The New York herald., 1862-02-05
news FROM WASHINGTON.
TcoNuNuEr FROM FIRST PAGE.l

noes In blood the people TO fresher aueg,ancs Tina,
hour is approaching and have no fec Of The result.
FLY swfter round ye whee' = OF time
W. v can SSss ,S second q July mex, as we -
sbarp conflict and shall ec nomize blood and trea-
This paper war neasar is not waged against the
would as soon provide Chine for the army
paper money aone for thev We want money but
the nrst step We pIo will destroy whatever conf
With this paper sso it cannot be expected that we
shall nnd either ~ .rotism OF sefshness hereafter
of the United states Al this time in consequence
OF the dninntoP all business except that nourished
cy .ne war tne oank circulation is over twenty million
dollars less s bout one hundred and thrtysix million
dollars adr that we can drive some considerable
share OF TINS home upon banks and substitute that
OF the notes the United States in its place. But how
meagre the result, could we even dispace the whole,
compared TN 18th the magnificent proportions Of our
watt waits M. csc banks, however, already hold, in
'ounu nu abers, nearly hundred million dol
ars OF United States securities If, in add
a ion 70 his, compel them to redeem Their bills
ow zig llaing as currency we compel them 70 collect
her NJ receivable, part with their dead, and,
night add. crucined loans 10 the government. Their
nsto are to large extent composed Of their own
ockf olders OF course IL easy what part of
heir will be melted down and realized first. The
,ovG nment stocks weud be thrown upon the market
ND the downward teadepcy of public credit could not
20 arrested The competition IN the market between
he government, avowng its poverty and imbecility,
m those who have divided their last crust support
government would be sharpened by disappont
ent and dstrrst would be created that Subsequent
could wholly pretended thai. the
United States are holden for the redemption of these
notes, they must be good especially II made legal ten
der. Never was greater falacy They mast be funded
until the can be mulated for their redemption
Out OF the whole amount for which they would be issued,
twenty millions is about all that would be absorbed by
ihe country kept aoat in the present condition OF
monetary Affairs without Congressional mnipotence in
making them legal tender. object 10 the bill on the
ground of It's utter mpotency. From the moment that
you issue these paper dollars you vastly the
cost of carrying on The The value Of property
would be rendered uncertain, and the poor man, who
ahnrfc nd upID
hnd these Injuries beyond his means, and the
rich would got possession Of the little the poor
before suffered 10 retain The cOnstitutionaiy Of the
bill Will not discuss; but il be conceded that the
power OF passing this is nowhere contained in
the consituton and has never yet been exercised.
should regret indeed 10 IL exercised In this
great crisis OF the country, if expect to retain the
sembanco Of frsedonf expect retain any of the
features OF republican form OF government-f hope
seehe eauletes stripped from the great host OF
tary officers ready 60 forth to battle and their
swords laid asiie-we must hold every department Of
the government and every officer to adherence
to the constitution and the laws One Of the results Of
making the paper legal tender will be that more
Epece Will be except through the offers Of reward
draw il from its hiding place. until have emerged from
dfRcait The three hundred million specie said
10 be in the country will be boarded and remain useless
and idle for the rest of the we would escape
record Ike that which obtained for the debased currency
Of England in times past if would not have the brand
o. intary put upon the American coinage, let us REJECT
any scheme for making paper legal tender. Austria
had undertaken this Of making forced loans by
making government paper legal tender and it proved
IL far efficient and about equally sound morals.
