Aoe. legal
tender viii b. approach 90 specie toud4Id than ai
iof.n of pager currency which car De issued"
Mr.. o. does not favor US with clenr
indication Of The meaning be attaches TO The
term at par" If he only neana by it that
those to whom debts are owing will boyo 70 take