Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1862-02-14

f,r making the notes legal tender Th
main points Of his speech, as given ia til
Globe, are as follows:
Mr.. Chairman, engaged az I have bcen upll
other matters Or at least equal importance l hay
! not hra the time 10 prepare any elaborate speech
but the subject Of i-suing $50 00O. 600 Of ra-c
currency and making 1t 4 le- -al tender BY the Gov
ernment at a single bl1ui-the prccur-ur, as
fear of prolii; brood Of promises no one Of vhici
is 10 he redeemed in tho constitutional standard O.
the eouniry-could no, but arrest my attention
! and having strong convictions Of the inpolicv o
the measure, should feel that utterly failed |,
discharge my duty If did not attempt to find q
stronger prop for cur e0urGry to lean upon than
this bill.
Let no one suppose that Imagine the country
will be ruined-however callmitous 7 might re-
gard the passage Of this bill-whether one partis.
ular measure is adopted rejected. This Gov
ernment Is, thank God, too strongly intrezched in
the hearts of the people not to be able withstand
more than one disaster, or more than one blunder.
But it is a time when it might be parlonable
morality almost, to say that "a blunler is worse
| than a crime"
What is it we most need Clearly We lack
money, and wish TO inspire our own people with
| that confidence that will induce them 70 lend the
requisite amount. But the very first step we pro-
| pose is one 10 destroy whatever Of confidence vet
remains among those who have a dollar TO lend.
BY making our notes a legal tender, We make
them better for the moment than We can make
| our bonds, and men might be willing 90 exchange
bonds for the nstes; but notes for bonds never
with surety of anything better than notes
| twenty years hence. Twenty years bonds, at SIX
per cent. interest, cannot be disposed rf az PAR.
| 1t is pretended that as the whole United States
are holden for the redemption Of these notes they
| must be coed and will, therefore, pass at par.
/ Tf.. - uta1o a teraI feusler
| greater tillaCy. The United states are abunI-
anty able 10 meet all the vast exisenc!es of this
war, to pay all liabilities. 0uly put them in,U the
/ proper form. IL cannot be done on demand and
1t is a Triton 10 preten4 to 60 20. They must be
funded until the means eau be accumulated ios
their redemption AZ a mare currency no more
Of them can be used than CROUCH TO OIL the Dc
mands of commerce.
Mr.. Chairman, | object to this bill on the
ground, as / conceive, o. its utter imp0iicy /
admit that from the contracts entered int0-many
Of which, now due, Iregret have not been Paid
as promptly they deserved u be, and from the
heavy monthly disbursements to our Army, that
the Government can food the country with even
one hundred and fifty millions Of paper dollars
But from that moment you would yastly increase
the cost Of carrying on the war; prices would 70
up, and ths addition We should pile upon our na-
tionAl debt would prove that it might have been
even wiser to have burnt oug paper dollars be-
fore they we're issued.
By making paper a legal tender, 10 more spe-
ee will be seen, except through Offers o. rewards
to draw il from its hiding-place, until we emerge
from our present dificuties, and not i0r indth-
mite period, perhaps, thereafter. The 0tnJ.-
OOO OF specie said 10 be in tie country, tlo- ch
think there is not quite much, viii De boarded,
and remain useless and idle l,r the rest Of the
war. l am for keepn, this, tae vital fuiI ~
commerce, In healthy. active circulation. The
sledt Of our eagles Is as necessary o. tAc courage
OF our people at home as 70 the men IN the army.
by taking the first step in making paper !c.,rl
tender We shall sever an connection with ans
other fountains Of supply. We cannot rctrscc
our steps, but must 20 IN. 40 sane uau would
spontaneously take stock liable by the practice.
