The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1863-03-10
A sENArOEIAL DEBATE.
Senator Chandler On Finance and
the responsibility for the War.

4 iotn, the sutJect peing "Ways auu Means,
there were several brisk passages, ip which oul
Senator participated with his usual yigor and
puDgepcv. We quote from the official report
! in the Washington Gl,5s:
+ Mr.. CnANDLER. Mr.. President, the Senn.
tor from New York argues that You must pio
tect the State banks 10 any event. Sir, what
Is the issue upon which we are voting2 IT is
whether We will project the State banks OF
save this ,r.ation from destruction That u
1.-THE question we are voting upon now. Ths
Secretary OF the Treasury informs US that he
is 10 nextremis; that he requires this great
measure 10 be passed TO enable him to run the
Government, 10 enable him 10 pay your col
jiers, TO enable him 10 furnish, your Army
with eubsistence. He informs YOU that ho
cannot get along without this help, and now
what does tho Senator from New Yorl, say
That we have got one war on band, 'and we
must not have another sdA - lalisl on - 4
The Senator, il seems to me, misapprshendi
this whole question. He misapprehends ths
interests of his constituents and Of the banks
IN New York and New England. What will
be the fate, of those banks if this Government
goes downl Is il not better that these banks
should divide one or two per cent less tor the
Two next coming years than that, they should
be destroyed, principal and interest, before
llhst time comes around2 What becomes Of
tyour banks if this Government. goes down 7
! What becomes of the banks in Albany? "A
bank with capital Of 5000 900 haa, perhaps,
$4,000 on deposit, sl50,0OO Of circulation,
and five or six hundred thousand dollars in
loans. IL you let this Government go down,
the greenbacks, which are legal teuder, will
sweep away your principal and your interest,
l would not give q brass farthing for all the
basks in all The Northern States if you lose
I your Goverpmens. 5Sir, will you not vote to
sustain your Government even although you
DO reduce the dividends upon your BAN shares
nne or two per cent. for year or two. 1t is
question lrrger than banks; II is question
larger than any local issue !; ID 10 qaestioa
of national existence, nothing myre, nothing
less. l would vote to day TO double this tax
rather than TO lessen it. The Government re-
quires this vacuum 10 which to place its own
paper, aud / would cote an absolute prohibi'
tory tax. i would take possession Of this
great circulating medium, TO, which we certain
ly have right. l would take possession Of
l'it during the continuance ofthis war, and say
to the banks youshall not occupyituntil peace
Is restored. *,* - = l*g9*s3 - 30.
The Senator from Kentucky, il understand
him, has given Lis pledge tbatf the friends
Of this measure will prove That tho proposed
circulation is more valuable than that now in
use he will vote for the bill. Am l right .
u Mr.. POWELL. Ilmade 40 pledge about vot
ing for the bill. said would yield my op.
position. The bill may havo other objection.
able features 10 it. II shall bc convinced
that it is the best fnancial policy that can be
originated shall vote for it. .I-75 r}oiH2lH
Mr.. FEssESpnN, Ito Mr. Chandlsr,) /
gucso wo shelI no. got his vote. =, INV rrert.
. Mr.. CHANDLER. We shall have TO do with
out it, then.
"a Sir, claim that this measure does give a
better and safer circulating medium than this
country has ever before enjoyed; for every
single dollar that is put in circulation under
it is. secured by sllO United States Govern
,nent stocks. Iithis Government ispreserved,
hey yond all peradventure those stocks are good
in any event. There is no better security on
the face Of the earth than the securities of
this Government. They are an absolute
mort gage upon every acre oflaad, upon every
house upon every iota of property owned BY
any Individual throughout the length and
breadth Of this land; and If that mortgage is
not good, nothing on Garth is or can be safe
Investment. hrs fs risaY is8r ei ,baS.asol1
Now, what is the value Of the present bank
circulation? The Senator from New Hamp-
shire. Mr.. CLARK, stated the other day that
the banks were examined, and their assets
were examined by bank commissioners. Why,
hanE
about the value OF the assets wl.ioh- they exs
anime. They do not know whether the pa
per in the vaults Of the bank is good, bad, or
Indifferent They do not know whether the
basis upon which the banks are conducted is
sound or unsouud. They cannot know. The
people do not know, nor can they know. But
whC n man looks upon dollar, Which lie
knows is secured by a pledge Of this great
Government, he knows that he looks upon
something that is valuable for dollar in any
event. This proposed scheme will gradually
II wish / could say rapidly-withdraw this
doubtful currency and substitute in its place,
the money, virtually, of the Government .
The Senator from Kentucky has seen fit to
animadvert very severely on the financial skull
and ability Of the present Secretary Of the
Treasury. lie talks Of his blunderng schemes
aud Of bis ruiuous policy, and Of the great de-
preciat of our securities. . Sir, two years
ago to day, we had Secretary of ths Treasu.
~, friend Of that Senator; 1 believe per-
sonal as we'll as political friend. The United
States was 10 profound peace. We bad no
exna dinary expenditures. We were sailing
upon o smooth sea, comparatively. When
hat fieud of the Senator's took his seat iu 4
the chair Of the Secretary Of the Treasury
your Government securities werc worth 1l8.
They were worth eighteen per cent. premium
10 gold. In four years, under his financial
management, 10 time Of profound peace, you
run the credit Of Government from ll8 down,
down, down TO 81. While tho Senator'S
friends were stealing your arms aud robbing
your Treasury, whilo his friends were conduct
ing your financial AFFAIRS the credit Of your
Government was so low that you were actual
iy compelled to borrow money to pay for your
legislation at the enormous sum Of one per !
cent. q mouth--yes, cir, you paid twelve per
cent. for money TO pay your civil expenses in
time Of profound peace, under the policy Of
that distinguished patriot. Since that time
we have expended God only knows how many
-..-t.x L.. Ill