New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1862-02-06
I listened with great interest to

might near .,cr what anihoritS does tie Com
49, oct . Tue Att0Iney-Generl Hays ttat the
i-,i ,e'der dsuso il not proh olteu ~ 'te Cons l.
m iop. and uTcn ms key'ho'e '' suPp'I ~,
~ 10 ; have tuned their afgnm ntsi support OF IT,
49, 80. iop,I reference 10 the e aeTai pow r. 81
" ~ reut for seli-pTessrval' ON. To say hat
cotin now T If in the Consul alton because IL 10
Lr Ia IL expressly prohibited, IL to oVertnrn tue
whole strucur OF ne Government - was no I'm ~;
49,. - say that the power embraced IN TIE blll Is
i a. Il. and an surprised hat the hrst law
"a - ,I,e Cover would IisS III iii'ial Fepu-
80 ~ a.-e,iiug such doctrine The Govern
,,'t ras no over to decie anything legal tender
h,t cold and silver coin. Government Is not tA,
81, nro ibited from making anything else 4 leshi
ierdet But there IL at the same time 10 power gI
,,i.sd tn IL TO make ytlirg elge LEGAL ien0er
I'm the nrpnnert adoI ted by the friends oi the b
A. r,,gbt as well as has been aeaoy sad here, oe-
cIoie hides of leather legal tender. 10 mAe Ine'e
-, nate. LEGAL tender for private debt ID taxing
,r,!'erfv ard approurutng il 10 my creditors
ri, act IS in iteell opposed to and 10 contraven
a., of the ;.psiItntiuIi, which declares tnat no
,..r .bsl be deprived Of Lis property except Tor
- c,foInoi act, aud through due procets Oh iaW'
IJayiro no doubt oi The unc0nsutuiionah-y OF lue
IN mn-t vote agsiust II. But there ~ no meter
sity 10 violate tie COlsilnlioh--hV ncO's'"! ~
mill, uurposes fhe rublic credit does not ieqWe
i aud The pubIic credit will rot be sustaih'a " "
,muore the uouse TO arTest The course prOposco w
the ioeasrire and TO adopt CONSTITUTIONAL ho.e Vi
meeting the pIcscnt emergency. Inc MEASURE Is as
;novr.7ient ae il IL unnecessary aud uncrnsttu-
i'll IL il a direct declaration Of national bank
macy Ii il sayiny 20 the world ttat tbls Gov
erfu emit ia uua1e 10 meet is Obligations, and Il
forr.d 10 ccupound with its creditors az de-
CONT The Government has promised 10 pay
j. goli and you ray lis creditors must accept some
:, ng Ices tlpn gold lou come hlm 10 uust 10
promises rot worth ninety cents on The dollar Inc
scheme il disgra eiul TO the country Public credit
r,roees on public confidence. IL If "a thing which
cannot 10 compeiled by law. Individuals VINO pay
most promptly enjoy most credit 70 II is WIN gov
erpmfuts. by this provision you dscredii Your own
secuuty and declare that il i, Tot worth what you
FIRST ,e.r.seuted il 20 be- II strikes down public
confidence, and destroys public or dn. IL Is sys-
tenn of rcpndiation end forced loans IN their "orst
forms Not only viii II de,troy hnsncil credit b.t
il will give IT in 10 the national Character "Iieh
will take ages TO wipe out The experience "a TUG
world i agsin.t tie idea Of attempting 10 attach u
paper the value Of gold and silver. The Ia" cannot
nnart an artificial value to that which possss'es
real yalne The law cannot convert paper
into COLD Paper is only valuable wien 1t repre-
SCENTS gold. Take away the gold, and the paper 10
worthless and oil the laws that can be passed ~lii
not give a par value TO II. Issue these notes, aud
nrice. will rise bevond the specie standard az the
notes fall below il. The result IL inevitable All
exredence proves il aud no laws can make other
wise. All eSstlne Indebtedness was created on tie
specie standard, and ON condition that II wouid Dc
,ettled in gold or silver. You cannot estimate the
amount OF the Government Indebtedness payable III
gold " silver; and yet by this bill you require all
this 10 be settled in IaIer, which yon ut
the same time declare To be worth less
tuan gold. BY one stroke OF the pen, you
strike oue-teuth OF that indebtedness out OF
existence. VIII no suffering follow this gigantic
corfecatioul No rotfibutiOnl Yes, terrible suffer
ing AID terrible IeiIibulioa. Think you an iuJurel
peope vii! send yoa ba,s to this hall to conriet
your work OF ruin Think you that government
which inA Z, such wanton and widespreP, mischief
viii long De tolerated by free peotlS' The Dill
will ne essaIily destroy all credit and all commerce.
