Year: 1861

Necessity or Immediate Action In Com


gross.


Here is the American nation embarked in the
most gigantic war ever waged, with an army
Of six hundred and seventy thousand men, and
navy of three or four hundred ships at an
expenditure Of about two millions per day
Hitherto the war has been carried on by means
of loans. The sum Of one hundred and fifty
millions Of dollars has been obtained by the
government in that way, partly from the bank
ers, and partly from the people. In three weeks
the balance Of that amount will have been ex-
pended, and not dollar be left in the national
Treasury, nor any provision made to replenish
it, AT this critical moment intelligence arrives
from Europe, from which it appears we are
menaced with foreign war in addition to our
domestic struggle. The consequence is that
Wall street is thrown into confusion, stocks Of
all kinds are affected from five to ten per cent,
and foreign exchanges have risen 10 ll2, with
few takers, There is suspense, stagnation, pa
ralysis.


In the midst Of this monetary and financial
crisis, how do we find Congress employed? Is
it in devising the ways and means OF sustaining
the war? So far from it, the halls of Con-
gress are turned into bear gardens, and we
behold the pitiable spectacle Of disgraceful
personal alterations and preposterous debates
about the everlasting niger. 1t is the most
horrible exhibition Of human folly to be wit
messed on the face of the earth. There is no
necessity for any legislation about slavery, and
all talk about il is out Of place. So far as the
question has any practical bearing it is not tile
business of Congress to dispose of it, but Of tue
generals Of the army, responsible only to the
President, who is commander-in-chef. Let
each general in his own district adopt such
measures in regard TO the slaves as seem best
calculated to render the campaign successful in
that particular section Of the country. The
laws Of war and the exigcncies Of the case will
be his surest guide, and-Congress can only do
mischief by meddlng with the matter. As far
as concerns the claims and rights Of those slaves
who may be employed in the service Of the
Union army. either by their own voluntary act
or by the impressment of The military, the
whole subject ought to be postponed till after
the war, when it can easily be disposed of by
the existing fundamental laws. The constitu-
ton will settle it. and the laws Of the State
Legislatures. Congress has no power over the
question and ;f it had ii ought not TO touch it.


What is the pressing duty OF Congress at this
hour? 1t is to provide funds to carry on the
war for the Union. That is its proper sphere
of action, instead Of driyelling a4.2Ws negro
slavery, with which it has as little to do as 1t
has with The Koran. Money is the life OF war.
Without il nothing can be done. The possession
OF gold is necessary in order to obtain from
foreign nations what we went unless the
balance OF trade is greatly in our favor. But
the balance Of trade will soon be against us,
and the gold Of The country will have 10 go to
pay it. and speedily it may be spirited away by
the English and other foreign bankers in Wall
street, whose business it is not to leave us dol
lar in gold or silver. The government
would thus be without the means of pur-
chasing in foreign countries the material it may
need for the war. How is this disastrous con-
dition Of thin to be prevented? BY the sus-
pension OF specie payment by the banks and
by the creation Of a paper money by Congress,
Sased upon the credit and property of the ma
IN, and redeemable after the war. This would
become circulating medium of exchange for
the internal trade of the country as good as
gold, and rendering gold unnecessary, unless for
the payment Of foreign balances.


In all great aud sudden wars some such
measure as this must be adopted by the bel
ligerents; for no machinery of government can
raise sufficient money in the brief space Of time
it is required. 1t is necessity of State which
cannot be avoided. The example of England
in the long continental wars which grew out Of
the French Revolution, and in which she had to
struggle for her own existence, is lesson to all
other nations under the same circumstances
At first she tried to carry on the war on the
specie basis; but she broke down in 1897. and
was compelled to fall back on system of
paper money guaranteed bY the national faith.
This carried her triumphantly through, and at
the close OF the war she returned to The specie
basis the only sound enc FOR time of peace:
for paper money, without gold or property to
back it, is worthless and cannot be the basis of
commercial transactions II took England
however, period Of seven years TO gradually
restore the normal condition and specie nav
ments, In the same war France was com
peiled to adopt the same course; and nothing
else is left for the American republic


Let Congress, therefore, Immediately pass an
act authorizing the administration TO issue notes
Of all denominations, The security Of tie
national. credit, to sUch an amount as
may be justified by the cxgoncics OF The
war IN the mc,u,.mc, iei the S:Aie banks
be requested by She government to suspend
specie payment ant tet SOC banks all ~ % N
stanter. on ihe tash o. being authorized here
af.er by :hc S.ale Legislatures. u~ns III, ..~t