Of the Goyornmcat to be reduced the very mex
Gay ten per cent. ~ any other per cent. 10 It's
value 30 taat il Congress should have the virtue
to wish to cease the further issue o. these notes u
would no longer be an open question. Gut hay-
ins tested this facile mode Il paving Icufs T sr
the stern and honest mode pi taxation wolI1 De I
repUgusnt O. many c0ustitUour.t., aud thar tle .
doors of the temple of paper money would not
soon again be closed
The tariff Il March @. l7.i. ia. tias urs- 7
rated beuehciaily by keeps tts lug1ltitou- % ?
oreisu goods within bou4Is, and by eus0iius our I
people 10 retain much larger quantity oi spec I
Gle than ever before IN the country. Now if.r.s J
than At ali other times, it is necessary. wLi.e /
every eighth man Of the loyal states must bc /
?
charges OF big rifed cannon costs the prise oi a /
mans years labor, 70 give employment o. The /.
decimAted ranks at home-to ali the yet rcuaiu- I
ing industry Of the country. But expand the I
currency, and the prices OF living and the cost 7
Of materials would 80 advance that labor could 7
no longer be probably employed. Evoryth.u.
would be obtained cheaper abroad; all the
tsriG, calculated for sound currency, would I
when collected in the inflated meIium-thc !
equivalent Of clipped coin-be no more a shield ]
to American labor. We should pay for foreign I
goods in specie, for duties in legal tender paper
and there end Of all protection.
The European world regards It as cur weak I
point that we cannot secure our loans by ,;abi!-
ity Of taxation: and cur own large capitalists. |
regret 70 say, participate g. some extent IN this
unworthy and unfoundei suspicion. Bu. nm 7
ready, and think l know something Of Oh ten I
per Of this House, to say the Representative |
here will not finch from any duty that may de- I
vOlve upon them, ami will not come short cf /
their whole duty in levyins such taxation as /
shoEd make the securities % the nation iayuI- I
nerable even to the shadow Of a miser's doubt.
OF course 1t takes time 90 gather tie requisite ]
data, to prepare the necessary machinery. aut o.
adjust the burden upon all shoulders; but 1t wall 1
be done, and very speedily.
No like numbers OF people on earth can sustain 1
greater load of tlNat1n than the people oi the 1
loyal states, for no others produce individually /
and collectively much annusl wealth. The m I
creased taxation Of this year, large a. it may be,
will not absorb more than one-third Of the sur 4
plus accumulations Of the year; aud cosld it be /
substracted from one Of our mineral mountains /
would hardly be missed. The gold produced will I
alone pay far more than the interest on any prob /
able public debt. The coal and mineral deposits 4
of this country furnish inexbaustIble capital. |
The agricultural and manufacturing capabilities 4
of our land and people are sufficient TO carry US
through any war, offensive or defensive.
ef also he bnrue n min that fha e-ss SIS
months Of a war are more e1acting than any sub /
seGuent period. The expensive outfits and the /
costly transporton, will not have to be repeated.
There may be, too, more for1ging upon the enc |
my as the Army advances, ami less chance for the /
vampires at home, who have bled the Treasury /
when they ought to have been made to bleed /
themselves.
l maintain that the bill, as reported By the
Committee on Ways and Means, should not pass, /
because IL will infinitely damage tho national /
credit; will cat Of all other chance Of supplies;
will reduce our standard Of legal tender; will in
fate the currency and increase many fold the /
cost OF the war; because i. would slide into tho |
place oil proper taxation; because, as a resource,
1t must ultimately fail, and tend to a premature
peace because it is a question Of doubtful consti-
tutionality; because it is an past faef1 law i'm
moral. and breach Of the public fai,h bccau
1t will at once banish all specie from circulation;
will dampen the ardor Of our men at home as we'll
as soiuier- IN the hcld VIII degrade us IN the cs
timati on Of other nations; will cripple American
labor, and throw at last larger wealth into the !
hands Of the rich; and because there is no ncccs-
sity cf call ns for such desperate remedy.
The result os the military clmpaign, though
not all what coald have been wished presents |
nothing which should breed dependency. Nor, /
the desperate character Of tao rebel
lion, and the wide extent Of territory It embraces
need We be afraid Of contrast with any frst-rate
Power Of Europe in any similar initial chapter Of
war in their history. The hrst year OF the Eog- /
lish army at the Crimea one Of continual dis- I
astcr, disease, and death. Their naval attack. 1
unlike what our own have been, was 4 total fail |
ure. On land, though brave, they Jared little /
better When LORD Raglan died, then Dr. Rus
sci, Of the Times, said he was an accomplished |
gentleman, but no general" General Simpson /
was then made the commander-in-chief, with no /
better success, anl he was removed for utter in /
capacity Al last, Colonel Codrington, " lucky 1
guardsman, as be was called, was promoted to 1
the ehief command. Three changes were thus |
made, and even the last did not enable the Eng |
lish army to bring away fair share Of laurels'-