Year: 1867

Blu to issue treasury NOtoS " Pty G'o liz


terest on the State Bonds.


Mr. SPEAKER Il do not feel at liberty,
$50 disposed to trouble the Senate with any
isnothened disquisition upon financial mat
10 nr the principles which govern trade,
oradit and kindred subjects. gave my
rcssons on yesterday why should not vote
t,r the bill introduced by the venerable
Senator CO. from Orange Idiffer with the gentle


.n with great Difference. He IS cool, col
iacted, well Informed and deeply impressed
Nth the difficulties of the situation, and for
tities his bill with the appreciation OF some
of the best informed saGacious and patriotic
,cn in the State,-men i'll whom the public
have confidence; and concur with the pub
liz in its high appreciation of them. Never
+bolpss Sir, am here to act upon the con
,ictiops to which my own mind is irresisti-
,Jv driven by facts and circumstances.


The gentleman says, claim to he friend
Of relief for the people. The Senate and
nnhIic must Judge of that matter from my
acts | know the people clamor for relief,
and desire to afford it but Sir, when they
"rr fer bread, do not wish to cast them a
stone and believe that is what they will
rpt in this bill stated on yesterday, that,
y nv opinion, these notes, if issued, would
NOT answer the purpose intended, and gave
NV rpasoRs [ understand it to be a well
settled principle. that Il deprecated currency


;II drive il better ane from circulation. In
thc wax, bank notes drove specie from c.rcu
J,tion; State Treasury notes, bank notes and
confederate money excluded all other species
ofnaper. Now, Sir, am we'll satisfied that
these notes will start at a depreciation. They
will be considered worth less than Federal
currency or bank notes, and will drive them
from circulation. We now, according to the
hest information L can get, have only about
one and 4 half millions of currency in this
State and that at a depreciation of-per
cent in gold. But, Sir, the Senator insists
that said that South Carolina has issued
bills receivable, and that they passed at only
20 per cent, and as greenbacks are 90 per
cent. they are the better Now what did say
was, that the Secretary of State of South
Carolina said they were at Is per cent dis
count OR grecnbacks; and I will inform the
senator that they are now 16 per cent below
Federal currency; that the Legislature au-
thorized the issue of five hundred thousand
dollars, but the depreciation was so rapid
that the officers thought it best to dlscon
4inue the issue,-and now, when there has
beea one hundred and eleven thousand dol
lars withdrawn from circulation, there being
now only one hundred and eighty-nine thou
sand dollars in circulation, is it rcasonabi to
suppose that North Carolina CAN sustain an
issue of one and half millions! The Sen





fifteen millions that her Railroad Companies
failed to paw the interest, and that she was
responsible for the interest upon fifteen mil
lions, and had made no provision to meet it,
and that there. as here, the spectre OF Repu-
diation stalked abroad in the land and then,
in this condition, she issued Treasury notes
to meet it, and thereby restored her credit


Nv understanding Of the action of Mary
land is different. She issued State script for
her interest, made the script receivable lnpay-
ment of an enormous tax levied to meet the
script, and at the same time, levied a gold
tax to meet the ordinary expenses Of the
government This, too, Mr.. Speaker, was in
times of piping peace, when the State OF
MARYLAND was prosperous in her agricultural,
commercial mechanical and manufacturing
interests Sir, when the gentleman talks
about general reputation, I tell him the
cause lies in the action of the government
Do not complain that the people do not de-
sire any more of your promises to pay, when
YOU remember that the old barrels, stockings,
chest-tills of their houses hold your promises
to pay, which they received in exchange for
their products, and which are worthless
Circumstances have rendered the people un-
able to paw The action of the government,
not their own conduct or the promptings OF
their own will. When bill is brought for
ward to meet tue States liabilities, when the
people have the capacity the Senator will
lind ME as ready as he, and my people as
ready as his, to toll and strive to sustain the
good name of their common mother.


But the Senator says, the bond holders
are willing to take these notes in payment
of their interests l do no. doubt it. The
Senator says, they will lend the money to
their ncighbors with which to pay the taxes.
do not doubt it They will greatly prefer
to have their claims secured by personal Sc
curity based upon real estate collaterals, then
to let it stand as it is, but will the bond hold
ers ever have any use for these notes after
wards7 No sir. When these notes are de-
preciated and the deprecated notes
mature, you will then find that specie or
some other currency will be greatly preferred
to these Treasury notes.


Is there any sane man who SuppoSes the
foreign holders of these coupons, past due,
will attempt to circulate these notes, II they
take them for their interest [ suppose not.
They will take them, at once exchange them
for national currency, SO that in short time
we will have no more greenbachs in the
State, than there is gold now. But the diff
ficulty is still greater to tell how the people
are to get this currency. l mean the masses.
What have they to get it with The poor
were compelled to sell their cotton, to OBJ
tain clothes and supplies, the crop of corn
was scarcely anything. Tar, pitch and tur-
pentine are but little gathered, and appre-
hend the tobacco also. has fallen into the
hands of capitalists, and as suggested by the
Senator from Halifax, the fish are scarce
How then are the people to get it, only from
the bond keders who took it for interest,
who live in the State, and mortgage their
farms to secure the payment in gold, or its
equivalent The Senator, was pleased to
say that boasted that understood these
matters and asked why did not come for
ward with some better plan. Here the Sen
ator is at fault again. distinctly said, that
my information in regard to money, banks
and currency was limited. That had read
Smiths Wealth of Nations, Says Political
Economy, Tucker on Money and Banks and
some Others, and that from ali that had
gathered, | had come to the conclusion that
neither States or individuals could restore
lost credit by the reckless issue oftheir own
bonds or pay their debts, except by taxes
or labor. That had prepared plan, by
which [ thought the interes5 could be paid
in nine years, but the basis was taxation
but I had concluded not to bring it forward.


I state it as my opinion that no people up
on earth can stand the depletion of the an
nual interest of fifteen millions of dollars,
when that interest is Dayable IN q distant