Weekly Trinity journal., 1864-02-06
Our Sacramento Letter.
SACRAMENTO, Jan. 80, 1864.

The whole town is excited on the Greenback
question The Senate yesterday after several
DAYS debate, ordered to engrossment the bill to
repeal the Special Contract Act The vote stood
IS to l6, several members being absent Its
final passage. however, is very doubtful. Every
Copperhead in the Senate voted in favor of the
bill. On Tuesday Senator Shafter made
lengthy argument against the bill. Yesterday,
after one days rest, discussion was resumed the
opponents of the bill using every means to de-
feat it by amendments, motions to adjourn, to
strike out to re-commit, &C., all of which were
debated at considerable length. Section 10 of
the bill provides that the repeal of the Act shall
not invalidate contracts already made under the
law Mr.. Gaskll, an opponent of the repeal,
moved that Section 10 be stricken out. Mr..
Harrison stated that this motion one of the
concerted movements of the enemy to defeat the
bill by striking out its most important provisions.
All the amendments proposed were voted down,
and finally after six hours session, the vote
was taken on the question to order the bill en-
crossed Ayes, Benton, Evans, Freeman, Ham
ilton, Harrison, Haskin, Kutz, Leo-ard, Lovett,
Maddox, McMurtry, Montgomery, Moyle, Pearce,
Rush, Smith, futile, Wright-lS. Noes, Buck
ley, Burnell Crane, Cunningham, Foulke, Gas
kill, Hale, Hall, Haswell, Halves, Henry, Jones,
Porte Redington Shafter, Shepard-l6. Alb
sent, Roberts, Yule, Dodge. Paired off, Myers,
Cot, Heacock. In full Senate the vote would
stand 81 10 10. 1t will be observed that Senator
Jones voted against the bill. Your correspondent
does not know wi. ether he represents the views
of his constituents on the subject or not. pre-
sumo he acts in accordance with his own judg-
ment as to the propriety and expediency of the
bill. 1t is not probable that he knows what are
the actual sentiments of the people, as neither
petitions nor remonstrances have been presented
to the Senate, except from the region of San
Francisco. After the adjournment of the Senate
last evening I had conversation with one of
the firm of Treadwell 4 Co., importers of agri-
| cultural implements, and the simple fact that
that firm has made profit of $3.50, 900 on the
difference in exchange during the last twelve
months is Ssufficient to convince me that law
which supports such a system should be repealed
| inquired if the firm sold goods at a loss, as
fits on the gold they send East. The reply was,
'ENo, we sell most articles at higher price for
gold than they retail at in New York for paper
currency, but our profits on the goods amount to
less in the aggregate than the profits ex-
change. With the gold we receive from our
customers we purchase greenbacks, with the
greenbacks we buy Understanding L. S. bonds
for transmission East. When the bonds reach
New York a months interest has accrued, which
enables us to sell at a premium for legal tenders.
We then use the latter to purchase goods, max
ing average every dollar which we receive
in gold count one doll and a half in the cur
rency which we pay for our goods" Now here
is plain statement of fact illustrative of the
workings of the present system. Does it not
show that the system itself aids the rich trader
and is burdensOme to the Consumer, and Is it
not CT ar that the system is sustained by the
Specific Contract law? | do not assert that leg
islaton can control trade I know that the laws
of trade are mainly beyond the reach of legisla-
ton that d>mand and supply regulate prices in
spite of all Legislative enactments, and that even
commercial usages-the s, SONS that Fl ON time
to time are adopted by commercial men-are
not. strictly leaking, subject to Legislative con-
troll, but sanctioned by Chambers of Com
merce, and carried out by concert Of action
among lea ling business men, and by the COM
mon consent of thc people. But far tie
currency is concerned. Congress has power to
regulate it, and no State Legislature has the
right to repud tie n constitutional law of the
Federal Government. | am not in favor of any
State enactment on the subject at present and |
would repeal the law we now have which makes
distinction between gold and L. S. currency.
and let traders take of their own interests.
You may be sure they are shrewd enough to do
It, The Specific Contract law assists in sustain
ing system the workings of which have here
illustrated. Let it be abolished, and then let the
General Government regulate the currency and
business men regulate trade. The time will
come when California must have paper curren-
cy. Banks will be organized under the National
Banking Law, and public opinion mot Legisla-
tive action) will establish the of paper cur
rency. 1t will be found an imperative necessity
causes are constantly increasing which must
ultimately produce that result, and believe that
the sooner such system is adopted the better it
will be for the interests of the people But at
present State laws needed. Let us wipe
out what we have, then let the matter rest till
paper becomes current by common consent,
when it may, by Legislative enactment, be re-
ceived for taxes.
In both Houses to-day, resolutions have been
discussed concerning McDougall Those in the
House were prepared by Mr.. Scott, but when Mr..
Hubbard reported them back, he sent a substi-
tute similar to the original but emitting the re-
quest for McDougall to resign. They were re-
committed to another committee for the prepara-
ton of another substitute. Meantime, in the
Senate an amendment offered by Mr. Benton,
requesting the resignation of McDougall was
voted down, and the Senate resolutions were
adopted, p to g. Horace Halves opposed them
as not strong enough. The resolutions declare
'hat Ncpougall pledged fealty to the present Ad-
ministration, that he has violated his pledges in
ietter ana spirit, and that he stands in the posi