Pomeroy weekly telegraph. [volume] (Pomeroy, Meigs County, Ohio) 1860-1866, 1862-03-21

tofplf Spauidlng S bill Will have, (save
The legaltender clause and have the
ortantt advantage of earning interest,
land being fundable in more desirable
Estock for the holder, because Bearing a
higher rate of interest, and more advan-
ttageous ito the Governments; because
having only half the time to ran, the
Gov ernment can redeem them at an
teaIlief date. By this substitute the
| 500, ,0U0, 900 issued in July, called de-
unar1d notes, are left to be used by the
lsSecretafy of the Treasury under the law
laut lforizing their issue. 1t was con-
tsieered that this $50,000,000 demand
netes' we're as much as the market would
bear. Should there be, however, a
further demand, it could be met from
the s1o0 100000 bearing small inter-
est, which, to say the least. would be as
desirable for the purpose Of currency as
those not bearing interest.
Mr.. Chairman, the substitute pro-
vides for the issue of 100000, 900
United States bonds, having ten years
per cent. per annum interest, and $780,
10000 six per cent. bonds, having
twenty five years to run, interest on both
descriptions being payable in coin, half
yearly. The bill of the member from
New York does not provide for the pay
ment of the interest in coin. That of
the member from Vermont recognizes
throughout the obligation of the Gov
ernment to pay all its debts in COIN
There are other provisions which are
common to both bills.
The Committee of Ways and Means
are equally divided in regard to the two
| bills. [, however, am for the subst-
tute. and decidedly opposed to the legal
tender scheme of the bill now pending
before the committee. l ask the atten-
ton of the committee TO some sugges-
tions which I propose to mike against
the pending proposition.
| will first make some remarks about
the present financial condition of the
country. think that 1 may take it as
true that the co lntry was never so
wealthy as oday; that never was so lit
tie due to foreign countries as to- o-day;
that it never had so much property, and
was never so free fron embarrassments.
The Only drawback is that the Treasury
wants money to an immense amount.
i The question arises how shall we get
the required amount of money and put
it into the Treasury to defray the ex-
penSes Of the Government? That, sir,
is the question which we are practically
to determine by vote of the House to-
day or tomorrow. Can we best accom-
Eplish our purpose by legal tender
Treasury note bill, or can we best do it
,-ssssffry1 e---cspitalists of the
/ couhtrv ard saying: I'VE are power
full nation. an honest nation. wealthy
nation, engaged in ar effort to put dow II
a gigantic rebellion. All that is valua-
bic to us depends upon our success
The country is powerful; the people are
fult> OF patriotism: we are. providing by
law Il sure fund to pay the interest OF
the public debt, to defray the ordinary y
IeXpenses of the Government, and fund
with which ultimately to redeem the
principal. What We desire to borrow
lis to be expended in the suppression of
this infamous rebellion. We have not
only the means but we have the will to
meet all cur own enga gements promptly.
Do goa think, Mr.. Chairman, that an
;! individual wanting to borrow money,
presenting himself to his eighbors who
had money to lend, would have any
difficulty in procuring it?
So with the United States. The Gov
ernment has the ability and il has the
III Al - l.
to announce to the capitalists that it is
a good husband, and will take care oj
its business; that it is honest in its ex.
penditures, and that it will use this
money to put down this rebellion; that
it will not spend time upon side issues
but that it will devote this money iu
dicious y, honestly and energetically tc
the end proposed: and | think you viii
see that the Golfers of the capitalists will
open. and that gold will run out in the
utmost abundance.
The declaration that this is a neces
} sitv is legislative declaration that thi:
y Administration is not equal to the oc
; casion for which it was elected (, fol
; one. will not vote for that declaration
Such is not my opinion. l think ths
Administration has committed errors
) but am not willing to say by my vot,
that it is not equal to the emergency
The plan suggested in the bill of thu
member from Vermont (Mr Morrill,
: will, if followed up by judicious an,
energetic measures, | am convinced, ac
complish the purposes of the Govern
ment. You have all that is valuable il
the credit of the United States in thi
l form: and you have the additional in
ducement Of laying it aside mporarily
/ or funding it upon better terms thai
: the Treasury demand notes. The
Y there is another point tL which l vii
r call the attention of the committee. [
y is in accordance with the usage of mer
3 chants and men of business of all see
a tlons, because when you postpone pay
+ ment you are or ought to be willing t
/. pay interest. You do not believe tina
n it is right when you cannot NN net t
d pay for the delay. And it gs tn
o specie standard according to our old no
: tions of gold and silver You kno'
: that in all the business of life it is
: most important thing that the standar
u OF payment or the standard Of valu
G shall be as nearly invariable as possible
You know if could sell you one hun
c dred thousand yards of broadcloth, an
} | should have the power Of having
y gum elastic yardstiek, you would nc
n know really what amount of cloth 20
! had. If it be right to vary the standar
= it will be very much as in the early his