Is not contemplated bat that at some future time the
banks and government shall specie payments the
banks depending entirely upon whether the government
docs not and invite them to calculate the of
the descent from that basis the cost OF the return the
expiatory pains to be suffered and then determine
whether shall carry this n specie basis, or
ceas less food Of paper By making the paper a
legal tender shall sever connection with any
other fountains Of supply. We retrace
steps. No sane man would take stock liable. by the
practices Of the to be reduced the very
day ten per cent, any other Having tested
this fsele mode OF paying debts fear the and
honest mode Of taxation would be repugnant 10 many
constituencies and the doors of the temple Of paper
money would not soon again be closed We cannot pass
Law Compelling the acceptance Of paper in lieu OF
III contracts made one, two nve years ago In
early days II was customary TO draw notes in due form
with she addition cf' 'busnd stays excepted" Hcre
alter all contracts will need TO be made nnrqble con
or with the addition OF "u ;. bills and rags excepted" "
the provision making the roies legal tender should
unfortunately pass, it certainly ought TO provide that it
shall only apply contracts hereafter be made If
this bill passes the prices of living and the Of
tcrias would advance that labor could longer be
prontaby employed and we would have to 10 foreign
markets with specie and thus might bid fare
well to al protection. While we are at war
the people should find employment at homo at
living wages. While at every dollar OF money
the country should gladden. the eyes Of own peo-
pie, and no foreign mission If tax the people,
should not deprive them Of employment In fact
with wise policy there is no lack OF means TO carry
the war offensive defensive; and these only
be iLed to give credit foundation solid
the lootsoe Of Jehovah. The first SIX months OF
the exacting The expensive outfits aud ty
Will nave 10 be repeated. There
too, be foraging upon the enemy the army ad
vances, and less chance for the vampires at home who
have bed the Treasury when they ought to have been
made bleed themselves. In the bill reported by the
minority of the committee substitute propose nc
of treasury notes, but leave the fifty millions
already authorized TO be sued and reissued may
found necessary or convenient We then propose TO issue
hundred millions Of dollars in notes BEARING inte-
ret the rate of three and sixty five hundredths
pen cent, payable at the pleasure o the United States
be received for all debts and demands taxes included
Is the United States, except duties imports and
change at the viii Of the holder whenever presented
in sum. not less than fifty dollars for United states
seven an three enths per cent In substance they are
like the English excheqner notes They cannot exceed
the aou, Of internal duties that will be levied which
will create and constant demand for those
1t is also opposed by our substitute ~ issue two hun
red mliora dollars in coupon or registered bonds pay
Able in ten va with interest semi annually in CON-
the rate OF sc and three teths per cent per
We promise G. in for all interest bonds. This subst
fute avoids ali the material and fatal objections the
original bill s ntrely practical and feasible in cha
racter and will not only relieve the Treasury from its
present necess. but do something towards making
rrovsion fer fut wants II is a question that viii
mark for veal Oh wo an important page OF our
the committee neet me question Win tha cool de-
liberation its high imp "rpmce demands.
sprye,, ov rn coSKrIye, YORK.
Mr.. ROSCOE L. CoSKi ING, Qep) oil N. T., after pre-
Eminary remarks said al the question OF money ant
credit is that which Ia no before u.s. The credit Of
like the credn Of the individual consists
ts ability and integrity 10 ay all its debts and per
form its promises with scrup ous ndey and exactness
On pubc faith only could Cow rnment live Credit alone
confers national mmortatya na 'he loss of II rapidly
eads TO national decay We ha, vast army and navy
10 sustain recurring the expend lture Of forty five
millions OF dollars month We ust 70 meet this great
,utay devise policy which will stain the government
the conclusion Of the and VIII chwii ultimately af'
ord annie means for the ut Of the public
pcurred and 10 be incurred by H. his is the problem
10 be solved by Congress belev eve VIII solve IT,
that too, by policy worthy of ne occasion and
Idequate TO it's exigences. But hate no petty
10 outrage honest taxation W. must pract
nceslnent, deception the taxps ers complex
Ia the circumstances by which surroundsd,
,ther men have coped successfully with IKE subject
lnder equally difficult circumstances, and ave let US
heir example as a warning an guidance. . nave oe
Fore us in history the folly Of who have scatered
ruin and strewn wreck in the midst of their ountrys
hopes We have, also, the wisdom Of those no nave
reated and preserved empires In midst OF dcs oatng
and caused civilization rise on golden win gs out
,f the ashes OF exhausted national system Our own
statesmen have done far than their own shs o TO
Dndow the world with financial wisdom From the ex-
ample Of the greatest Of American statemenAexan. er
noU invit al fovt -