Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1862-02-28
UNITED STATES NOTES
SPEECH OF HON. JACOB COLLAMER,
OF VERMONT.

MHluct might regret that time has Nuwn 30 tuht
compelled TO begin at so late period Of the day what
desire 20 say ] am fully prepared, however, 10 admit
that the attention Of myself and Of others has been well
and probably occupied One remark fen from the Scna
tor which be thought proper 90 repeat that could not but
arsct my attention, because it stands IN hane az the
entrance " the remarks which am about to make III
understand him he says that II there is necessity for
The issuing Of this paper and making It legal tender he
ready 10 for H. differ from the Senator there.
begin with / do not know how other members Of the
Senate look upon the obligation " their oath to support
oath registered in Heaven well upon earth, and
thee IS necessity that in my estimation will justify
me IN thc breach oft think those men who are now
rskng their lives upon the high places Of the field TO
support the Constitution, are not TO be treated In this
Han 10y us with the concession that are ready, f the
necessity calls Tor b. 70 break IT, All that our rebel enc
mics are engaged 10 is the overthrow OF the Consutuon
and all that ooucndng for its maintenance aud
alton Let the necessity be what may, can
not disregard the obligation Of my oath To support the
Constitution and il is mainly with view 10 ascertain
What the true meaning Of the Constitution upon this
subject that my rcmuks are presented, though other
ning will run parallel win that tending TO the same re-
suit
Mir President VIC arc now about 10 plight our public
faith Tor the purpose ofooinng the a least for the
time being, of large sums Of money perfectly agree
with the honorable Senator from Maine. that there is
but foundation for in effort 20 obtain
money, and that is rlighed public faith Wemay prom
81 these notes, and make Them legal tender and promise
that the amount shall never exceed that sum but we
may repeal that tomorrow, II regard for the obligation
ofplghied fih will allow 20 do havcthc pow
e. IT, sir there Doe betrayed on the part o Congress any
tender foutcdness any the least indication that 10 does
have o.t the public confidence and broken the public
faith lfthnt munifestaton be in this FORM b De seen
that Congress has broken assisted men 20 break their
private contracts, wild not the world al once Say what
confidence h'yc ia the Uncd State. Government
that they viii not break contracts u thtif own when
They think they hatca any interests 90 do so
We pause 90 uqurc FIRST what is proposed 90 Doe dotc;
and that cadsto inquiry into lhc leading features of
this tul What are thgf ned NOT g1 over then, iu
detail. bot will s'8tc briefly the points in 10 90 which
wish To- call attention. Ia the hrst place 10 provides flr
the issue Of Treasury notes as circulation n hc second
N uHT ID
debts due hy 30 aud u uc third place. il makes them
tender on 90 private debts.
admit that when The Government borrows money, 10
give evidence Of the debt. whether by the
name Of Treasury notes or by some other name is mms
eral The power given in the Constitution 20 Congress
To- borrow money on me credit OF the Government u
carries with it the power to give certificate Of
at DEBT treasury notes have heretofore beenissued 10
VARIOUS iotmr' 9nl uniformly on all occ1'lonr' NOSE
Treasury es have been tceyable even for debts due
from the Government only At he option OF the receiver.
Generally that has been expressed iu the statute itself
that me, should be payable any debts due by the Gov
eminent 20 be received at the option of the creditor
Tbs bill understand. makes them payable absolutely
without regard the wishes Of the creditor This is the
htst time that has ever been attempted even n relation
debts due by The Government II Is not necessary 20
pu into the 6 hat they shall be received by the Cow
ctumrn in payment Of debts due 10 IT, though 1t is well
enough 10 do &c., | should suppose that according 20
ihc law. could refuse 10 receive his
notes towards payment u debt due TO him II had
d5 due to me from man, would Of course receive IN
payment note from me to him which hadfa.en due 80
lhatis commun-lsw right The Government receives
its own paper debts due On itself But the point am
hy COERCION aud receivable by torce ol a persons 10 Whuh
the nation is indebted. That is entirely feature,
never before attempted in any exrtmues Of our Govern
inont az any period u s history, since the formation Of
the present Constitution.
