The Tiffin weekly tribune. (Tiffin, Ohio) 1859-1868, 1867-11-21
TIFrIN. OHIO THuRsDAY MORNING. NOVEMBER, q, 1ge7

tneso lactS IN Wow, talk so Icarnodly
of the laws of finance and the morali
ty OF human doaliugs2 Whose con-
sciences are so raw, aud stick out so
fSr from their excited covering that
no pharmaccutist can heal their in.
ward wound no poultice can clear
trize il sufficiently to take from il its
lasting plague after the manufactor
shall have lain himself down in the
hope Of seeking rest in another world ?
Now let us como TO the Government
loan, aud for single moment consider
it, which, even without the monstrous
doctrine Of Greeley and Cooke, is the
most profitable Investment ever made
by money le lders. and is monstrous
swindlo on Americans, on the part of
European capitalists. In what say
I would not dcpress that loan by a
single dollar for all the profit which
It were possible for me to make by Il !;
for it has done its service, aud no
more than is service, 20 the Amori-
can Government, in the days Of her
need; aud for suck service it has
been tyebly rewarded by the nation.
When say this | do not begrudge
the poor sp. culator or the rich CAPT.
talist who has entered the gold room
beggar aud come out with princely
fortune, his earnings; that is not his
folly, but the folly of the Govern
mont, which, though a hundred times
warned, would never take heed
Would to God that my intellectual
vigors might increase in proportion
to my disease, that [ might proper
ly depict this important subject to the
American people. But such n phe-
nomonon will never again be found
to exist this side of Port Royal. .'
In 1860 6l, when the war broke
ont, it was found that the then Ad.
ministration, for what purpose [ will
not undertake to pronounce, had left
the country bare of all defensive
weapons, and not only with an empty
Treasury, but $4,000, 900 in debt.
The first few millions needed to equip
our army and navy were easily bor-
rowod, for our Government had
very poor and shallow idea or the in.
tcnsity of feeling of the independent
bolligcrent with whom we had to deal.
But it was soon found that all the
energies of the nation were necessary
TO defend freedom from the plundcr.
ers, the robbers. the revolutionary
cut thrOats--our Southern brethern,
| think they are called-whom we
had to deal with. The next loan of
$3.50, 100000 was readily taken by
the Philadelphia, New York aud Bos.
ton banks. But when Congress as
sombled, the banks complained that
the Treasury had so placed their
loans, by aggrcgating them in the dc.
posit banks, as to render them, the
lenders, unable longer to pay coin for
them. They, however, went on and
paid them in currency at some dis.
count, which, l think, cost the Gov.
ernmcnt some millions of dollars.
Still the Treasury was soon omptied,
such was the enormous draft upon it
for war material. Inquiry was then
made of bankers and brokers by the
Committee Of Ways and Means, OF
which happened to be Chairman, as
to tic probability Of obtaining loan,
and at what rate. The answer was
discouraging, and did not give us
reason to hope that we would be able
to obtain sufficient money to carry on
the war at moro than eighty Eve per
cent, with interest at six per cent
on the loan. The Committee were
unwilling to take eighty.6veper cent
principal aud receive the loan in {
appreciated currency, which would
have probably brought it to seventy
five por cent. This was borrowing
millions at so ruinous rate that We
looked around for other means. Two
of us. Mr.. Spaulding, of Buffalo, and
myself, we're in favor Of issuing notct
of the United States aud making
them legal tender, but receiving
them at par for all transactions viii
the Government, believing that thel
would pass at very nearly par for al
tho supplies of war material whicl
the Government might need; as al
demand, both by the Government an,
individuals, for anything but lega
tender, would thereby be taken away
No reason could be seen why, to tn
extent of the demand in this country
which proved to be nearly the whole
they should go much below par
|, They would answer every purpose 70
which tho farmer, mechanic, MGR
= chant and manufactures desired &
purchase material. We remembere,
that in England for the most of tn
time that specie payment was suspend
ed, her bank notes were at abou
fourteen per cent. discount. Ate
having repeatedly attempted to pur
0 chase loans at a less sum than wha
T in coin would be about $40 on III
Q 500, we urged tho Secretary Of tn
Treasury to give his consent to th
/, offering loan issuing therefor Unite
States notes and making a legal ten
r der. TO this two members Of tn
+; Committee agreed, but the others
: together with the Secretary, decided
S IL refused their consent, as he 9TH
n Secretary. had very consistently don
In his report. The Committee wait
ed, again consulted the moneyed me
of the country, and found that n
large loan could be obtained in col
except at a most ruinious price. The
c again iInportuned the Secretary 70
C his consent, the Committee havin
: become a tie. A bill for the issue q
a 500. 100000 of legll tender ha
d boon drawn and offered by Mr.. Spald
:. ing, and was allowed to remain i
J, that position till February, when
t Democratic member of the COMMITTED
!, reserying the right to vote against il
: consented that il might be reported