The New York herald., 1862-02-05

4
will be unpopular and bring denuncation those who
vote for IT, l take issue on both propositions say
| abundant-oyef abundant There are over two
| hunired and fifty millions OF dollars OF god ~
Sr haryssts have BEEN abundant and our material
productions, raw and wrought are IN great demand
and nearly every loyal State teens with all the elements
Of material prosperity Beyond that from living VeIy
| extravagant we have latcrly become an economical
people. We able TO pay, and We shah never
Willingness OF the people to be taxed aspersion can
be more belous on tho people OF the country tnah W
penses Of the rebellion The millions who have risen in
majesty defend from overthrow the INSTITUTIONS OF
their fathers have brought tribute more precious iar
themselves TO the distant battle field TO bear ner bo-
| SONS to the pangs OF death And shaai we, when such
is the and haowed patriotism AID loyalty
or the people, dare to meagn them herey Shall we sup
pose ths those who bringing their dearest jewels,
and still Offering mcre will now resist hosest axatonY
No II requires courage for representatives here to
vote for taxation and you are entitled to no credit for
wecome-the people must know what r. to be done with
tkoir moneythey must knew that II IS not TO be scoopei
the laps Of gamblers and thieves, in Office out Of
oce. They ipust know that il is be squsndered
on favores whether politicians or brothers IN law or
! women. They must know that frugality and honesty
will prevail IN its expenditure The gentleman from
Illinois (sir Rchardsen) said hat he was opposed to
cutting down Congressional salaries. am for cutting up
and cutting of WI ch can discarded am
in favor Of beginning with compensation Let that
becut Gown literally indeed than easily bear
We cam consistently with sefrespect and with success,
proceed with retrenchment in direson The peo
pie must know that their money is TO bc applied to
vigorous prosecution Of the war, 10 that policy which
will be most destructive 10 rebelliona policy which will
crush the idea whoever may suggest IT, in high
low place. of continental separation or dsmemberment OF
the Union in contingency. TheInust know that
idea Of accepting anything less than absolute submission
turks undiscovered ges unseen department
Of the government They must know that no daiiance
or delay lnds hiding place either tho cushions
the saddles where power sets enthroned regret that
tacre exists misunderstanding in quarters as 10
the sentiments members here others elsewhere who
suggest query TO the conduct OF the war. II
is charged against members who Insist upon military
action that they beong to the son 10 Richmond"
school.hat every man here elsewhere who councils
military action in favor of approving advance Of
the Army of the Potomac protest against this attempt
to fasten false issues upon the House. any portion Of
It, An advance military question, to be decided by
military authorities An advance Of the Army of the
Potomac in this weather. against great army ntrenched
on It's own ground, behind their guns, is momen
tous military question which no constituency repre-
sented on this door and no representative, would take
the responsibility OF deciding the Affirmative that is
not what is criticised But it is said that much
time has elapsed since had the field splendid
army and yet that so little has been done. 1t is said
that armies have been approaching each other for
months together at an enormous expense on our part
II said that instead OF being war of military manuu
vres, ID has become war Of positions-tha December
and half Of January came, with smooth roads and
shine, that then the golden hour and that we omit
ted improve IL. 1t is this that has awakened susp
con and given the feeling that the favoritc po-
licy of the government is the exhaustive policy It is
this exhaustive policy which has awakened the alarm
and indignation OF many. And no wonder at it.
In this policy we mast eventually be beaten by the re-
bells in .for manufacturing people and the
rebels live by agriculture Wenegloct our pursuits and
undertake to wage upon the vast frontiers Of the
enemy. while they all the time amid their
homes, having large population OF slaves to till their
lands and produce for them all the necessares Of e and
having THIS al their time TO spare TO organization and
drill. In this exhaustive policy, therefore,
cumb We have two great dangers before
tho danger OF exhaustion from arrangement OF
finance and trade, ard danger from foreign
intervention breaking blockade and leading
war which will widen out to he riot in the nation.
