New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1862-02-07

Mr.. SPAULDING-I propose to show how we
intend 70 lay that of. In The second place .Se
AGREE that hereafter the war must be carried o. pm
cipay upon the creGi of the Government, ard that
pdper In the form OF notes and bonds, must be issued
10 an e1u1lly large amount, whichever pm Is
adopted. After dcduciIug the sum raised from
revenue by taxation and duies Imports the amour,
of paper TO be issued only be limited by tire ae.us
expense of the Government. The respective pans
OF Alessrs. Valandighsm, CouklDg, and MorTiIi
require The zane amount of paper to be Issued
40 the legal-iendeF I'LL proposed by the CohInil-
tee OF Ways and Means and supported BY the Secre-
rary Of the 1reasury third the main difference be
tween tie eyeral plans is, that the galtender OH
stamps the demand notes IA money, win the inquest
,ancton Of the Government, 10 circulate AS ualon'
al currency the came bank DOies IN ell the 'hal.
nels Of trade aud business among all the people 81
the United States while all the other plans proposed
eoniemplite the issue of inferior Currency thai
will not in my opinion, circula g as money either
among the banks or the people, but will on the con-
trary be deprecated aud sold at large discount ny
all officers. soldiers and others that are compelled 10
receive II from the Government in payment ior ser
vice. supplies aud mater tls furnished FOR hysen,
prefer 10 issue the demand notes, based Oh adequ
taxation, and with the highest legal sanction That
can be given TO them By the Government.
! Mr. STEVENS Rep, Pa III closing the aeo9'e,
ssid-This oil if measure OF necessity not ohoce
No one would willingly issae paper currency, never
redeemable demand and make II a leg!'i 'euuer
J ~.
medium which by the common consent OF CIVILIZED
nations forms the standard OF value Bat II ls ho'
fear,nl measure, and when rendered necessary
Inv exo.ucies il ought to produce no aiar liz
/ l. tho measure Necessary The late AdministtA,
ton len de of about 800, 600 600, and bequeIh.d
Wv aI.o an extensive aud formidable rebellion.
IT conn.lled Cougrets in extra session, to author
10 a ioan of two hundred and fifty millions.
hundred millions were taken al 'do per cent my
millions a. per cent MY h'inohs "ere ISL ISL
inc leaving
,d;s,,c.sl of Before the banks bad paid much OF
,bo 4 loan they broae down under A., and sns-
er, a., Gle payment. TGey then contriVed 70 pay
liz loso' uot in COIN but ia demand notes OF the
Government, which kept item AT par bu' ''e iiS'
of tbat loan was paid yesterday, and On Tue 81 le
J,, tLe hanks have refused 10 receive them. lbey
mt link 10 depleciaea currency HE remaining MY
;li,s tie Secretary of tie Treasury las been uii-
aid To IA goi.te. small portion 81 II, about Ten
mihous be been Issued al 80 IN pay !Aeh1 o uS''
nnd IN this has been used, and there II low Iolt-
ID deht audited and unauded, OF al least si3O,'
nlU OOJ The Secretary intended 10 use the balance
cf The authorized loan by paying II out 10 ceGi'ois
in notes of 7.3D. THIS becoming known, they I'M
mediatelv sat 10 four per cent ahdn the secretary
"a rer,.y,red /. i, believed they would have run
80 IA ten u,r cent discount. But even II there
COLD he used there would remain due about ninety
millions t.eIayiDeat OF which is urgently Dc nanaad
Thc d.ily eypels Of the Government are now about
two millions. 10 carry u. on NJ tue next meellng
80 v.nTil tfkc flA luuul't Hlinour Iipif
ma no b ore legislation could DO bad, about seven
I,,-,-rd millions 10 lie pIotlded for The grand
0..ii,, i. How can tits large amount be raised :
4 . S.r.efsfy If the Treasury has used me best
Cgpri- 10 recotine ioan Of about MY pnour, anu