for tley cannot exist without standard currency.
/ the l. not the way TO proceed. Make me notes
for all public dolts and redeenable IN sA
p.r ont loud.; est.biifh national currency
/ based upon public securites through The banks
# the country, with proper checks, and pro-
vide a tax Tor certain add piomtt iatcrest
ON your bonds, and those viii have resl sound
and generous circulation. Tie whole OF this scheme
leu,t.d. on "a tax till. II YOU make the interest
,nble NJ cerain time, aud tie pub lie believe IL,
No man III cay that there notes viii not attain the
SngMtjp.g nnl,t * IntIxcd in tie country, Which
will yield largely to the Government. The country
j. able 70 pay without serious inconvenience
tlAts cal he rised promialy, and Ia mode no. to
iuiure tue pablo. Tic yrcsebt revenue laW pro-
duces sixty millions. IL is laid require one hun
Gred and MY millions, leaving demand for ninety
D II
eaie raise by "A duty tax eDougl to meet all
pre-ent requirements What are the present sub
jects Of taxation and how much do they produce,
| 10 the quesiio ! hey are various, but they could
| be made 10 Weld mach more than AT lTeseit, All
domestic INDUSTRY will aud cen largely contribute.
So might stamp duties. Tax newspapers and telc.
graz bic dispa tches tax the Issue OF bank paper and
The thousand fourocs Of revenue which ire before
M when We apply ourselves 10 the subject. An ac.
tive inluelri0us ahoriGg peO le can well afford all
~ Of III. fIe,,,
Let all there resources be- brought 10 bear upon the
question. Tie people viii bear it iliygly. IL il
not Just 10 them ~ say they VIII no. bear them.
The people cherish their institutions and representa-
i've liberty and they ready To pay the price ne
cesrary 10 secure their enjoyment. II /. You who
have not the courage 10 stand up AZ Just and con-
scieniious representatives of The people.
nr. HORTON Rep, Ohio said that il the bill
should pass which lie hoped il would not, i, would
be departure from the financial system Of the
country. II II do pass, we will iuaugnrate "A new
financial in the history Of the legislation Of the
country. Then we Illustrate the truth Of the say
Ing, Old things pass away, aud all things become
new" We " II thus be driven ioa scheme against
al past experience, and agalnst all our noioAs TO
| night or wIony in marters of policy. l. ID said not
10 be matter Of choire, but of necessity. That a..
serii ion is only reiterated not proven. We have no
proof that n j. Of uece sity. 1t there
roofs ~ existence. they have not been produced
anon thus floor. tax bill and loan Should
Lave been presented ride by side. IL II no
fault OF The Committee that this WIS not done.
The labor aud the responsibilities Of the Committee
were great and line wte not allowed ,Or such WORK.
The proyisions Of the bill autbo. the issue Of
hundred millions OF Treasury notice without interest
aul payable ~ the pleasure Of tie Government; a
provision Tor funding therc nsen ia the per cent
tniisd states bonds with twenty years To run IL 10
pfoJ0.cd make thc rotes for Inls hundred millions
with ne sly millions already Issued, legal tender.
iLaf IS the suheauce Of a portion OF the bill. The
Committee ARE equniy divided on this question-rhat