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

and by have nothing now 10 say on the subject II the
H. Shen read 4. and understand lis merits. have
nothing TO say about now Ihave TO proceed with the
measure before MS, the In hand or a. The lawyers
say, AZ PER suppose you issue these Sl5O,O0OOUO Of
enaerable notes, aud they 20 into circulation dis
count what will be the consequence understand that
the circulation Of all the banks u the United sttcs is
now about Sl36 900, and we have about $500 00l-
uOO Of gold IN the country, though there Is very little Of
~ comparatively in circulation OF course these notes
or ours VIII MI up the avenues n circulation aud they
must displace some other circulating medium. "
course as has always been the case the deprecated
cuat0n will displace that which is Of more value You
never can have two articles Of circulation, two money
mediums that not convertible into each other which
can 9e IN circulation at the same time he poorer
These $4,000 00) Of notes will ell up the channels Of
circulation, and then what becomes Of the bank
that are red enable They are Immediately crowded
notes
Then suppose we carry out the proposed measure Of
taxation which we have passed resolution pltdgiog
our fih 70 do. raising Sij0000O00 this year That
VIII just cover this issue Of notes We send our tax
Rahcfrs and take in these $50 900 900 II notes for
the taxes Then the whole community Is eft as bare as
picked goosei the people will not have dollar OF any
tndi they will have no circulation at an. That thing
lne tssons OF history as wf As VI common sense, to
say That 10 never will be- suffered by the people second
ume' IL cannot be endured Even ~ you ressucd these
notes lhe people would never consent 10 repeat that cx
pertinent know that members OF Congress here do
not mean 10 have the thing go ON ia that way They
mean % have the received Tor and paid out
until they paid ur good, aud finally taken entirely
outof circulation But, ten YOU that II The Rcpres.
enl''es nos TO Congress visit the people with 900 c
" lhat Kind ihey will give place 90 who will hot
Whenever you issue paper which obtains a circulation
ana deprectatcs and dccrioratc, 30 crowds 100 the
better circulation and any surplus u gold goes abroad
ron cihnot scnd lbr circulation abroad Tor Do has no
value there II has intrinsic value whatever but IL
dspaces all other circulation, aud the eject ufit- that
u dictionaries decidedly, largely Bot what then -
There is not enough q 1t for hc people Go do their h
ness with They demand more and % costs nothing
10 issue it, more is issued at the public dtmaud Every
cry time IL deprccaes it tcl rc. au addition On 90 l ore
der To- cu1blc our people 10 rci along with blsars,
That has been the history VI b. everywhere. II
only true here iu relation 90 the continental money! but
SOS iur boo France 100 regard To- thor assgHInfs aud at
stf Doe purpose OF relieving themselves the, resort
el n monarchy. 81 10 was with Augtra railways
That's the nature N thc thing
Mr. LATHAM The paper money Of Austria stands
Mr cotlANsu Ibclicvc it circulate, at cictt to one
at this tune. We have the lesson ~ homo WAY was
not the continental money redeemed Fora plain rea-
son. II wett down n five years to nothing some pe1.
pie had taken BE- A. twenty-five per cent some 40 city,
some 40 seventy I'VE some had taken it font, flr
had been received by thepcope at t possible scales
aud rates Of depreciation When the question Of re-
dcemiugt arose, it was at once said cannot make
all sIrts of puccs and besides any taxes that mi. bit
lay take mp those bills would he more uueauI than il
would be TO let them die In the hands where they aro
That has been the history u Dc always, and always will
be the world over afraid u repeating such an *
pertinent am free to acknowledge that am alarmed
al the lessons of history IN acmpns % enter upon Am
experiment " this kind again 90 this country. look
upon this ass 100 great measure nothing Nor les,
hanihe initiation VI that same continental money. !
Know il is not soutendcd but such must be It's necessary
cunseq uences
Mn srMSgp VIII The Senator. while heis on that
point, allow inc 20 mention fat in reference the
continental money, that 1t was not a legal tender
Mn toLLANUL Yes sir; twas.
Me- SUWNru, understand rot.
