, 1862-02-06
<FraI, DEBATES.

The discussions IN Fl
hc financial condition Of the country anu
hc measures Of relief proposed, go On
mace: hut without exposingt marrow ol
l,e questions presented. There IS a hooo
If words, and but little common SENSE
,rcat cab and small comprehension ims
is the situation: .,
Tho Government has no money; 1t IS IN
debt; capitalists will not lend soia' cfeol-
+orz are claulorous; 4 resort to paper
promises to pay is the alternative OF torceu
loans and 1icid military imposi,ions AL
r,cn who deal in money, or who are CONVEX
sant with the operations Of business Emo"
That M expansion Of the paper currency
of the country will give rise to disastrous
effects upon property and commerce. ''no
will lead straight TO bankruptcy.
All men know that under the American
1r.nkinc system-thc most ridiculous anu
,,osri,cnt of all financial schemes-the chan-
nc}s Of trade are full Of bank-notes, anu
owing 10 the in1mensity with which inc
banks, being in c state Of suspens1on' may
no,,r out their issues, the amount ot tae'li
Vii he largely increased. The accession
If tbe Secretary OF the Treasury 10 the
,,n,r,,cr Of paper money makers, aud Inc
nro,,abIe issue by the Government ol t"t
hundred and fifty millions Of I1casuf:'
no1es, will, addedto the currency 1urn1she
the country by the banks, produce the II
s,1.s Which all patriots and wise hnancle1
must deprecate.
The problem presented enen' - .n<
Tho issue Of Treasury notes being hAe
fact, the necessity Of which is anaen1ao'
how shall We make room ior them ~
.,.t rid cf the bank notes that arc ;'lrca(
in tic field, and thus avoid the dlsas1e
which this double issue Of paper VII
sure TO entail? This problem, which Lies
the very basis Of the matter, must bc soiS
by isc legislation now or NC hazard the G.
s,,c,1ences Of the ruin which lnattcnt1on
il will prccipitatc not only upon the CO.
try bu1 upon the Cnion cause But 1t
rs vet attracted no attention. Ihc Gan
7s i7nn,incnt, and the threatened col
ouenccs are appalling; but none seem
heed the one or the other Congress
divided into two parties Ono p;
demands that the proposed notes
gethcr with The fifty millions now all
shall take their chances With the pape'
the hanks and seek market where
can find it. The other contends that
should be made 'lcg:l lender, anu
he vested with all the guarantees ot red'
tfon that the Government can give I
But not Il word Of The primary qucs
and so the gab goes On, and
culf which yawns beneath I'll the lntt
Of the country which may be atteete
this prospective flood is unobscrEed-
Tine is precious, if we may believe
Chase. Creditors, Te know, are q;
1us sand i1npertun:,tc. The necessi1l
tnc arn,y arc many, and moi easily
plicd. But we pray Congress to stol
before the law is passed which Will
The power Of speculators, stimulate o
ciru imports and cut off expectation
the country Of its coin and bullion, II
tlc cost Of the war tllrccio1d,
:, debt Of enormous proportions up
Industry and property Of the count
send bankruptcy into every han
the Republic, examine the work
11.ey propose to DO. Senators anu
scn1atiyes will see, dthey arc wise,
measure which ne propose-a tax
paper which shall compel its graz
tire1,,ent, 50 as to make room ior J.
rcrcy which the Government must
is that which will guaranty safety.
is which first demands attention, Il
once 1cyicd, the questions Witch nj
tate the House become ilnmatcrlal
consequential We appeal tofhe
scn1a,iycS If the West-will they n
i, that this measure is proposed