Year: 1862

It that is asking the measure. The presidel
d has come on here, from Davenport, and b,
8 been in this chamber, watching with gre,


earncstncss the discussion ofthis question
!. He has stated it is true. that the Bank di
a not desire such bill as this introduced
r but as it has been presented to the Legisls
) ture, it would be discrediting its paper, an
: doing the bank great Injustice to now reiee
/ the bill


! find Senators using the same argument
and it is the most Ingenious argument tina
, has boon brought to support of the measure
!, But what is the substance of it Why thi


it calls on me to forsake all that conside
correct in principle and policy the interes
of the State and the welfare Of the people


and vote the taking of this currency, simply
because some friend Of the Bank has intro
duced q bill the rejection Of which might in
Ijure the credit Of the bank But | shall no


comply. will leave it for the gentlemen


who introduced and support this section, Il


settle with the bank-they are the RESPONSE


bic individuals But beg leave to sugges


to them that If the hank is so easily injured


we had better be a little careful about taking


its currency.


want now to answer briefly tie balancs
of the arguments, two in number, believe
of the friends of the measure We are told
that as the State by its Constitution, has au.
thorized the issue Of this paper, for the pco.
pie to use as currency that the State ought
to receive 1t from them. But consider that
the Constitution that authorized the incor.
poration Of State Bank, as it is called, does
not authorize the taking Of this paper for
taxes and the School Fund On the contra.
ry, the Constitution in spiit, If not in letter,
prohibits 1t; and had the new Constitution
provided for converting the school Fund into
this currency, and the reception of it for tax
es do not hesitate to say that it would not
have been adopted, but would have been de-
fsated by an overwhelming majority
Again, this same argument would asweIl
support the taking of the paper of the free
Banks, should any be put in operation un-
der general banking law, an j the promises
to pay of every corporation in the State.
The next powerful argument brought to
the support Of this measure is that the bank
and certain bankers In Iowa, have been very
patriotic; that they have advanced money
and done much for the benefit Of our brave
volunteers, therefore we ought in this trying
hour to support the baks. Now, Sir, this
argument admits what have before claim
ed that 1t was the benefit Of the Bank and not
for the people that this measure is urged
Aside from this, it simply says, that as the
Bank has been very patriotic, We ought to
pay It for its patriotism by taking its paper.
That is what it means CT it means nothing
Now Sir, do not propose to pay the bank
for its patriotism, until we commence pay ing
private citizens for their patriotism. When
our State shall have paid her brave volun-
teers, who at their country's call rushed to
the battle field, at the sacrifice Of business
and health, the comforts and endearments of
home. to have their limbs shot away, and
their bodies mangled and torn by bursting
shells or die by disease far from home and
friends, it will be time to talk about pay.
ing for the banks patriotism. When the
heart broken widows of slain volunteers,
who in their overwhelming grief try to com.
fort, around cold and desolate hearth, the
poor little children that are crying for their
dead father to come back to them again,
shall have been furnished home and pro-
lection for themselves and children, gentle
men may talk to me about paying the bank.
OF all the arguments for this measure this
whining plea Of patriotism is the most con
temptible.


In conclusion Iwill add that your pro-
vision. that on the suspension of specie pay,
ment this paper shall be no longer taken, is
only Stocking the door after the horse is sto-
len;" because should the bank fail it would
be most likely to do so after tax paying sea-
son is over and all the treasures are stuffed
with lis paper. Your provision that the
law shall expire by limitation, amounts to
nothing should the bank fail in the mean
time; and to little should it remain good,
because at tee expiration of the two years,
emboldened by success with the legisla-
ture, and with the precedent which you now
propose to create, il would be back here de-
manding that Its notes be taken for all
time.


When we are in the midst of pecuniary
disaster and ruin--of bank suspension and
bank destruction, LET us be careful about in
volving the interests and credit of the State
with the interest and credit Of the Bank
Should the Bank 60 down with our treasu,
RES stuffed with paper, the groaning tax pay
er would have to made up the loss by pay
ing his taxes over again; and the credit Of
the State being linked with the bank would
60 down so that her bonds could not be sold
for fifty c,nts on the dollar. Let US not
throw ourselves entirely into the control Of
the bank. trusting alone to its honor and in
tegrity when it is so notorious that it has
trampled on its act Of incorporation, and
thereby forfeited all Of its rights and priv
leges BY paying out the notes ofnop spe Gle
paying banks.


The faith Of the General Government is
pledged to the redemption of the treasury
notes, and it is in this terrible crisis tho du-
| ty Of patriotic States to take them for public
dues. Should the government succeed in
this war, as we kno it mnst, the Treasury
notes must be good should it fall let US fall


with it. But when there is no necessity


for, and SO much danger in taking these hank


notes, let us not forget the intrests of the


State through our sympathy for the bank -
4 I am glad that this il not party measure


No party could drag its weary legs through


a single campaign with such load upon it,


back.


| One hot summer day Duke Charles dinet


in the little town Of Nagald. With the din


ner came great multitude Of dies, all unin


vited; but..that mattcred noting Th,y bu Z


zed about, one after another. and alighte'


here and there, making quite as free as


they had been portion Of the princcl,


train. Duke Charles was angry at this, an
calling the hostoss. said Here dame. let tn