Mineral Point weekly tribune. (Mineral Point, Wis.) 1859-1868, 1863-03-11

three Der cent. more than the notes issued
by the Government of the United States.
The Senator evidertly thought, as he said,
that the explanation was complete and
ought to Be- satisfactory. To me, / must
confess twas not. admit that the state
ment preeented here of the condition OF
these two corporations shows them to be
eminentfy deserving. as private banks, OF
the confidence of the people OF Kentucky.
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, 600 worth OF notes in circulation,
and has / 200, 900 of coin in her vaults,
shows q most healthy and a most weslthy
and prosperous state of her affairs. Do
you think that, however, compared with
the condition of the Republic to day, is q
magnificent showing2 Remember, not
citizen who holds a note of one OF these
banks can get dollar of coin, but they
have it there locked up in their vsults.
They have the means to redeem every OBJ
legation they have issued, and that consti-
tutes the credit of the banks. 1t is
enough to constitu,e.the credi Of bank
We, the Republic, have $500, 0O0, 900 of
notes in Circulation How does that com
pare with the coin we have in our vaults2
Il do not mean in the Treasury; they
are not our deposits. How does that
compare with the GOLD we have got in
our vauits2
Mr.. DAVIS Will my honorable friend
permit me to interrupt him for mo-
| lnent ask my honorable friend it in
the revolutionary war there was not gov
ernment paper issued. both by the Gsneral
Government and the State governments;
| and whether the amount that Was thus
issued bore a greater proportion to the
| aggregate wealth of the States at that
/. time than what is proposed to be 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
+ Mr. HOWE. Let me concede that it
would not, what ia the point OF the in
quiry
Mr.. DAVIS. The point IS this:s that
that paper, both Continental and State,
ran down to nothing. and became of no
| value.
MIR. HOWE And what then Z
| Mr.. DAVIS. Why, that it was not q
safe basis tor banking and think thai
| is enough for now and then both.
| Mr.. HOWE, !" Not safe basis for
banking ~ No, sir. What, then. is the
ground of the distrust of the loyal people
of Kentucky Not that the Republic
has not the ability to redeem all her obli-
cations but that she is not going to be
willing, or that she is not going to contin-
! ne her existence, but will have to wind
Up Der affairs. Is that it z Do they dis
trust the integrity OF the Republic, or do
t.tey t'istrust the permanencv OF the Re
4, public y If either OF the latter, while l
H. br, IS ~
people of Kentucky, while avow here
.s 1 have avowed, that believe 10 it, for
| know il has been tried the loyalty
of the people of most OF our States has not
been, | submits to my honorable friend if
he will not admit that the very statement
of such a Case 81 that would be some
ground OF suspicion upon her loyalty. L
she hesirates TO trust the faith OF the Re-
public anC take its obligations, because
either abe does not believe in i[s integri
~, IN it's truth, in its honor, or because
she does not believe in Its permanenoy, is
1t not some ground to suspect that her
iaith is not as abiding as his or mine, and
her resolution to stand by tie Republic to
the sacrifice Of everything else is, TO gay
the least. q little donbtfal2
Mr. DAVIS. / will answer the question.
The opinion and belief of Kentucky is,
that system OF ban King upon specie
basis - better and safer system than
baking upon Govern ment bonds that are
not convertible into gold and silver aud
gold and silver.
Mr.. HOWE. | should suppose that the
State Of Kentucky was 10 agreement with
all the word with such proposition as
that; but that is not the financial tact
hon hi oh Il. Il h. Epa
cial fac. that we are discussing is. that
they have two kinds of paper there,
neither of which is convertible into coin,
aud the one ia held TO be worth three per
cent. more than the other; and the ex-
PLANTATION given for that is that the re
sources of the bank which has issued the
one are so abundant, so ah1nent. | reply
that while | 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.
and | am not sat, fed, therefore, with the
explanation that is given OF this fact.
Mr.. President, it seems to me that it IS
the part OF wisdom as of loyalty for the
banks of Kentucky as for the banks of
Massach usetts, to say, as | suppose you
say, sir, and as | would say if l spoke so
the point, and rs the Senator frou. Ken
lucky | know would say, that while we
are attached TO our own fortunes and de
sire still TO possess them, and to our lives
and would not willingly fling them away,
yet that the fortuae OF our banks and our
own private fortunes and our lives are to
be iung away as worth nothing before we
suffer the Republic to be destroyed, that
the very last thing we will relinqulsh here |
on earth is our faith in the Republic and |
our love for it; and if we say that and |
mean it and adhere to il, there will be no |
bank notes having any higher credit with |
us than the piighted faith OF the United |
States, and cola itself VII not be worth |
any more than the faith of the Republic |
which stamps the value of the coin.
Sir, before sit down let me return my !,
thapks TIC the Senator from Kentucky for I
al o her thing. Manfuliy as is all his &C.
tiuns. be has not contented himself with |
attacking measures presented here tor the |
appreciation of the Senate; but while he |
has EXPRESSED bis dissent from the wisdom |
OF those, he has recognized his oblig alton |
80 a 10y al representative OF tue people, and |
a loyal servitor of the Government, to |
present some project of his own, and he
has done ii. He damands thst the Gov
ernnent representing the people of the |
A AA