Bat, sir the important feature TO which wish TO
cal attention is that tue bl proposes make these notes
a legal tender in payment Of private debts between
aud man, with which the Government has nothing 10 do
WHAT'S this? What is the object intended to be effect
ed hy making these thus tender in payment Of
private debts have before a letter addressed by
he Secretary OIL the Treasury Mr. Chase to Rcpresen-
fl Nf al Nl TINgn ina uF
dy, from which wish TO read for the purpose Of seeing
what's the object to be effected and why it is to be et
iected. speaking Of these notes, he says
Tho making them legal tender, however, might still
be avoided if the willingness manifested by the people
3 morally, by railroad companies, and by many Of the
banking Institutions, to receive and pay them as money
IN all transactions absolutely practically uuyer-
'a but unfortunately there are some persons and some
institutions which refuse TO receive aud pay them, and
whose action tends not merely TO the unnecessary de-
probation Of these notes. but to establish discrimination
la business against those who in this matter, gave their
,Irdi support the Government, and in favor Of those
WHO do make such discrimination. This II possible,
SHOULD be prevented and provision making notes le-
y tender, in great AZ least prevents IT, by
putting all citizens in this respect on the same level
both Of rights and Duties
There is the statement This feature Of the bill is in
grated for The purpose Of making the thing eose
" equal and operating alike all citizens Of the com
umiy Now. what does the word tender mean
DO not speak OF as an adjective speak OF 1t as
ouu, substantive. II means an attempt at payment,
an offer OF payment Of debt due. It applies 10 nothing
ELSE. Here comes distinction which, II seems TO me,
has hardly been looked at in the Importance 10 which
view it, IN all the discussions in the House Of Represent
utycs Who under this bill is compelled take this
due them Nobody compelled 10 take 1t for his proper
ty. Tender cannot be made TO man 60 obtain his
horse om him, lie has horse TO SELL work TO perform
labor 90 do you cannot make tender 20 man for any
o these things In all the great general affairs Of life,
this provision, made it is said, to make men equal,
can never have any application to them II applies to
nobody cpt some man who has been so unfortunate
a. 90 incur the pubic alspleaswe because ne has saved
he money from his industry, and has it in the form Of
debt due him. IL is none hut such unfort innate
tatean be- reached by mis- provision and that Is called
making things equal do not know what opinions 9TH
men may have about equality | have heard that
tqnaiy was equity II hey aye convertible terms
BY that is equality equity either The number
Of people who owe debts in every community is very
much larger than those who have debts due them 10
all those people you address yourself by this euder clause
swing. engage all Of you who owe debt. TO depie-
ss ,o can To- cheat So,r creditors with That is EN-.
listing very great aid take IT, to the currency Of this
paper al ...... .,..a,s .,.,....,. .,;.
point but will here remark, that this the great
seminal principle that occasioned all the trouble in this
country In the time Of our Revolution aud the period
succeeding the Revolution up TO the time Of the iouna
ton Of the present Constitution in regard to money
matters 1t is that resort was then had on all occasions,
whenever there was public pressure to some sort Of
relief laws stay laws or tender laws some species OF
imaginary provision Of relief was constantly purSued
and this iemporzrg policy dcmorahzed the whole com
muniy destroyed all confidence public and private and
entirely destroyed all credit and all trade.
Here is the same thing now know 1t Is easy TO talk
about the hardin creditor and the unfortunate poor
debtor That kind Of argument often addressed to
humanity and by and by suppose it will be addressed
20 cupidty, If there Of constituents
that be relieved by making provision Of this kind
pay OF their debts cheap and easy, suppose II
Of representatives trying TO accommodate
their constituents ia that way that the early writers said
that fhe very possession Of the power do thing Of
tins kind demoraiyng those who possessed that
power Cycles In national affairs in politics well
IN natural philosophy, return to us and cannot but
here feel It my duty somcwhat elaborate this point
and show that this very idea Of credit and relief laws
the beginning Of trouble in this county, and that il
never ended until the present Constitution was adopted,
aud the people relieved frneceSsfafe from those
deiusions which they had been accustomed 20 follow
On This point will read from Judge Story on the Consi
tuition
The prohibition" [on the statesl "to emit bills Of
credit cannot perhaps be more forebly yindcated than
by quoting the glowing language Of the FederAlist,
language justified by that of almost every contemporary
wHrr and atcsted in its truth by facts, from which the
mind Involuntary turns away at with disgust and
Indignation. This prohibition, says the Federast,
must give pleasure to every citizen in proportion his
love of Justice andh knowledge Of the true springs Of
public prosperity. The loss which America has sustain
ed since the peace from the pestleut effects u paper
money on the Necessary confidence between man aud
man the necessary confidence in the public councils;
on thc industry and morals Of the people aud the
character " republican government constitutes enor-
nous d'bt against the States ehargeAble with this un-
adleod measure, which must long remain unsatsied
Tahcr ava accumulation Of guilt which be eNpated
no otherwise than by voluntary sacrifice the altar Of
Justice Of the powcr which has been the instrument OF
n -fo'Bs Commentaries on the Constitution,