Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1862-02-12
Bv Authority,

We take the following extract from q
speech delivered IN Congress ON tn, 9Th
instant by Thad, Stevens, upon the pas
sage Of the Treasury note bill:
"Mn. STEVENS, lrcp Of Pa, in closing tho do.
bate, soid.-This bill is a measure Of necessity,
not choice. No one would willingly issue papcr
currency, never rcdeemahle on demand, aud max, D.,
!. legal tender, II is never desirable To depar.
from the circulating medium, which hv the com
mon consent Of civilized nations forms the stand.
ard oIyoIue. But it y not fearful measure, and
when rendered necessary by cXigoncies itou- ht to
produce no alarm. IL is the measure necessary ?
The ato administration left Goht Of about S 100
OOOOOO and bequcathcd u.s. also an extensive
ana formidable rebellion. This compelled Con-
gress, IN extra session, to authorize n loan Of two
hundred and fifty millions. hundred millions
were taken at seven thirty per cent : fifty mil.
ions at four per cent fifty millions were used in
demand notes payable in coin leaving fifty mill.
IONS undIspoScd Of Before the banks had plii
much Of the last loan they broke down under it,,
ana suspended specie payment They then con-
trived to pay this loan, not in coin. but i'm demand
notes of the government, which kept them al par.
But the last of the loan was paid Yesterday, and
en- the same day the banks have refused to rc.
ceIve them. They must sink to derrcciatcd cur
rency. The remaining fifty millions the Secrcta.
ry OF the Treasury has been unable 10 negotiate
A small portion Of it--about ten millions-has
been issued at seven. thirty in payment Of debts
and all this has been used, and there il now a
floating detb, audited and unpudited, of at least
one hundred aRd thirty millions. The Secretary
intended 10 use the aanco Of the authorized
loan ny paying Il ont to creditors in notes Of sew
en-thirty. This becoming known, they immedi-
ately sunk to four per cent. and if the Secretary
had preserved it is believed they would have run
dpwn 10 ten per cent discount But even If these
could he used there would remain due about nine
ty millions the payment Of which is urgently de-
manded. The daily expenses Of the government
are now about two millions. 10 carry us on till .
the ncIt meeting of Congress would take six I.
hundred millions more, making, before legislation /
could be had, about seven hundred mil ions to he .
provided Tor. The grmd question is how can .
TINS large amount bO raised The Secretary Of
the Treasury has used his best efforts % ne-oti- .
nte loan OF about fifty millions, and has Cuiod.
Several modes Of relief have been suggested
Inc most obvious is 10 borrow On government
bonds bearing an interest Of six per cent, which
II Is known can only be effected by putting the
bonds into the market to the highest bidder Ill
nut Il small gum were Tanted it might probably
be had alta small discount tut if sufficient 10
meet our wants up to next Dccamber seven hun
dred millions, were forced into the murkat as il
is wanted have no doubt they would soil a low
ms sixty per cent, as in the last war And o75n
then 1t would be 'ound impossible to find uay-
ment in coin, A large part Of it must be accept
cd IN the deprecated notes OF uou-spccie paving .
banks for suppose no one xpcCts the rcsump-
lon OF specie payment, until the war sus.l be
ended. But as tins Congress must provide for
appropriations to the end ST the fiscal ycar lsG3,
seven months more must be added to these cz-
pensrs. That would require four hundred and
twenty millions, added to the seven hundred mil
n H lft| va EtH .f.tl. q 81 ,.|