Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1862-10-07

make the Treasury notes legal tender; for though
hsre some doub. abou. Its consttuona;y, he DO.
eved was for the safety of the couitry AID there
fore ought 10 be adopted.
Mr.. McRAE Of Miss, being q member Of the C,u.
mittee of Ways aud Means which reported this bill,
though. it his duty to give his views In support OF the
MEASURE he was not particularly welded to the bill In
it, preseat form, but it open TO amt lmeht and
some amendments had already been proPoeed which
would perhaps make It better. rs would endcavsr to
show that the measure was not forced loAn but Ax
directly under the authority Of the Constitution, a.c
the character and necessity Of the measure and the
ability Of the people to pay The Constitution pointed
out four modes OF raising revenue for tie support o. the
Government; taxes, dulles, imposts and eI,!ss.
The bill did not sctualy take from the citissns the
amount Of money, but captsl zed IL by issuing cer-
Gates bearing six per cent interest IL was Impossible
to guard sganst speculation, for men havirg money
would invest il where the greatest peh could Be found
and no legislation could prevent Il By the lat OF Janu.
AIRY It vas intended to retire fy millions OF the Treas.
ury notes though be thought ire country could well
maintain . currency Of four hundred milions he did
mol think our Treasury notes ware much deprecated,
but some means must be provided for their eventual
withdrawal from circulation. He believed that gold
and silver Is abundant our Treasury notes are
now prices would still be high. He did not agree With
mr.. KNsIR that the time would como when We would
have TO pay barrel OF Treasury notes for barrel CT
-four.
Mr. KENNER desired to correct the gentleman. he
did not cay that the time would come when barrel oil
Treasury notes would b, demanded for barrel Of f,ur
bat such the conf fence Of The people la the
notes. that they would con,inus to receive them even II
required barrel Of them 70 make the purchase mer.
toned
Mr. MeRAE was glad to hear the explanation. he
believed that two things would keep up the credit oil
the Government outside Of wha. Congress might adopt
A. a.. nl IN ,f NhA ntEa
and the other the strong disposition In the people
to keep up the prices. He could not see Low bill
Ehch proposed to take seventy millions out of oircua
ton for the purpose Of funding the amount could depr-
cate the currency.
Mr.. RAILS, Of Ala, asked the gentleman what was,
in bis opinion, forced loan.
Mr.. hcRAE replied that he had endesvored to eI.
plain what 10 the BILL and II the gentleman did net
know the uelnilg Of the term he could not travel out
side Of it to tell him. [Laustt,rl
Mr.. CLAPP, OF Miss, took the ground that when We
crowd the channels of circulation We must necessarily
effect price, throughout the country. 10 healthy
safe u the finances . circulating medium should not
exceed onehireth Part the value OF the properly Of
| the country. A. the lime this war commenced the
bank circulation and coin OF the country did not exceed
$3.50 600 900. Money was PLENTY, aud no one com
| sined OF q scarcity. Bls nov We have gone up 10
500 GOO 600. when $50 900 900 was sufficient in
healthy state of the fnances. Something should be
done. But this oil woUl not do at ALL 1t proposed
to tex som, eu6 cts and not othes. II this plan
to bs foll wed all, must impress all subjects Of tax
auon. he could not tolerate this forced loan. Tho
%; PIE were wiling to be properly taxed, but not Ia
sle manner &c proposed BY this bill H,wis in favor
OF some sysen which you'd reeut in iriUs sl the
psf cent Treasury notes, sld issuing Treasuy notes
tearing TO interest," TO be sure, would accumul tie
debt but here was no way OF avoid ng that He hal
not yet examined the sui ec. srctnly to say wbeh
or not he would make Tieys1ry potts legal tender.
NJ q 10
Amendments the table, WHICH Ess ruled cut Of order
Mr.. GARRETT Of Va, moved to strike Gu. the enact
ing clause witch the only motion 10 reference to the
bill that could be acted on In committee Of the whole
House.
The motion was agreed to-syes 33, Foes "a.
NJ. KENNER the csmEittos having risep, moved to
rscommi the bill to the Committee Of ths Whol" in
der to ALLOW tao Hous again o consider the bill fully,
and tsst tho sense Of the House on the suj jet
Nj. GARThELL, of e. moved to lay the bill on the
table, which wa sgreea % SS tte following votef
Yns.-nesss. lahS, B4tfoO, . 'teler, Bhdgsr. Cham:
b.rs Cha5Iiss Clapp Olopon, colie. Daskins Eliot,
footc, Tosler freeman, Garland Garrett, Gartre Gan
try Graham Gray ,Hanly, Hersr lion, Kensn Of Ga
Linder, hcDewei, henees Pugb, Rails Eek op, S~sr,
TslcN, Wilcox, Wright, Of Texas, Wright, Of Tsnnes.
see-8s.
H.Ys-Hessra Atkins, Aver, Baldwin, B,nham,
heir, Goode, Hsrtidge Heske aol' johnson, Jones,
K,nau, CT n. O., Narshsll Ksrrer, ASQieen Perkins,
Royston, Russell, Smith OF Alabama, Smith, Of North
Uirolirs, Tinba. Tdppe-2s
Mr.. PERKINS, Ct La I0yed the adoption Of the fol
lowug resouIoG:
RESOLVED, Tnal the Committee on Ways and Means be
instructed report bill for the purpose Of raising
sicen. FUN to the seoruiog interest the whole
neres. bcaring debt of this Cover m,n:, heretofore
created, ard such as NAV DO Grated hereafter pre-
y!Oua to tie &c; d.' of J4nuar!, 1868. Agreed to
Yeas 40, nayslo
On motion, toe House ali ,urned.