Prosecute the vigorously and have full permis
sion lay all the that may be necessary to meet
this emergency The responsibility is with To meet
this emergency with camness with safety and success
with a solid policy, realize in season all the
money reed, even in anticipation Of the tax to be
wh the puse cnedos se S instead Of
ing legal tender clause had provided that the notes
should be redeemed BY taxaton and had that stamped
and inscribed upon them have doubt but they would
have been acceptable THIS scheme comes here sane
toned by only minority Of Che committee That com
mittee consisted Of nine members is absent, and
to ad that it has only received the favor OF four
Of mat committee.
Mr. STEVENS (rep) Of Pa, explained that first three
fourths Of the committee had favored the bill.
Mr. CoNKISG-A this time, when high financial author
ties hesitate and frequently reverse and change their
opinions, gentlemen on the committee may well change
lbeir opinions. have no patience with the bill. The
biz not that can live Of sel. 1t comes before us
in imperfect state The design oil the bill s to pre-
the banks from going back TO specie payment At
all there evidence of an intention in high
tiers to preach crusade against the banks. If this
scheme is the best that be devised is undoubtedly
entitled to every on this floor II is conceded by
the advocates OF this measure that If tho legal tender
clause be stricken the residue of the bill would
pass In other words the great objection to the legal
lender clause would be fat al 10 the bill am opposed 10
every attempt make aught but gold and silver coin
| legitimate tender. Tie proposition to DO so
IS entirely new in legislation. No precedent can
| be found for IL in tho legislation Of the
| country. and this fact amounts TO affirmative
authority of the highest kind against the existence Of
such power. II such power existed provided
by the constitution, should find record Of it, Occa
sions refer have repeatedly in times past arisen
FORE warranted in contendng that the concurrent
authority OF all the lawyers juriss and statesmen d our
| country have stamped unconstitutionay upon this
| BILL But something more Is claimed than the right
| TO make something unknown heretofore a egiti-
tender. 1t has retrospective force, by which
| IL strikes at every existing pecuniary transaction
The Attorney GeEeral in his opinion, upon this sub
cct OF the power of so eiecting past Contracts only
says that there no prohibition the exercise OF this
power One Of the results Of the passing Of the bill will
be that will open the door to wholesale frauds. Every
agent attorney trustee executor consgnee
merchant and every other debtor who has received
money from others will realize for himself by buying up
this spurious currency we put forward and then OF
| Congress advises them to be. Think of the savings
banks Of the country, entrusted with the hard
pance Of the and hungry Of the needy woman the
widow and the orphan taking advantage of the bill,
and reducing the savings Of these people TO at least
afty per cent on The aggregate, and that BY con.
| the days Of Monroe Buchanan. II II passes
| into law some scheme Of bankruptcy be devised
gigantic than was yet dreampt OF to protect
the people OF the country opening the oodgates Of
fraud to make paper legal tender, and am glad to find
popular branch Of the Legislature OF tho great
city Of New York has seal Of reprobation upon this
swndle by vote Of almost two to one such scheme
il TO be tried by the nation at all tits to be tried only AZ
last extremity and when all other have IA led
| When you allow the government to do this you have
reached the last gasp Of credit The London Times has
designated this legal tender bill the dawn of Ameri-
bankruptcy the downfall Of American solvency The
substitute propose will without substantial alteration
procure all the money necessary TO sustain the govern
ment and carry through this crisis Never
presented such opportunity TO nation. Never was
so sublime duty imposed upon poope within the life
time Of a human American history, the history OF
free government the history Of constitutional liberty
| begins ends now We have career and our ira
| ditions. They safe. But history Is yet
| TO be made Our destiny is to hold this vast CONT
| nent, TO do 10 without allies, with nations allied
| against us, while in tho midst OF the great
| est, guiltiest revolution the world has seen.
| MR.. coSKIIyG's BILL.
The bill provides for the issue coupon bonds TO the
value Of five hundred millions Of dollars payable thirty
years after date but redeemabc the pleasure OF
the twenty after date 10 bear six Der
cent interest and Of denomination not less than wen-
tyhvc dollars The Secretary Of the Treasury author
ized receive payment for these bonds lawful money
Of the United States or the currency credits Of the