tast.ied. several uodes ui renei nave hren -ug-
ee.t,j. The not obviou, II 10 OorIoW Oh "o'ern'
,,,,.f honda haiing An Interest OF FIX per cent,
yhch il known an only Dee ELECTED by putting the
Ids INTO the market 10 me nigh,s. bidder. II but
h su.Il .un were wanted, il uisLt probably he Lad
al - ANAL e.. CONT, but II Sufficient 10 uest OUT
q, ~. uu 10 next December -ttNen hHhnT mlIh'us
were forced INTO ne mnrk'' as u ~ wanted nave
m dt they woul stl rs low g.. sixty per cent, a. IN
|l. I,.t WAR And even then II would be iound M
,..,ibe 10 hni p.y merit IN coin. large part OF II
ms, 2 :c.rpod DO the deprecated noics o. non
sne.ie-rayiug banks; for srll'-e 10 ore eAi e',1
r,-u.ptirI II oc pay LlrAi mll Tie war Shihl
s,dsd Bnt ~ tui. ton. y, ss must provide for al
nsto the cd q. tie ascd year 1851, so'en
n,,I.ti more uus ic Aud. O. iLctc eXItses 4hat
10, ia ,..,airo On r'h afdsn o. 3D." 'ho Fhh
b.f.re .stiuaicd. aud tie aggregate would be
- 100 o,o COZ The discount on shat sum- At 30 Pc
ami would be $40, Oju,WO. a The minimum di--
,nnt that any reasonable mag coud tx, ray - per
cent, il would be 80 coo coo. II wonlt, therefore,
r.oure az cssi bondr 30 the amount 81 - ,DIFN co.
ia irodu,e snii,eut currency make 100 600 0M
nd carry us - tie end Of the next fiscal year.
Iui. sur. l. 100 ri .hf,ll 90 q tolerated. Certail
beuarr. have suggested that tie iumOdiats wsuis 81
the Government might be supplied by pieogiDy f.aJ
ore wear in gold in part, mud the next payable IL
currency. The elect would be hat GOycrumeu,
would ray ont 10 its creditors he dcpre"ihtcd mote
E II non-.l pay iug banks, and IA there Il no
vrobhbI,y tia. Ia lcdees could lie redeemed when
due the, would be thrown into the market and
HI for whatsycf he Oaik, r'lht chose to iay Tor
heu Tie folly of til. tchtme needs 10 i.lrs' ration.
otter ,lan is 10 trie cut the legsl-tehder CLAUSE.
and make ilciu redceuablr for taxes an all IDbc
tares Bn' il . no prog 0ss 10 male any provision
, for i.,iscning hem in coin on demand. 10 not be
lisvc that such lotes would circulate answ where IN
cc,t - a Uuuous d.scouut. No note. not redeem be
CO., doIa.li, and moi made legal tende' have ever
leru Kept q Tar. The huuv ledge thai they were
provided ior by taNntion, and that hey wonld
, andy hc raid twenty wears hence, wonG not
sr,..ln them. The SECRETARY of the Treasury.
In ms report, recommended q scheme 10 produce "A
uniiom .aliona currency and fur' lsh market FOR
GOOD loans. IL prOpotes, Thea, tht the tankr
all receive their cig, niatiou from the Government
o. the amount of Governu,,nt boujs pledged with
tie ffea,ary Ior their security, aud dat no more
note. hould be issued Tie pnr value ofsuch bonds
and should re rde,ined by the banks. ~ general
, svstem OF banking, in ordinary times tblr plsr
,ignt he very ueefu Ia regulating the currency and
by The ale of the bond, the Government might COM
maud coin. But willie he banks arc ~ suspension
il is Dot ep-v 20 how il wonld relieve the Gov
.umcnt Ifthe notes were procured il must he by
accepting payment b. the Government IN depreci-
ited circulation. These would not be better than
tie Governments notes. The security OF tho Gov
eminent Is equal 10 that ~ The bank, and would
give a. much currency TO the banks. 1 its
advantage. They would have the whole benefit Of
the ion, without interest and at the same
time would draw nieres, on the Government bonds
from the time they cot the notes. II If very
plan if the United States issue those notes direct
they would haze tie benefit Of tho whole circulation.
In other ords, il would lie equal 10 Il loan without
interest TO the full amount Of tie circulation This
project, herefore however desirable banking
sy.em, could shora no immediate relief, especially