, 1862-02-14
Lovefoy on the Treasury Note QueS-
tfQUs
WASHINGTON, February 10, 1862
HOI.SIt


HOUSE OF REPRESENTATIVES,
MI. LOVEJOY-Mr. Chairman, have en-
deayored for dag or two to obtain the floor
for the purpose of expressing my views 4 little
more ut length than can in the five minutes
to which am now limited; but, by an ar
rangement between the Chair and the Com
nItfee Of Ways and Mesns, my purpose has
been thwarted.
I will now simply say in regard to the cues
ton Of constitutionality that there has not
been respectable argument advanced in de-
tense Of the eonstitutionality Of this bill; ard,
,nasmueh as great talent and eminent ability
nave been brought to bear upon it, take it
tcaI no respectable argument can be made in
Flnd1c.don Of the constitutionality of this bill
/ would admit the Plea Of necessity, If be-
aeEed II and think It is more manly to con-
sary, but unconstitutional, tban II It Is 10
attempt to torture the Constitution into the
support Of a measure which everybody must
see to be Unconstitutional.
Now, Mr. Chairman, in regard to the general
idea OF the bill, it Is mere Elllacy. The whole
argument rsed in favor Of the issue Of these
legal tender notes is based upon precisely the
same foundation rs the old theological dogma,
crede ut e.les ct eles--bel1eye that you eat the
cat it. Believe that this piece OF paper is Il
i've dollar gold piccc, and it Is i tive dollar
gold piece believe. it is worth five dollars, and
it is worth five dollars
Now, sir, 7 ain prepared to state that it is
not in the power of this Congress, nor in tho
an in1possibllity iu making something out Of
nothing The yIcee Of paper you stamp as
five dollars is not five dollars, and it never
will be unless it is convertible into I five dol
lar gold piece; and to profess that it Is, is siu-
ply i delusion and d Ellaey. you mag say
even by legislative enactment that sixty OF
eighty or even nfneeev-ulne cents are hun
dred, but the rigid, inexursble diyits will
stand fixed and iu1noyaai- aud imtaoyahlc by
your Legislative legerde:pailI.
3lr. Chairman, VIC arc uryei by the CHAIR
man of the Committee OF Ways and Means tn
pass this bill, because ruin IS before the Gov
trnment II VIC do not pass r. 1t reminds me
very forclbly of Cowprr's Needless Alarm
cannot undertake TO give it in rhyme, but
will remember that, hearing the deep bayins,
of the hounds and the sound Of the hunters
horn, the sheep cunrsel round and round the
field, until the frightened flock came to the
brink of i precipice, and to get away from the
hounds and huntsnien the pc:ea- y1sJis advised
them thus:
u hold. therefore. wisest and most tit
That lie to save vi. leap into the pitt
The nlatron Of the flock, more discreet t!1an
her spouse, replies:
s. How 1eap into the pit cur life to saves
To save our life leap al into the Erslvcs'
Sir, there is no precipicc, there il No claasu..
there is no possible, ylwning botto.n1css Eu1f
heforc this nation SO terrible, so appalling, so
ruinous, as this same bill that Is before u.s. and
that it is proposed to pass under the pressure
OF these Influences brought to bear upon it.
You issue S10O, cor, Geo Of those notes. The
gentleman tells us they are already due. Nc
have got to pay the paper ont almost before
We can make it, It has taken lis six months
to manufacture 50, ,Qo0, coo, and We cannot
manufacture it rs fast as We shall spend it ut
that ratci SO that when VIC have issued $780,
eco, ,e00 We must issue another $lC1 1,oD0u 0uJ.
and then another Sl0O, ,010, ,010. And thus VIC
plunge from lower depth to still lower, till wc
are buried in an ocean Of incoayertihfe papcI
At every step your piper will dcpTeciate NOR.
and more, until the expenses of tho war will
swell to such IN appalling sum tlla. rrdcmr~
tion Will BE- Impossible and reputation newt
able fac5NS dte1nsus dex17.i, Sc., which
hard work to draw the sled back over sn,oot!,
1re- But the question is pressed: what will
this:
Fl F5rst It., adequate t.xation-to tic extent Of
second- Adopt legislation that shall com-
ptl all banking iustitutiuns to do business on
Il specie basis Every piece of paper that
claimed to be money, but was not, would
chase tack to the 1l,;la Ut corporation that
forged II, ant visit upon the criminal the pcn-
altles Of the l1w- would not ;illcw 4 bank
Uotc to circn1ate that was not constantly, con-
Tcnlent3y, and certainly convertible into
specie.
lulrulE. I"cnlA 1SSt;e lnfcicSf-pl ing bO:lttS
tf The United States, aud 20 into the market
and borrow money and pay tue obligations of
the Government This would be honest, bus
mess. like, and in the eud economical This
could be done Other channels OF Investment
are blocked up, and capital Tn,:il SEEK tile
bonds for Investment
This is, in substance, What propose This
would bring lis through the war poor indeed,
fer half the nation lIas to support the other
half, but with the lc:slth and y;gor OF the at-
iete, and not with The blo,ted flesh of the beer
suzzier Did not know that the I,assa.c Of
this bill was forr.one conclusion. would
move to rccomnir with instructions to that
ttI.'ct.
Eere the BANNER fell
II President John a. Sturtcyaut, Of the
Jacksonville ull) College, is one Of tllc COM
nilss1oncrs to make tic animal trial of coinage
at the Philadelphia mint. The essay has been
III progress since Monday.