Ma CorL'MfR This was the situation Of &C. the
Congress issued tho mono, r the State. TO
take up, That Congress could make ul laws but they
passed resolution calling "u 'hc -tc- O. make DC
s.. o. .f.sIHH .|. d. DO
not be positive about Rhode Island That the way j,
Mn sruSrn meant to say that it was not made
Mn CoLL>WBR They could not do f. ; they had not
The power 20 pass laws, but they recommended tl the
States, and the States passed laws making il a tender
read u day the declaration Of Congress. that any man
who refused 10 its fan nominal value equal
70 gold ard silver should be considered enemy TO the
Liberties of the United States. He pui into COW
sutry, put ont Of o.ety but all did IL went
down, tender terder 60 the Government
II has been asked why not let the Government issue
s paper anu furnish the circulating medium ofthe coun
ry instc I'd NJ having tho banks d1i Z" II has been
ad that the banks issue their paper without paying any
interest IT, and hat the Government should have the
same opportunity 90 Furnish a currency To this have
but one simple answer u make l have merely 20 say
~ he Secretary ofthe Treasury who This argument
1'uks do. you may issue them" But there no PROVE
sion made for The redemption II these bills an They
are issued in fact payable on demand bot nebody PIE
lends that the! be paid according % their tenor
In the next place i that h is practcug
~ u we PtSpe oot people reeve tAs iaeer
I l ~ eaH',, ~ 1! E u' we ,'HNet :" NV huPpHc-
w Ii1' 'it ny nln t'a, NuAt ulel yse9 l"
: a 1 ~ '' 80 @'W 'nN' oAittl q" n'ur
nj. 80, ~. ,i.-,.5 81, II 't H. n, 'l.n yea
.3 i ~ m ~. 4. "H. gus TO
& ~, ,,' .SG ",l','"t ~, iHs,e' '"' .i'5 '''t'
w. ,rc a., ,s,i, ~ n.y. b, ~, !, s' ~. ..'
l"' issu't ui "at' 'u' Ie l,A.'i' To- h''l-
, - ,t I! ~ ' t''N' ' 1 V.'l ln.., Il u' 'e
~ tt,t w. 49, 'iii o.. t .s ~ .s.., ''t''"
" t sl t Nv N',- IVY Pi',i 'tA,llN
. u,h 10 j., ~ .F' t".' el 'i3e
M d. t a. aI ii NI i. 'ur tDH"ttt
I o., ,,c ,,, IL, 80, t;"a ' q. t I'm w. i i''
ir II ~ IT,. ta '. "'1l t ", "''D'. ,',."
u b. -, w I, i W., \, tn,S 1N.iY
nav 81 m -e" i','t''iil "i," Sc i"ik ana ehh-
~ IN f J N N.Y." s',t',ss "HuN>' i''ise W''e lo'y
se,,s i,.. N ,, ~, a"s1 o'. l W ~ il'i
. l I'll. i,i' aug ""'s t"'H tNN "uu1I'u
O., ,t t,.. Ill. "a @ wy, ~ t 1870 ,y
n E N,i'e' ~, '.'iN.' !" '', .t w 'N'
ma, ,, i1l 49, "a "a a m 'n5' LUG e a. i NHs 4"
H., ,l't. ,.'. 10 49, A. T.: ~ 49, ''''
-.i.t s..s a. '' w '', ~ W ,,'. "P'
G o. ~ , i'l'e, I'' "'i W. '."Nh que
~ e.. l.'''"l A"i1 J." 'll' 'aDi"ll.'t "h'Wt'l .l'E
IT.. $500, ,t, w. ~ ~ i'' a amy u1l
a.. -. ~. H. VI 1 wv | ''''' o'l
,stt'. ~ ~. y. ~ t' . ".' ''' ttl'',
~ -, 80 49,, ~ On rt ~ w. ~ opr !"
i ~ m o'nt 'i''i ny 80 81 ''-'l.', euti pay
.i, s, - 80 n ' W ,t ' N'
- IN ~ - -, ~. - ~, ~ az IN a. }V- t.,s -l''
ali Mo- have th,s takcn lo,rs nan, ,be avn,
. L ~ a. ,n 'lls I'm Wv ,a'li's " ~ ~
49, " , t'ie, . " Nst t t w can se' elunla
bling and then bcy viii 90 and nav of their ebt 1 ,be
trustees of the savings banks with mis- paper ironically
called money and they must deliver il ont 10 tbc.c nor
depnsitors Who suhers3 A hard-hearted creditor No
sir The ebotnp moor lose savings ~ tbeir litis i,s
try hy ths course OF legislation viii tbe,e pe1nie