Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1863-03-12

by the Government Of the United States.
The Senator evidently thought, as he said.
that the explsaation was complete and
ought TO be satisfactory. To me, must
confess it was not. admit that the state
ment presented here of the condition of
these two corporations shows them to be
enlnentlY deserving, as private banks, of
the confidence Of the people of Kentucky.
L do not wonder that the people take their
notes with great freedom | admit that
the fact that one OF those banks has bat
81 200 900 worth OF notes in circulation,
and has 1900 of coin in her vaults,
shows most healthy and most weslthy
md prosperous state of her affairs. Do
you think that, however, compared with
the condition of the Republic to day. is
magnificent showing? Remember, not
citizen who holds note of one OF these
banks can get dollar Of coin, but they
have it there locked up In their v8ults
They have tho means TO redeem every OBJ
legation they have issued, and that consll-
tutes the credit of the banks. 1t is
enough to coDstit ute the oredi of a bank
We. the Republic, have 100000, 900 OF
notes iD circulation. How does that com
pare with the coin We have in our vaults
Il do not mean in the Treasury; they
are not our deposits. How does that
compare with the gold we have got in
our vaults
Mr. DAVIS Will my honorable friend
permit me to interrupt him for q mo-
rnent 2 | ask my honorable friend il in
the revolutionary war there was not gov
ernment paper irsned both by the General
Government and the State governments
and whether the amount that was thus
issued bore greater proportion to the
aggregate wealth of the Stases at that
time than what is proposed TO oe issued
now in the form of legal tender notes and
bonds, would bear to the present amount
OF the wealth and population OF the Unit
ed States
MIR. HOWE. Let me concede that it
would not, what is the point OF the To-
quiry z
Mir. DAVIS. The point is this: that
that paper, both Continental and State,
ran down to nothing, and became Of no
value.
Mr.. HOWE. And what then
Mr.. DAVIS. Why, that it was not a
safe basis for banking and ] think that
is enough for now and then both.
Mr.. HOWE. mot q safe basis for
banking /" No, sir. What, then, is the
ground of the distrust of the loyal people
of Kentuckys Not that the Republic
has not the ability TO redeem all her obli-
cations but that she is Dot going to be
willing, or that she Is not going to contin-
ne her existence, bat will have TO wind
up Der affairs. Is that it Do they dis
trust the integrity of the Republic, or do
they distrust the permanencv OF the Re-
public If either OF the latter, while I
make no attack upon the loyalty of the
people of Kentucky, while | avow here,
Gs | have avOwed, that / believe ID it, for
| know it has been tried as the loyalty
OF the people of most of our States has not
been, submit TO my honorable friend if
he will not admit that the very statement
OF suOh @ case as that would be some
ground OF suspicion upon her loyalty. Ii
she hesitates TO trust the faith Of the Re.
public anC take its obligations, because
either she does not believe in its integri-
~, in its truth, in its honor, or because
she does not believe in its permanency, is
1t not some ground to suspect that her
faith is not as abiding as his or mine, and
her resolution to stand by the Republic TO
the sacrifice of everything else is, TO say
the least, a little doubtfuls
Mr.. DAVIS. | will answer the question.
The opinion and belief of Kentucky is,
that system OF bsn King upon a specie
basis is g better and safer system than
banking upon Government bonds shat are
not convertible into gold and silver aud
that do not profess TO DO convertible into
gold and silver.
Mr.. HOWE. | should suppose that the
State Of Kentucky was IN agreement with
all the word with such proposition as
that; but that is not the financial tact
about which We are discussing. The ti0an-
Clal fact that we are discussing is, that
they have two kinds of paper there,
neither 0: which is convertible into coin,
aud the one is held to be worth three per
cent. more than the other and the ex-
panaton gwen for that is that the re
sources of The bank which has issued the |
0ne are SO abundant, 20 sff1uent | reply
that Wills admit they are ample, assert |
at the same time that they do not COM |
pare at all with the resources of the United |
States as compared with her liabilities. |
anC am not satl> fed, therefore, with the |
explanation that Is given o. this fact.
Mr. President, it seems TO me that it is |
the part of wisdom IS of 10y atty for the |
banks Of Kentucky as for the banks of |
to say, as l suppose you |
say, sir, and as | would say if spoke to
he point, and as the Senator TO" Ken |
lucky know would say, that while We
arc attached TO our own fortunes and de
ire still 10 possess them, and 10 our lives
aud would not willingly fling them away,
Ies that the fortune OF our banks aud our
Jwn private fortunes and our lives are to
De tung away as worth nothing before we
suffer the Republic to be- destroyed. that
he very last thing we will reliDQulsh here
N earth is our faith in the Republic and
)ur love for 1t; and if we say that and
mean it and adhere to it, there will be no
bank notes having any higher credit with
Us than the pi;ghted faith OF the United
States, aud coiu itseIt Will not be worth
any more than the faith of the Republic
which Stamps the value of the coin.
Sir, before I sit down let me return my
hanks &c tue Senator from Kentucky for
40 her thing. Mantully as is all his &C.
ions, lie has not contented himself with
measures presented here tor the
pproba5ioD OF the Senate; but while be
las expressed his dissent from the wisdom
II those, he has recognized his obligation
Is 10y al representative OF the people, and
/ loyal servltor of the Government. to
present some project of his own, and he
las done il. He demands that the Gov.
'rnment representing the people OF the
United States should go to The markets
where other borrow go. and take there
IS bonds and sell them for what it can get.
)opS the Senator mean that2